The happiness of China has aroused widespread concern. On June 65438+1October 2 1 day, the Shanghai Stock Exchange issued a supervision letter to Huaxia Happiness.
In fact, from 65438 to February 2020, Huaxia Happiness and China Ping An began to discuss countermeasures. On the one hand, they increase sales and payment to ease the cash pressure, on the other hand, they discuss the transaction price of related assets with Ping An. Since 20 18, China Ping An has invested more than 30 billion yuan in Huaxia Happiness.
At the same time of self-help, Hebei also began to help China out of the predicament. The first action is to help 9.5 billion yuan in cash. "We don't have no money, but the account of the industrial new city has not come back." Another person who is happy in China believes that the temporary difficulties of happy China are directly caused by the restrictions on purchases around Beijing and the epidemic situation.
crisis
On October 20th, 65438/kloc-0, Huaxia Happiness announced that all the bonds of "16 Huaxia Bond"148 million yuan were sold back, and the bonds were sold back before October 23rd, 65438/kloc-0. Before the deadline for publication, Huaxia Happiness has not released further news.
Earlier, it was reported that Hebei Province will conditionally assist Huaxia Happiness with 9.5 billion yuan in cash, and/kloc-0.5 billion yuan of the first 3 billion yuan will be used to sell back "/kloc-0.6 Huaxia Debt".
This debt due in 2023, investors did not choose to continue to hold during the resale period, to some extent, indicating that investors are worried about Huaxia Happiness's solvency.
According to the enterprise early warning data, the balance of existing bonds of Huaxia Happiness and its subsidiaries is 52.2 billion yuan, and the bonds due in 202/kloc-0 are close to 20 billion yuan, of which the bonds to be repaid in March 2002/kloc-0 are 7.8 billion yuan.
In addition to domestic credit bonds, Huaxia Happiness has 4.56 billion US dollars of overseas debts, of which 6,543.8 US dollars+67 million US dollars need to be repaid within 6 months. On the whole, in 20021year, Huaxia Happiness needed to repay domestic credit bonds and US dollar bonds totaling more than 30 billion yuan.
Credit bonds are only part of the short-term liabilities of Huaxia Happiness. According to the third quarterly report of 2020, by the end of September 2020, the interest-bearing liabilities of Huaxia Happiness were 222.6 billion yuan, of which the liabilities due within one year were 1 177 billion yuan, while the cash of Huaxia Happiness in the same period was 38.6 billion yuan.
The coverage ratio of Huaxia Happiness cash to short-term liabilities is about 0.33, which is further worse than that in 2020. According to the data of the mid-year report in 2020, among the 42 major housing enterprises, Huaxia Happiness's short-term cash debt ratio is only higher than Evergrande and R&F, and lower than the other 39 housing enterprises.
Short-term cash-to-debt ratio, as a financial indicator of an enterprise, reflects the solvency of the enterprise, and general housing enterprises will make up for the shortage of cash flow by increasing sales returns. However, for Huaxia Happiness, due to the purchase restriction and epidemic situation in the hardest hit areas around Beijing in 2020, the sales return is weak.
From June 5438 to September 2020, although the return of Huaxia Happiness Industrial Park increased by 37% year-on-year, the contracted sales of real estate decreased by 60% year-on-year, making the final current sales only 60 billion yuan, a decrease of more than 40%.
In terms of real estate sales contribution, although the contribution of other regions has gradually increased, the Beijing-Tianjin-Hebei region is still the most important granary, with sales area accounting for more than 40% and settlement accounting for 47%.
Many people in Huaxia Happiness revealed that in 20 17 years, the impact of restrictions on purchases around Beijing on Huaxia Happiness has continued until now. Although in recent years, Huaxia Happiness has been constantly adjusting its regional and business layout to ease the pressure brought by the purchase restriction around Beijing, it will take time for the adjustment to play its role.
