Author: Sun Lan
Source: Hong Kong 01
Although the Chinese real estate giant Evergrande Group has denied, a document circulating on the Internet to ask the Guangdong Provincial Government to support major asset reorganizations still allows Evergrande Group, which has made the Fortune Fortune Fortune Fortune in 2020 standing on the cusp.
On September 24th, Evergrande Group's suspected Evergrande Group reported on the Internet.The main body of the report is Evergrande Group, which said in the newspaper that the Guangdong government is urged to support Evergrande Real Estate Group Co., Ltd. (referred to as Evergrande Real Estate) and listed company Shenzhen Special Economic Zone Real Estate (Group) Co., Ltd. (referred to as deep houses)Major asset reorganizations, if the reorganization fails, may cause a series of systemic risks.The above reports are widely interpreted as the meaning of forcing the government to the government.
Related documents were quickly removed. Evergrande issued public crickets on the same day, saying that recently, rumors about our company's reorganization, related documents and screenshots fabricated themselves out of thin air.EssenceOur company has strongly condemned that it has reported the case to the public security organs and resolutely use legal weapons to safeguard the legitimate rights and interests of the company.
Although Evergrande denies the authenticity of the above documents, the document content reflects the deep housing reorganization project, and high debt is also the current real situation of Evergrande.This has caused many people to have questions, who has created Evergrande forced Palace, and whether Evergrande really was in crisis.
The reorganization project of Evergrande Real Estate under Evergrande Group dates back to four years ago.At that time, Evergrande Real Estate signed a cooperation agreement on reorganization and listing.If the reorganization is successfully completed, it will also mean that Evergrande Real Estate will complete the backdoor listing of A shares.However, the reorganization has not been completed. The Shenfang has started to stop the market since September 14, 2016. It has been more than four years.On September 21, the deep house public said that it would continue to suspend trading.
The deep house is a state -owned enterprise under the Shenzhen State -owned Assets Supervision and Administration Commission. In 1993, he landed on A shares.Deep houses said that because major asset reorganization involves the reform of the state -owned enterprises in Shenzhen, the transaction structure is relatively complicated, which is a major unprecedented issue. The reorganization plan needs to be further communicated and demonstrated. There is still great uncertainty in major asset reorganizations planned by the company.
The background of the four -year suspension of deep room A is that, the CSRC has always been cautious about the listing, mergers and acquisitions of real estate companies.In 2016, the China Securities Regulatory Commission revised the management measures for major asset reorganizations of listed companies, further regulated the reorganization listing behavior, and cool down the hot backdoor at that time. In particular, a group of red -chip companies seemed to return to the A -share market at that time.Since then, housing companies have fallen into a deadlock in A -share backdoor listing.
It is mentioned by Evergrande's rumors that if Evergrande Real Estate fails to complete the reorganization as scheduled, the possible consequences include the cash flow of Evergrande Real Estate.According to the report, in March 2017, Evergrande Real Estate introduced 130 billion yuan (RMB, the same below) strategic investment. Evergrande Real Estate needs to repay the principal to strategic investors before January 31, 2021, and pay 13.7 billion yuanDividends.
Evergrande Real Estate did introduce three rounds of strategic investment in 2017, with a capital increase of 130 billion yuan.This has caught many people in doubt.
According to the newspaper's newspaper, as of June 30, 2020, Evergrande Group's interest liability balance reached 835.5 billion yuan.above.The content of the newspaper shows that Evergrande Group has interest -liabilities involving 128 banking financial institutions with a loan balance of 232.3 billion yuan; 121 non -bank financial institutions, with a loan balance of 368.4 billion yuan;Overseas bonds were 185.2 billion yuan.
In fact, high debt is indeed a real situation of Evergrande.Data show that Evergrande's debt ratio in the second quarter was 86%, which had 2.3 trillion assets, up to 1.98 trillion liabilities.In order to reduce leverage, China Evergrande proposed a new strategy than in March this year. At that time, Xu Jiayin, chairman of the board of directors of Evergrande Group, announced at the performance meeting that Evergrande began to change the development mode from 2020 to fully implement LSquo; high growth, control scale, liabilities reduced debt, liabilitiesRSQUO; development strategy, with the greatest determination and the greatest strength, we must reduce liabilities.
