Xi Anyijing property

Blu-ray development (600466. SH), once known as "the first brother of Sichuan housing enterprises", is currently caught in a situation of tight funds, the departure of core executives and bond default. Yang Wuzheng, the son of Yang Keng, the actual controller of Blu-ray development, recently took over as the chairman and president of the company, but the market is also worried about this company at the forefront: Yang Canwu, who is only 26 years old, has turned the tide, and what will happen to the company in the future? These are all problems that Yang Wuzheng needs to solve.

Judging from the current situation, if Blu-ray Development can't solve the funding problem in a short time, then the company will fall into the outbreak stage of full debt default.

Financing depends on non-standard, and interest-bearing liabilities reached 79.06 billion yuan at the end of the first quarter.

In 20 15, Blu-ray backdoor was successfully listed, with sales of 654.38+0.83 billion yuan in that year. By 20 19, the company's sales reached 654.38+001500 million yuan. Four years later, the company's sales exceeded 100 billion, becoming a veritable dark horse housing enterprise.

However, after the development of Blu-ray entered the 100 billion clubs of housing enterprises, sales almost stagnated. In 2020, the sales of Blu-ray development will be103.5 billion yuan, which is almost the same as that in 2065.438+09.

According to the data disclosed by Ke Rui Research Center, in the first five months of 20021,the sales of Blu-ray development totaled 44.6 billion yuan, up 23% year-on-year. Judging from the current sales situation, the company's sales are no problem.

However, since 20021,negative news about the development of Blu-ray continues. Including non-standard overdue, evacuation from Shanghai headquarters, large-scale layoffs, selling property companies to withdraw funds to ease their own financial pressure, especially the emergence of off-balance sheet debt pressure, all make the capital chain of Blu-ray development very tight.

Judging from the fundamentals of the current development of Blu-ray, the pledge ratio of the company's shareholders has been very high. The controlling shareholder and its concerted parties hold about 390 million shares, accounting for 22.44% of its shares and 65,438+02.86% of the company's total share capital. The pledgee includes a number of trust companies, which shows that the capital chain of shareholders of the company is relatively tight and depends on non-standard financing to a certain extent.

According to public information, since June, the shares of the company held by the controlling shareholder of Blu-ray Development have been frozen by the judiciary for violating the stock pledge. At the same time, the company's subsidiaries Blu-ray and Jun have been applied for judicial freezing of property preservation by the investment company of Ping An Real Estate.

Although we can't know the off-balance-sheet debt data of Blu-ray Development, we can find that the interest-bearing liabilities are 78.025 billion yuan and 79.06 billion yuan respectively from the data disclosed in its 2020 annual report and the first quarterly report of 20021year. Notes payable were 5.977 billion yuan and 7.845 billion yuan respectively.

In addition, from the company's inventory, by the end of 2020, the book inventory value of Blu-ray Development was 654.38+0696 billion yuan, of which the completed development projects, development projects under construction and other inventory amounts were 654.38+094 billion yuan, 654.38+0502 billion yuan and 40 million yuan respectively. If calculated by book value, the unsold value of the company after deducting the advance receipts is about 90.6 billion yuan. Some institutions have calculated that the unsold value of Blu-ray development may be about 654.38+022 billion yuan if the gross profit margin and cost are added in 2020. However, it should be pointed out that these are only valuations, the actual asset disposal will be discounted, the actual liquidity is insufficient, and the ability to repay its short-term debts is limited.

The company has a free cash flow gap, and the available funds are only 207 million yuan.

Blu-ray originated in Chengdu, Sichuan, so most of the land is reserved in Chengdu-Chongqing circle and third-and fourth-tier cities. By the end of 2020, the company held 5,689,500 square meters of land to be developed, of which equity accounted for 72.4%. The non-equity part includes both the partners of real estate enterprises and the real debts of financial institutions. The land reserve accounts for 40%, 33%, 10%, 8% and 9% in Southwest China, Central China, East China, North China and South China respectively. Among them, the southwest region has the highest proportion.