The third quarterly report in 2020 shows that in the land reserve of Huaxia Happiness Industry New Town, the proportion of the area to be developed and the first-class land consolidation area in Beijing, Tianjin and Hebei is declining, but in the 8.5 million square meters of land reserve area, the proportion of Beijing, Tianjin and Hebei is still close to 80%.
And 202 1 is the peak period for housing enterprises to pay their debts. According to institutional statistics, in 20021year, the debt due in the real estate industry reached 10909 billion yuan, which was the peak in recent years, and the total amount of credit debt due was about 80%.
The same is true of Huaxia Happiness, whose debt repayment peak is 202 1. At present, there are rumors in the market that Huaxia Happiness has issued two trust loans overdue to Zhongrong Trust.
How to face hundreds of billions of debts due is a difficult problem for Chinese happiness. Huaxia Happiness said that the company is actively resolving the risks and impacts brought by related debts.
Save yourself
In the third quarter of 2020, the sales performance of most housing enterprises has returned to normal, and the performance of individual housing enterprises has also increased significantly. Huaxia Happiness is one of the few enterprises with declining performance.
After the results of the third quarter came out, the management of Huaxia Happiness and China Ping An, the second largest shareholder, began to actively communicate, trying to find a more cost-effective solution.
As confirmed by many Chinese happiness people, China Ping An, the major shareholder, and the management headed by Wang have discussed the current situation and rescue plan of Chinese happiness for many times, inferred the possible situation, and discussed the solutions and measures in different situations, including:
First, for some high-quality industrial new town projects, we will increase cooperation with China Ping An and Huaxia Happiness South Headquarters, the second largest shareholder, and realize some heavy assets. In 2020, this model has taken the lead in landing in Gu 'an Industrial New City.
The second is to accelerate the platformization process for some third-and fourth-tier industrial new city projects, and introduce partners from multiple dimensions such as land, real estate projects and public facilities operations to accelerate the realization of assets.
The implementation of these measures and plans is based on the wishes of peace and external resources, as well as the actual situation of a happy China. Under different conditions, the way and intensity of resource allocation are different.
A person from Huaxia Happiness said that all the real estate projects in the former industrial new city were developed by Huaxia Happiness, and external developers began to cooperate from 20 17. At present, there are about 20 cases of cooperation between housing enterprises.
The cooperation before Huaxia Happiness was limited to the cooperative development of real estate projects, but it will be further expanded in depth and breadth in the future. Including real estate projects and commercial projects in the industry independently developed by external housing enterprises, as well as asset securitization of related assets. "It depends on which step." The above-mentioned Chinese happy people said, "During the discussion, several bosses deduced the measures taken under different circumstances, which does not mean that we will sell all assets at one time."
While Huaxia Happiness is implementing self-help, Hebei is also actively assisting Huaxia Happiness to tide over the difficulties, and providing 9.5 billion yuan of financial support is just one of them.
According to various sources, Hebei is currently communicating with financial institutions, including Huaxia Happiness Creditors, to avoid the extreme situation of bottom pay reduction, including:
First, communicate with banks and other institutions to avoid loan suspension, loan withdrawal and loan suspension. For China's happy and fragile financial situation, a similar extreme situation is obviously unbearable. As of mid-2020, Huaxia Happiness still has 282.4 billion yuan of bank credit lines unused;
Second, coordinate with Huaxia Happiness Creditors' Agency to extend some debts that are due or about to expire and cannot be repaid, so as to avoid centralized payment. Judging from the financial report in the third quarter of 2020, Huaxia Happiness's debt due accounts for about half of interest and liabilities, and accounts for a relatively high proportion among housing enterprises.
As of June 5438+February 65438+February 2020, the total amount of guarantee for Huaxia Happiness was159.8 billion yuan, of which the amount guaranteed by non-consolidated companies was less than 500 million yuan. Huaxia Happiness also said that compared with its peers, Huaxia Happiness does not have too many off-balance-sheet liabilities, and the invisible risk is relatively small.
