There was a thunderclap on the ground, and thousands of acres of wind and rain were added to the body. ”
Author |Huo Yun.
* |Investor (ID: touzijias).
There was a thunderclap on the ground, and thousands of acres of wind and rain were added to the body. ”
In 2024, a super thunderbolt smashed into Country Garden.
Today (February 28), the "universe real estate enterprise" and the Hong Kong-listed company Country Garden suddenly issued an emergency announcement, causing a shock to the outside world! The content said, "Country Garden received a winding-up petition filed by creditor Ever Credit Limited on February 27 this year. ”
Affected by the "winding-up petition", Country Garden's stock price was frightened for a day, which frightened many investors. Although Country Garden hurriedly responded, "Referring to the cases of other defaulting listed real estate companies in the industry, it is common for individual creditors to apply to the Hong Kong court for the winding-up of the company, and firmly oppose the winding-up petition." But this did not dampen the fear in the market, dragging its stock price down 125%。
It is a "winding-up petition" again, and it is an overseas creditor, this scene can't help but remind people of the thundering Evergrande. Last year, the "winding-up petition" did not allow Evergrande to bid farewell to Hong Kong, but the repeated tugging with creditors also made Xu Jiayin a chicken feather.
Now, is this scene going to be repeated?
One. Evergrande, Country Garden, and Wanda made a series of king bombs last year, I'm afraid they can't find the same plot in the movie.
It was also last year that Xu Jiayin, the "negative country", went in, Yang Huiyan took out a salary cut for executives, and Wang Jianlin called a friend to relieve him of 300100 million yuan "bet", the other two country gardens and wanda, which were bombed by the real estate company, have finally passed a "stable" year.
Evergrande naturally does not have Country Garden and Wanda luckyAt the beginning of the year, there was a ** headline "Xu Jiayin spent his first year in the detention center". I just don't know what his state of mind is, whether he is crying bitterly or regretting? But in the past few days, Xu Jiayin's ex-wife Ding Yumei's state of mind has been fully revealed, she has almost squandered the money in hand, and she actually sued her youngest son.
staged, a strange event in the history of mankind,"The mother who ran away asked for money from her son who was taken away for investigation. ”Ding Yumei is really a lion's mouth, she is from an ordinary family and well-educated, and her mouth is 1 billion Hong Kong dollars. The reason is, "The son took care of his mother's borrowing and failed to repay the money on time, resulting in overdue interest and snowballing." "Doesn't that sound bloody and bizarre? But it happened.
Ding Yumei, who ran away, must have a very "difficult" life, and if she wants to find her son to collect debts, Xu Jiayin may have been crying bitterly in the detention centerHis greatest wish at this time may be, "Don't let Ding Yumei run away." ”The betrayal of relatives is also the ending that Xu Jiayin deserves.
Xu Jiayin is basically over, and Yang Huiyan's troubles this year are here.
Just today,Country Garden has big news that has shocked the outside world, and it has received a "winding-up petition" from overseas creditors. According to its announcement, the "winding-up petition" filed by creditor Ever Credit Limited is dated February 27. In other words, as soon as the creditor initiated the "winding-up petition", Country Garden hurriedly issued an announcement, which brought a day of horror to Hong Kong stocks by the way.
is in such a hurry, which shows that Country Garden is starting to be scared enough. This sentiment was quickly transmitted to the Hong Kong market, and Country Garden fell by more than 10% at the opening, and then, in a hurry, they responded in a hurry, "Referring to the cases of other defaulting listed real estate companies in the industry, it is more common for individual creditors to apply to the Hong Kong court for the liquidation of the company." The Company strongly opposes the Petition and will seek legal advice and take all necessary actions to actively and properly defend it with the team of advisors. ”
However, Country Garden's calm response did not calm down Hong Kong stock investors, affected by the "winding up petition", as of Hong Kong stocks**, Country Garden fell 125%。In response, "referring to other cases of defaulting listed real estate companies in the industry", I don't know who it is referring to?
Two. Last year, when Evergrande, Country Garden, and Wanda were repeatedly on the hot search, there were rare cases of two well-known real estate companies being forced to delist.
The reason why "forced" is used here is because Wanda Commercial left the Hong Kong stock market that year, which was Wang Jianlin's initiative for Wanda's transformation, and after Wanda Commercial was delisted, it was renamed Wanda Commercial Real Estate, and then renamed Wanda Commercial Management.
This is the persistence of an aging entrepreneur who wants to make a comeback.
In the case of the two real estate companies that were forced to delist, the situation is different. The first case is Jiayuan International.
Jiayuan International was the first "compulsory liquidation" real estate company in Hong Kong last year. This real estate company is not small, and behind it stands Shen Tianqing, a wealthy man in Jiaxing, Zhejiang. In 2016, Jiayuan International was listed on the Hong Kong stock market, with assets of nearly 100 billion yuan, business scope covering China and Southeast Asia, and more than 100 holding and shareholding companies.
