Research On The Heavy Assetizaion Of Real Estate Enterprises Under The Background Of Restricted Purchase

The real estate industry is the pillar industry of China's national economy and has the characteristics of large investment,slow income,high return and high risk.In recent years,due to the downward trend under the government's macro-control in order to resist market risks,China's real estate enterprises have expanded their scale,adopt heavy assets,acquire large amounts of land resources,increase asset scale,and expand development areas.Sunac is an real estate company listed in Hong Kong in 2010.Since 2015,it has taken a heavier asset operation model,expanded its scale,increased its inventory,and at the same time increased its operational risk.Studying such real estate enterprises is of great significance to the choice of operation modes of under the background of purchase restriction policy.This paper takes Sunac as the research object,analyzes the characteristics of real estate enterprises' heavy assetization from the perspective of asset operation mode,defines the heavy assetization of Sunac,and analyzes the impact of the purchase restriction policy on the business performance of individual enterprises.The main conclusions are as follows:(1)The heavy assetization of real estate enterprises has the following characteristics: the proportion of fixed assets rises,the land reserve increases,the inventory volume rises,the interest-bearing liabilities of enterprises rise,and the financial risks increase;(2)According to the analysis of the annual report,Sunac began with typical heavy assetization performance from 2015.(3)Under the background of purchase restriction,heavy assetization has a positive impact on the company's profitability and development capability,but can amplify the company's debt repayment risk and reduce its operational capability.Finally,the paper puts forward corresponding suggestions on the heavy assetization in the background of the limited purchase of Sunac,emphasizing that real estate enterprises can not neglect the changes of the external environment in the development process,and it is necessary to formulate the development direction according to their own characteristics.