Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!
随机图片

忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!

更新时间: 浏览次数: 329

400电话:123456(点击咨询)
忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!各观看免费《今日汇总》
忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!各热线观看免费2025已更新(2025已更新)








忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!各区点热线观看免费《今日发布》
Random Image 忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!电话








7天观看免费人工电话为您、忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!各观看免费《今日汇总》2025已更新(今日/推荐)








忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!电话区域:








西双版纳傣族自治州(勐海县、景洪市、勐腊县)








连云港市(灌南县、灌云县、连云区、赣榆区、东海县、海州区)








湖州市(长兴县、南浔区、吴兴区、德清县、安吉县)








七台河市(勃利县、茄子河区、桃山区、新兴区)  佛山市(顺德区、南海区、高明区、禅城区、三水区)








菏泽市(巨野县、单县、成武县、定陶区、牡丹区、鄄城县、曹县、郓城县、东明县)








克孜勒苏柯尔克孜自治州(乌恰县、阿合奇县、阿图什市、阿克陶县)








萍乡市(上栗县、安源区、湘东区、莲花县、芦溪县)








攀枝花市(盐边县、东区、仁和区、西区、米易县)  眉山市(仁寿县、青神县、丹棱县、东坡区、彭山区、洪雅县)








宁德市(福安市、霞浦县、寿宁县、古田县、福鼎市、周宁县、柘荣县、屏南县、蕉城区)








太原市(娄烦县、晋源区、清徐县、阳曲县、迎泽区、古交市、小店区、尖草坪区、万柏林区、杏花岭区)








随州市(曾都区、随县、广水市)








桂林市(全州县、秀峰区、恭城瑶族自治县、资源县、象山区、永福县、阳朔县、七星区、荔浦市、灵川县、龙胜各族自治县、灌阳县、雁山区、平乐县、叠彩区、临桂区、兴安县)








宜昌市(枝江市、西陵区、兴山县、猇亭区、夷陵区、五峰土家族自治县、远安县、宜都市、当阳市、长阳土家族自治县、点军区、秭归县、伍家岗区)








阿勒泰地区(哈巴河县、福海县、布尔津县、吉木乃县、阿勒泰市、青河县、富蕴县)








丽江市(宁蒗彝族自治县、古城区、玉龙纳西族自治县、华坪县、永胜县)








烟台市(芝罘区、福山区、招远市、莱山区、栖霞市、海阳市、牟平区、莱阳市、龙口市、蓬莱区、莱州市)








贵港市(港南区、平南县、桂平市、港北区、覃塘区)








双鸭山市(饶河县、宝清县、岭东区、宝山区、友谊县、集贤县、四方台区、尖山区)








许昌市(禹州市、鄢陵县、长葛市、襄城县、魏都区、建安区)








廊坊市(永清县、三河市、大城县、香河县、大厂回族自治县、霸州市、广阳区、安次区、固安县、文安县)








孝感市(孝昌县、大悟县、应城市、孝南区、安陆市、云梦县、汉川市)








鹰潭市(贵溪市、余江区、月湖区)








黄冈市(浠水县、团风县、英山县、武穴市、罗田县、黄州区、黄梅县、蕲春县、麻城市、红安县)








延安市(吴起县、甘泉县、宜川县、宝塔区、延长县、洛川县、延川县、子长市、黄龙县、安塞区、富县、黄陵县、志丹县)








五指山市(东方市、乐东黎族自治县、昌江黎族自治县、陵水黎族自治县、文昌市、定安县、屯昌县、临高县、万宁市、琼海市、琼中黎族苗族自治县、澄迈县、白沙黎族自治县、保亭黎族苗族自治县)








塔城地区(塔城市、额敏县、托里县、裕民县、沙湾市、和布克赛尔蒙古自治县、乌苏市)








邯郸市(肥乡区、丛台区、大名县、广平县、邱县、涉县、鸡泽县、磁县、魏县、曲周县、武安市、馆陶县、复兴区、临漳县、成安县、邯山区、永年区、峰峰矿区)
400电话:123456(点击咨询)
忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!各观看免费《今日汇总》《今日发布》
忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!各观看免费《今日汇总》(2025已更新)








忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!各观看免费《今日汇总》【2025已更新列表】
忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!电话








7天观看免费人工电话为您、忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!中心2025已更新(今日/推荐)








忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!电话区域:








广西壮族自治区








怀化市(芷江侗族自治县、中方县、通道侗族自治县、麻阳苗族自治县、鹤城区、洪江市、会同县、沅陵县、溆浦县、辰溪县、新晃侗族自治县、靖州苗族侗族自治县)








白银市(靖远县、会宁县、景泰县、平川区、白银区)








喀什地区(伽师县、泽普县、疏勒县、塔什库尔干塔吉克自治县、巴楚县、英吉沙县、叶城县、莎车县、喀什市、麦盖提县、疏附县、岳普湖县)  德州市(德城区、临邑县、陵城区、庆云县、齐河县、平原县、武城县、夏津县、宁津县、禹城市、乐陵市)








四平市(铁西区、伊通满族自治县、双辽市、梨树县、铁东区)








宁夏回族自治区








镇江市(扬中市、丹阳市、京口区、丹徒区、句容市、润州区)淮安市(金湖县、涟水县、淮阴区、洪泽区、盱眙县、清江浦区、淮安区)








江门市(开平市、台山市、新会区、鹤山市、蓬江区、恩平市、江海区)  阜阳市(颍泉区、临泉县、阜南县、颍州区、颍上县、界首市、颍东区、太和县)








周口市(项城市、川汇区、西华县、沈丘县、商水县、鹿邑县、扶沟县、郸城县、淮阳区、太康县)








果洛藏族自治州(甘德县、班玛县、久治县、达日县、玛多县、玛沁县)








乐山市(夹江县、金口河区、峨眉山市、井研县、沙湾区、五通桥区、峨边彝族自治县、市中区、犍为县、马边彝族自治县、沐川县)安顺市(平坝区、关岭布依族苗族自治县、紫云苗族布依族自治县、普定县、西秀区、镇宁布依族苗族自治县)








丹东市(元宝区、凤城市、东港市、宽甸满族自治县、振兴区、振安区)








日喀则市(定结县、岗巴县、桑珠孜区、白朗县、吉隆县、仁布县、江孜县、仲巴县、亚东县、昂仁县、康马县、聂拉木县、定日县、南木林县、拉孜县、萨迦县、谢通门县、萨嘎县)








平顶山市(石龙区、宝丰县、新华区、卫东区、汝州市、鲁山县、叶县、舞钢市、郏县、湛河区)








陇南市(西和县、宕昌县、两当县、康县、成县、文县、徽县、礼县、武都区)








珠海市(香洲区、斗门区、金湾区)








嘉兴市(平湖市、海宁市、桐乡市、嘉善县、秀洲区、海盐县、南湖区)








玉溪市(易门县、华宁县、江川区、新平彝族傣族自治县、元江哈尼族彝族傣族自治县、通海县、澄江市、峨山彝族自治县、红塔区)








沧州市(吴桥县、海兴县、沧县、肃宁县、献县、南皮县、东光县、泊头市、孟村回族自治县、黄骅市、河间市、新华区、盐山县、任丘市、青县、运河区)








昌吉回族自治州(奇台县、呼图壁县、吉木萨尔县、玛纳斯县、昌吉市、阜康市、木垒哈萨克自治县)








怒江傈僳族自治州(贡山独龙族怒族自治县、泸水市、福贡县、兰坪白族普米族自治县)








广元市(利州区、旺苍县、剑阁县、苍溪县、青川县、朝天区、昭化区)








晋城市(城区、阳城县、泽州县、陵川县、沁水县、高平市)








厦门市(海沧区、同安区、思明区、翔安区、湖里区、集美区)








林芝市(察隅县、朗县、米林市、墨脱县、波密县、工布江达县、巴宜区)








海西蒙古族藏族自治州(格尔木市、乌兰县、都兰县、茫崖市、天峻县、德令哈市)








