Even if you are liquidated, Evergrande may be a super rich

In the bankruptcy liquidation rumor, Evergrande, this time really weak?

Text 丨 BT Finance No Best

Evergrande encountered another disaster since the mine.

On the evening of June 27, according to a number of media reports such as Huaxia Times, Evergrande, who was trapped in the debt crisis, failed to repay the debt in time, the creditor Top Shine Global Limited of Internet Consult (Samoa) Limited was high in Hong Kong on June 24th in Hong Kong.The court proposed a liquidation of the case. The case number was HCCW 220/2022, and the representative of the appevers was Lian Haomin. The hearing time was scheduled to be on the morning of August 31.The move marks the beginning of Evergrande, who is ill, is a big start.

On June 28, China Evergrande Group issued inside information saying that it would be strongly opposed to liquidation signing, and also said that the invitation would not affect the restructuring plan or timetable.

According to the disclosure of creditors, the amount of financial obligations involved in Evergrande China was HK $ 862.5 billion.Evergrande's strong opposition to this request, Evergrande revealed that he has been actively communicating with creditors to promote overseas debt reorganization. It is expected that the preliminary plan for overseas debt reorganization will be announced by the end of July.

At this time, it has passed the year before Evergrande's mines. Evergrande did not solve the debt problem of up to 2 trillion yuan. Many media believed that Evergrande could not be this level.In fact, in this year, Evergrande's debt reorganization has progressed slowly. The content of the announcement has been difficult to convince investors. After all, Evergrande has not encountered decent good news since the mine.

Is Evergrande really going to fall this time?

Lightning Time

Time will go back to the moment of Evergrande Thunder.

It is reported by most media that Evergrande's minesweeper time was September 2021, but the previous incidents indicated that Evergrande had a sign of mines early. The first sign was in mid -June 2021. Evergrande was in Yuelong in Xuchang, Henan.It is normal for a project to stop working in the Taiwan project. It is said that the suspension of a project in the real estate industry is normal.

As a leader in domestic housing companies, Evergrande will cooperate with state -owned enterprises that cannot be paid by workers. Evergrande's capital chain is not groundless.At that time, as a state -owned enterprise, China Railway, as a state -owned enterprise, considers various influences, but only urged Evergrande by stopping work without public discussion.

On June 7, 2021, China Railway Construction announced that the equity of Evergrande Real Estate (Shenzhen) was cleared, and the 49%equity of Evergrande Real Estate (Shenzhen) held at a low price of 2.66 billion yuan.After the transfer is completed, China Railway Construction will no longer hold the equity of Evergrande Real Estate (Shenzhen).China Railway Construction, a heavy -class partner, exited, and Evergrande, who was deeply trapped in debt quagmire, was hit again.

The second sign is that the public recovery of Sankeshu Company. Sankeshu is a private listing coating company. Without the pattern of China Railway Construction, it publicly issued an announcement that the company's receivables of Evergrande notes were overdue. As of 2021, 2021At the end of March of the year, the company's receivables received a total of 53.637 million yuan.As the first coating company with a revenue of over 10 billion yuan, the first and Evergrande tear their faces, from the side show that the three trees have realized that Evergrande's situation is wrong, and it is unsuccessful to discuss it publicly.This public recovery was effective on the same day, and Evergrande responded on the same day that the bills had been redeemed.

There is also an incident that marks Evergrande's thunderstorm, that is, the early redemption of Guangfa Bank. Although the amount of 130 million yuan is the same for Evergrande, the creditor's rights have not expired, and they are paid in advance, and they are also supported by the court.It shows that Guangfa Bank is very clear about the huge hidden dangers of Evergrande's capital chain, and it is not a helpless move to save their own property in advance.

When Guangfa Bank was paid in advance, Evergrande also issued an announcement to strongly condemn the non -trustworthy behavior of Guangfa Bank and stated that they would sue the early crowding behavior of Guangfa Bank Yixing Sub -branch.On the same day, the Housing and Construction Bureau of Shaoyang City, Hunan Province, suspended pre -sale permits for Evergrande Future City Project and Evergrande Washington Project, suspended from the Internet for filing, and suspended pre -sale funds.The actual sales amount does not match, there are behaviors that exist and use misappropriation and pre -sale funds, and deliberately evade supervision.

