In the outgoing January 2024, the former "space real estate company" publicly sold about 5 billion assets, and put more overseas projects on the "shelf".
According to Caixin, recently, Country Garden is ** in the UK's only project AILSA Wharf, and ** traders have been invited to bid.
On October 10, 2023, Country Garden released inside information and officially announced its debt default.
In December of the same year, Yang Huiyan, chairman of the board of directors of Country Garden, said that "the family will definitely sell iron to support the company", and announced a voluntary salary cut with three other executives.
In the past 4 months, how strong is Country Garden's "smashing pot and selling iron", and can it carry it?
The real estate company that was out of danger was "smashed into the pot".
Middle Finger Research Institute (thanks in advance).
The China Index Research Institute released the "Sales Performance Ranking of China's Real Estate Enterprises in January 2024", and in terms of sales, Country Garden fell to 10th place, with sales of 76200 million yuan; Country Garden ranked 3rd in terms of sales area.
This is related to Country Garden's strategy of sinking into third- and fourth-tier cities, but its monthly sales are less than 8 billion, which is really miserable compared with previous data.
is also a list released by the China Index Institute: In January 2022, Country Garden's sales were 494500 million yuan, ranking first in the industry; In January 2023, Country Garden's sales will be 27 billion yuan, ranking third, and it has been overtaken by Poly Development and Vanke.
Poor performance, of course, is closely related to the general environment of the real estate industry.
In January this year, the total sales of the top 10 real estate companies were close to 120 billion yuan, a decrease of 33% compared with January last year; The sales of the top 100 real estate companies fell by 33% year-on-year3%, a decrease of 47 compared with the monthly sales in December last year7%。
However, Country Garden's performance has not only halved compared with the same period last year, but has fallen by 72%. As an insurance real estate company, some buyers will inevitably have concerns about it.
How much iron did Country Garden "sell"?
Sister Mi appreciates Country Garden and its management's attitude of not lying down, but to be honest, their self-help came a little late.
In 2022, Country Garden's revenue decreased by nearly 18% year-on-year, but the net profit attributable to the parent company fell sharply, with a year-on-year decrease of nearly 123%. The annual revenue was 430.4 billion yuan, and the net profit attributable to the parent company was a net loss of 605.2 billion yuan.
To put it simply, Country Garden at the beginning of 2023 is already in crisis.
However, the news of the concentrated sale of assets will not appear until after August 2023.
On August 10, 2023, Country Garden issued a profit warning, with a loss of 45 billion yuan to 55 billion yuan in the first half of the year (actual net loss of 489.).300 million yuan).
Oriental Fortune Network (thanks to this).
On August 25, 2023, an announcement was made on the joint venture company 2667% equity interest at a total consideration of 1291.5 billion yuan.
In December of the same year, an announcement was issued to about 306.9 billion yuan, the transfer of its equity in Zhuhai Wanda Commercial Management.
But it's a loss-making deal, presumably just to regain blood. The announcement disclosed that compared with the initial investment cost of Country Garden, it is expected to record about 1Comprehensive loss of 600 million yuan.
In January this year, Country Garden accelerated the speed of "selling iron".
First, **report, Country Garden is going to discount** its Australian project. Country Garden's Australian subsidiary, Risland Australia, intends to use 2A$400 million (about 11.)RMB3.8 billion)**The remaining Sydney land holdings. Purchased** in 2017 was approximately $400 million.
Second, the Guangzhou Equity Exchange** shows that Country Garden intends to 381.8 billion yuan transferred 5 assets. Including hotels, Grade A office buildings, commercial properties, office buildings and apartments.
Third, the UK reported that Country Garden is working on its London-based project Ailsa Wharf. In 2018, Country Garden cooperated with a ** to pay more than 80 million pounds (about RMB 7.).700 million yuan) to take the plot.
If the first two transactions go well, it is expected to return more than 5.1 billion yuan.
There is good news, but there is also pressure to repay debts and sell.
In January, there was also a lot of good news for Country Garden.
Since the beginning of the year, first- and second-tier cities have taken frequent actions to rescue the market. For example, single people in Shanghai can buy a house if they meet the conditions, Guangzhou has lifted purchase restrictions, and Suzhou has completely canceled purchase restrictions.
And a more direct impact: According to official news, the "real estate project financing white list" is expected to be implemented in the near future and strive for loans.
At the end of last year, Country Garden also participated in the "Bank-Enterprise Symposium on Supporting the Reasonable Financing Needs of Real Estate Enterprises" held by China Guangfa Bank. In the future, it is not surprising that some of its projects will be on the financing whitelist.
But the pressure to repay debts and sell remains high.
In October last year, Country Garden passed the extension plan of 9 domestic corporate bonds of about 14.7 billion yuan, which can take a breath of relief.
However, the restructuring of nearly $10 billion of foreign debt has not yet been completed.
According to The Paper, Country Garden also has 17 overseas bonds: 15 of them are US dollar bonds, with a total amount of about 99$126.9 billion; 2 ordinary convertible bonds circulating on the Singapore** Exchange, with an outstanding amount of about HK$6.9 billion.
The 2023 interim report disclosed that as of the end of June, Country Garden's total interest-bearing debt balance was 2,579100 million yuan, with a total cash balance of 1305$6.9 billion (restricted cash of approximately $29.4.)5.4 billion yuan).
According to the Enterprise Early Warning Communication, among Country Garden's US dollar bonds, about US$1 billion are due within one year; More than US$5 billion of bonds will mature in the next 1-3 years, accounting for the largest proportion; Bonds maturing 5-10 years, totaling about $2 billion.
According to reports from the financial community, Country Garden has two maturing bonds this year:9. Expires on January 27, 2024$6.5 billion in debt due April 8 for $5$3.7 billion in debt.
Previously, Country Garden's veteran Mo Bin said that "without sales, there will be no hematopoiesis", but judging from the performance in January, it is quite difficult.
In 2024, Country Garden will list the key tasks as follows: "Ensuring Delivery, Operation, and Credit".
There's a long way to go.
*|Girlfriend Finance (ID: Girlfriend-Finance).
Written by |Sister Honey.
Kejihui Zhang Zipeng newsmedia007
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