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According to the Hong Kong Economic Daily News, Evergrande notified the two banks to suspend the payment of loan interest due on September 21.
The company may also suspend all payments for its wealth management products from September 8
.
Since the beginning of this month, Evergrande has also postponed the payment of trust funds to a number of companies including CITIC Trust, Everbright Xinglong Trust and a Hangzhou trust company
.
As of the end of June, Evergrande announced cash and cash equivalents of 86.
7 billion yuan (US$13.
4 billion), while total borrowings were 331.
7 billion yuan (US$51.
3 billion)
.
Since the second half of last year, many policies including the "three red lines" and the real estate loan concentration management system of banking financial institutions have been promulgated one after another, putting forward higher requirements on the cash flow of developers
.
Here, a group of real estate companies have entered a period of reform
.
Evergrande is no exception
.
According to data from the interim report, as of the end of June, Evergrande announced cash and cash equivalents of 86.
7 billion yuan
.
However, the debt pressure it faces is huge.
At present, Evergrande's total borrowings are 331.
7 billion yuan
.
In September, Evergrande needed to pay a total of US$165 million in coupon coupons, including US$83.
5 million due on September 23 and US$47.
5 million due on September 29
.
On September 9, trading of many bonds of China Evergrande Group was temporarily suspended
.
The intraday transaction price of "20 Evergrande 01" fell by more than 20% from the previous closing price for the first time, and "20 Evergrande 02" also fell by more than 23%, triggering a temporary trading suspension.
This is not the first time that the two Evergrande bonds have a limit of decline.
Status: On August 18, "20 Evergrande 02" triggered a temporary suspension of trading due to a decline of more than 20%
.
On September 3, "20 Hengda 01" triggered a temporary suspension of trading due to a decline of more than 20%
.
On September 6, "20 Hengda 02" triggered a temporary suspension of trading due to a decline of more than 20%
.
On September 7, "20 Hengda 02" triggered a temporary suspension of trading due to a decline of more than 20%
.
On September 9, "20 Hengda 01" and "20 Hengda 02" once again triggered a temporary suspension of trading due to a decline of more than 20%
.
At the same time, Evergrande has recently experienced downgrades by multiple rating agencies
.
Fitch Ratings downgraded the long-term foreign currency issuer default rating (IDR) of China Evergrande and its subsidiaries Evergrande Real Estate Group Co.
, Ltd.
and Tianji Holdings from "CCC+" to "CC"; Moody's downgraded Evergrande's credit rating Downgraded three levels to Ca; Goldman Sachs lowered the rating of China Evergrande from "Neutral" to "Sell"
.
Crazy sale of assets for self-rescue In
order to save
themselves as soon as possible, Evergrande Group has frequently dumped assets, and assets such as Evergrande Property, Evergrande Bingquan, Evergrande Automobile have been "put on the shelves" .
Then, the central bank's website announced that the responsible comrades of the relevant departments of the People's Bank of China and the China Banking and Insurance Regulatory Commission interviewed senior executives of Evergrande Group .
And Evergrande also immediately responded with "things brooks no delay", with the utmost determination and strength to maintain the company's business stability, resolve debt risks, and maintain the real estate market and financial stability .
According to the requirements, if real estate companies touch all three red lines, they can no longer add interest-bearing debts.
Of the 12 key real estate companies interviewed at that time, three of them have stepped on all three red lines, among them Evergrande
.
This means that Evergrande can no longer balance cash flow by "borrowing the new and repaying the old", and in accordance with regulatory requirements, it must complete its debt reduction target by June 30, 2023
.
The most direct impact on Evergrande is that a large number of maturing debts are facing pressure to repay
.
Although Evergrande stated in the middle of the year that its interest-bearing liabilities fell from last year’s highest of more than 870 billion yuan to about 570 billion yuan, and the net debt ratio fell below 100%, realizing a “red line” to turn green, but Evergrande’s deleveraging The road is still not easy
.
Since the second half of this year, some companies have begun to file for the freezing of Evergrande’s assets with the court because of their default payments.
