Reader/Shenzhen Business Daily reporter Li Gengguang
Huizhou real estate giant Guangyao Group, once known as "Mr. Lake", declared bankruptcy today through its official WeChat public account. This news made people in shenzhen and Huizhou sigh. It should be known that Guangyao Group was once known as the "King of Huizhou" in real estate, and was once the first national top 100 real estate in Huizhou, and its early expansion momentum even exceeded Thatu And Evergrande. 10 years ago, Guangyao Group also wanted to list on the A-share market through the backdoor Xindu Hotel.
According to the content of the announcement, the Huizhou Intermediate People's Court issued the (2017) Yue 13 No. 19-67 Civil Ruling on September 8, ruling to terminate the reorganization procedure of Guangyao Group and declaring Guangyao Group bankrupt. In the next step, the administrator will promote the bankruptcy liquidation work in accordance with the law under the guidance of the court and the cooperation of all creditors and home buyers.
He once had debts of more than 10 billion
According to public information, Guangyao Group was established in 2002 as a subsidiary of Shenzhen Zhongwang Investment Group, and the legal representative is Guo Yaoming. Its main business is real estate development, and involved in construction, property, finance, environmental protection and other fields. The company has won the "Guangdong Real Estate Enterprise Brand Value TOP10", doubled its performance for four consecutive years from 2008 to 2011, and won the Huizhou Sales Championship for many consecutive years after climbing the Huizhou sales championship in 2007, and ranked among the "2011 China Top 100 Real Estate Enterprises" with a dark horse posture.
The company has previously developed many projects such as "Guangyao Silver Eagle Garden", "Guangyao Dutch Water Town", "Guangyao Dutch Fort" and so on. He has achieved strong results such as sales champion and brand awareness rate in regional markets. Among them, "Mr. Guangyao's Lake" is the most well-known in Shenzhen.
As early as 2014, Guangyao Group exposed the capital chain crisis, and many projects were overdue and failed to deliver, and they were in a state of shutdown. On January 4, 2018, the Intermediate People's Court of Huizhou City, Guangdong Province, issued an announcement to the public that Guangyao Group was applying for bankruptcy reorganization. As of June 30, 2016, Guangyao Group had total assets of approximately RMB6.4 billion and liabilities of approximately RMB7.97 billion, plus liabilities arising from the provision of guarantees to affiliates of approximately RMB2.62 billion, resulting in total liabilities of RMB10.594 billion.
In January 2018, the Huizhou Intermediate People's Court issued an announcement to the public that it had formally accepted the bankruptcy reorganization case of Guangyao Group on December 11, 2017.
It is understood that after the bankruptcy reorganization procedure was initiated, four intended investors were recruited at that time, namely Qingdao City Investment Asset Management Co., Ltd. and Huizhou Guangming Tiandi Investment Co., Ltd., as well as Hangzhou Shunrun Trading Co., Ltd., China Resources Asset Management Co., Ltd., and Shanghai Dongxing Investment Holdings Development Co., Ltd. Although they all had the strength to reorganize the Guangyao Group, the Guangyao Group at that time was already seriously insolvent, and it was not easy to successfully reorganize.
According to a report by Times Finance in May 2018, a total of 1,172 creditors declared their claims to it, with a total declaration amount of RMB21.278 billion, of which the number of home buyers was 883, accounting for 75%. However, as of April of that year, the total balance of the nine bank accounts opened by Guangyao Group was only 9863.08 yuan. In addition, of the 3.995 billion yuan of book assets, nearly 1.3 billion is the carrying amount of long-term equity investments, and nearly 1.63 billion is receivables with affiliates.
It is worth noting that after the bankruptcy of Guangyao, the project of the rotten building left in Huizhou is still a local need to be dealt with.
Two attempts to restructure and go public have failed
According to the data, in 2010, the sales amount reached 4 billion yuan, and the company was successively rated as the top 10 brand value of Guangdong real estate companies and the top 100 real estate enterprises in China.
Since then, Guangyao Group has begun to expand outwards, rapidly laying out the Pearl River Delta, Yangtze River Delta and Bohai Rim regions, but this extraordinary development soon has problems.
In May 2013, Guangyao Group and Guangyao Real Estate applied for a loan from a commercial bank in Shenzhen, but were rejected because they had a record of dishonesty in not performing the court's judgment.
In May of that year, Guo Yaoming, chairman of Guangyao Group, said in an interview with the media that Guangyao Group had tried twice to go public through restructuring, but both ended in failure, and made Guangyao lose a huge amount, and the capital chain began to tighten.
The first of these was in 2011, when Guangyao Group wanted to go public through the acquisition of Xindu Hotel, investing 1 billion yuan in three years. However, after the acquisition, it failed due to its real estate background and the policy did not support restructuring.
The second time, Guangyao Group wanted to reorganize and list through mining, and spent 200 million yuan to buy two mines in Hunan, but soon the mining industry began to decline, resulting in the failure of the second restructuring.
Review: Sun Shijian