On January 20, the first share of long-term rental apartments in China has been bankrupt and liquidated. On January 4, the Shanghai No. 3 Intermediate People's Court ruled to accept the bankruptcy liquidation case of Shanghai Qingke Public Rental Housing Rental Operation and Management Co., Ltd.
According to the official website of Qingke Rental, the Qingke project first launched market research in 2010, and successfully earned the first residential unit of Qingke in April 2011, and introduced the first batch of venture capital institutions in January 2012, invested by the University Student Venture Fund. In June 2012, it received angel round investment from Neuxin Venture Capital, and in December 2012, Qingke Rental introduced Huijia Venture Capital.
The development process of young people renting
In December 2013, Qingke Rentals received tens of millions of dollars in Series A financing from Dachen Venture Capital, and in 2015, they received a Series B financing of 180 million yuan led by SAIF Asia. In 2016 they managed more than 4,000 homes across the country, serving 150,000 young tenants. As of June 30, 2019, the operation of Qingke Apartment has covered 6 cities of Shanghai, Suzhou, Hangzhou, Nanjing, Wuhan, Beijing and Jiaxing, with more than 97,000 listings under management.
In April 2018, Morgan Stanley and Kaixin Capital jointly led the C round of financing of Qingke, and on November 5, 2019, Qingke Rental officially landed on the NASDAQ, becoming the first long-term rental apartment in China.
However, according to the listing prospectus and financial report data of Qingke Rental, from 2017 to 2020, their losses in the past years were: 245 million yuan, 499 million yuan, 498 million yuan and 1.534 billion yuan, with a cumulative loss of 2.776 billion yuan in 4 years.
In May 2020, Qingke Rental was exposed to rumors of bankruptcy, when they had debunked rumors that although the company encountered difficulties, it was still operating normally.
By January 2021, the management of Qingke Rental also underwent major changes, and founder Jin Guangjie announced his resignation as CEO, chairman of the board of directors, chairman of the board of directors and chairman of Qingke Apartment, and has since completely withdrawn from the company's management. Also resigning were Hong Qiong, Zheng Zhaochun, Yao Kaiyu, Luo Yongxi and many other company executives or directors.
Although Qingke Apartment is the first stock of long-term rental apartments, they have been in a loss in operation, and their stock prices have continued to fall in shocks, their issue price on november 2019 was $17 on the day of listing, and now the stock price of Qingke Apartment is only $0.49, and its stock price has evaporated by 97%, and recently the stock price of Qingke Rental has been below $1 for a long time, facing the risk of delisting from NASDAQ.
The bankruptcy of Shanghai Qingke Public Rental Housing Leasing Operation and Management Co., Ltd. has more than 2,800 judicial case information in 2020 and 2021, most of which are housing lease contract disputes. The company alone had as many as 600 pieces of information that the court had found itself to be a dishonest executor.
Information on the judgment defaulter who rents a house by a young guest
In less than 3 years, Qingke Rent has changed from an American listed company to a bankrupt company, which is a pity.
Since 2020, there has been a wave of thunderstorms in the long-term rental apartment industry, and many industry players such as Hangzhou Youke Apartment, Nest Guest Apartment, Shanghai Lanyue Apartment, Eggshell Apartment have fallen on the capital chain. Many tenants and landlords have also suffered huge losses as a result. As long-term rental apartments enter a state of strong supervision, the industry should become more mature in the future.