Will Gaoli live to 2022?

Likao will not live until 2022. Fitch has downgraded the long-term foreign currency issuer default rating (IDR) of Ligao Property Group Co., Ltd. from "B+" to "CCC-". Fitch also downgraded the advanced unsecured rating of Ligao Group from "B+" to "CCC-". Prior to this, on February 25th, United International downgraded the international long-term issuer rating of Ligao Group (0 1622) from' BB-' to' B', and on March 6th, Standard & Poor's downgraded the long-term issuer rating of Ligao Group to' B-' and put it on the negative credit watch list. In two weeks, it was successively lowered by three major international institutions, indicating that high-risk exposure was infinitely enlarged. Fitch pointed out that from now until the end of 2022, there are $546,543.8 billion of bonds of Ligao Group due, including $236 million of senior notes due in April 2022 and $305 million of senior notes due in August 2022. In addition, the 800 million RMB syndicated loan of Ligao Group will expire in March 2022. By the end of 20021,the cash position of ligao group had deteriorated due to the decline in sales. Fitch believes that the cash at the holding company level is 210.50 billion yuan, which will not be enough to repay the debts due soon. In addition, on March 7th, according to the official website of Ali Judicial Auction, 58.5 mu of Nanchang Li Tou plot under Ligao Group is to be auctioned, with a starting price of 399 million yuan. It is reported that Nanchang Li Tou Real Estate Development Co., Ltd. issued a real estate development loan of 600 million yuan through Ganzhou Bank on February 22, 2009, with a term of two years. Jiangxi Lizheng Real Estate Development Co., Ltd. provides joint and several liability guarantee for the mortgage of the above-mentioned auction land, and Nanchang Chengtou Group Co., Ltd. undertakes the guarantee liability according to the proportion of capital contribution. Ligao Real Estate Group issued a compensation letter promising to compensate the principal and interest of the loan. Up to now, the principal balance of this loan is 398 million yuan, and there is no interest arrears.