On February 16, CBN was informed that Xu Shitan, vice chairman and president of Shimao Group, and Coco, executive director, had an online communication with investors about the "Trust Plan of CITIC Trust Shenzhen Longgang Financing Collective Fund" which will be repaid in mid-July this year. It is reported that this is the first time that the real controller and management of Shimao Group have communicated with social investors.
According to Lu Yi, as of February 15, 2022, the total principal balance of the trust plan is about 5.994 billion yuan, of which February 17 expires1294 million yuan and April-August expires 4.7 billion yuan. The extension plan given by Shimao will extend the redemption time to 2024.
Lu Yi said that with the help of relevant parties, the project contacted a large number of state-owned enterprises, including Shenzhen Investment Control and Shenye Group, and also contacted some AMC companies. "As long as the sales situation improves or the financing improves, we will increase the repayment."
Xu Shitan emphasized that the above payment plan is only a guarantee plan, which was put forward without considering the perfection of the market and financing. "We also promised that if the cash flow improves, we will definitely increase the redemption and will never escape."
According to informed sources, whether Shimao's redemption plan can finally be passed still needs to wait for the final voting result on February 17.
Request for extension until 2024
According to the information provided by investors to CBN, CITIC Trust Shenzhen Longgang Financing Collective Fund Trust Plan was established on July 17, 2020, with a scale of * * * 8.7 billion yuan and a trust period of no more than 36 months, which belongs to ABCDE products.
The scale of funds raised in this trust plan is quite large, and the funds are used to transfer the loan creditor's rights held by Fujian Shimao Ruiying Real Estate Development Co., Ltd. (hereinafter referred to as "Fujian Ruiying") to Shenzhen Shimao Xinlicheng Industrial Co., Ltd. (hereinafter referred to as "Shenzhen Shimao Xinlicheng"), and finally to support the development of the second-phase apartment project of 10 plot and the first-phase commercial project of 10 plot under the Shenzhen International Center Complex Project in Longgang, Shenzhen.
A Statement of Project Progress released in mid-February, 2002 1,1shows that the duration of the trust plan at that time was 6.2 billion yuan, and the scale of beneficiary rights at the end was 2.5 billion yuan. Specifically, the scale of Class A is 1 100 million yuan, and it will end early on February 8, 2026.5438+0; The scale of Class B is 65.438+0.5 billion yuan, and it expires on 202 1, 10, 18.
According to public information, Jin Shiyuan, Yi Yun Electric and other listed companies have purchased this product, with an annualized rate of return of 7.40%, and all of them withdrew from the project on 20021.
Lu Yi introduced at the exchange meeting on February 6/kloc-0 that as of February 5/kloc-0, 2022, the total principal balance of the trust plan was about 5.994 billion yuan, including 4.7 billion yuan due on February 71294 million yuan and 4.7 billion yuan due from April to August.
As for the reason why the payment can't be made on schedule, Lu Yi explained: "On the one hand, the property sales market is completely indifferent, and the situation is not good. On the other hand, the project has a large scale and a relatively long development cycle. At present, it is estimated that the sales repayment will be 890 million yuan in 2022, and there is great pressure to pay off all loans. " Lu Yi also said, "But the coverage of the residual value of the project to the principal and interest of the loan is still relatively high, so I should pay special attention to CITIC Trust and all.
According to investors, when Shimao communicated with CITIC Trust, the redemption plan given was to repay100000 yuan every working day, and the extension period is expected to exceed 2 years. At that time, investors did not accept the extension plan.
The extension plan given today will also be finalized in 2024.
Specifically, Shimao will return 10% of the principal of129.4 million yuan due on February 7, and pay the corresponding interest of 52 million yuan before the end of this month, with an average interest of 6.53 million yuan per working day; Principal and interest * * * is 6,543,800,000 yuan. In 2022, Shimao repaid 25% of the loan principal, that is, 65.438+49.9 million yuan, with interest of about 509 million yuan and total principal and interest of 2.008 billion yuan; In the whole year of 2023, 35% of the principal will be returned, that is, 2.098 billion yuan, and the total principal and interest will be 2.432 billion yuan; In 2024, 40% of the principal will be repaid, that is, 2.398 billion yuan, and the total principal and interest will be 2.5/kloc-0.40 billion yuan.
"In order to ensure that the project can advance as scheduled, we also reported the difficulties encountered by the project to the government and are actively discussing cooperation with powerful state-owned enterprises. At the same time, we will speed up the operation and sales of the project and strive to complete the repayment within the extension period. " According to Lu Yi, state-owned assets, such as Shenzhen Investment Control and Shenye Group, came to conduct research and negotiations, and also contacted China Construction Corporation and some AMC companies.
Shenzhen market downturn affects projects.
The trust plan promotion materials obtained by CBN show that Shenzhen Shimao New Mile was established on 20171month for the development and construction of Shenzhen Longgang Shenzhen-Hong Kong International Center project, with Shimao holding 5 1% and Shimao Construction holding about19%; Fujian Shimao Ruiying is indirectly held 50% by Shimao Group.
At the same time, the credit enhancement measures of the trust plan include: taking the 10 plot under Shimao Shenzhen Shenzhen Shenzhen-Hong Kong International Center Project as land collateral, involving a total construction area of 85 1.600 square meters, of which 323,200 square meters can be sold; 0/00% equity of Shenzhen Shimao New Mile Project Company/KLOC is pledged to CITIC Trust; Shimao Group and Shanghai Shimao Construction provide guarantees.
The Shenzhen Longgang Shenzhen-Hong Kong International Center Complex here has previously appeared in Shimao Group's list of assets for sale, with various formats, including offices, businesses, hotels, apartments, schools and public facilities. The overall evaluation value is 510.43 billion yuan, and the financing balance reaches 9.27 billion yuan; The total value of goods is about 62.904 billion yuan. However, the 600-meter high-rise building in the super complex is not in the above 10 mortgage plot.
In addition, according to the above-mentioned project progress description of 202165438+February, by the middle of 2002165438+February, the 10 plot had been mortgaged due to the need for pre-sale (according to local policies in Shenzhen, pre-sale permits were required), and the remaining 9 plots were still under mortgage.
10 is an apartment in the second phase of the project, and its sales return is also one of the repayment sources of the trust plan. However, the current sales situation of the second-phase apartment is not ideal.
Shenzhen real estate information platform shows that the project was approved for pre-sale on 202 1+0 1.26, with a total of 186 commercial apartments, all of which are about 47,000 /m2. However, at present, there are only 8 sets of houses that have signed sales contracts and completed filing.
In the past few months, in order to alleviate the pressure of cash flow, Shimao has been constantly disposing of assets and withdrawing cash. Previously, a number of core assets have been sold in the list of assets for sale of Shimao shares circulated in the market, including Shanghai Bund Maoyue, Shanghai Huangpu Road, and Guangzhou Asian Games Village project equity. Incomplete statistics show that Shimao has raised a total of about10 billion yuan.
At the investor exchange meeting on 16, some investors asked whether it was possible to allocate more funds from the group for payment without restricting the repayment from the Longgang project itself.
In this regard, Xu Shitan said that the project's return this year is expected to be 900 million yuan, and the redemption plan given far exceeds the return amount. "The disposal of other assets is to return the original financing and tax payment, not how much money is disposed of. The amount is actually very limited."