成都市(青白江区、蒲江县、都江堰市、青羊区、新津区、简阳市、邛崃市、武侯区、金堂县、崇州市、金牛区、龙泉驿区、郫都区、彭州市、锦江区、大邑县、双流区、成华区、温江区、新都区)

开发商的这个冬天,成了史上最漫长的季节。

煎熬之下,以内房股为代表,房企在资本市场的消亡速度正在加快。

死水微澜

4月17日,香港资本市场,老牌开发商建业地产(00832,HK)大涨21.65%,成为当天涨幅最大的股票之一。

如此亮眼的表现极具迷惑性,因为这个涨幅以低价和低成交量为前提。在当天的交易中,建业地产报收0.118港元,成交金额仅35.3万港股,市值为3.6亿港元。

35.3万,不到行业繁荣期一位高管的月薪;3.6亿资金,不够鼎盛期拍一块边角料土地储备。

但事实上,建业地产股价的表现,并非个案。香港上市的内房股,在当前的市场环境下,大多数股价低迷,交投清淡,乏人问津。

惨淡的数据验证着这一现实。截至2025年4月20日,在港上市的内地房地股(内房股),共有159家公司,其中113家公司交易价格低于1港元,占比71%;80家公司低于0.25港元,占比51%。

这些数据表明,内房股的退市潮正山雨欲来。

港股退市标准主要涵盖股价、经营能力等多个方面,就这些标准衡量,其中大量的内房股已经触发以下两条规则:一、若公司股票连续30个交易日收盘价低于0.25港元,联交所可强制退市;二、连续三个财年累计亏损且股东权益低于初始上市时的50%,触发退市。

也就是说,对大面积的内房股,债务违约仍在发酵,未来一段时间内,面临退市危机是既定命运。

退市即告别资本市场,对退市房企而言,那是最后的挽歌。因为这意味着,曾经受资本追捧的明星企业,从此泯然于众人。

作为资本密集型行业,先前退市的房企已经给出了答案。从以往退市的房企来看,在成为一段时间的僵尸企业之后,消亡是既定的结局。一如此前市值高达3000亿的中国恒大,退市之后,如今早就没了正面的话题度。

建业困境

在面临退市的房企中,和那些全国扩张的企业不同,建业地产是个特殊的存在。 

4月20日,郑州花园路,万达坊,“爱杂咋地”主题市集持续进行。因集结了本土美食、创意潮牌、手作匠人及live演出,市集吸引众多年轻人打卡体验。 

看似火热的商业活动背后,隐藏着一家失意的公司,也折射着一个行业的衰荣。

万达坊原名建业凯旋广场,由建业集团2015年启动建设,2019年正式开业。作为建业集团“城市地标”的战略项目,因其融合商业、文化、商务功能,推动金水区CBD发展,被誉为“郑州新晋网红打卡地”。但在2022年4月,建业集团与万达商业达成战略合作,将旗下商业项目(包括郑州建业凯旋广场)的运营权移交万达,以换取7亿元现金流缓解经营压力。

图片来自万达坊官微

建业凯旋广场的更名,只是建业地产资金链危机的缩影。

2021年郑州暴雨,成为建业地产债务危机的导火索。当年7月,郑州特大暴雨导致多处工地停工,多处项目受灾;此外,灾后公司销售断崖式下滑,销售回款急速减少;同时文旅、商业等业态停业,导致现金流枯竭……集团流动性紧张加剧,债务危机全面爆发。其后,建业集团董事长胡葆森亲自上阵,从王健林处借了7个“小目标”,并向万达集团让渡出建业旗下商业项目经营权,这也是商业广场更名的由来……

时隔四年,现实依旧不容乐观,公司最新年报显示,截至2024年末,建业地产的借贷总额达240.4亿元,其中一年内到期债务达到212.05亿元,现金及等价物仅有3.65亿元,现金流紧张依旧。更令人关注的是,公司相较于高峰时大幅萎缩的销售额,凸显了流动性困境。2025年一季度,公司合同销售总额人民币21.1亿元,同比增加15.1%;其中3月份,建业集团物业销售额人民币5.4亿元,同比增加21.2%。和高峰时千亿级的销售规模比,当下经营活动创造的经现金流,相对于到期债务令外界担忧。