The bank and the government have discussed a certain real estate company with the government, which is the first time in the history of China's real estate development. This indicates that both the government and the bank have lost confidence in Evergrande.

With certain credibility, several announcements and statements have made investors doubtful.In the end, after Evergrande's comprehensive thunderstorm, it was discovered that all the announcements of Evergrande were fake tough, and Evergrande's credibility fell to freezing.

Evergrande does not take over the game

Evergrande's thunderbolt has been more than a year, and Evergrande and the local government are also trying to find the receiver, but the white knight expected by Evergrande has not appeared as scheduled.

According to Evergrande's financial report, Evergrande's total debt is as high as 1.97 trillion yuan. If consumers do not feel intuitive to such numbers, refer to the total amount of GDP in various provinces in China in 2021. In 202123 trillion, the 23rd is Inner Mongolia, the total amount of GDP is 2 trillion yuan, and 24 is 1.96 trillion yuan in Guizhou Province. That is to say, the total output value of Guizhou Province cannot pay off the total liabilities of Hengda.

Judging from the government's fiscal revenue, the city where Evergrande headquarters is located is the third level of finances, and it is 88.320 billion yuan in the country's eighth nationwide. With the increasing interest and inflation, it takes ten and a half years to pay for it with the fiscal revenue of Guangzhou to pay back.clear.Shanghai is a city with high fiscal revenue in China. The fiscal revenue in 2019 is as high as 716.5 billion yuan. It also takes 3 years to fill in the cave Evergrande.

From the perspective of the revenue of real estate companies, according to data from the China Economic Industry Research Institute, Vanke's sales amount with the number one revenue in China's real estate enterprise in 2021 was 627.78 billion yuan, and the second Sunac sales amount was 597.36 billion yuan., Evergrande's sales amount was 44.302 billion yuan, ranking fifth. With only 1.67 trillion yuan in total sales in 2021, it was impossible to pay off Evergrande's debt holes. It takes 3 and a half years to repay the annual sales of VankeIf Evergrande comes to repay his debt, it takes 4 and a half years.The premise is that Evergrande's revenue in recent years has not had any expenditure for debt repayment, which is of course impossible.

If Evergrande uses net profit to pay debts, it is even more difficult.In recent years, the profit margin of China's real estate industry has been greatly reduced, and the operating profit margin has dropped from 12.2%in 2020 to 9.7%in 2021. The net profit margin of Evergrande in 2020 was 6.19%. Based on this calculation, the net profit in 2021 was approximately 274100 million yuan, it takes 72 years to repay 1.97 trillion yuan.Even if Evergrande repaids the debt of about 10%of the profit margin, it takes 44 years. No wonder some netizens joked that the debt that had been carrying a lifetime to buy Evergrande's house. Now it is the debt of Evergrande's turn to return to the hole.

It is unrealistic whether Evergrande relies on a certain enterprise or the government to take over. I think Evergrande's debt can only be divided at this time. No company can swallow the overall debt., High -quality projects may cause madness from local urban investment and other institutions, provided that there are discounts.After a careful analysis of the huge debt of Evergrande's huge debt, the well -known investor believes that the division can only attract the connection man. Overall, no one has such a big appetite.

After Evergrande's thunderstorm, the goodwill was seriously damaged, and the consequences directly brought about the sharp decline in sales. Evergrande's annual sales in 2021 were only 443.02 billion yuan, a decline of 38.74%in 2020.Especially from September 2021 to March 2022, Evergrande's monthly sales were only 20 to 30 million yuan.With such sales performance, Evergrande's self -rescue is completely impossible.

Submitting the invitation is not bankruptcy

The request for liquidation does not mean that Evergrande bankruptcy.

Legal experts who are familiar with Hong Kong's reorganization and liquidation fields told BT Finance that the creditors' submission of liquidation to signal does not mean that the company goes bankrupt.After receiving the liquidation, the company can oppose the liquidation according to law, which has no substantial or significant impact on the company's financial conditions and operating conditions. This is why Evergrande issues an announcement to strongly oppose the offering of liquidation.

