Summary:It's warm and cold(Welcome to pay attention to girlfriend finance).
Written by |Sister Honey
This is the 146th of @girlfriend financeoriginal
Another 100 billion real estate company sounded the alarm.
On March 1, Shimao Co., Ltd. announced that as of February 29, the company and its subsidiaries had accumulated 116 debts in the open market, and debts of banks and non-bank financial institutions in the private market$9.5 billion was not paid on time.
Shimao explained that the main reason for the debt default is that the company's sales have not improved since 2022.
Since the beginning of this year, real estate "bailouts" have been frequent.
From the "relaxation" of purchase and sale restrictions on real estate in first-tier cities, to the reduction of mortgage interest rates, to the accelerated implementation of the "white list" that is conducive to the financing of real estate projects. How far are Shimao shares from a turnaround?
From one of the representatives of stable real estate companies to "**
Shimao Co., Ltd. (i.e., Shanghai Shimao Co., Ltd.), which announced its debt default, is a commercial real estate enterprise under Shimao Group.
Shimao Group, which entered the real estate industry as early as 1989, successfully landed on the Hong Kong Stock Exchange in 2006, and its property segment, Shimao Services, was also successfully listed in Hong Kong in 2020.
Shimao Group's previous development was quite stable, and it can be said that it is one of the representatives of stable real estate enterprises.
In August 2020, the "three red lines" (financial monitoring indicators and financing management rules) closely related to the safety of real estate enterprises were implemented. According to the financial report of the same year, Shimao Group is one of the few private enterprises that can reach the green file.
From 2019 to 2020, due to its good performance and stable finance, Shimao Group has successively "** some projects of real estate companies such as Tahoe Group, Vantone Real Estate, Mingfa Group, and Fusheng Group.
Unfortunately, the pandemic has lasted far longer than the market and businesses imagined.
In 2021, Shimao Group suffered a loss. Shimao, which is smaller in size, still achieved 9The net profit attributable to the parent company of 6.1 billion yuan, but in 2022, it will not be able to bear the net loss of 453.1 billion yuan.
At the end of January this year, Shimao Co., Ltd. released its 2023 performance forecast, and it is expected that the net profit attributable to shareholders of listed companies for the whole year will be -501 billion to -334 billion yuan.
**10,000 Fans Incentive Plan
From default to debt restructuring, Shimao Group may faceWinding-up proceedings.
In early July 2022, Shimao Group defaulted on a US dollar bond that failed to pay interest on time. At the end of November 2023, Shimao Group gave a preliminary plan for the restructuring of its overseas debts.
However, before Shimao Group can launch a detailed offshore debt restructuring plan, it may encounter new difficulties.
On March 1, Viewpoint Network News reported that according to market sources, Deutsche Bank plans to file a winding-up lawsuit against Shimao Group in Hong Kong, China. If the news is true, it may affect the progress of Shimao Group's offshore debt restructuring plan.
Shimao shares insisted until the end of May 2023, and there was also a debt default. In the same month, Shimao shares were put on other risk alerts by the Shanghai Stock Exchange, and its ** name was changed to "ST Shimao".
However, the announcement in early June showed that some of the debts had reached a preliminary rollover plan with financial institutions.
But as time went on, Shimao failed to pay its debts on time.
In February this year, Shimao shares and subsidiaries added 01.5 billion yuan failed to be paid on time, and the debt of banks and non-bank financial institutions in the private market increased by 25.3 billion yuan failed to be paid on time, a decrease of 0$2.3 billion in liabilities.
As of the end of February this year, the open market debt of Shimao Co., Ltd. and its subsidiaries, and the debt of banks and non-bank financial institutions in the private market reached 116$9.5 billion default.
Sales need to be improved, and some projects are shortlisted for the "white list".
Like many struggling real estate companies, Shimao is facing both tight liquidity and declining sales performance.
At the end of January this year, Shimao Co., Ltd. released its 2023 annual performance forecast, with a pre-loss of -501 billion to -334 billion yuan.
In addition to the decline in performance, based on the principle of prudence, a lot of impairment provisions have been made:
First, the impairment of assets that may incur losses is provided, of which the inventory impairment loss is expected to be 170.5 billion yuan—255.7 billion yuan, the fair value change loss of investment real estate is expected to be 78.4 billion yuan - 11$7.6 billion;
Second, about 177.8 billion yuan.
Since the beginning of this year, although a number of "bailout" policies have been introduced, it will take time for them to really spread to the market and restore the confidence of home buyers.
The sales situation of many real estate companies has not improved, and the same is true for Shimao shares.
In January this year, Shimao shares achieved a sales contract area of about 180,000 square meters, down 45% year-on-year; The sales contract amount is about 3600 million yuan, down 29% year-on-year.
Fortunately, Shimao still said that it "does not lie flat".
Shimao Co., Ltd. announced that it is making every effort to coordinate all parties to actively raise funds, and under the communication and consultation mechanism with financial institutions and holders, and formulate corresponding resolution plans to actively solve the current problems.
For the financing of real estate enterprises, since January this year, a real estate financing coordination mechanism has been established to promote the implementation of the "white list" of real estate projects.
After the policy was introduced, Shimao Group and Shimao Co., Ltd. also responded positively. According to public reports, in early February, Shimao applied for 40 projects in pilot cities, and 16 projects have been shortlisted for the "white list".
On February 29, the Ministry of Housing and Urban-Rural Development and the State Administration of Financial Supervision jointly held a meeting on the work of the urban real estate financing coordination mechanism.
The meeting disclosed that as of February 28, 276 cities across the country have established urban financing coordination mechanisms, and about 6,000 projects have been shortlisted for the real estate "white list", with loans of more than 200 billion yuan approved. The meeting required that the first batch of white lists of cities at and above the prefecture level across the country should be pushed on March 15.
This also means that more real estate projects will have the opportunity to get financing and deliver smoothly.
When spring is getting closer and closer, it will always get better if it is warm and cold, and if you live. Blessing.
The data not indicated in this article are from the financial reports of listed companies, and we hereby explain and thank you! This article is for discussion and analysis only and does not constitute investment advice.