Análisis relacional del sector inmobiliario y construcción.
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Date
2025
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Universidad de Concepción
Abstract
Esta investigación examina la sostenibilidad financiera de empresas chilenas de construcción e inmobiliarias entre 2017-2023, período marcado por disrupciones económicas significativas como el estallido social y la pandemia de COVID-19. Mediante un análisis cuantitativo exhaustivo de tres grandes conglomerados (SOCOVESA, INGEVEC y BESALCO) y sus filiales, el estudio identifica patrones de desempeño distintivos basados en la configuración del modelo de negocio y la estructura financiera. Los resultados demuestran una creciente polarización dentro del sector: las empresas diversificadas con estructuras de capital disciplinadas (BESALCO) lograron un crecimiento notable con un aumento del 157,9% en utilidades, mientras que las firmas especializadas con financiamiento agresivo de deuda a corto plazo (SOCOVESA) experimentaron un deterioro severo, pasando de liderar el sector en ganancias a registrar pérdidas sustanciales. El análisis revela que el sector está experimentando una transformación estructural fundamental y no simplemente una desaceleración cíclica. La investigación también destaca la relación simbiótica entre las empresas constructoras inmobiliarias y el sector bancario, que mantiene más del 35% de exposición a estas industrias, convirtiendo esta interdependencia en un factor crítico para la evolución futura del sector. Estos hallazgos proporcionan perspectivas valiosas para inversionistas, reguladores y participantes de la industria que navegan en este paisaje de mercado en rápida transformación.
This research examines the financial sustainability of Chilean construction and real estate companies between 2017-2023, a period marked by significant economic disruptions including social unrest and the COVID 19 pandemic. Through comprehensive quantitative analysis of three major conglomerates (SOCOVESA, INGEVEC, and BESALCO) and their subsidiaries, the study identifies distinct performance patterns based on business model configuration and financial structure. Results demonstrate a growing polarization within the sector: diversified companies with disciplined capital structures (BESALCO) achieved remarkable growth with a 157.9% increase in profits, while specialized firms with aggressive short term debt financing (SOCOVESA) experienced severe deterioration, transitioning from sector-leading profits to substantial losses. The analysis reveals that the sector is undergoing fundamental structural transformation rather than merely experiencing a cyclical downturn. The research also highlights the symbiotic relationship between construction-real estate firms and the banking sector, which maintains over 35% exposure to these industries, making this interdependence a critical factor in the sector's future evolution. These findings provide valuable insights for investors, regulators, and industry stakeholders navigating this rapidly changing market landscape.
This research examines the financial sustainability of Chilean construction and real estate companies between 2017-2023, a period marked by significant economic disruptions including social unrest and the COVID 19 pandemic. Through comprehensive quantitative analysis of three major conglomerates (SOCOVESA, INGEVEC, and BESALCO) and their subsidiaries, the study identifies distinct performance patterns based on business model configuration and financial structure. Results demonstrate a growing polarization within the sector: diversified companies with disciplined capital structures (BESALCO) achieved remarkable growth with a 157.9% increase in profits, while specialized firms with aggressive short term debt financing (SOCOVESA) experienced severe deterioration, transitioning from sector-leading profits to substantial losses. The analysis reveals that the sector is undergoing fundamental structural transformation rather than merely experiencing a cyclical downturn. The research also highlights the symbiotic relationship between construction-real estate firms and the banking sector, which maintains over 35% exposure to these industries, making this interdependence a critical factor in the sector's future evolution. These findings provide valuable insights for investors, regulators, and industry stakeholders navigating this rapidly changing market landscape.
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