The person said that the clearing of the liquidation is not a liquidation sales that everyone wants to take for granted.It means that the company's debt is too much, and its creditors or company members can enter the court to submit a liquidation to sign a clearing. The purpose is to preserve its own property.The clearing of the liquidation does not mean that it must be passed. After the liquidation is submitted, the court will hear the hearing first. If the invitation is finally passed, the court will issue a mandatory liquidation order to sell the assets for mandatory debt companies to repay the debt.

There are two main types of listed companies, one is active liquidation, and the other is passive forced liquidation. The first is that the company feels that it does not continue to operate and give up. The liquidation is to repay the debt and clarify the relationship.The mandatory liquidation is usually the debt owner submitted a liquidation to the court after the company's non -debt debt, and the purpose of selling assets to repay debt repayment of debt companies. Evergrande is a compulsory liquidation of the latter.Squeeze the trend.It was not surprising that the person was submitted to Evergrande.Evergrande's executive director Sean said in an interview with the media that Evergrande had previously communicated with creditors, but the creditors were still requesting a liquidation of China Evergrande in the Hong Kong High Court on June 24.

According to BT Financial, creditors will generally issue debt repayment requirements to debt companies before submitting a clearing of liquidation, asking debt companies to pay off their debts within the 21st.If it is not repaid, the next step is to be required to liquidate.Evergrande executive director Sean also acknowledged that Evergrande and creditors had already conducted multiple rounds of communication, and the creditors eventually submitted a sign.There is only one MDash; mdash; Evergrande's unable to repay debt.

As a leading enterprise in the Chinese real estate industry, Evergrande's current situation is sighing, but this is not an example of the real estate industry. In February this year, Dafa Real Estate was asked by the court for liquidation to the court for a $ 15 million debt default.In March, Fusheng International was submitted to the liquidation. In May, the Fantastic Year Group was also submitted to the liquidation for a debt default of $ 149 million. Recently, the liquidation received by Jiayuan International in June was until June 23 Jiayuan International International InternationalThe announcement announced that it has reached a settlement with the creditors, and there are only two conditions for settlement to settle down. Either repay the debt or promise to the creditors more favorable.

According to another person close to Evergrande, Mr. Ye, it is revealed that the impact on Evergrande's invitation on this liquidation will not be too large, because Evergrande has almost no overseas assets, and there are no overseas projects.In the future, reorganization will have a substantial impact.The main assets of Evergrande are in the country, and the possibility of allowing its liquidation bankruptcy is not much.Proposing a liquidation invitation may be just a way for creditors to force Evergrande to repay the money, and the probability of ultimate reconciliation is greater.

BT Financial Inquiry related information has not yet been found Evergrande's overseas projects. It can be seen that the creditor's proposal to be cleaned up, which is not enough to lead to Evergrande's bankruptcy. As of now, the total of about 19.285 billion U.S. dollars in Evergrande has officially breached the contract.The problem is that the debt that Evergrande cannot settle in time is far more than overseas debt. Once domestic creditors collectively submit a liquidation to the court, Evergrande may fall into a greater crisis.

Huang Lichong, co -founder of the Jiezong Strategy Management Group, told BT Finance that the demands of foreign creditors and domestic creditors are different.Domestic creditors are concerned about the domestic assets of real estate developers who breach contracts. Generally, their attention is not a platform for listing, because this will involve different laws. Therefore, domestic creditors will use various means such as litigation, pre -litigation asset preservation, judicial auction and other means to get various means.Back to their own money, and the overseas creditor does not have this advantage, because their claims are for the claims of overseas platforms such as Cayman or Hong Kong, but most of these real estate developers' assets are in the country, and the clearing of clearing is helpless means.

Real estate analyst Wang Yiran believes that compared with domestic debt, it is more difficult to deal with overseas debt. Evergrande's domestic debt is 55.863 billion yuan, and overseas bonds are as high as 151.5 billion yuan, which is about three times the domestic debt, totaling about 207.4 billion yuan.Evergrande's disposal of domestic debt is mainly based on the exhibition period. Overseas bonds may adopt installments and equity conversion. Once the overseas debt cannot be resolved, it will attract more liquidation.

