? Yuzhou can't afford it anymore.

10 days ago, Lin Longan's daughter Lin left Universe Group and switched to its property platform to focus on life service management.

At that time, it was speculated that it was to speed up the listing process of Yuzhou Life Service. Yuzhou also responded, and the listing of Yu Jia Life Service continued to advance.

From June 5438 to February 2020, Cosmos Group began to package its "business management+property management" into Yu Jia life service and went public in Hong Kong, but the prospectus was invalid twice.

It has been used for more than a year, but it still failed. It is understandable to want to speed up.

However, the news that has landed now is that China Resources Vientiane Life intends to acquire all the issued share capital of Yuzhou Property Services, a subsidiary of Yuzhou Group Company, at a transfer price of no more than 65.438+0.06 billion yuan.

Cosmos Property is one of the two major business branches of Yu Jia Life Service, mainly engaged in residential property management services, and contributed about 80% of the income of Yu Jia Life Service.

It seems that Lin's focus has shifted to life service, which may also be one of the reasons for promoting this acquisition and merger.

According to the current statement, the listing of Yu Jia Life Service has not been shelved, but listed on the commercial management platform alone.

However, the scale and profit of Yu Jia Life Service's commercial management business are not outstanding, and whether it can be listed or not needs to be said separately. To be sure, it will take time.

Cosmic group can't wait.

As I said before, this year's 65438+ 10 is the small peak of debt repayment of housing enterprises. Yuzhou Group is one of the most urgent representatives, with a large-scale surviving dollar debt.

According to statistics, at present, Cosmos Group still has a debt of 14 US dollars, with a scale of 5.727 billion US dollars, equivalent to about 35 billion yuan.

Among them, there are two US dollar debts due in June, 5438+ 10, with a maturity of * * * 579 million US dollars, accounting for 3.7 billion RMB.

Specifically, the $500 million bond issued in June 20 19, with coupon rate accounting for 8.625%, will expire on October 23 19, and the current scale is $242 million;

2065438+In June 2007, another $350 million bonds were issued, accounting for 6% of coupon rate. 65438+2007 10 expires on October 25th, and the existing scale is USD 337 million.

This eagerness to sell Yuzhou real estate must be to alleviate the debt pressure of the parent company.

In fact, a large sum of money won't arrive so soon. This announcement only concluded a framework agreement, and China Resources Vientiane Life also set many preconditions.

According to the announcement, in terms of payment, after the first consideration (including deposit) of not less than 67% of the consideration paid by China Resources Vientiane Life Insurance is deposited in the escrow account, the two parties will make delivery according to the framework agreement.

The remaining consideration (that is, the consideration of the delivered area in transit and the area agreed in the contract) shall be paid once every six months according to the actual delivery progress of the management area from the date of signing the equity transfer agreement.

The final price of the transaction has not been determined, and the influencing factors include due diligence results, target group debt and related debt items.

In addition, there is a risk that the merger will fail. As stated in the announcement of Yuzhou Group, the acquisition may not be possible. Shareholders and potential investors should be cautious when buying and selling company securities.

Excluding other factors, if the sale is successful, Cosmos Group expects to confirm that the profit of the selling company is about 7190,000 yuan (before deducting the cost and expenses of the sale) in the fiscal year ending June 65438+February 3, 2022.

Even so, the income of 700 million yuan is of little use in front of the debt tower of Cosmos Group, and the most is to release market confidence.

Selling assets is only a stopgap measure. Next, the dollar debt problem of Cosmos Group still needs to be solved.

It is reported that Yuzhou Group has recently started discussions with JPMorgan Chase, haitong international and other financial advisers on the potential share swap offer for its US dollar debt.

According to informed sources, the specific details are not clear, but there is a high probability that it will focus on its US dollar debt universe of 8.625 0 1/23/22, with an existing scale of 242 million US dollars.

In fact, the universe began to arrange financing at the end of last year, and it is still unable to cope with the maturity of US dollar debt.

As early as 202 1, 1 1, REDD quoted people familiar with the matter as saying that Cosmos Group and Oak Capital signed a loan contract of RMB 4 billion, and the loan can be withdrawn after two weeks, and the terms are still unclear.

