Chinese happiness &; Ampquot rebirth and rebirth. Quot and the "loose property market" around Beijing.

202165438+February 9, Huaxia Happiness Foundation announced that its debt restructuring plan had been approved by "Huaxia Happiness Financial Creditors Committee".

"Huaxia Happiness Financial Creditors' Committee" mainly refers to financial institutions that lend money to China, including China Industrial and Commercial Bank, Ping An Group and three other financial institutions.

Huaxia's performance at the same time: under the guidance of Hebei provincial government, Langfang municipal government and special classes, a meeting of corporate bondholders will be held to review and vote on matters related to debt restructuring.

After the announcement, the share price of Huaxia Happiness rose by 3.86%.

This is the second real estate company's "debt restructuring plan" after HNA.

This means that Huaxia's "creditors" have agreed to the "debt restructuring plan" of Huaxia Happiness Foundation, and Huaxia finally got a chance to "breathe", which is a very important step.

If China's creditors don't agree to the debt restructuring plan, China will only enter the bankruptcy restructuring stage, and then China may go bankrupt and reorganize, or even go bankrupt and liquidate.

The adoption of the debt restructuring plan means that China is expected to be "reborn".

China's current debt scale is around 220 billion, and all of it is "financial debt", which means that almost all of China's debt comes from "financial institutions".

This is the biggest difference between Huaxia and Evergrande.

Evergrande's debt is as high as 1.9 trillion, but only one-third of it comes from financial institutions, so even if financial institutions give Evergrande "deferred" support, it is difficult for Evergrande to change its fate.

In addition, Evergrande has bigger "off-balance-sheet debts".

Therefore, the key problem of Evergrande is that the debt scale is larger and the debt structure is more complicated. All kinds of creditors, from financial institutions to upstream and downstream suppliers, are "hopeless".

Moreover, Evergrande itself has also been "financialized": Evergrande Finance.

Therefore, it is difficult for others to "save" except "save themselves".

China's debt is small, and it is mainly financial debt. As long as the creditors of financial institutions uniformly allow "debt restructuring", China can be reborn.

According to the debt restructuring plan previously issued by Huaxia, 2 192 billion financial bonds will be repaid in the following two ways:

The first way is to "sell assets":

First, about 75 billion yuan was collected from the sale of assets, of which about 57 billion yuan was used to pay financial debts and 20 billion yuan was used for "affordable housing".

Second, the sale of assets took away about 50 billion yuan of financial debt;

Third, the share of trust beneficiary rights established by holding assets of about 22 billion yuan, such as property, is used to offset related financial debts.

Since 20021,Huaxia has sold several asset packages continuously, and it is expected that Huaxia will continue to dump projects abroad in the future, so that Huaxia can reduce a lot of debts:

The "Shangyuanfu" existing house project held by Nanjing Peacock Sea was officially handed over to Nanjing Vanke.

Transfer Beijing Fengtai Science Park Project to Beijing Fengtai Science Park Investment Holding Co., Ltd. and Beijing Feng Ke Century Technology Incubator Co., Ltd. respectively.

Wuhan Huaxia was sold to Baoye Group Co., Ltd. ..

The commercial real estate of South Headquarters was sold to Peng Rui (Shenzhen) Urban Development Co., Ltd.

A homestead in Jiaxing City, Zhejiang Province was sold to Sunac.

The second way is to ask financial institutions to give "deferred repayment", "interest-free" and "interest reduction".

First, the priority financial bonds were extended or paid off by about 35.2 billion yuan.

Second, the remaining financial debt of about 55 billion yuan will be borne by the company, and the interest rate will be extended and reduced, which will be gradually paid off through subsequent business development. It is estimated that the repayment will be postponed for 5-8 years and the interest rate will be reduced to 3.5%.

It means that the main financial liabilities of Huaxia Happiness will be extended for 5-8 years, which also won valuable time for its subsequent recovery of hematopoiesis.

Crucially, through this "debt restructuring", Huaxia Happiness can still retain the "Peacock City Residential Business", but it will remove part of the "Industrial New Town Business" and retain the "Property Management Business".

This shows that after debt restructuring, Huaxia is more and more like a "real estate development enterprise" rather than a "new city development enterprise", which is purer and more conservative.

However, this debt restructuring only gives China a breathing space. If Huaxia wants to thoroughly reinvent itself and solve the debt problem, the key is to solve the "sales problem".

After all, many debts are only "postponed for 5-8 years", which does not mean that they do not need to be repaid.

This needs to solve the problem of the property market around Beijing.

202165438+February 9, according to the National Business Daily, "the strict purchase restriction around Beijing tore a hole" and "Baoding publicly lifted the purchase restriction in the property market".

Baoding Housing and Urban-Rural Development Bureau issued the Implementation Plan for Promoting the Development of Passive Ultra-low Energy Consumption Construction Industry in Baoding in official website. In this document, it is explicitly mentioned that:

The purchase of passive ultra-low energy consumption commodity housing is not restricted by the regional commodity housing purchase restriction policy.

This means that some areas around the Beijing property market are conditionally relaxed.

To be more accurate, this should be the first city around Beijing to publicly say that "the purchase restriction can be loosened", and other areas around Beijing also have "purchase restrictions".

But basically, it's all talk and no action and quiet execution.

This has also led many buyers to think that the surrounding areas of Beijing are "strictly restricted". In fact, over the years, some areas have been quietly cancelled.

Baoding should be the first city to "make a public statement".

We believe that it is a basic trend to gradually loosen the restrictions on purchases around Beijing, and this process may be accelerated next year.

This will definitely help the property market around Beijing to recover a little "anger".

To sum up, we think that after this "debt restructuring", China has got a respite for the time being, but to solve the housing problem in Hebei, it is necessary to solve the current "depressed" state of the property market around Beijing.

Under the basic premise of "housing without speculation", the area around Beijing will definitely accelerate the "property market loosening" in the future.

On the one hand, it is necessary to let the "northern drift" enter the area around Beijing as much as possible, on the other hand, it is necessary to introduce population and improve the supporting level.

In the next five years, the traffic pattern of coordinated development of Beijing-Tianjin-Hebei will basically take shape, the cross-regional traffic of high-speed rail and subway will come, and the relocation of checkpoints is also in progress.

The property market in the three northern counties will also gradually bottom out and rebound.