On January 29, China Evergrande was arraigned again in the High Court of Hong Kong. The judge formally ordered China Evergrande to wind up. It is reported that at 2:30 p.m. on January 29, the court will deal with the regulatory order and issue written reasons.
This means,Hong Kong's capital market ushered in the largest liquidation of real estate companies. Liability 24 trillion yuanChina Evergrande has previously encountered creditors applying for liquidation, and in order to postpone the liquidation, it has repeatedly stated that it is ready to prepare a new debt restructuring plan, but due to the slow progress of the debt restructuring plan, Evergrande was finally ordered to be liquidated by the court.
Morning trading on January 29,China Evergrande, Evergrande Automobile, and Evergrande Property were suspended intraday. Before the suspension,China Evergrande fell more than 20%, Evergrande Automobile fell more than 18%, and Evergrande Property fell 25%。
Responding to a winding-up order!
We will cooperate with the implementation procedures and promote debt resolution
Evergrande Group CEO Sean responded to China Evergrande's liquidation orderObjectively, the group's operation is facing huge difficulties, resources are extremely limited, and the preliminary voting situation of creditors has not met expectationsIn addition, Evergrande Real Estate has been investigated by the China Securities Regulatory Commission, the actual controller of the group has been taken compulsory measures in accordance with the law on suspicion of illegal crimes, and the company also believes that it cannot meet the relevant statutory conditions for the key links of overseas debt restructuring, which makes all kinds of uncertainties continue to intensifyAs a result, it was difficult to implement the debt restructuring plan in the end.
Today's court decision is contrary to our original intentions, and we can only do thatI regret that I have done my best. In the future, the Group will face up to difficulties and problems, take all legal and compliance measures, steadily promote the normal operation of the Group's business on the premise of protecting the legitimate rights and interests of domestic and foreign creditors, and will also actively communicate with the liquidators, cooperate with the liquidators to perform relevant procedures in accordance with the law, and promote debt resolution in accordance with international practices and market rules. We will steadily promote key tasks such as ensuring the delivery of buildings.
Public reports show that before that,China Evergrande has filed eight applications for adjournment of the hearing of the petition. According to the last notice of the application for extension was published on December 4, 2023, the High Court of Hong Kong granted China Evergrande's application for extension on December 4, 2023, further adjourning the hearing of the petition to January 29, 2024. The amount of financial obligations involved in China Evergrande is 8HK$62.5 billion.
The court's ruling means that China Evergrande, despite its previous efforts to defend itself and promote debt restructuring, was still liquidated due to its long-term accumulation of shortcomings, which may eventually lead to the dissolution of the offshore company. Although there are still cases in history to prove itThe company can seek to set aside the winding-up order by re-initiating debt restructuring proceedings under the leadership of the liquidators, but there is a high probability that only theoretical possibilities are left for China Evergrande.
After the epic thunderstorm!
A number of real estate companies are in crisis!
On the evening of July 17, 2023, China Evergrande issued three financial reports in a row, including the 2021 annual report, the 2022 semi-annual report and the 2022 annual report. The financial report shows that Evergrande Group will be in 2021 and 2022The total net loss exceeded 800 billion yuan。By the end of last year,Evergrande Group's total liabilities exceed 24 trillion. This financial report figure can be described as an epic thunderstorm! Refresh the record of the highest annual loss of Chinese enterprises! This is equivalent to two years, Evergrande has been losing about 1.1 billion every day.
Evergrande with 2The total debt of 4 trillion yuan ranks first in the list of domestic real estate enterprise debt, but in addition to Evergrande, the total debt of the other four real estate companies is also above the trillion yuan on average. They are Country Garden (total liabilities 14 trillion), Vanke (total liabilities 13 trillion yuan), Sunac (total debt of 1 trillion yuan) and China Resources Land (total debt of 739.6 billion yuan).
Sino-Ocean Group issued a profit warning for the first half of 2023, with an expected loss of about 17 billion yuan to 20 billion yuan. If calculated based on a loss of 20 billion yuan in the first half of 2023, it is equivalent to half a year, and the company's cumulative net profit for 6 years from 2016 to 2021 will be lost! At the same time, Sino-Ocean Group is also on the verge of defaulting on both notes and bonds.
On January 5, 2024, the Beijing No. 1 Intermediate People's Court ruled to accept the bankruptcy liquidation application of Zhongzhi Enterprise Group. This marks that the "trillion-level" giant ship of Zhongzhi Group has officially entered the stage of bankruptcy liquidation! According to reports, Zhongzhi Group managed at the hottest stageThe asset size "at one point" exceeded 372 trillion! At present, the current assets of Zhongzhi Group include monetary funds"Mere" 180860,000 yuan. In terms of debt scale, the principal and interest scale of relevant liabilities after excluding margin is420 billion to 460 billion yuan.
