The capital side has continued to be tension nearly two years later, and the real estate of the leading real estate of the leading real estate in Henan, China, officially defaults to the public market.
According to Caixin.com, Jianye Real Estate issued an announcement on the evening of Friday (June 23) that the interest of an overseas debt was not repaid on time.The company said that it would be suspended to pay to all foreign creditors, concentrated resource delivery and operation.
Jianye Real Estate also said that since the second half of 2021, the macro environment in the real estate industry has undergone tremendous changes. The company has previously enhanced the condition of liquid capital through extending debt periods and improving cash flow management.However, since the second quarter of 2023, the real estate market sales have continued to weaken, and the monthly sales have gradually deteriorated.Sales are not as expected, the tension of the company's mobile funds is increasing, and the pressure on overseas payment will continue to increase.Therefore, failed to pay an overseas debt interest expired in 2024 before the end of June 23.
According to reports, the above -mentioned overseas bonds were issued in November 2020 with a scale of 300 million US dollars (the same, about S $ 406 million), and the ticket rate was 7.75%.maturity.According to the bond issuance announcement, the bond should be paid once every six months (that is, May 24 and November 24); before triggering the breach of breach of breach, the bonds have a 30 -day broad period of time.
Since the core assets and debt repayment of Chinese real estate companies are located in the territory. In this round of housing companies, many housing companies choose to "abandon the outside of the capital" when the capital is exhausted, that is, for the sake ofCopy the crisis, suspend the payment of overseas bonds, and concentrate on the delivery of domestic debt and project delivery.Before Jianye Real Estate, the housing companies such as Xuhui Holdings Group and Zhongliang Holdings have suspended all overseas debts, and then the overall overseas debt reorganization is brewed.
Jianye Real Estate has wandered on the edge of the default for many days.In order to avoid disclosure of the market default, in April, Jianye Real Estate made advance debt arrangements for the three US dollar bonds expired during the year, in order to exchange the exchanges of the "new debt to change the old debt" to 2025.After the exchanges were completed, and the other four US dollar bonds expired in 2024 and 2025, Jianye Real Estate's existence of overseas debt was 1.946 billion US dollars.
Jianye Real Estate is a leading real estate enterprise in Henan Province.In 2022, when Jianye Real Estate's liquidity was very tense, he had been directly re -assisted by local state -owned assets.
Jianye Real Estate wrote to "ask for help" to the Henan Provincial Government in September 2021.At that time, Jianye Real Estate stated in a written report that since July, due to the dual impact of Henan's flood and crown disease, the group's business development has suffered serious losses, and major risks and crises have occurred.Help and rescue.
Caixin.com reported that after the difficulties in Jianye Real Estate, the Henan Provincial Government was connected and coordinated the state -owned assets to enter the savvy private housing enterprises.In June 2022, Henan Provincial Railway Construction Investment Group Co., Ltd. (hereinafter referred to as "Henan Railway Construction") acquired 29.01%of all issued share capital of Jianye Real Estate, becoming the second largest shareholder.In addition, Jianye Real Estate will also issue a convertible bond of approximately HK $ 708 million (about S $ 122 million) to Henan Railway Construction.
The report quoted a person close to Jianye Real Estate that Henan Railway Jianzheng was stricter for capital use and transactions, and the actual help provided by Jianye Real Estate was more limited.