Then, Cosmos Group pledged the Shenzhen headquarters building and obtained a loan of 1 1 billion yuan, which was provided by a Chinese-funded joint-stock commercial bank, and all of them have now withdrawn.

More than a month at the end of the year, Universe also publicly disclosed that it had obtained a credit line of 7.65 billion yuan for new loans.

Generally speaking, the funds obtained from financing are enough to cover the US dollar debt due on June 65438+ 10. But obviously, the money seems to be used for other purposes, or it is difficult to withdraw.

Let's not discuss where the loan line went for the time being.

Cosmos Group's debt is high, and the hole that needs to be filled is definitely more than a dollar's debt.

By the end of the first half of 2002/kloc-0, the total liabilities of Yuzhou group were 1388767 billion yuan, of which the current liabilities were 89.807 billion yuan, accounting for 65% of the total liabilities, mainly other payables, and the short-term debts due within one year were151765438 million yuan.

Yuzhou Group has 20.944 billion yuan in cash and cash equivalents, which seems to cover short-term debts.

However, there is Gan Kun in the statement. In the 20021annual semi-annual report of Yuzhou group, the accumulated amount of accounts payable is116.5 million yuan, which needs to be repaid as required within one year.

In this way, the total amount of funds that Universe Group needs to pay in one year has exceeded 28 billion yuan, far exceeding the cash in hand.

The pressure is not too great.

This year, in addition to the $720 million debt that Universe Group needs to repay due, in terms of domestic debt, 6.5 billion yuan of bonds will expire or be sold back this year.

The high debts accumulated in the past are all caused by the sprint scale of Yuzhou Group in recent years.

Starting from 20 17, Universe Group has set the target of sales exceeding 1000 billion yuan in 2020, and started to expand the land on a large scale. Even if the interest rate is high.

The data shows that from 20 18 to 2020, the average financing cost of Cosmos Group is 7.23%, 7. 12% and 7. 19% respectively, and the interest rate of most US dollar senior bills exceeds 8%.

Therefore, the interest expense is high. From 20 18 to 2020, its interest expenses were 3.05 billion yuan, 4.338 billion yuan and 5.65438+070 billion yuan respectively, which seriously eroded profits.

The authenticity of the financial data of Cosmos Group is in doubt, especially in terms of income and profit.

At the beginning of last year, Weizhou Group's 2020 financial report showed a big "thunder" phenomenon. The 2020 financial report shows that Cosmos Group achieved revenue of1041200 million, down 55.2% year-on-year; The net profit returned to the mother plummeted by 96.76% year-on-year to1.1.700 million.

According to the semi-annual report of 2020, Cosmos Group achieved revenue of14.007 billion and net profit of1065.438+0.9 billion in half a year.

It is also rare that the half-year revenue is less than the annual revenue. Later, Cosmos Group significantly revised its performance in the first half of 2020, with its revenue reduced from 65.438+0.407 billion to 20.65438+0.8 million, and its net profit attributable to its mother reduced from 6.5438+0.065438+0.9 million to-2.65438+0.8 million.

Obviously, it covered up the real level before.

After Yuzhou Group disclosed its 2020 annual report, many rating agencies downgraded Yuzhou Group and even put it on the negative watch list.

Fitch also pointed out in the rating report that "Yuzhou Group's income and implied cash payment (changes in customer deposits plus income registered during the year) are lower than the total contracted sales reported by the company, and this gap has widened in the past two to three years."

The total contract sales of Cosmos Group do not match its income.

Water injection sales are still "real hammers". In 20021year, Kerry list shows that the total sales amount of Universe Group is 654.38+005 billion yuan, ranking 40th.

The Universe Group, which claims to have invested 100 billion yuan, has a mystery about its real sales.

In addition, Yuzhou Group restrained its land acquisition last year, and its future growth became a mystery in the case of little surplus grain and limited inventory.

# China Resources Vientiane Life Insurance plans to acquire Yuzhou Property for 65.438+0.06 billion yuan # # Yuzhou #