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In 1996, Evergrande Industrial was established, and the following year, the first project belonging to Evergrande was built in Guangzhou, "Jinbi Garden". And this project has created a record of "8 years".
In that year, the land was acquired, the construction was reported in the same year, the construction was started in the same year, the construction was completed in the same year, the sales were sold out in the same year, the sensation was in the same year, the occupancy was moved in that year, and the income was made in the same year.
The myth of Evergrande began here.
In 2017, this was Boss Xu's heyday year, and he became the richest man in China for the first time with a value of 290 billion. At the 2017 work conference, Boss Xu said:
"We became the world's largest real estate company and ranked among the world's top 500 companies. ”
This year, China Evergrande's share price reached an all-time high, reaching a maximum of 32HK$50. It has been exactly 20 years since Evergrande's first project.
This morning, the Hong Kong High Court held an Evergrande liquidation hearing, and the judge ruled on the spot. This news dominates the first page.
Liquidation is a common means of debt collection under the Hong Kong legal system, similar to bankruptcy in the Mainland. Prior to this, Evergrande had adjourned seven winding-up hearings.
From a financial point of view, entering "liquidation" and "bankruptcy" means that the enterprise no longer has the ability to "operate sustainably", and it can also be rudely understood as insolvency.
Therefore, after the liquidation, Evergrande completely lost control of Evergrande Real Estate, and all assets of Evergrande will be realized in the short term, and the debts will be repaid in accordance with the order of repayment. After more than two years of thunder, I can finally say goodbye.
This ending is also expected. The most important thing is why this point in time was chosen. From the perspective of Evergrande's operation, Evergrande after the thunderstorm is already under the supervision of the state, and according to the node and capital plan formulated by the state, it continues to promote the "guaranteed delivery of buildings". From the perspective of the mainland, whether it is broken or not is just a situation. Maintaining the form of "thunder" can also continue to consume negative expectations, especially after Boss Xu enters. Therefore, the priority of this liquidation should be to ensure the "delivery of the building" first. It is necessary to mention the Arrangement of the Supreme People's Court on the Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters by the Courts of the Mainland and the Hong Kong Special Administrative Region, which was adopted by the 1759th meeting of the Adjudication Committee of the Supreme People's Court on January 14, 2019 and will come into force on January 29, 2024. It stipulates the issue of mutual recognition and enforcement between the laws of the Mainland and Hong Kong
"Mutual recognition between the Mainland and Hong Kong excludes bankruptcy (winding-up) cases". Evergrande Automobile, with a debt ratio of nearly 100%. What Evergrande is valuable is Evergrande's business, Evergrande's property, and Evergrande's pension. Almost all of these assets are in the mainland. In this way, if Hong Kong wants to truly land on Evergrande's liquidation, it must be recognized and cooperated by the mainland, which also provides space for home buyers to fight for their interests. Therefore, this incident does not have a big impact on mainland home buyers, what is the original situation, and what is the follow-up. Other creditors were not so lucky. According to the restructuring plan information released by Evergrande in March 2023, if the restructuring is not successful, different creditors will receive different principal rates. The highest 934%, the lowest 205%。Evergrande Wealth, less than one-tenth of the principal recovered. In Evergrande's 2023 interim financial report, there is still 158 trillion in current assets, of which inventories 119 trillion. Even if you get another 5% discount, there may still be a 50% ** rate. It's just the number of Evergrande, and watch and wait.
Of course, Evergrande has no shortage of supporters, that is, those owners who live in the property management area of Evergrande and have been charged property fees for 20 years.