According to Shen Tianqing's analysis, if real estate companies want to transform, they must embark on the road of diversification. The so-called "diversification" refers to the construction of side businesses around the main business. As a result, Jiayuan International launched a layout of pension, service, agriculture, cultural tourism, business management, and hotels around the house, and it was also these layouts that broke the capital chain of Jiayuan International and overdue the debt of 14.5 million US dollars.
In 2022, Jiayuan International was exposed to a liquidity crisis, and Shen Tianqing's "diversification" was based on the issuance of bonds and financing everywhere. Actually,Shen Tianqing didn't realize that he "believed too much in a sober mind". He thought about changing, making a big move on the existing "diversified" business, and successively selling off the bloated assets of Jiayuan International, but unfortunately no one took over the "big sale".
Shen Tianqing, who was extremely self-reproachful, sat at the meeting of Jiayuan International's management and investors, and sighed from the depths of her soul, "I feel sad in my heart when I face everyone. ”After the symposium, creditors were frequently held accountable, and the value of Jiayuan International Port was wiped out.
Immediately afterwards, the creditors went to the Hong Kong court and initiated a "winding-up petition". At first, the outside world thought it was a "farce". After all, Evergrande's thunder is even louder, but what I didn't expect is that Hong Kong really made a move, and Jiayuan International has since withdrawn from the stage of history.
This incident has come out, what is Xu Jiayin doing? He engaged in a "self-help plan" to rot creditors. At that meeting, Xu Jiayin was pondering the "AB plan", plan A let the creditor repay the old debt with new debts; Plan B allows creditors to convert their debts into equity. Among them, the debt-to-equity swap is the first to convert bonds into Evergrande Automobile. Facts have proved that no one can save the "self-help plan", and Xu Jiayin also entered.
The second case is Yango Group. At its peak, this real estate company had an annual revenue of more than 80 billion yuan and a market value of more than 100 billion yuan, and broke into the world's top 500. It is different from Jiayuan International's thinkingWhen Sunshine City Group has money, it "stakes land"., also shouted, "rebuild a 100 billion real estate company", which caused the high-level to fall apart, and the company became a mess, with a net loss of 125 in 2022500 million yuan, plus various defaults, repayment, unpaid debts due to 6473.2 billion yuan, forced to end the first trip.
Three. Since there are two lessons from the past, can't it cause real estate companies to reflect?
To some extent, Country Garden is not too worried about the creditor's "winding-up petition". Even if they hurriedly make announcements and respond in a hurry. This is more of an "attitude" to alleviate all kinds of pressure from external ** and investors.
Country Garden is not small in size, complex in debt, and not low in scale, which is not comparable to Jiayuan International and Yango Group, and if a single creditor initiates a "winding-up petition", the Hong Kong court may not pass it, at least the two parties will have a long period of "you come and go".
Of course, Country Garden has reasons not to be afraid. They said to **, "The company's debts involving Ever Credit Limited account for a very low proportion of the overall interest-bearing liabilities overseas, and the aggressive actions of a single creditor will not have a significant impact on the company's delivery of buildings, normal operations and the overall restructuring of overseas debts." ”Please note that the other party is, a single creditor. Previously, Country Garden revealed that it had hired financial and legal counsel to assist in assessing the group's capital structure and liquidity situation, formulating overall solutions, and establishing an effective communication mechanism with major overseas creditor groups, and the overall restructuring of overseas debts was being actively and orderly promoted.
In other words, Country Garden had a good discussion with the creditor group, but individual creditors were dissatisfied and acted alone.
Who will file a "winding-up petition" for no reason? It is understood that the parent company of the creditor Ever Credit Limited, which is also listed on the Hong Kong stock market, is a company involved in the real estate business and owns 3A chemical leader with 60,000 employees.
It is not groundless for Kingboard Group to want to "liquidate" Country Garden.
Country Garden's two US dollar bonds failed to pay coupons on time last year, scaring a number of listed companies. According to statistics, at least 49 listed companies have been inquired by investors about business dealings, accounts receivable, cooperative relations and other matters with Country Garden. These listed companies basically cover Country Garden's real estate business, including building materials manufacturers, design companies, home appliance manufacturers, and decoration companiesKingboard Group was last yearIn January, it was announced that "Country Garden failed to repay 1598HK$100 million. ”
Country Garden didn't pay back the money, and Kingboard Group was angry. This kind of thing is not new in real estate companies, or where will Evergrande and Country Garden get their shocking debts? For a long time, this is also the business policy that real estate companies are good at, and the problem of thunderstorms is not big, and the problem of thunderstorms is coming.
Kingboard Group and Country Garden are both a "debt collection" relationship and a customer relationship. Now the trouble is largely affected by the Evergrande debt turmoil, and everyone knows that whoever becomes the "next Evergrande" means that the money sent out is completely wasted.
Single creditor, angry with angry reasons. On February 19 this year, Kingboard Group issued a profit warning, clearly pointing out that "Country Garden's loan provision is an important drag on performance." ”100 million Hong Kong dollars, which dragged down the development of Kingboard Group, and they decided to "break the net" and make Country Garden pay the price. In fact, a "winding-up petition" is not the same as a "winding-up", but it will affect the debt restructuring plan over time.
