On August 22, Country Garden and Sunac China both released their semi-annual reports. So far, among the top five real estate companies in the mainland, only Evergrande has not disclosed its interim report. Judging from the mid-term reports of the four major real estate companies that have disclosed data, Sunac China, which was once rapidly expanding, has slowed down its pace and basically suspended its land grab. Vanke will speed up its repayment in the second half of the year, Poly Real Estate will focus on and optimize first- and second-tier cities, and Country Garden has 222.8 billion yuan in cash and more than 735 billion yuan in sales and uncarried-over revenue, which will be gradually released in the next 1 to 2 years to lock in room for performance growth.

However, some expert analysts believe that the financing channels of real estate companies are currently limited, and speeding up the withdrawal of funds will become the top priority of real estate companies. According to various reporters’ understanding, in the second half of this year, the main task of real estate companies is also to “sell” in order to realize the withdrawal of funds.

Among the four major developers, the total operating income was 489.291 billion yuan and the net profit was 55.147 billion yuan. Among them, Country Garden has an absolute advantage in terms of operating income and net profit. While Sunac China surpassed Poly Real Estate in both revenue and net profit, Vanke's performance growth rate was the lowest, with an increase in net profit of less than 30% in the interim report.

According to disclosures, Country Garden’s net profit in the first half of 2019 was approximately 23.06 billion yuan, a year-on-year increase of 41.3%. Sunac China achieved a net profit attributable to shareholders of listed companies of 10.29 billion yuan in the first half of the year, a year-on-year increase of 61.7%. Vanke achieved a net profit attributable to shareholders of listed companies of 11.842 billion yuan in the first half of this year, a year-on-year increase of 29.79%.

The reporter made a comparison and found that among the four major real estate companies, they have all increased their control of cash. Among them, as of June 30, 2019, Country Garden had an available cash balance of 222.84 billion yuan, accounting for 12.8% of total assets. And it has about 313.3 billion bank credit lines that have not been used. Sunac China's book cash at the end of the same period was 138 billion yuan, an increase of 14.8% compared to the end of 2018. Vanke's cash holdings as of the end of June this year were 143.87 billion yuan, while Poly Real Estate's monetary funds were 143.869 billion yuan, which was lower than the 188.417 billion yuan at the beginning of the year. (All media reporter Zhang Zhongan)