There is a book lying horizontally on the shelf, "Evergrande Xu Jiayin - Suffering is My Precious Wealth", priced at a high price, 48 yuan, edition October 2017.
On the back cover, Xu Jiayin's classic quotations now seem somewhat ironic:
The market is always right, ** is not good, you want to sell high, people don't buy, when the depression, you can only sell cheaply, we sold the house last year, until now I am heartbroken. But there is no way, the sale of the house depends on the market conditions at the time.
Integrity, law-abiding, providing employment opportunities for the society, paying taxes and fees to the state, and ensuring product quality are the basic responsibility of an enterprise. However, it is not enough to keep this bottom line, there are more things that need the participation of the majority of private entrepreneurs, such as the Hope Project, public welfare and charity activities, and the promotion of industry development. Private enterprises shoulder social responsibilities and have become an important force to contribute to society and an indispensable part of the progress process of building a harmonious society, just like other economic components.
Everyone should take adjusting their mindset as the most important task to improve the standard of work. Because people's progress often starts from psychological progress, people's backwardness is often the backwardness of mentality. The gap between people is often the gap in mentality. If a person is inferior to others, he is often inferior psychologically, not as good as he is as good as he is in confidence, and inferior in his goals. Attaching importance to mentality is to renew concepts, improve cognition, and clarify ideas.
Now these three "classic quotations" correspond to each other: Does anyone dare to buy Evergrande House? Xu Jiayin was arrested and was in debt 24 trillion Evergrande was liquidated; Since when, Xu Jiayin's psychology has changedPerhaps this can be a typical case of psychology.
Facts have proved that Xu Jiayin's life experience is an adventurous journey, standing at a crossroads and going in the right direction, he is the "first brother" in everyone's mouthIf you go in the wrong direction, Evergrande will become the "hate" in everyone's mouth.
Evergrande walked into the liquidation processwill enter the countdown to its life cycle。Some say that due to the intricate relationship of the disk,Evergrande's liquidation and process will become the most important in history.
Lawyer Weng Guanxing, director of Shanghai Gongcheng Yingtai (Lingang New Area) Law Firm, said that in common law regions such as Hong Kong, company liquidation is a common way to dissolve a company. When a company is unable to pay its debts or is unable to continue to operate, it applies for winding-up under local company law and litigation law. There are two types of winding-ups: voluntary winding-up and compulsory winding-upAccording to the current open letter, Evergrande may face compulsory liquidation.
The general process of compulsory liquidation is as follows:
1. Application for a winding-up order: Creditors can apply to the Hong Kong court for a winding-up order to compel the company to be wound up. Creditors need to provide sufficient evidence that the company is unable to pay its debts.
2.Winding-up process: Once the winding-up order has been granted, the liquidator will be appointed to deal with the company's assets and liabilities. The winding-up process will be similar to the steps of a voluntary winding-up.
3.Dissolution of the company: After the completion of the winding-up proceedings, the liquidator will file a document to the Hong Kong Companies Registry to terminate the winding-up. Once the documents are approved, the company will be officially dissolved.
Therefore,Liquidators appointed by the High Court of Hong Kong will then move into the company to deal with the assets and liabilities of the group company and its subsidiaries. In terms of strategy, liquidators will no longer aim at traditional profits or revenues, but will take the inventory of assets and liabilities and recourse to external claims as their primary objective. Therefore, it is difficult for Evergrande Group to "turn over". From the perspective of practical experience, the liquidator will quickly recover the funds by quickly recovering the existing assets at a low price or by settling with some of Evergrande's debtors (the entity that owes Evergrande money).
In accordance with the Companies Ordinance and relevant regulationsThe order of liquidation of the enterprise to be liquidated is generally as follows:
Bankruptcy costs (litigation costs, liquidators' remuneration) >secured claims, unsecured claims, subordinated claims.
"Hate big" and the people at the bottom, worked hard, emptied seven wallets, and put hope, confidence and future all on one house. What should Evergrande do after they face compulsory liquidation? Although "guaranteed delivery" is politically correct, enterprises do not dare to risk the world's condemnation and do not hand over the building.
However, lawyer Weng Guanxing is still a little worried
The property projects being developed by Evergrande will be discussed in several parts.
The subject of this liquidation is Evergrande Hong Kong, and it is not clear whether Evergrande has any development projects in the Hong Kong Special Administrative Region (HKSAR). Legally speaking, Evergrande Hong Kong Company and Evergrande's entities in Chinese mainland are independent legal entities. For property projects that have been listed on the mainland's list of "guaranteed delivery properties", theoretically they should not be affected by the liquidation of Hong Kong companies.
However, I am not particularly optimistic about this. Generally speaking, companies such as this, which belong to the same group and have registered entities in both places, often have very complex mutual holding, lending and guarantee relationships with each other.
Therefore, the liquidation of Evergrande Hong Kong cannot rule out that the assets of the domestic entity of Evergrande as the guarantor will be frozen by international creditors, which will have a substantial impact on the "guaranteed delivery of the property", and should be planned and prepared in advance. If necessary, it is recommended that the Mainland court not enforce part of the claim secured by the international debt.
