Research On The Financing Risks Of Z Real Estate Enterprises Under The Constraints Of The "three Red Lines

The real estate industry have been developing rapidly for a long time,many real estate enterprises have accumulated high debts.In order to implement the policy of“house for residence but not for speculation” and prevent systemic risks,the housing construction bureau and the People’s Bank of China issued “three restrictive policies of financing” in 2020.Under the constraints of the “three restrictive policies of financing”,the financing of real estate enterprises faces more severe tests,and the financing risks of some real estate enterprises are exposed.Therefore,under the constraints of “three restrictive policies of financing”,researching on financing risks of real estate enterprises could be helpful for prevent systemic financial risks.It is also helpful to promote the real estate industry developing in a healthy way.This paper’s research is about Z real estate enterprise’s financing risks under the constraint of “three restrictive policies of financing”,by using financial index analysis method and comparative analysis method.And further discussing the deep-level reasons for it.Then putting forward the countermeasures for the financing risk of Z real estate enterprise.The results show that the financing risk of Z real estate enterprises under the mainly manifests in five aspects: more severe financing environment,significantly reduced financing scale,significantly narrowed financing channels,continued high financing costs,and enhanced financing collateral dependence.The causes of its financing risk are closely related to its expansion speed,financial leverage,profitability,operating capacity,credit rating and risk management.Therefore,this paper offering six ways to cope with risk:timely adjust the strategy under the policy,double optimization of debt structure and asset structure,accelerate the improvement of core competitiveness,and continue to explore new financing channels while implementing risk management responsibilities.Looking forward that this study can supply information for Z real estate enterprises to deal with the financing risk under the constraint of “three restrictive policies of financing”,and provide valuable reference for other real estate enterprises.