#Does Kaisa really thunder thunder##深圳佳兆业 #
Kaisa, the king of urban renewal and deeply rooted in the Greater Bay Area.
Six listing platforms.
The actual controller is the Guo family, which is the core of Guo Ying, and the core of the territory is Kaisa Group, Kaisa Group (Shenzhen), which is 100% controlled by Kaisa Group and Kaisa Commercial Group. It owns Fuchang Microfinance, Qianhai Jintu Wealth Management, Kaisa Financial Investment (Shenzhen), Kaisa International IoT Trade City and other entities, and also has many types of financial institutions such as Small Loan Company (Fuchang Microfinance).
As of the end of 2020, Kaisa Group (Shenzhen) had total assets of 200.508 billion yuan, operating income of 40.554 billion yuan and net profit of 4.6 billion yuan, which were 64.70%, 72.62% and 84.45% of Kaisa Group Holdings, respectively. Such a large enterprise is also about to start to cross the robbery. In fact, Kaisa's history is dramatic.
The first crossing
In 2011, Longgang in Shenzhen became a lively area due to the concept of the Universiade, Kaisa won a number of plots through urban renewal and other means, and successively developed Kaisa City Plaza, No. 1 Longgang Avenue (Xinduhui Home), Kaisa Holiday Plaza, Yuefeng Garden and other projects.
In 2014, it was rumored that Guo Yingcheng was involved in the case of Jiang Zunyu, the then secretary of the Shenzhen Longgang District Party Committee, and was officially detained, and kaisa's projects in Shenzhen were also locked by the government and could not be sold, and Kaisa immediately fell into trouble, and the stock was suspended several times from 2014 to 2016.
Debt default in January 2015.
Domestic and foreign debt restructuring since March 2015.
In July 2016, after many games, the overseas debt restructuring was completed. It should be mentioned that since 2015, the Shenzhen property market has been extremely hot, Kaisa's locked pre-sale projects have achieved higher returns after resuming sales, and Kaisa Group has been in a difficult situation during this period.
Will the second crossing succeed?
As of the end of June 2021, Kaisa Group Holdings had a monetary fund balance of 38.364 billion yuan, and after excluding 5.787 billion yuan of restricted cash, about 32.6 billion yuan of unrestricted funds were able to cover short-term borrowings of 25.017 billion yuan, but if you consider the interest payment of long-term borrowings and the redemption of 12.788 billion yuan of wealth management products, you will find that Kaisa actually still has a debt gap.
Kaisa announced the suspension of trading this week, most likely related to the sale of assets.
A few days ago, Kaisa was asked to attend a special meeting of the Shenzhen Municipal Housing and Urban-Rural Development Bureau to discuss the liquidity problems it faced. Huihao Zhaoye proposed that the cash flow is very tight in the near future, it has lost the ability to invest, and the sales end has also fallen off a cliff. Externally, it is under pressure from rating companies to downgrade ratings, and it is difficult to issue bonds at the financing end and even encounter loans from financial institutions. Even if there is an exaggeration, it basically expresses the problems commonly faced by the real estate industry. In one word, hard.
In the original words of Kaisa's announcement, Kaisa suffered from "stages of unsustainability".
Where to go, no one knows.
