the other is financed by other channels to raise funds to repay bonds

As noted in the Red magazine 40th continued bearish views set out in article of property stocks, continuous control policy introduced under the background of the real estate industry, overall operations and profitability of real estate companies in the event of turning-point. Nest that is the occasional "lucky" eggs will do? China vanke a (000002), polyIndustry leaders have emerged, such as sales fell at the same time, silver-based development (000511) three quarterly figures: despite the decline in net profit of 30.62%, but revenues are still stubborn rose 7.79%, in a depression in the sounds of real estate sales it becomes all the more valuable. Number of sales during the company's seemingly strongAccording to behind the scenes, but there had not been aware of the great financial crisis, did not rule out even in the next year was brought down by debt risks. First, the increasing failure of silver-based financial resources development quarterly disclosure, 2011 1 achieved 33.5792 million net profit at the same time, achieving net operational cash flow amounts to-17512.06Million. ����More unique real estate development enterprise cash flow distribution, product sale to be settled in advance for the main mode, which means that cash flow to operating income and profit performance in the financial data. As far as the development of silver-based, although revenue grew the first 3 quarters, but this depends to a large extent been achieved in advance of the businessA final settlement, and sales operations in the future does not seem optimistic, this is reflected in the end of the third quarter of the company in advance accounts payable balance of only $ 60.2682 million swtor power leveling, compared to $ 108.5992 million balance plummeted $ at the beginning. At the same time, the corporate end of the third quarter the carrying amount of currency funds balances remaining $ 61.7626 million, compared to six monthsWhen $ 218.4237 million plummeted $. More from Wind statistics, silver-based development from 2008 to 2011 first 3 quarters of the year operating cash flow is negative, corresponding to the company in real estate sales and profit at the same time the old republic power leveling, businesses of their own cash-generating capacity is extremely bad, always in constantConsumes its own financial resources. Because of the real estate industry listed company's overall cash flow situation is not optimistic, so they covered up the silver-based development of the financial crisis. If you simply see from financial indicators, end of the third quarter the liquidity ratio (current assets/current liabilities) of 8.28, although monetary funds balance rarely, but not a penny short,Seems to be higher liquidity and debt security is not enough to trigger a major debt crisis and the financial risk. But that's just appearances. ����Tipping of the company's financial crisis is likely to come from the book balance up to $ 541 million worth of bonds payable. Second, the debt crisis silver-based development issued in 2009 the total face value of $ 550 million for 6 yearsBonds called 09 silver-based debt (112,014), coupon interest rate of 8%. Under normal circumstances, these notes will be due on November 16, 2015. But these bonds was granted when investors sell back the right to choose in advance, specific content as "the corporate bond holders have the right to survival in the bond coupon payment date will be held during the third year of the bonds, in whole or in partAt face value back to the issuer ", projections, if bond investors to exercise to sell back the right to choose in advance, the issue will be due on November 16, 2012, reimbursement, less than a year ago. 09 silver-based debt currently trading price maintained at around $ 99, below the face value of 100. If the situation before November 16, 2012, could not beFundamental changes, when the bond holder choose to exercise the right of advance back the probability is quite high. The big question is, with silver-based development is currently more than 60 million RMB currency capital's financial strength, completely unable to cover as much as $ 550 million of bond principal and have shown interest on one-year bonds of $ 44 million, which totals up to nearly $ 600 million of debt, silver-based developmentAmounts to money chain of "weapons of mass destruction". Third, the debt restructuring pressure at that time the company is bound to face several options: one is to be rolled over debt restructuring, not only will reduce the company's reputation, but also causes a substantial increase in financing costs in the future; the other is financed by other channels to raise funds to repay bonds, butIs based on the current market situation is very difficult, then silver-based development and where do you come up with so much money? Although the company book inventory balances up to six months time 3.108 billion yuan, but completed "developing commodity" account balance of only $ 279 million, the remaining majority of condensation in "development costs" account, this part of "the product" when to goBecome available for sale on "finished"? What's more, business is mainly concentrated in the development of silver-based Galaxy Island projects in Shanghai and Shenyang, the two cities have introduced a restriction policy, a mass of facing increasingly depressed sales of commercial housing market, which contain risk was obvious.