If similar behavior spreads on a large scale, more Evergrande’s creditors have applied for freezing for the purpose of asset preservation.
Assets, Evergrande will encounter the most terrible run crisis
.
The property market is turbulent, and many
leading companies are affected.
If Evergrande really collapsed, then companies such as Carpoli, Nippon, and Sankeshu as its suppliers will be affected.
Flows, financing cannot keep up, and borrowing money cannot be repaid.
" The first impact on the coatings industry is the decrease in orders, the shrinking demand side, and the increased risk of recovery of payment for goods and construction
.
At the same time, the tide of real estate closures directly affected many coating companies.
Most of the companies that docked and supplied with real estate companies were leading companies in the coatings industry, such as Sankeshu, Oriental Yuhong, Keshun Waterproofing, Asia Chuangneng, BNBM, and Kailun.
The commercial acceptance bills of the six leading companies amounted to 4.
133 billion yuan
.
The commercial acceptance bills of Oriental Yuhong alone amounted to 1.
588 billion yuan
.
Not only did listed companies have a headache for commercial acceptance bills, but Meitus, who has repeatedly been the "Excellent Strategic Partner" of Evergrande, has also begun a debt collection journey
.
Guangdong Meitus Building Materials Co.
, Ltd.
added a new court announcement on August 6: Meitus and Evergrande Real Estate Group Chongqing Co.
, Ltd.
, Chongqing Evergrande Xinquan Real Estate Co.
, Ltd.
related construction contract disputes ((2021) Yu 0112) Minchu 32017), the trial will be held on October 11, 2021
.
Under the influence of leading paint companies to bear the brunt, the height of the entire industry will be affected, and the capital chain and the stability of the industry chain will also be broken.
With the paint industry being affected by real estate, the future direction of the paint industry has been complicated and confusing, and no one knows that it will happen.
What
.
Disclaimer The content of this article is a comprehensive source network, edited by Ai Tubang.
Please indicate the source for reprinting
.
If it involves the content of the work, copyright and other issues, please contact this number in time, we will delete the content as soon as possible!
The company may also suspend all payments for its wealth management products from September 8
.
Since the beginning of this month, Evergrande has also postponed the payment of trust funds to a number of companies including CITIC Trust, Everbright Xinglong Trust and a Hangzhou trust company
.
As of the end of June, Evergrande announced cash and cash equivalents of 86.
7 billion yuan (US$13.
4 billion), while total borrowings were 331.
7 billion yuan (US$51.
3 billion)
.
Since the second half of last year, many policies including the "three red lines" and the real estate loan concentration management system of banking financial institutions have been promulgated one after another, putting forward higher requirements on the cash flow of developers
.
Here, a group of real estate companies have entered a period of reform
.
Evergrande is no exception
.
According to data from the interim report, as of the end of June, Evergrande announced cash and cash equivalents of 86.
7 billion yuan
.
However, the debt pressure it faces is huge.
At present, Evergrande's total borrowings are 331.
7 billion yuan
.
In September, Evergrande needed to pay a total of US$165 million in coupon coupons, including US$83.
5 million due on September 23 and US$47.
5 million due on September 29
.
On September 9, trading of many bonds of China Evergrande Group was temporarily suspended
.
The intraday transaction price of "20 Evergrande 01" fell by more than 20% from the previous closing price for the first time, and "20 Evergrande 02" also fell by more than 23%, triggering a temporary trading suspension.
This is not the first time that the two Evergrande bonds have a limit of decline.
Status: On August 18, "20 Evergrande 02" triggered a temporary suspension of trading due to a decline of more than 20%
.
On September 3, "20 Hengda 01" triggered a temporary suspension of trading due to a decline of more than 20%
.
On September 6, "20 Hengda 02" triggered a temporary suspension of trading due to a decline of more than 20%
.
On September 7, "20 Hengda 02" triggered a temporary suspension of trading due to a decline of more than 20%
.
On September 9, "20 Hengda 01" and "20 Hengda 02" once again triggered a temporary suspension of trading due to a decline of more than 20%
.
