Study On The Operating Conditions Of The Listed Real Estate Company Under The Austerity Policy

Housing is closely related to people’s life, real estate industry has already become the pillar industry of the national economy. In recent years, the real estate industry has been developing rapidly, it boosts the national economy, and at the same time brings a series of social and economic problems, such as the expansion of the property market, house prices continuing to rise, the serious phenomenon of the property speculation and so on, all these result in the rigid demanders becoming more difficult in the housing, the imbalance of the structure of the property market, and even a bubble. In order to curb housing prices, ensure the smooth and orderly development of the real estate and promote social harmony, the Chinese government issued a series of so-called "history’s most severe" macro-control policies, it probably will not be waved in the next few years, and even be intensified.This paper focuses on the study about the operating conditions of the listed real estate companies under the austerity policies, it uses three methods to analyze the influence on the listed real estate companies under the austerity policies:Through the theoretical analysis, it concluded that austerity policies could have negative effects on housing prices, sales, operating cost, capital turnover and financing, etc. it finally resulted in operating conditions deterioration of the listed real estate company; Through the descriptive statistical analysis, it concluded that the listed real estate companies appeared inventory backlog, business environment gradually deteriorating, capital refinancing being restrained, cash cycle being long, etc; By the paired sample T test, it analyzed from four aspects, profitability, operation ability, growth capacity and solvency. it concluded that the austerity policies had negative effects on the operating conditions of the listed real estate companies, and the effects in2011were more than in2010.the negative influence on the large-scale listed real estate company was further than on the small-scale listed real estate company about profitability, operation ability and solvency, at the same time, the negative influence on the commodity residential listed real estate company was further than on the other listed real estate company about profitability. However, the debt pressure of the other listed real estate company was higher than the commodity residential listed real estate company. Based on this basis, it suggested that the listed real estate company should confront the austerity policy optimistically and rationally, establish a scientific concept of profit, adjust the development strategy, expand the financing channels and innovative marketing strategies, finally it can weaken the negative effects on the austerity policy and find a way of sustainable and healthy development.