Guangzhou Lihe property

In this wave of housing debt crisis, the debt problem of housing enterprises in Guangdong is the most prominent.

On April 1 1, the second session of the Seventh Shenzhen Municipal People's Congress opened. The work report of Shenzhen Municipal Government proposes to properly handle the debt risks of real estate enterprises such as Evergrande Group in accordance with the principles of marketization and legalization.

According to the report, the debt risk of individual real estate enterprises is relatively high, and local financial risks cannot be ignored. In this regard, we should face up to the challenges, face up to the shortcomings and take effective measures to solve them.

Affected by this, the concept plate of Evergrande rose, Guangtian Group went up, Dingguji rose by over 5%, and liberal arts gardens, Piano, Jiayu shares and Haolaike followed suit.

"The practice in Shenzhen has further consolidated the principle of enterprise self-help. Private housing enterprises cannot fail, and corporate responsibility and corporate debt risk are inseparable. The responsible person must bear the debt, be responsible for illegal financing, and send a signal of active self-help. " Li, chief researcher of Guangdong Housing Policy Research Center, said.

Shenzhen's statement this time is highly consistent with the requirements of the Guangdong provincial government. 654381October 20th, the Fifth Session of the 13th Guangdong Provincial People's Congress opened. Wang Weizhong, acting governor of Guangdong Province, said in the government work report that Guangdong Province will guard against and resolve major risks in the economic field ... adhere to the positioning that houses are used for living, not for speculation, compact the territorial responsibility and the main responsibility of enterprises, do a good job in dealing with the debt risks of real estate enterprises such as Evergrande Group in accordance with the principles of marketization and rule of law, and never allow incidents that affect the stability of the overall social situation.

An anonymous person close to Shenzhen official told the reporter of China Real Estate News that both the attitude of the city and the requirements of the province are mainly aimed at the problem housing enterprises with great negative social impact, and those who have difficulties in self-help or disposal will be the key targets in the future.

"Mainly housing enterprises that have defaulted on their debts and do not meet the requirements of the' three red lines'." Bobby Chen, president of China Real Estate Data Research Institute, said.

Li said: "Although Evergrande is emphasized, it does not refer to Evergrande or some real estate enterprises. Whether it is headquartered in Shenzhen or the project is in Shenzhen, all enterprises with the risk of debt default will be disposed of according to this unified principle. "

On March 16, the Financial Stability and Development Committee of the State Council held a special meeting this year, stressing that after preventing and resolving the risks of real estate enterprises, the progress of local and relevant central enterprises, state-owned enterprises and high-quality private enterprises in acquiring and merging real estate enterprises in danger and assisting in resolving debt risks has obviously accelerated.

Take Evergrande as an example. As of March 27th, 734 projects have been resumed nationwide, with a resumption rate of 95%. Among them, 424 projects resumed their normal construction level, accounting for 55%, and the total number of people returning to work nationwide reached1540,000.

"The core and premise of' marketization and legalization' is to ensure the orderly resumption of real estate production, promote a virtuous circle of the real estate market and safeguard consumers' rights and interests." Chen Yu said.

Agile, which is coping with debt pressure, is also actively planning. In order to alleviate the financial pressure, the 14 non-core property was sold in the second half of last year, with a total amount of about 2.8 billion yuan. 65438 This year1October 24th, 26.66% equity of Guangzhou Lihe Group was sold to China Shipping Real Estate for184.4 million yuan. On March 25th, the indirect subsidiary of Agile Group signed an equity transfer agreement with Conch Venture again, and sold its 90% equity of Hunan Huiming Environmental Protection Technology Co., Ltd. to the company, with a total cost of 662 million yuan. Up to now, Agile has sold shares of six companies to Conch Venture Capital, totaling about 1.79438+0 billion yuan.

"Enterprises can't wait for government assistance, nor can they wait for a new round of market recovery assistance, but actively sell high-quality self-owned assets in exchange for cash flow to save themselves." Li said to him.

At the beginning of April, Caesar, who was caught in the financial crisis for half a year, ushered in the "white warrior". A few months after the debt merger, China Merchants Shekou, a central enterprise, announced together with Great Wall Assets that Caesar would update its reserve resources in Guangdong-Hong Kong-Macao Greater Bay Area.

The stormy fantasia year also released a positive debt signal. On April 1 1, Fantasia United Life announced that it had signed a restructuring and investment consulting service agreement with Guangdong Mintou Alternative Private Equity Fund Management Company, and hired it as a restructuring and investment consultant to assist the implementation of the plan as a potential strategic investor in debt restructuring in Fantasia. According to the announcement, Cantonese people will provide various help for the Fantastic Year and colorful life, including debt restructuring and asset sales.

"In addition to selling assets for self-help, debt-to-equity swaps may also include the involvement of state-owned enterprises and central enterprises, the involvement of AMC and the four major asset management companies, and the government's repurchase of land or government acquisition projects as affordable housing." Bobby Chen concluded that some tough "hard bones" may also be handled by large asset management companies in cooperation with state-owned enterprises and central enterprises at the equity level. At present, for some problem projects, state-owned enterprises and high-quality private enterprises such as OCT, Midea, Country Garden and China Merchants Shekou have begun to do their best to adjust the projects, but the speed of intervention and the intensity of disposal are not decisive enough.

"There are some problems that housing enterprises carry out super-financing (financing beyond their own assets) through means explicitly prohibited by the state such as shadow banking and land pre-financing. In this way, in the process of risk resolution, the net assets of many projects are difficult to cover debts, and investors also need to bear part of the losses. Only in this way will relevant enterprises be willing to intervene. " Li analyzed.

A large AMC insider told reporters that although Shenzhen has made clear the thinking of dealing with the debts of problem housing enterprises, the government has not had much contact with AMC recently and has not put forward relevant requirements. At present, the management of the company has participated in the debt-to-equity swap of Evergrande and is maintaining contact and cooperation. In the disposal of non-performing assets, the company adheres to the principle of normal operation and has contact with many problem housing enterprises. Related work is progressing, but it is mainly focused on the project level.

Resolve the debt risk of real estate enterprises and ensure the top priority in real estate delivery. In this regard, Bobby Chen suggested that a real estate delivery insurance system should be established quickly to promote the reasonable and safe flow of funds from the purchasing end into the project cycle.

For more than 40 years, Guangdong, as the vanguard and experimental field of reform and opening-up, has witnessed rapid economic development, increasing enterprises and endless bankruptcies. The reporter noted that an article published by Guangdong Higher People's Court on 20 19 stated that the bankruptcy court of Shenzhen Intermediate People's Court was officially inaugurated on 14 and 19, which provided a strong judicial service and guarantee for creating a market-oriented international business environment and helping Guangdong-Hong Kong-Macao Greater Bay Area's construction.