At the same time, Evergrande has recently experienced downgrades by multiple rating agencies
.
Fitch Ratings downgraded the long-term foreign currency issuer default rating (IDR) of China Evergrande and its subsidiaries Evergrande Real Estate Group Co.
, Ltd.
and Tianji Holdings from "CCC+" to "CC"; Moody's downgraded Evergrande's credit rating Downgraded three levels to Ca; Goldman Sachs lowered the rating of China Evergrande from "Neutral" to "Sell"
.
Crazy sale of assets for self-rescue In
order to save
themselves as soon as possible, Evergrande Group has frequently dumped assets, and assets such as Evergrande Property, Evergrande Bingquan, Evergrande Automobile have been "put on the shelves" .
Then, the central bank's website announced that the responsible comrades of the relevant departments of the People's Bank of China and the China Banking and Insurance Regulatory Commission interviewed senior executives of Evergrande Group .
And Evergrande also immediately responded with "things brooks no delay", with the utmost determination and strength to maintain the company's business stability, resolve debt risks, and maintain the real estate market and financial stability .
According to the requirements, if real estate companies touch all three red lines, they can no longer add interest-bearing debts.
Of the 12 key real estate companies interviewed at that time, three of them have stepped on all three red lines, among them Evergrande
.
This means that Evergrande can no longer balance cash flow by "borrowing the new and repaying the old", and in accordance with regulatory requirements, it must complete its debt reduction target by June 30, 2023
.
The most direct impact on Evergrande is that a large number of maturing debts are facing pressure to repay
.
Although Evergrande stated in the middle of the year that its interest-bearing liabilities fell from last year’s highest of more than 870 billion yuan to about 570 billion yuan, and the net debt ratio fell below 100%, realizing a “red line” to turn green, but Evergrande’s deleveraging The road is still not easy
.
Since the second half of this year, some companies have begun to file for the freezing of Evergrande’s assets with the court because of their default payments.
If similar behavior spreads on a large scale, more Evergrande’s creditors have applied for freezing for the purpose of asset preservation.
Assets, Evergrande will encounter the most terrible run crisis
.
The property market is turbulent, and many
leading companies are affected.
If Evergrande really collapsed, then companies such as Carpoli, Nippon, and Sankeshu as its suppliers will be affected.
Flows, financing cannot keep up, and borrowing money cannot be repaid.
" The first impact on the coatings industry is the decrease in orders, the shrinking demand side, and the increased risk of recovery of payment for goods and construction
.
At the same time, the tide of real estate closures directly affected many coating companies.
Most of the companies that docked and supplied with real estate companies were leading companies in the coatings industry, such as Sankeshu, Oriental Yuhong, Keshun Waterproofing, Asia Chuangneng, BNBM, and Kailun.
The commercial acceptance bills of the six leading companies amounted to 4.
133 billion yuan
.
The commercial acceptance bills of Oriental Yuhong alone amounted to 1.
588 billion yuan
.
Not only did listed companies have a headache for commercial acceptance bills, but Meitus, who has repeatedly been the "Excellent Strategic Partner" of Evergrande, has also begun a debt collection journey
.
Guangdong Meitus Building Materials Co.
, Ltd.
added a new court announcement on August 6: Meitus and Evergrande Real Estate Group Chongqing Co.
, Ltd.
, Chongqing Evergrande Xinquan Real Estate Co.
, Ltd.
related construction contract disputes ((2021) Yu 0112) Minchu 32017), the trial will be held on October 11, 2021
.
Under the influence of leading paint companies to bear the brunt, the height of the entire industry will be affected, and the capital chain and the stability of the industry chain will also be broken.
With the paint industry being affected by real estate, the future direction of the paint industry has been complicated and confusing, and no one knows that it will happen.
What
.
Disclaimer The content of this article is a comprehensive source network, edited by Ai Tubang.
Please indicate the source for reprinting
.
If it involves the content of the work, copyright and other issues, please contact this number in time, we will delete the content as soon as possible!