Asset geometry
By the end of the third quarter of 2020, Huaxia Happiness had 52 industrial new city projects in China, of which Hebei Province project 18, especially the projects around Beijing such as Gu 'an, Dachang and Xianghe, supported half of Huaxia's happy income.
In 20 16, Huaxia Happiness sales entered the camp of 100 billion housing enterprises for the first time, ranking eighth in the list of the top 100 housing enterprises in China. 20 17 May, Beijing's peripheral control policies were introduced at the county level, and Huaxia Happiness was the first to bear the brunt.
20 18 With the help of Hebei, Huaxia Happiness introduced Ping An as a strategic shareholder, and Wu Xiangdong and Yu Jian, who were born in China Resources Land, intervened in Huaxia Happiness's management to jointly lead the organizational structure and personnel appraisal reform of Huaxia Happiness, and cooperated with Ping An to establish the South Headquarters.
In order to solve the risk of heavy positions in Beijing-Tianjin-Hebei, Huaxia Happiness consciously increased its investment in non-Beijing-Tianjin-Hebei regions, and the proportion of regional contributions around Nanjing, Hangzhou, Zhengzhou and Wuhan began to rise, while reducing its investment in some inefficient projects.
On the other hand, the Southern Headquarters headed by Wu Xiangdong focuses on the development of complex projects integrating business, office and residence in the core areas of first-and second-tier cities. At present, it has landed projects in Wuhan, Nanjing, Harbin and Guilin, and widely participated in urban renewal projects in the Pearl River Delta.
The above-mentioned Huaxia Happiness personage said that the joining of the South Headquarters and the Wu Xiangdong team has made the development connotation of Huaxia Happiness more diversified in emerging industrial cities, and has greater bargaining power and discourse power with local governments.
The industrial new city itself has a long payment cycle and a slow payment. In the upward process of the real estate market, the slow payment of industrial new towns can be made up by real estate sales. Once the property market turns cold, the impact of this short board will also intensify.
Compared with other real estate enterprises, Huaxia Happiness's contracted assets are larger, ranking second in the real estate industry with 654.38+0343 billion yuan by the end of September 2020. Second, the scale of accounts receivable is large. In the same period, Huaxia Happiness ranked third in the real estate industry with 54.7 billion yuan. These two indicators of typical real estate enterprises such as Vanke are in the order of several billion yuan.
According to the happy people in China, the new industrial park is slow to pay back. It usually takes one to two years from settlement to payment. "After the settlement is completed, it needs the approval of the local two associations. These two meetings will be held once a year. If you miss it, you will take the second year. If you approve it, you will have government money. "
Most of the contractual liabilities of Huaxia Happiness are completed and unsettled industrial service income, while most of the accounts receivable are settled and unsettled income. Almost all debtors of Huaxia Happiness accounts receivable are local governments.
According to the 2020 interim report, the top five debtors of Huaxia Happiness's accounts receivable are Gu 'an Xinxing Demonstration Zone Finance Bureau, Shacheng Economic Development Zone Management Committee, Lishui Economic Development Zone Management Committee, Jiashan Commercial Service Zone Management Committee and Dachang County Finance Bureau, with total liabilities of nearly 28 billion yuan.
Huaxia Happiness is also using some accounts receivable as collateral for financing. In 2020, Huaxia Happiness secured the financing of Langfang Bank 10 billion yuan with the accounts receivable of comprehensive consulting service fee of multi-site industrial new town as collateral. One of the collateral of Zhongrong Trust Loan, which was reported to be in breach of contract, is the accounts receivable of Dachang Finance Bureau.
By the end of the third quarter of 2020, Huaxia Happiness had 5.88 million square meters of land to be developed, the first-class land development1120,000 square meters, the construction area1168,000 square meters, and the total investment exceeded 500 billion yuan. Among them, 3 1.7 million square meters is a commercial complex project.
In addition, because the industrial new town involves land development, in addition to the land already acquired, there are many land and infrastructure-related assets within the scope of China's happiness rights, which have become an important weight for China's happiness.