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Home  »  Russia  »  Economics

Preddefoltnoe construction.

Already difficult financial situation in winter will lead to the bankruptcy of many developers, experts believe. This would not so much in the real estate market in general, but on soinvestorah these companies.

hunger strike and rallies in recent years become the main weapon of equity investors in the struggle for housing. Following soinvestorami companies Stroymetresurs "KT" Social Initiative and K "," Sozidatel, Stroytehinvest "rally held depositors Ltd." Masterok ", OJSC" New World "and CJSC" DACoRD Grad, while buyers of apartments in the company Interural "began a hunger strike. Such activity of the people that need to build "frozen" at home, has received wide and has become a headache for the companies, and for the authorities. Massive speakers or co-city or regional authorities are not satisfied, and they are randomly searching for the possibility of incomplete sites to other companies, putting pressure on provinivshihsya developers, many of whom already are unlikely to continue its activities.

survive, not all

Shadow bankruptcy hovers not only over those companies, whose investors now go to the streets of the city. According to the CEO of a corporation Uralsib "Alexei Chalenko situation for builders is much more difficult than it seemed at first glance. "If we look at the financial performance of leaders, that is, those who delivered the 500-thousand meters a year, it turns out that the financial position of 50% of these companies - the poor, and the smaller market participants (those who have built 50 -200 thousand meters a year) it will be about 80%, "- he said.

"The negative balance for developers - this is normal. Stroitel take the money in the debt, building a house and gives investors the flats. First, the balance is negative at the expense of the debt, then zero, when all debts repaid apartments, worse, if the "curve" a business plan or just after the theft of creditors balance again negative. Then, the next cycle, the amount of negative balance grows. Ten such cycles - and no infusion of the company has not do, "believes an independent analyst Andrew Beketov.

According to Vice-President of the Russian Guild of Realtors Apreleva Constantine, the crisis that began in the summer of last year, and causes a decline in the demand of consumer expectations falling property prices and a declaration of programs available housing. "The opportunity to receive up to 50% of annual demand and ensure a steady flow of funds from investors as soon as the yield dropped to 15-20%, this has led to a decline in demand and has caused financial problems builders" - explains Konstantin April.

hopes of developers that the drop in demand would be temporary, is not true. Moreover, since the beginning of this year, it became clear that many objects will not be to build, - as a result of more people abandoned the investment in the primary market.

those that gathered in his time with co-investors, developers, could be enough to build the facility, but were able to efficiently allocate resources much more. In a time of growing demand, many companies place the funds received at one facility, the new platform, take loans from banks. When the sale ended, the companies did not have money for the completion of, but it was 10-15 in the presence of objects at different stages of construction.

Even more to the edge of the abyss, which starts bankruptcy, pushed developers Law N214-"sharing in the construction of apartment buildings and other real estate."

Previously, with the administrative resources or just some understanding of the work in this market, it is very easy to enter into this business - get a site and begin selling apartments in buildings not yet built. The law also banned attract co-investors to obtain a complete set of documents.

"This has already been hit by a number of companies, which this year froze work at its sites for 6-8 months. People have seen that the construction has stopped, but why it happened, knew not always the case. All these factors led to the construction market today is in terrible condition. Consumers are unlikely to notice, but those who know the market from the inside - it is obvious ", - said Alexei Chalenko from Uralsib.

Consequences not evident

Small companies now have the most difficult situation. There is no money, the site faces, banks do not give credit. "Large companies have taken timely steps even in spring and summer of this year: someone had sold some of their least commercially attractive areas, some made with realtors contracts guaranteed the realization of flats. Lowering the yield, they have maintained financial stability," believes Konstantin Aprelev of RGR.

According to experts, winter is already the weakest members will leave the market. "Many of them now are in a state that already are unlikely to rise. They can live to engage in dialogue with the authorities and soinvestorami, but the situation in which they are no longer allow them to carry out construction work", - said Alexey Chalenko. According to the director of the department of real estate of Penny Lane Realty Alexander Ziminskogo scenario bankruptcy of small developers of Moscow in the near term, it is likely, but a significant impact on the real estate market it will not.

Some analysts believe that the "blood" will benefit: the weakest in terms of financial and business practices the company ceased operations. This process will affect not only the market, but also co-investors, and to protect the past, will require government support.

According to some experts, the company that could not have begun to build an object, it is necessary to remove, and the site feed (on conditions of the tender) for those who can invest in the completion of houses . This step will prevent social explosion.

truth, take the "problem" areas of difficulty. For the future buyer, say some experts, there are too many risks. "It is not clear what the obligations of the object takes on a new developer. In fact, there are no normal instruments of sale of these objects", - said Konstantin April.

"If I have money and desire to build an object, it will still be difficult to do, - said vice-president of Best-real estate Michael Gorohovskiy.-If I do not want to to build and we agree on the transfer of rights to another developer, there's no guarantee that the local municipality to authorize the transaction - they may be a candidate for the completion of. " But he notes that a new investor to rely on profits do not have to.

The best way out for themselves and their co-investors - selling the entire business. But experts do not exclude the more pessimistic scenario: "If the bankruptcy process will in large numbers, but such a scenario is possible, many soinvestory would have broken the troughs. Hoped that the law will protect them, do not have - just not with someone will take money , the accounts of many companies today do not. The truth is, all this is hypothetical options, as well as the more likely the government and the Moscow regional government will not allow such developments, "believes Alexei Chalenko.

No less important will be the effect and increase prices. According to analysts, reducing the number of input homes, more stringent requirements for developers, banks cautious when lending to builders, all this will lead to a substantial reduction in the primary market, respectively, will increase demand, and with it will rise and housing prices.

volatile conditions

not always responsible for the company that residents can not enter the acquired housing. At least when the house is ready, but there is no communication, blame some builders do not. Despite the fact that market participants were reluctant to talk about their relationship with the authorities, "F." found out that it is the policy of regional governments - the main reason "freeze" the construction at several sites (for example, in Khimki and Krasnogorsk).

"The administration gets share more money, sometimes flats - typically 20-40%. Local authorities say to developers:" You give us today our share of the money, and we spend two years Communication. "When is the final phase of construction, the authorities refuse to fulfill their obligations, shifting wiring water, heating, sewage on the builder. The most commonly refers to a lack of funds in the budget", - told "F." One of the participants in the market.

Many experts believe that such a situation could be resolved, if by the authorities was at least a minimal desire for consensus. "The city may consider, for example, a debt, to restructure, appoint maturities, the developer with such obligations issued the city could count on a loan with a view Of the facility, but this occurs rarely. Most authorities simply refuse to negotiate, but developer either submits to the court, or throws the building, "- explains Michael Gorokhovskiy of" Best-of real estate. "

Typically, in Moscow on such issues be resolved just through negotiations. In the Moscow region as any change in the regional or district administration ends peredelom most interesting sites, and as a result - the challenges to their former owners.

Alexander Potapov


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