Evergrande collapsed, what about Xu Jiayin?

Before Evergrande was submitted, Xu Jiayin also actively raised funds to repay debts.A large number of luxury homes under personal names were sold at low prices, and even reduced holdings of 280 million shares in December last year.

In March 2022, Xu Jiayin sold a 980 -square -meter mansion in Shenzhen Bay No. 1. The original price of this luxury house was as high as 400 million yuan, but the price was only 280 million yuan, which was equivalent to a 50 % discount.In the case of discounts, the mansion is still as high as 290,000 yuan per square meter.

Prior to this, Xu Jiayin sold a duplex mansion of 753 square meters in Guangzhou at a price of 80 million, and also mortgaged two villas in Hong Kong.For the sale, Xu Jiayin raised a total of 7 billion yuan in funds, but for Evergrande, which has a liability of 1.97 trillion yuan, it will undoubtedly make a salary of water or solve the urgent need, but it cannot fundamentally resolve the debt crisis.

According to the Forbes Wealth List in 2022, Xu Jiayin currently has a wealth of US $ 8.9 billion, and the world richest list ranks 267. Based on the latest US dollar exchange rate, it is equivalent to RMB 59.5 billion.Ten billion super rich.

Many netizens proposed that Xu Jiayin could pay for the debt from his pocket.At the same time, the question that the outside world cares most is that once the liquidation is approved, will Xu Jiayin become poor egg?After all, in the eyes of the outside world, the big guy who opened a golden football model for the football of the football is not bad. It is a super rich in the top ten Forbes rich list (China).However, from the perspective of legal experts, Xu Jiayin will not be able to pay off the debt on his own pocket, and the company's debt does not affect individuals.

After the outbreak of Evergrande's debt crisis, Xu Jiayin's work on the surface was still in place, and many times publicly stated that he would not deserters.Xu Jiayin has indeed raised 7 billion yuan of funds to repay debts.But the 7 billion yuan compared with the 50 billion yuan dividend he received in Evergrande, he made a judgment.Xu Jiayin has always held about 70 % of Evergrande's shares. It is the largest shareholder who is not allowed. In a period of rapid development of Evergrande, it has made more than 50 billion yuan through dividends.

According to media reports, after the Evergrande Thunderstorm incident, Xu Jiayin reduced 500 million shares in China Evergrande on October 8, 2021, cash out about 1.25 billion Hong Kong dollars.On November 25, Xu Jiayin reduced its holdings of 1.2 billion shares again, cash about HK $ 2.676 billion, especially in December 2021. I do n’t know if it was a debt crisis or other reasons. Xu Jiayin was densely reduced.On the 7th, December 8th, and December 9th, Xu Jiayin continued to reduce its holdings of China Evergrande 106 million shares, 120 million shares, 51.88 million shares, and 7,000 shares, totaling about 278.8 billion shares, cash out about 500 million Hong Kong dollars, Evergrande, Evergrande, Evergrande, Evergrande, Evergrande, Evergrande, Evergrande.After the thunderbolt, Xu Jiayin had reduced its holdings of nearly 2 billion shares and cash out about 4.4 billion Hong Kong dollars. The money was specifically for the sake of corporate debt or another place. Evergrande did not announce it, and Xu Jiayin himself did not say.

If Evergrande is invited by liquidation, Xu Jiayin will not be affected too much.

For Xu Jiayin's wealth, he will be greatly affected, but he does not need to repay his debt.According to the provisions of the Company Law, the shareholders of the joint -stock company shall bear limited liability for the company's debt based on the capital contribution.Once the company's bankruptcy liquidation, shareholders will lose all their investment in the company, but will not bear joint responsibility for the company's debt.The premise is that Evergrande must meet the company's bankruptcy related procedures.A legal expert who was unknown to BT Finance said.

The suspension of the suspension of Evergrande on March 21 has exceeded 3 months. According to the regulations of the Hong Kong Stock Exchange, if listed companies have suspended trading for 18 consecutive months, they will face the risk of delisting.Evergrande faces not only the debt crisis. With the severe damage to goodwill, how to deal with Evergrande is the focus of public attention.

Xu Jiayin, who was once wondering, was most urgent to consider how to clean up this mess.