Leju Financial Strict Association originated in Beijing.
The three-day total debt of 654.38+03.8 billion was postponed, and Taihe Group (000732. SZ) may usher in a new turn.
65438+February 2 1, Taihe Group announced that its wholly-owned subsidiaries, Shenzhen Taihe and Shenzhen Zhongwei Jingshan, as debtors, reached a debt restructuring agreement with Great Wall Asset Management Shenzhen Branch, and the debt of 12003 million yuan was extended to 65438+February 2023, and the company agreed to the extension agreement.
After this guarantee, the total external guarantee balance of Taihe and its holding subsidiaries is 7.65.165.438+0 million yuan, accounting for 388.38% of the owner's equity of the company's latest audited parent company, of which the total guarantee balance provided by listed companies and holding subsidiaries to units outside the consolidated statement is 6.5438+092.8 million yuan, accounting for 9.79% of the owner's equity of the company's latest audited parent company.
Another debt extension occurred on1February 8 18. As a borrower, Qi Hang Logistics Co., Ltd., a wholly-owned subsidiary of Taihe, reached an extension agreement with Shenzhen Branch of China Minsheng Bank Co., Ltd. on the loan of1800 million yuan, which will be extended to June 2022 10.
Six "creditors"
At present, the six creditors of Taihe are Huarong Assets, Great Wall Assets, Cinda Assets, Dongfang Assets, Xingye Assets and Zheshang Assets. The first four are the four AMCs with full financial licenses, among which Great Wall is the largest creditor of Taihe.
Some insiders have analyzed that the Great Wall agreed to extend the debt of 654.38+0.2 billion yuan, which is a "leading role" and other creditors will follow up one after another. Taihe's debt restructuring is likely to have been completed.
In fact, Huarong is also the creditor of this concession. A week ago, Taihe Investment, the controlling shareholder of Taihe, signed a long-term performance agreement with Huarong Assets on a debt of 487 million yuan, and the latter applied to the court to suspend the execution of the debt.
From 2065438 to September 2007, Taihe won the plot of Sunhe Villa in Beijing with a total price of 5.96 billion yuan, and then Taihe Group, Taihe Investment and other entities signed entrusted loan contracts with Huarong and bank of dalian Beijing Branch, with a loan of 4 billion yuan. Two years later, nearly 2.5 billion yuan of this 4 billion yuan debt defaulted. Huarong sued two debts of 500 million yuan and 2 billion yuan, and frozen the deposit of 2.5 billion yuan invested by Taihe in Bohai Bank.
Over the past year, Taihe and Huarong have repeatedly "pulled", Huarong applied to the court for compulsory execution of debts-both parties settled-Huarong applied for suspension of execution-Taihe Investment failed to fulfill the settlement agreement as agreed-Huarong applied to the court for compulsory execution of debts, and so on, and the two sides played games several times.
The settlement between the two sides was almost at the same time that Taihe reached a debt extension agreement with Great Wall and Minsheng Bank, and the two major creditors "let go", which increased Taihe's bargaining chip in promoting debt restructuring.
After the Great Wall and Huarong, the next creditor to "let go" may be Oriental Assets. Recently, it was reported that the vice president of Orient Assets went to Fuzhou to deal with related issues and give support.
50 billion crisis
The source of Taihe's financial difficulties can be traced back to 20 17. At that time, Taihe took land and projects at high prices and accelerated its expansion. As the property market enters a period of deep adjustment, the financial pressure is even greater.
In this context, Huang Qisen launched a series of self-help plans.
At the beginning of 20 19, Taihe group realized the transfer of project equity while returning the sales, and the debt gap was suspended.
In 20 19, the interest-bearing liabilities of Taihe Group decreased from about138 billion at the end of 20 18 to 96 billion, a year-on-year decrease of about 30%. The net debt ratio was 243.76%, down about 140 percentage points; The asset-liability ratio was 84.88%, down about 2 percentage points.
However, the transfer of project equity is not a long-term solution after all. The second step of self-help is Huang Qisen's hope for reorganization.
In fact, there are rumors this year that Taihe has contacted a number of war ventures, including China Resources, Jinmao, Xiamen Jianfa and Xiamen Guo Mao, but this news was quickly falsified.
In 2020, Taihe's debt due will be 555 1 1 100 million yuan. Among them, the loans of trust companies and asset management companies accounted for a relatively high proportion, reaching 46.64% and 24.8% respectively. By September 30, 2020, Taihe had overdue loans of 45.905 billion yuan, unpaid interest of 6.476 billion yuan, and total debt default of more than 50 billion yuan. If the delayed 654.38+03.8 billion is deducted, there are still about 38.6 billion defaults that weigh heavily on Taihe.
On July 3 1 day, Taihe announced that it had signed an equity transfer framework agreement with Vanke's subsidiaries to transfer 19.9% of the shares at the transfer price of 4.9 yuan per share, and the corresponding total consideration was about 2.43 billion yuan.
However, Vanke has set quite strict preconditions for the landing of this transaction. In the transfer agreement, Vanke made it clear that the prerequisite for becoming a war investment is the smooth restructuring of Taihe debt. Vanke does not undertake debts, and provides credit enhancement and financial assistance to Taihe. After the two parties complete the equity transfer, Vanke will assist Taihe in corporate governance and revitalize its existing assets.
Insiders pointed out that from Taihe's own point of view, two debt extensions totaling 654.38+0.38 billion yuan have opened a hole for Taihe to solve difficulties and have the opportunity to get rid of the crisis and regain a new life.
As of today's close, Taihe Group reported 3.44 yuan/share, an increase of 1. 18%, with a total market value of 8.562 billion yuan.