Author: Guo Ruyi

Source: Business figures (ID: biz-levelers)

Today, the Hong Kong stocks Country Garden dived sharply because the creditors asked the court to liquidate the order.

The creditors are affiliated to a Hong Kong company called Jiantao Group. The company's main business is copper -covering panels, chemical products and real estate. It was listed in Hong Kong in 1993.Jian Tao's chairman is Leslie Cheung, known as the "chemical king" in Hong Kong, and is a person with a face and a face in both political and business circles.

The creditor's decision to tear his face publicly is a principal of HK $ 1.6 billion in loans and interest.According to the agreement, Country Garden should have repaid the money at the end of last year, but because of the debt crisis, it has not been repaid. So the irritable creditors couldn't help it.

The financial affairs between Country Garden and Jiantao Group, from the end of 2021.At that time, Country Garden borrowed HK $ 1.88 billion from the other party. After repaying the first Hong Kong dollars of about HK $ 300 million, Country Garden, which was gradually tense, failed to pay back the money.Until August last year, Country Garden thought about a "debt -to -equity swap", which announced that it issued 351 million shares at a price of 0.77 Hong Kong dollars/share.group.

Of course, Jiantao Group does not have to pay for these shares, but offsets the debt of HK $ 270 million in Country Garden.Through this transaction, Jiantao Group has also become the third largest shareholder of Country Garden, holding 1.25%of the shares.After the deduction, Country Garden also owed about HK $ 1.6 billion in the other party.

In October last year, Country Garden announced the promotion of overseas debt reorganization, and has not announced substantive progress so far.In the past few months, Country Garden should be bargaining with the creditors of various ways and seek a solution that everyone is satisfied with.The Jiantao Group has become the only creditor to publicly sniper.

According to the process, the Hong Kong court will comprehensively evaluate this application, and then decide whether to issue a liquidation order.Clearing means that the company has to dissolve and sell assets to debt, and also shows that the creditors have lost their confidence in the company's normal debt repayment plan.In a word, I will not consume it with you, how much can I get, and leave early.

A 1.6 billion Hong Kong dollar debt, now Country Garden still failed to soothe.

In response, Country Garden stated that it was strongly opposed to liquidation and stating that the proposal did not mean that it could successfully liquidate the company.In addition, the debt amount of Jiantao Group accounts for a low proportion of overall overseas debt. "The radical operation of a single creditors will not have a significant impact." After speaking, Country Garden also handed over olive branches in a timely manner, indicating that it would be friendly to the creditors.Efforts to promote the other party to withdraw from.

Coincidentally, Country Garden is not the first house -related company in Hong Kong stocks this year.

One week ago, the real estate company Sunshine 100 issued an announcement, saying that the Hong Kong High Court had issued a liquidation order to the controlling shareholder at the beginning of the year.As early as 2019, the controlling shareholder made financing to Haitong Securities, but it has always been hundreds of millions of Hong Kong dollars borrowings cannot be repaid.In August last year, Haitong Securities submitted a liquidation to the Hong Kong High Court. Six months later, the Hong Kong High Court supported the demands of Haitong Securities.

Although the spearhead does not mean Xiang Sunshine 100 itself, the condition of this real estate company is bad, and even the financial report cannot be issued for several consecutive years.As of the first half of last year, its overdue debt reached nearly 20 billion yuan.

In fact, the creditor's proposal has been submitted for a liquidation, and it is quite popular in the industry in the past two years.

In large real estate companies, Evergrande needs to be said to be liquidated by the Hong Kong High Court at the end of January this year.Even Sunac, which has performed well in debt restructuring, has encountered this situation.It was in 2022, because a priority bill of more than $ 20 million could not be redeemed, Sunac's creditor proposed a liquidation.However, Sun Hongbin was more lucky. The creditor later took the initiative to revoke, and Sunac avoided a large crisis.

Similar to Country Garden and Sunac, those who are applying for a liquidation order by small -scale creditors are also a company -Hong Kong stocks.But their destiny is very different.

Jiayuan International's actual controller is Shen Tianqing, the rich man in Jiaxing. There are many companies under Shen Ming. Jiayuan International is its real estate sector.It was also in 2022. Because a $ 14.5 million debt was overdue, the creditors decided to issue difficulties to Jiayuan International.Among the overseas bonds of Jiayuan International reorganization, the money accounted for only about 1.2%of the total amount. In addition, 80%of the overseas debt holders at that time had agreed to the relevant reorganization plan, but even soEscape the liquidation order.At present, Jiayuan International is still in a liquidation state, stocks have already suspended trading, and debts that need to be paid due to expiration are still accumulating.

The reason why the Hong Kong Court issued a liquidation order to Jiayuan International was that the company's debt restructuring plan was not specific, but it was just an idea and lacking practical actions.In contrast, Sunac just disclosed the progress of debt restructuring before the creditor's initiative to revoke the invitation. The situation is optimistic, which may also move the creditors.

Now, the pressure came to Country Garden's head again.The proportion of the same litigation amount is very low, and the progress of the same debt reorganization is unknown. How the court will decide is a barrier that Yang Huiyan is going to pass.In the face of tens of billions of overseas debt, if there is no substantial progress, it will lack convincing.

There is a high probability that the results of Country Garden will be better than Jiayuan International, because the volume is different and affects different surfaces.Last year, Country Garden delivered 600,000 suites. The goal of this year was more than 480,000 units. In Yang Huiyan's words, "it is still a task of delivery."At present, Country Garden has been approved to enter the project of financial institutions to support the whitelist, from more than 30 years ago to 135. Although the overseas liquidation has little impact on the mainland project in name, it is really at that step. The impact on credit is invisible, and it may be difficult for mainland projects to be alone.

In addition to the court's will, will the open -minded Hong Kong tycoon take the initiative to let Yang Huiyan take the initiative?

*Title Chart | Visual China