Yao ZhenhuaYao Zhenhua, the actual controller of the Baoneng Department, is already facing a debt default situation and is beginning to sell its headquarters in Shenzhen Baoneng Center.
On October 20, according to data disclosed by Zhongju Hi-tech (600872.SH), the controlling shareholder Zhongshan Runtian currently has a debt default amount of 2.975 billion yuan. As of September 22, Zhongshan Runtian has pledged all 168,121,710 shares of the company it holds, with a pledge rate of 85.13%, accounting for 21.1% of the company’s total share capital.
Penetrating equity information, Zhongshan Runtian’s actual controller is Shenzhen Jushenghua Co., Ltd., a subsidiary of Baoneng Department. Zhongshan Runtian said that it is currently actively taking measures to communicate with creditors and resolve short-term debt risks through extensions and installment payments.
According to the announcement, the controlling shareholder intends to redeem the pledge due before the end of 2021, and the funds will be paid through the real estate sales and project transfer funds of the shareholders. The balance of pledged financing for maturing projects totals 1.441 billion yuan. The controlling shareholder stated that it will give priority to solving the pledged maturity funds, and plans to reduce the pledge ratio of the company’s holdings to less than 80% by December 31, 2021.
The company’s controlling shareholder Baoneng Group’s consolidated statement has total assets of approximately 830 billion yuan. After excluding consolidated financial assets and liabilities, the group’s total assets are approximately 430 billion yuan, and interest-bearing liabilities total It was 192.7 billion yuan (including bank loans, trust loans, wealth management products and issued corporate bonds), and the balance of external guarantees was 30.8 billion yuan.
Baoneng Group stated that the current liquidity pressure is a temporary and temporary problem, and it is actively adjusting its asset structure, gradually diluting the real estate industry’s Asset liquidity: Through personnel optimization and focus on the core high-end manufacturing industry, the overall profitability and risk resistance of the group will be improved. Its interest-bearing liabilities are basically guaranteed by full-value collateral. Baoneng Group is speeding up communication with relevant financial institutions, and has reached extension and renewal plans with some financial institutions, striving to ensure that the stability of the control rights of Zhongju High-tech is not affected.
In addition, as of now, Shenzhen Jushenghua Co., Ltd. has been executed by the court 7The total amount of 9.81 billion yuan, Baoneng Group was executed by the court in 19 cases, the amount of execution was 18.03 billion yuan; excluding overlapping cases, the controlling shareholder and its controlling shareholder were executed with a total amount of 18 billion yuan.
In this regard, Baoneng Group stated that the temporary capital turnover difficulties encountered since June this year are fundamentally due to the huge investment in manufacturing and the superimposed epidemic situation. The comprehensive influence of factors such as real estate policy regulation and financing concentration maturity. The relatively urgent liquidity funding gap in the recent period is about 20 billion yuan, including: the total payment of all wealth management products is 8.349 billion yuan; the more urgent construction funds need to pay 2.6 billion yuan; some urgent operating funds and the due principal and interest are about 85 billion yuan. 100 million yuan. In the face of difficulties, the Group adopted a variety of measures to actively respond with a highly responsible attitude, including the promotion of increased sales of the real estate business and the sale of 8 major asset projects at the same time. The above payment can solve the current more urgent liquidity pressure.
Specifically, in terms of accelerating the sales and payment collection of real estate projects, strive to ensure the sales and payment collection of residential projects, and accelerate the promotion of Foshan, Guangdong, Shaoxing, Zhejiang, and Kunming, Yunnan. , Harbin and other projects. The fourth quarter is expected to receive 4.792 billion yuan.
In terms of the sale of eight key special assets, Baoneng Group is launching eight major projects in Shanghai, Shenzhen, and Guangzhou, including the headquarters of Shenzhen Baoneng Center, the old renovation project, the Qianhai quality project, and the logistics park asset package project. Sale of asset items. The above-mentioned projects involve commercial properties, land, commercial complexes, old reforms and equity of high-quality financial companies, etc., with an estimated value of over 100 billion yuan. Baoneng Group expects to return about 20 billion yuan within 3-4 months. Baoneng Group stated in the announcement that a certain project has been signed; other projects are in the signing stage, close negotiations or looking for interested parties. Due to the large size of the project, there is uncertainty about whether it can proceed as planned, and there is a risk that the sale of the project will not progress as expected.