Although Blu-ray development adjusted the land structure in the first half of 2020, focusing on new first-tier, second-tier and strong third-tier cities; Adjust the pace of land acquisition and tilt to areas with good market, fast turnover and strong ability. However, some financial institutions still believe that the company's land reserve is biased towards cities with low urban energy level, and there is pressure to withdraw funds, and the level of de-transformation is not high. Moreover, the premium for land acquisition is high and the profit margin is thin.

Some financial institutions that participated in Blu-ray development told this newspaper (www.thepaper.cn) that the repayment progress of Blu-ray development was weaker than that of land acquisition, which caused the company's persistent free cash flow gap. In the absence of cash flow, the company continues to use debt financing with high leverage, high non-standard rate and high financing cost, which pushes up the debt scale of the company and leads to pressure on capital liquidity. Coupled with the intensive maturity of bonds, the risk of centralized redemption is high. Although the company has also sold some assets, the short-term measures to dispose of assets can not solve the debt repayment pressure of intensive maturity, so now the companies are in a situation of debt default.

Although Blu-ray Development emphasizes that Yang Keng, the controlling shareholder, and his concerted parties have the corresponding repayment ability, and the repayment funds come from their own funds, the repayment ability is strong, and there is no liquidity risk, so the resulting pledge risk is within the controllable range. However, according to the current facts, only 207 million yuan of Blu-ray Development can be freely used, and as of July 12, the accumulated outstanding debt principal and interest of Blu-ray Development totaled 4.544 billion yuan, and the hand-held monetary funds could not cover its existing debts at all.

The core executives resigned, and the rating agencies expected the company to completely default.

Blu-ray Development, where the debt crisis has not been resolved, is also facing the resignation of core executives and personnel turmoil.

On the evening of July 5, Blu-ray Development announced that the board of directors of the company recently received a written resignation report submitted by Chi Feng, president of the company, and Ou, chief financial officer. At this moment, the key figures of the company resigned one after another, all because of the overall arrangement of the company. After resigning, he still served as a director of the eighth board of directors of the company.

In fact, before CEO Chi Feng announced his resignation, on June 4, Blu-ray Development announced that Yang Keng, the company's chairman, resigned as the company's chairman, and the company's board of directors re-elected Yang Wuzheng as the chairman. This means that Yang Keng pushed his 26-year-old second son Yang Wuzheng to the front desk.

A month later, Blu-ray Development announced that it agreed to hire Yang Wuzheng as the company's president (legal representative) upon nomination by the chairman. In other words, Yang Wuzheng became the chairman and president of the company.

Regarding this move, some analysts told the newspaper that Yang Keng's move was to completely cut off from listed companies. "Suppose that in the current debt of Blu-ray Development, Yang Keng is jointly and severally liable for guarantee, and he uses his own credit to finance listed companies. Then if you don't pay, Yang Keng will only have his own personal lawsuit, and now it will not be implicated in listed companies. "

In the view of rating agencies, Blu-ray Development has been unable to repay 3.3 billion yuan of domestic bonds due in the next three months.

13 July, Standard & Poor's Global Rating downgraded the long-term credit rating of Blu-ray Development from "CCC-" to "D". At the same time, the long-term debt rating of the company's senior unsecured bonds was lowered from "CC" to "D".

Standard & Poor's believes that Blu-ray Development failed to repay the medium-term notes due on July 202 1+0 1, with the principal and interest of about 968 million yuan. Standard & Poor's said that due to the extremely weak liquidity of the company, it is expected that it will not be able to complete the repayment within the stipulated grace period of 65,438+00 days.

Standard & Poor's mentioned in the report that Blu-ray developed overdue bank loans and trust loans of about 3.6 billion yuan, highlighting the tight liquidity of the company. Due to the application submitted by the trust company, the company's project equity has also been frozen by the court in recent months. At the same time, the project disposal progress was not as expected, which failed to bring sufficient sources of liquidity to the company. As of June 30th, 20021year, only 207 million yuan was available in the Blu-ray Development Announcement.

Therefore, Standard & Poor's expects Blu-ray Development to default completely. It is estimated that the company will not repay the 3.3 billion yuan domestic bonds due in the next three months. The company's failure to pay the aforementioned bid will also trigger cross-default of most of these bonds and overseas bonds.