On March 2 1 day, Xiangsheng Holding Group announced that the company failed to pay the interest of120,000 USD on the debt of 200 million USD on schedule.
According to the announcement, the company issued US dollar bonds with a principal of US$ 200 million due in 2023 and an annual interest rate of 65,438+02%, and the interest due on February 65,438+08, 2022 was US$ 654,380,200. According to the terms of the senior notes, the company has a grace period of 30 days to pay interest. However, at present, due to various unfavorable factors such as macro-economy, real estate market environment, financial environment and multiple rounds of epidemic, the liquidity of the group has staged problems. At present, the grace period has passed and the company has not paid the interest before maturity.
The equity of the subsidiary was frozen by the judiciary.
Before this announcement of default, Xiang Sheng had already exposed its signs.
65438+1October 18. It is announced to the holding company that a senior note issued on 2002165438+1October 23, which will expire on the 23rd of this month, has partially completed the exchange offer, and the bill effectively submitted for exchange and accepted according to the exchange offer has been cancelled.
However, the bill still has19.47 million USD to maintain its issuance. In other words, the debt has not been completely solved.
At present, the repayment date has passed, but the news that nearly $20 million in debt has not been repaid is reverie.
Because the problem of Xiangsheng Holdings is not a day or two, the debt pressure is very obvious, and it is even more difficult to move in the current industry situation. If there is a slight difference, you will enter the ranks of Thunder housing enterprises.
Moreover, in addition to repaying a total of 400 million US dollars of foreign debts within six months, a recent enterprise survey also showed that the subsidiary of Xiangsheng Holdings was frozen by the judiciary, involving a total amount of more than 654.38 billion yuan.
draw
The company frozen by the judiciary is Zhejiang Hongyuan Venture Capital Co., Ltd., and the executor is Xiangsheng Industrial Group Co., Ltd., which is the holding company of Zhejiang Hongyuan. The freezing date is from June 65438+ 10/0, 2022.
The number of the specific enforcement ruling is: (2022) Zhejiang 068 1 Zhibao 18, and the enforcement court is Zhuji People's Court, Shaoxing City, Zhejiang Province. The amount of equity and other investment interests held by the executor is10625,000 yuan, and the freezing period is 65438+20251October 9.
According to insiders of Xiangsheng Holdings, the account of the parent company "Xiangsheng Industrial Group Co., Ltd." was also frozen according to the situation that the equity of the subsidiary was frozen by the judiciary. Moreover, in addition to high debts, Xiangsheng Holdings also holds many private loans.
The rating has been downgraded several times.
On June 5438+1October 18, 2022, Fitch downgraded the long-term default rating (IDR) of Xiangsheng Holdings (Group) Co., Ltd. from "B-" to "CC".
Fitch believes that the credit risk of Xiangsheng Holding Group will increase because there is not enough cash to repay the large-scale capital market debt due in the next five months.
Moreover, Fitch said that the refinancing ability of trust loans of Xiangsheng Holding Group may have deteriorated significantly due to the sharp drop in the stock price in June 5438+065438+ 10.
In fact, Xiangsheng Holdings has been downgraded by several international rating agencies.
On 202110/8, Moody's, a rating agency, confirmed the family rating (CFR) of Xiangsheng Holdings "B2" and the advanced unsecured rating of the bond "B3" issued, and adjusted the outlook from "stable" to "negative".
Kelly Chen, assistant vice president of Moody's, said: "The negative outlook reflects Moody's expectation, that is, in the next 6- 12 months, due to tight financing and weakening consumer sentiment, the contracted sales of Xiangsheng Holdings will decline, which in turn will lead to the deterioration of the company's financial indicators and liquidity."
2021165438+1October 3, Standard & Poor's released a report saying that Standard & Poor's downgraded the issuer's credit rating of Xiangsheng Holdings (Group) Co., Ltd. from "B" to "B-", with a negative outlook, and downgraded its long-term issuance rating of US dollar bills from "B-" to ".
Standard & Poor's said that Xiangsheng Holdings' continuous repayment of debts due in cash will hinder the company's liquidity in the next 65,438+02 months. Xiangsheng Holdings will face greater operating pressure in the next year or two, including the possible decline in contracted sales and the slowdown in cash withdrawal caused by China's tightening mortgage policy.
Hidden debt dark horse housing enterprises
202 1, 1 1, Xiangsheng Holdings faced various pressures, and its share price plummeted by more than 50% a day. Subsequently, the company issued an emergency announcement, indicating that the company is operating normally, there is no default in existing debts, and the controlling shareholder of the company has not pledged any shares.
Xiangsheng is also a dark horse housing enterprise that has soared in the past few years. 20 18 just squeezed into the 100 billion club.
From 65438 to 0995, Chen Guoxiang, the founder of Zhuji, Zhejiang, and Zhu Guoling, his wife, founded Xiangsheng Real Estate. They started in Zhejiang and then began to lay out the Yangtze River Delta region. Since then, they entered the Jiangsu and Shanghai markets in 2004 and 2007 respectively.
After the sales of 20 15 exceeded10 billion, Xiang Sheng seemed to be on a rocket, and was promoted to 100 billion in just three years, while the same road took Country Garden 6 years and Vanke 5 years.
Ultra-rapid scale growth is at the expense of high-cost funds. According to the company's financial report, as of the end of June, 200211billion yuan of interest-bearing debt of Xiangsheng, trust and other financing were 159 billion yuan and 7.5 billion yuan respectively, accounting for about 50% of its debt. The average financing cost reached 8.6%, and the net profit rate dropped from 8.6% the year before listing to 6. 12% this year.
In addition, similar to many dark horse housing enterprises, Xiangsheng is also one of the housing enterprises that investors believe have hidden debts. In the first half of 200212002, the minority shareholders of Xiangsheng Holding Group gained and lost 440 million yuan, up 700% year-on-year.