Financial media reported that Evergrande's cash flow was indeed very tense. A few years ago, Evergrande borrowed it everywhere and gave very high interest.On July 7, Evergrande also sold more than 200 commercial projects.This can not help reminding Wanda from 2017 to 2018, and because of cash flow, it has opened the selling model.
On September 6, Xujiayin organized a marketing conference and issued instructions: Evergrande's national real estate was 50 % off, and it was required to sprint 100 billion yuan in September and October in September and October.These are all considered to be the signal of Evergrande on the edge of the crisis.
However, Evergrande also stated that all Evergrande's operations are currently good.From January to August this year, Evergrande achieved a total sales of 450.6 billion yuan, and the sales repayment of more than 400 billion yuan.Evergrande estimates that Golden Jiuyin 10 (the peak real estate sales season in September and October) achieves 200 billion yuan in sales. Evergrande is expected to achieve 650 billion yuan in sales targets in advance at the end of October.The calculation of nearly 90%of the previous half of the year will bring more than 580 billion yuan of sales repayments. In addition, the company still has a cash balance of 204.6 billion yuan in the first half of the year, which is over 780 billion yuan in cash flow, which means that the company has no compensation for free.Debt pressure.
In addition, on September 16, Evergrande's total redeem value was 1.565 billion US dollars (about 12.1 billion yuan) bonds in advance.Gongxuan said that this was to reduce debt levels and financing costs.Some analysts said that Evergrande's debt repayment in advance shows that Evergrande's cash flow is still abundant, and on the other hand, it shows that Evergrande's determination to accelerates liabilities.
However, on August 20th, a meeting of housing companies held by the Ministry of Housing and Construction and the People's Bank of China clarified the three red lines of real estate financing supervision: the asset -liability ratio of the assets after the housing enterprise was eliminated was greater than 70%;Greater than 100%; the short -term debt ratio of housing companies is less than 1 times.Compared with Evergrande's situation: eliminating the asset -liability ratio of 83%after pre -collection; 159.3%of the net liabilities; 0.6 cash short debt ratios.The People's Bank of China will divide the real estate enterprises into four red orange -yellow -green four -gear according to the number of cross -line, and the red file (all three indicators are cross -line) real estate companies cannot add interest debt. Evergrande touches three red lines at the same time. This is Evergrande.Have to face the reality.
Although Evergrande has publicized rumors, some people still think that reporting is not groundless, because the reorganization of deep houses is indeed true, and Evergrande Real Estate has introduced 130 billion yuan in strategic investment. It is also true.If the newspaper is indeed that Evergrande said, it is fabricated Mdash; mdash; those who are theory even pointed out that they have to say that this rumor has a level.This has to make people doubt: Where does such accurate rumors come from which one is from who.
Regarding this issue, there are currently different opinions on the public opinion field in China and fall into Luo Shengmen.One of the sayings is that this drama was performed by Evergrande.Those who hold this view believe that although Evergrande said that this document is fake, it is difficult to say whether this is the wind that Evergrande releases the wind, put pressure on the relevant departments, and then rumors themselves.
However, some analysts have pointed out that the possibility of this statement is not high.Because there are too many legal and political risks in the middle.This circulating newspaper is widely considered to have the meaning of forcing the palace, and it is difficult to imagine that Evergrande and Xu Jiayin do not understand the political risks.In addition, Evergrande claimed that he had already called the police in the clarification of the public. Does Evergrande have the courage to play the game of the thief?The legal risks, Evergrande and Xu Jiayin may not understand.
Secondly, there is also a saying that Evergrande's forced palace has a shadow of deep room investors.It has been more than four years since the suspension of A -shares in the deep house. Investors who have experienced a long resumption of trading in the deep room have been waiting for a long resumption, and naturally they hope to complete the reorganization as soon as possible. This is considered to be the motivation behind this document.
There is even a voice on the Internet that this document is from the hands of the deputy director of Evergrande Wenxuan, but Evergrande did not end upThere are choices to send the above reports, but it is just a leak. It is an accident.The reason is that the data in the article can only be obtained within Evergrande. Outsiders can not calculate the number of borrowings since the establishment of the establishment, which is directly adjusted in the financial system.
All kinds of statements are true or false, and it is difficult to conclude, but in any case, this report that Evergrande has identified rumors has made Evergrande under the spotlight.It is believed that with the police's intervention investigation, the truth of the matter can soon come out.
