As 中国's home prices 冷静な／正味の, some 所有物／資産／財産 companies 捜し出す to 減ずる 危険s
By Umesh Desai and Clare Jim
HONG KONG, Oct 30 (Reuters) - As the froth comes off 中国´s home prices, there are 増加するing 調印するs that some 所有物／資産／財産 developers, 特に those with a 激しい 負債 負担, are becoming いっそう少なく 積極的な.
They are 減ずるing balance sheet てこ入れ／借入資本, buying land through 共同の 投機・賭けるs with other 所有物／資産／財産 companies to 減ずる 危険, or diversifying into other 商売／仕事s.
Their 関心 is that they can no longer bank on 支払う／賃金ing ever richer prices for land if the value of the apartments they build on that land isn't also still 殺到するing. The 危険 is that if apartment prices 減少（する） the developers will be left with expensive unsold 所有物／資産／財産s and 苦しむ losses at a time when their 負債 levels are already 危険に high.
A 少数，小数派, such as Tianjin-based Sunac Holdings, are planning to 減ずる their land 購入（する）s and 焦点（を合わせる） instead on selling more of the apartments they have already built. The nation´s sixth-largest real 広い地所 developer, based on sales, won´t grow as 急速な／放蕩な as before but it may be in a position to 削減（する） its 負債 割合.
"We have been developing too 急速な／放蕩な in the past," said Gao Xi, 副／悪徳行為 大統領，／社長 at Sunac, which in July bought 91 パーセント of 13 観光旅行，事業 事業／計画（する）s from 複合的な／複合企業体 Dalian Wanda Group for $6.5 billion. "Our next step is to slow 負かす／撃墜する the land bank and 増加する sales. We will 打ち明ける profitability and then the gearing will come 負かす／撃墜する," Gao said at an 収入s 会議／協議会.
The company 目的（とする）s to 削減（する） 逮捕する gearing - total borrowings いっそう少なく cash divided by 株主s' 公正，普通株主権 - to 70 パーセント by the end of 2019 from 260 パーセント at the end of June.
Evergrande, which has 中国's second biggest pile of 法人組織の／企業の 負債 on its 調書をとる／予約するs behind energy 巨大（な） CNPC 資本／首都 , said it 目的（とする）d to 削減（する） the 割合 to 70 パーセント by the end of the １０年間 from 240 パーセント at the end of June.
"中国's 所有物／資産／財産 market has moved from a golden 時代 to a stable one, so we need to transform," said Evergrande 副／悪徳行為 Chairman and CEO Xia Haijun at an 収入s 会議／協議会.
SHARE PRICES CLIMB
中国's new home prices 登録（する）d a second straight month of weak growth in September, with prices in the biggest markets slipping and 伸び（る）s in smaller cities slowing as 政府 対策 to 冷静な／正味の a long 所有物／資産／財産 にわか景気 take 持つ／拘留する.
Over the last year, more than 45 major cities have 課すd 制限する 政策s of 変化させるing severity to 抑制（する） 急速な／放蕩な-rising prices, with some 軍隊d into several 一連の会議、交渉／完成するs of 強化するing 対策.
投資家s have 拍手喝采する the more 保守的な approach of Sunac and Evergrande, sending their 株 prices to 記録，記録的な／記録する highs this month.
Credit markets also gave a thumbs up. Evergrande's $4.7 billion 社債s 予定 2025 which had been 貿易（する）ing below 申し込む／申し出 price since their June 発行 決起大会／結集させるd to 貿易（する） at a 賞与金. The 社債, carrying an 8.75 パーセント coupon, is 貿易（する）ing at its highest level in price 条件 which has sent its 産する／生じる to 8 パーセント.
"We like the 部門 on 期待s of high 契約d sales after a 段階 of 消極的な cashflows when they were in their growth 段階," said Dhiraj Bajaj, 基金 経営者／支配人 at Lombard Odier´s 資産 管理／経営 商売／仕事. "Developers have been 蓄積するing 資産s in the form of land banks and now it is time for these 資産s to 耐える fruit."
His 基金 has stepped up 購入（する）s of 社債s 問題／発行するd by Sunac and Evergrande since their last 収入s 告示s.
"This cycle is different as developers have taken advantage of the strong 需要・要求する and are destocking," said Alexander Wolf, 基準 Life Aberdeen 上級の 現れるing markets 経済学者. The 会社／堅い does not have any holdings in Sunac or Evergrande.
Still, the more sober approach isn´t 全世界の／万国共通の.
S&P 全世界の Ratings said in September the 部門 would see only a 穏健な 改良 in 財政上の てこ入れ／借入資本 over the next 12 months and that any 重要な deleveraging was ありそうもない.
"Whether the credit 改良 is 維持できる or not depends on the sales going 今後, but some of the 歳入 will be 相殺する by the strong appetite in land by developers," said S&P 分析家 Cindy Huang on a 会議／協議会 call.
DEBT BUILDING UP
所有物／資産／財産 developers' てこ入れ／借入資本 movement 変化させるs across the 部門 depending on their landbank positions, but some companies stand out 予定 to their 積極的な 負債 build up. This 現象 is predominant の中で the smaller developers.
Guorui 所有物／資産／財産s' 逮捕する gearing 割合 rose to 196 パーセント in 中央の-2017 from 156 パーセント at the end of 2016. Oceanwide's gearing 割合 rose to 40.9 パーセント from 27.6 パーセント.
記録，記録的な／記録する land prices and 猛烈な／残忍な 競争, 特に in bigger cities, have 押し進めるd developers to join 手渡すs to 企て，努力，提案 for land so that they can afford a higher price and 株 the 危険s.
Country Garden has raised the 量 of its land bank 購入（する）d 経由で 共同の 投機・賭けるs to 50% from 28%, によれば CLSA 見積（る）s.
"Growth is in their デオキシリボ核酸. We will see more 共同の 投機・賭けるs as the 戦う／戦い for land banks becomes 猛烈な／残忍な. This will not only see smaller 火刑／賭けるs for companies but will also make 負債 disappear from some balance sheets," said Macquarie's 所有物／資産／財産 分析家 David Ng. "It helps balance sheets look a bit better."
Other 所有物／資産／財産 companies are also making moves to 改善する their balance sheets with the result that the 所有物／資産／財産 部門 索引, which 含むs many of the major real 広い地所 在庫／株s from 本土／大陸 中国 and Hong Kong, recently 攻撃する，衝突する levels not seen since December 2007.
Some of the major 所有物／資産／財産 companies have been diversifying into other 商売／仕事s to hedge their bets.
Vanke , the country's second largest developer has been getting into 兵たん業務 and education, Beijing-based Sino-Ocean Group into overseas 投機・賭けるs and 投資s and Sunac has acquired a smart TV 製造業者.
Agile Group said it is now looking to its main 商売／仕事 to be "supported by a diversified 範囲 of 商売／仕事s" which now 含む 環境の 保護 and hotel 操作／手術s.
(報告（する）／憶測ing by Umesh Desai and Clare Jim; E diting by ツバメ Howell)