According to the disclosure of the civil ruling of the Beijing No. 1 Intermediate People's Court [(2024) Jing 01 Po Shen No. 1], it was recorded in the "Balance Sheet" submitted by Zhongzhi Group Company and stated in the "Statement of Property Status" submitted by the companyAt present, the current assets of Zhongzhi Group include monetary funds of 180860,000 yuan.
Source: Beijing No. 1 Intermediate People's Court.
Three days in a row!
Is the property market really going to change?
On January 24-26, 2021, there were many blockbuster news in the property market, what does it mean? Let's take a look at what's going on.
January 26thThe Ministry of Housing and Urban-Rural Development held a meeting, and Ni Hong, Minister of Housing and Urban-Rural Development, said"Accelerate the implementation of the urban real estate financing coordination mechanism and support the development and construction of real estate projectsMeet the reasonable financing needs of real estate enterprises under different ownership systems without discrimination, and promote the stable and healthy development of the real estate market. "This meeting is the implementation of the financing coordination mechanism between the two departments (the Ministry of Housing and Urban-Rural Development and the State Administration of Financial Supervision).
On January 12, the above two departments jointly issued the "Notice on the Establishment of an Urban Real Estate Financing Coordination Mechanism". The notice mentions that the city people should take the lead in coordinating and establishing an urban real estate financing coordination mechanism in cities at and above the prefecture level, study and judge the market situation and industry financing needs, and coordinate and solve the difficulties and problems existing in real estate financing.
It is worth noting thatThis is the first major real estate policy of a national ministry in 2024, which aims to solve the problem of real estate financing.
As we all know, the real estate industry has continued to adjust in the past two years, and real estate companies have exploded from time to time. In this case, the reasonable financing needs of some real estate enterprises cannot be met, and the real estate enterprises will not be able to get money if the financing is not smooth, and there will be no way to carry out development investmentThe real estate market continues to be sluggishvibrate, and even formed a vicious circle. It is understoodBy the end of this month, the first batch of projects will be able to apply for loans after they are landed. It can be said that it lands quickly!
January 25th,Xiao Yuanqi, deputy director of the State Administration of Financial Regulation, expressed his attitude at the press conference on the theme of "high-quality economic and social development of financial services" of the State Council Information Office. Xiao Yuanqi pointed out that "the real estate industry chain is long and wide-ranging, which has an important impact on the national economy and is closely related to the lives of the people."The financial industry has an unshirkable responsibility and must be strongly supported. ”This means,Supporting the steady and healthy development of real estate and promoting the virtuous cycle of finance and real estate will be the main actions of the financial industry in the coming period. Under the general trend, it is only a matter of time before real estate stabilizes.
January 24th,The central bank cut the reserve requirement ratio more than expected. At a press conference held by the State Council New Office on the same day, Pan Gongsheng, governor of the People's Bank of China, saidThe reserve requirement ratio will be lowered by 05 percentage points, providing liquidity to the market by 1 trillion yuan. On January 25, the re-lending and re-discounting interest rates for supporting small agricultural support will be lowered by 025 percentage points, from 2% to 175%。The RRR cut will provide more long-term funds for the market and increase liquidity. For real estate, it will provide a favorable financial basis for resolving real estate risks, which is conducive to the repair of the real estate industry and stabilizes market expectations.
On the same day, the central bank and the State Administration of Financial Supervision jointly issued itNotice on Doing a Good Job in the Management of Operating Property LoansIt is clarified that "by the end of 2024, for real estate development enterprises with standardized operations and good development prospects, national commercial banks will issue operating property loans for operating capital needs related to the property itself, loans formed by replacing construction and purchase properties, and shareholder loans on the basis of controllable risks and sustainable business."Operating property loans can also be issued to repay loans and open market bonds in the field of real estate stock of real estate development enterprises and their group holding companies (including consolidated subsidiaries). "From the practical effect, on the one hand, it will help solve the financing needs of real estate enterprises. On the other hand, it can effectively prevent and resolve risks.
Xinhua.
In recent years,The downturn in the real estate industry has triggered a continuous "stampede" in related industries, and has also brought layoffs, salary cuts and bankruptcy due to declining performance. A number of "industry brothers, industry mao, giants, and leaders" have boarded the default platform. As the direct upstream of real estate enterprises, the performance of sand and gravel aggregates, cement, commercial mix, construction enterprises, etc. has declined, laid off employees and reduced salaries, gone bankrupt and collapsed, and they have fallen into crisis! Crisis! More than 2,300 construction companies went bankrupt! The survival of sand and gravel enterprises is more important than anything else!
For the sake of the economy and to promote the healthy development of the real estate industry, we have seen that the relevant departments have actively taken measures, and the current situation has undergone important changes. With the intensification of policy efforts,Whether real estate will bottom out and rebound, welcome to leave a message to discuss!