According to the relevant judicial interpretations of the Supreme People's Court of the Mainland, if the purchaser claims to deliver the house or refund the purchase price, it shall be performed on a priority basis. Some mainland property buyers hope to claim claims against Hong Kong Evergrande through the arrangement of recognition of judicial judgments in the Mainland. However, as mentioned above, Mainland Evergrande and Hong Kong Evergrande are two companies in law, and there is insufficient legal basis for directly requiring Hong Kong Evergrande to bear debts. Mainland home buyers should still claim their rights against Evergrande or project companies in the mainland.
In addition,In fact, some mainland courts no longer file cases against "unfinished buildings", but require buyers to resolve them through the "guaranteed delivery" plan, which in fact also makes it more difficult for buyers to protect their rights, and it is recommended to correct them.
Evergrande was liquidated and Oceanwide was delisted. An era in real estate is truly over.
It's time for times to change, and it's time to slow down.
Mu Xin said,I remember when I was a teenager earlier, everyone was sincere and sincere, and what they said was a sentence。In the past, the sun became slow, cars, horses, and mail were slow, and there was only enough time to love one person in a lifetime. The locks in the past are also good-looking, the keys are exquisite, and if you lock them, people will understand.
Once upon a time, the train of the development of the times rumbled and pushed people forward, but if it went too fast, the direction was not right, and the system was not perfect, it was bound to "overturn", including real estate in many fields.
Recently, in the face of the current capital market situation, at the 2024 China Capital Market Forum,Wu Xiaoqiu, dean of the National Institute of Financial Research of Chinese University and president of the China Capital Market Research Institute, appealed that we have time, we should not be in a hurry, I think it is good to stop.
He said that a strong capital market is not about how many listed companies, more than 5,300 is already a lot, how to stabilize the market, this is the most important focus of the current policy, slow down the IPO to let the market take a breath, nothing can't. At the same time, I also look back at the road taken in the past few years, which ones are right, which ones need to be reformed, and how the listed companies have been inspected over the years.
On January 19, Guo Ruiming, director of the Listing Department of the China Securities Regulatory Commission, shared a set of data at the regular press conference of the China Securities Regulatory Commission:
Reform for 3 years,A total of 127 companies were delisted, of which 104 were forcibly delisted, nearly three times the number of mandatory delistings in the 10 years before the reformThere are two characteristics: first, the number of delistings at par value has increased significantly, and the number of delisted companies at par value last year was close to half of all delisted companies, and the self-regulation mechanism of the survival of the fittest in the market began to take shape; Second, the number of major illegal delistings has increased, and last year, 8 companies entered the delisting procedure because they met the criteria for major violations. The delisting reform adheres to the principle of "retreating as much as possible", preventing "retreating", and resolutely pursuing responsibility even if it is delisted.
According to statistics, 12 real estate companies will be delisted in 2023: including ST Sunshine City, ST Tahoe, *ST Jiakai, *ST Songdu, ST Yuetai, ST Meizhi, *ST Zhongtian, *ST Blu-ray 8 listed real estate companies due to "20 consecutive trading days ** price is less than 1 yuan" and 4 Hong Kong-listed real estate companies such as Xinli Holdings, Nanhai Holdings, Carnival International, and Sansheng Holdings that have been delisted due to "the main board company's ** has been suspended for 18 consecutive months".
ST Oceanwide becomes the first real estate stock to be delisted in 2024. There are still a number of Hong Kong-listed real estate companies on the verge of "delisting".Including Xiangsheng Holdings, Jiayuan International Group, Datang Group and other more than 9 real estate companies are in a state of suspension, most of them will be suspended in March and April 2023, if the 18 months of this year expire when the maximum limit is over, the resumption of trading has not been completed, and will eventually face the road to delisting.
Too big to fall, the country not to chase. This is not the orientation of high-quality development and the goal of becoming a financial power.
According to the market-oriented mechanism, it is the guide to clear the risks and leave good enterprises that empower the people's better life. "For enterprises that are insolvent and lose their ability to operate due to violations of laws and regulations, they must be cleared in accordance with the principles of rule of law and marketization, which is also the result of the survival of the fittest in the market. On December 13, 2023, at the 2023-2024 China Economic Annual Meeting held by the China Center for International Economic Exchanges, Dong Jianguo, Vice Minister of the Ministry of Housing and Urban-Rural Development, made it clear.
The State-owned Assets Supervision and Administration Commission (SASAC) has studied the management of the market value linked to the heads of central enterprises, the white list of real estate projects promoted by the state, and the ...... of operating property loansThe big waves wash the sand, and the enterprises that remain will continue to enjoy the policy and take advantage of the victory.
Table: Top 50 central enterprises by market capitalization.
The list of the top 50 central enterprises by market capitalization, dated as of January 30, 2024, the data comes from Straight Flush).