Financing Conditions and Challenges of Small and Medium Sized Real Estate Developers: A Case Study of Company Y in City X

Fengyuan Yang

doi:10.62177/apemr.v3i5.1851

Authors

Fengyuan Yang Xi’an Polytechnic University

DOI:

https://doi.org/10.62177/apemr.v3i5.1851

Keywords:

Small and Medium Sized Real Estate Developers, Financing Structure, Debt Maturity, Cash-Flow Management, Case Study

Abstract

Taking Company Y, a regional real estate development enterprise, as a case, based on the financial and financing data from 2023 to 2025, the financing status is analyzed from the four aspects of capital source, financing cost, debt maturity and project cash flow. The study found that interest-bearing liabilities decreased from 600 million yuan to 550 million yuan, but the proportion of bank loans decreased, the nominal interest rate weighted at the end of the period rose from 6.90% to 7.78%, and the proportion of debt due within one year increased from 40.00% to 60.00%; unrestricted cash to short-term debt at the end of 2025 The coverage multiple is only 0.21. According to the quarterly scenario measurement of 2026 conducted at the end of 2025, the cumulative theoretical capital gap at the end of the third quarter was about 132.12 million yuan. Enterprises face problems such as weakening capital accumulation, mismatch between debt maturity and project refund, and conditional restrictions on alternative funds. Bank financing, debt extension and actual equity investment should be carefully allocated on the basis of debt-by-project and project capital plans, and costs and quarterly cash balances should be checked simultaneously.

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