资本的掣肘

建业的案例令人唏嘘。

在陷入债务危机的房企中,就表现形式来看,绝大多数房企死于全国化扩张。但建业不同,这是一家深耕河南,在房企全国化布局浪潮中,能抵制住诱惑的公司。与之可对比的是,深耕浙江,以杭州为大本营的滨江集团,安然度过了本轮行业衰退,成为资本市场上稀缺投资标的,公司股价目前维持高位,仍保有高达325亿的市值。同时,这空公司被研究机构视为能在下轮浪潮中赢得先机的房企。

某种程度上,区域深耕,保持专注,是滨江集团应对行业衰退周期的重要策略。但对比到建业地产而言,同样是城市深耕,建业地产为何会遭遇债务困境?为何也难逃周期?

答案在于区域内的无序扩张。2015年,建业地产的销售额仅为165.7亿元,但至2019年,建业地产销售规模首次突破千亿,全年销售总额1011.5亿元,四年间增幅为7倍。与此同时,在这四年里,其负债总额也从2015年的324亿元上升到2019年的1314亿元。

仔细梳理这四年的发展,很容易得出结论,低能级城市的过度下沉,商业、文旅、养老业态的扩张,让摊子铺得过大,并最终让公司为此付出沉重代价。这个过程中,对建业而言,一个更深层的问题是,资本的双刃剑效应。

在上行周期中,房企通常形成扩张的正反馈,销售增长——评级上调——股价大涨——融资加码——资产扩张——销售再增长……而在下行周期中,负反馈同样形成逻辑闭环,销售下滑——评级下调——融资冻结——债务违约——资产冻结——销售再下滑……很显然,在上述反馈过程中,资产扩张与资产冻结的关键阶段,资本扮演着核心角色。

同为河南企业,近期持续出圈的胖东来,给出了一个反资本的案例,正如其创始人于东来名言:“上市是把灵魂卖给资本的魔鬼契约。”在这位企业家看来,上市会将企业的灵魂出卖给资本,导致企业失去自主权和控制力。一如这位企业所认知,上市是为了挣钱,而不是因为责任,因此他选择坚守河南,不往外扩张,并坚守胖东来品牌……

对绝大多数房企而言,如果能再重新选择一次,企业的命运或许并没有什么不同,因为性格使然。但对区域扩张上保持克制的建业而言,如果给胡葆森重来一次的机会,企业的命运或许会有所不同。

不过这仅仅是种假设,现如今,建业的未来仍充满了不确定因素。对急需资本驰援的房企来说,雪中送炭无异于痴人说梦,锦上添花才是常态。

一切远未到结束的时刻,对陷入债务危机的房企来而言,他们被资本深深裹挟——曾经被资本亲睐,又最终被资本抛弃。

忘忧草蜜芽188:义乌购摊位转租转让,助你实现财富梦想!的相关文章 这5类电话打进来直接挂断的相关文章
中国可控核聚变技术再突破
为什么日本出不了 DeepSeek
中年夫妻之间最简单的情话是什么
吴京想在《流浪地球3》里多演点喜剧
大妈为年轻10岁做媚眼后哗哗流泪
超市闭店清仓500多辆购物车丢失
虞书欣陈靖可新剧演情侣
男子成年后长高20cm 骨龄仅13到15岁
美国被曝要去深海非法挖稀土
特朗普破防了 中国就是不理他
美国有小企业主称可能6个月内破产
不少年轻人流行用iPhone6拍照
  • 友情链接:
  • 刀郎南昌演唱会万人大合唱 反网络霸权 网警在行动 日本不准备向美国做重大让步 原来艺人的收入是这样算的 都别打架了一法院公布打架成本 女主不语只是一味的扇巴掌 黑泽良平携林志玲出席兄弟聚会 国内油价或出现近三年来最大跌幅 Meta 发布 Llama 4 模型 为什么月薪 2 万的沈琳愿意卖卤肉 津门虎缺损半套常规首发

    查看更多评价 ∨