It has been nearly a year since the pilot project of "three red lines" policy for housing enterprise financing 1 in September last year.

This year, the relevant indicators were collectively lowered, the capital operation of housing enterprises was accelerated, and the policy regulation was overweight, which were three new changes in the industry. On the other hand, in the context of the continuous tightening of the financing environment, "debt reduction and deleveraging" is the top priority of most large housing enterprises. During the adjustment period, the debt default risk of some small and medium-sized housing enterprises continued to rise.

In this regard, many insiders said in an interview with the Securities Times reporter that a small number of real estate enterprises will lose weight in debt in the short term, and the quality of the downgrade remains to be seen. Housing enterprises should correctly view the actual purpose of regulatory policies, pursue the stability of long-term downgrade, and be alert to off-balance-sheet debt risks. Fundamentally speaking, to reduce debt, housing enterprises should change the traditional highly leveraged business model and maintain a high rate of return on sales, which is an important link to ensure healthy cash flow and span the real estate cycle.