Country Garden is facing a crisis! The debt-to-capital ratio is close to 90%. What is the reason behind it?

The reason behind this is that when Wang Jianlin, the chairman of Wanda Group, beat Malaysia, Yang Guoqiang, the founder of Country Garden, had no idea that he would catch up so quickly.

In August this year, Malaysia's new Prime Minister Mahathir personally stepped out, and the Country Garden (02007.HK) Forest City Project in Johor, Malaysia was "blocked". It seems that this "city" with an investment of 250 billion has become the battle of Waterloo in Yang Guoqiang.

Lin Hong, who has been wandering in Beijing for seven years, never thought that a storm triggered by the "book ban" movement in an island country thousands of miles away would cross the coastline like the wings of a butterfly, reach a small town called Yongqing, 50 kilometers south of Beijing, and finally fall on his head.

Since September this year, Hebei Yongqing Country Garden Yue Ronghua Project, a vigorous rights protection movement has intensified. When the house was half built, Country Garden wanted to withdraw its capital, and the owner instantly fried the pot.

As for the reason why Country Garden withdrew its capital midway, many Country Garden people told Caixun tonight that it was because the Country Garden Malaysia project needed funds.

If in July this year, several safety accidents occurred in Country Garden within one month, which exposed the company's management problems, then another major problem exposed by Country Garden was the cash flow crisis.

"Tonight's Financial News" read Country Garden's recent announcements and found that a series of recent announcements are related to financing. As the "first brother" of the real estate industry, Country Garden's frequent financing attracts people's attention.

More interestingly, Country Garden's asset-liability ratio is the highest among real estate enterprises with trillions of assets in China, with huge short-term debt repayment pressure and rising financing costs.

According to Country Garden's 20 17 annual report, by the end of that year, Country Garden's liabilities to be repaid in one year were 378.86 billion yuan. In the 20 18 semi-annual report, Country Garden's liabilities to be repaid within one year reached 530.78 billion yuan. Within half a year, short-term liabilities increased by 155438+08438+0 billion yuan. This also means that in the near future, Country Garden will pay off its debts of 654.38+45 million yuan every day.

In this regard, Xie Yifeng, president of China Urban Real Estate Research Institute, told Caixun tonight: "This debt increase level has completely exceeded the standard line or warning line of corporate debt ratio, which is a serious debt risk and has exceeded the financial risk level in 2008. If you don't reduce the debt level quickly in the second half of this year, you may face a debt crisis. "

Although in February 14 18, the National Development and Reform Commission issued a document saying that real estate enterprises with total assets exceeding15 billion yuan, operating income exceeding 30 billion yuan and asset-liability ratio below 85% are encouraged to carry out direct financing through the bond market.

This is a big plus for a large number of developers who urgently need financing. Unfortunately, according to the semi-annual report of 20 18, Country Garden's asset-liability ratio reached 89.85%, exceeding the financing standard line of 85%.