So, can Country Garden handle its relationship with creditors? It's a mystery. Last year, they were communicating with creditors, and Kingboard jumped out at the beginning of this year, and from the performance of the capital marketThis single creditor is out of the way. "Hurt the enemy by 1,000 and lose 800 by itself", Kingboard Group used the stock priceThe decline in exchange for shareholders to "vote with their feet" for Country Garden.
At present, the market value of Kingboard Group is 165800 million Hong Kong dollars, Country Garden's market value is 176With 3.3 billion Hong Kong dollars, the capital scale of the two leading enterprises is comparable, but the founder of Kingboard Group is the "Hong Kong Chemical King", how should the young Yang Huiyan be recruited?
Four. At the beginning of the real estate boom, many people ran to Zhihu to comment on how the "universe real estate company" became what it is now?
In the impression of some netizens,Yang Guoqiang, Yang Huiyan's father and daughter, are much more low-key than Xu Jiayin and his ex-wife Ding Yumei, Wang Jianlin, Wang Sicong and his son. Yang Guoqiang has always claimed to be a "farmer's son", and after taking a back seat, he has long been concerned about philanthropy. Yang Huiyan has been hidden by her father for many years and has become the "most mysterious richest woman", and some netizens can't even tell the difference, "which ** is her".
All this cannot be escaped, and the old wounds and stubborn diseases brought about by the high turnover, high leverage, and high debt model of real estate companies in the past. The "three highs" of real estate enterprises are like chronic diseases of human beings, and the accumulation of "disease syndrome" has been produced over time. "Cosmic real estate company" has a disease, how to treat the disease?
Since the opening of the transformation of real estate, major real estate companies have been pondering how to transform. Xu Jiayin set up Evergrande Automobile, hoping to get high financing through the new energy outlet, alleviate the pressure on Evergrande's cash flow, and then divert attention by transferring debt.
Wang Jianlin came up with an asset-light model and created Wanda Commercial Management, which focuses on services. What about Yang Guoqiang? He took a back seat, lived an idyllic life, paid attention to farmers and charity every day, and the "life and death" of Country Garden was completely pressed on the "second generation".
But what do you think other people who are also the "second generation" of real estate companies are doing? After all calculations, Yang Huiyan is still struggling on the front line. Different from the idea that the older generation of real estate companies can't get around real estate and land to build factories, Yang Huiyan entered VC PE and broke into the new economy track with investment.
This led to the birth of the well-known CVC Country Garden Venture Capital. Just killedvc/peThat year, the primary market gave Country Garden Venture Capital unlimited expectations. First, real estate companies used to invest in a large part to make quick money; Second, there is no shortage of Internet and technology companies in the primary market to do CVC standard samples, but there is a lack of traditional ancient industries to do CVC samples, once successful, it will inject more funds into the equity investment and venture capital market, and a large number of entrepreneurs and enterprises will stand out, and the cause of science and technology innovation will take a big step.
Country Garden Venture Capital has also lived up to expectations, and has entered the VC PE industry for several years, investing in the new energy power battery unicorn Honeycomb Energy, the development and operator of medium and large liquid rockets Blue Arrow Aerospace, the integrated circuit design benchmark UNISOC and the well-known BYD Semiconductor. According to the investment data of Country Garden Venture Capital, they have completed the exceedanceenterprises have invested more than 10IPOsand 20Multiple unicorns. Looking at the entire CVC, the data is quite explosive, and the key is that they are newbies.
There has been a point of view,The role of Country Garden Venture Capital is to open the "second growth curve" of Country Garden, and to use investment technology to enable Country Garden to gradually bid farewell to tradition and complete the strategic transformation in the new economic era. Yang Huiyan's idea is very good, reflecting the pattern and vision of the younger generation of entrepreneurs. But Yang Huiyan is still too young, last year's real estate companies concentrated on thunderstorms, she wanted to make drastic reforms, her arms couldn't twist her thighs, Yang Guoqiang's family management model was deep-rooted, and when difficulties came, she also had to compromise.
As a result, the outside world saw Yang Huiyan's various mysterious operations that she couldn't explain clearly, and everything that Country Garden performed was conveying, "self-help". She pulled her relatives and executives to collectively reduce their salaries, which made Country Garden Venture Capital, which was killing all sides, slow down.
On the official website of Country Garden Venture Capital, they will only release two updates in 2023, and the venture capital platform in the circle once felt that "they are dangerous". The killing of all sides to the silence just reflects Yang Huiyan's state of mind, holding cash flow and coping with future difficulties.
In the first quarter of the year, a new dilemma came. Some analysts believe that "Country Garden's debt scale is not as large as Evergrande, but the number of real estate projects under construction far exceeds Evergrande, and the risks involved are higher than Evergrande." It is worth mentioning that Country Garden emphasized this year that "our company's operations are normal, and we will continue to ensure delivery and operation as the main work objectives, and protect the rights and interests of all stakeholders, including home buyers, creditors, investors and employees, to the greatest extent." It can be regarded as a temporary "reassurance" for the outside world.
In the future, it is a mystery what Country Garden will experience, and no creditor can be messed with, and Yang Huiyan's troubles have just begun.