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There are many industries in China, people often say that 360 lines, the line is out of the champion, in fact, there are not many champions in each industry, and there are not many excellent enterprises.
For example, there are thousands of real estate enterprises in China, but the large real estate enterprises are Wanda, Evergrande, Vanke, Country Garden and Sunac.
When the scale of the enterprise becomes larger, the founder of many enterprises is easy to lose himself, and as a result, he makes a lot of mistakes, resulting in the company going into a desperate situation.
Now Evergrande is like this, Wanda has almost come this far, and is now on the edge of the cliff to find a way to survive, and Country Garden is also seeking overseas debt restructuring to reduce the pressure.
So what is the situation of Sunac Sun Hongbin, who once went south to Guangdong to deal with Vanke?
Sun Hongbin's Sunac, like other companies, faces huge debts, and almost all large real estate companies facing debt risks are related to the arrival and increase of overseas debt risks, and have to make new choices.
Mr. Wang is selling off Wanda's assets to lower debt levels and pay off maturing and maturing debt.
Evergrande has fallen and may face bankruptcy.
Country Garden does not know the future, Sun Hongbin actually managed to get 75 billion yuan of overseas debts through a divine operation, so how did he do it?
It stands to reason that Sunac should not have come this far.
Because Sunac's sales were once very amazing, ranking in the top five in the national real estate sales list, Sun Hongbin has long been rich, and when Jia Yueting is cornered, without Sun Hongbin's help, I am afraid that the end will be even worse.
But since Sun Hongbin can help people like Jia Yueting, it shows that his judgment of some things sometimes makes mistakes.
There will inevitably be some problems in the management of operating enterprises, so the same problem as Evergrande has arisen, that is, the use of a highly leveraged development model and a lot of debt.
Evergrande owes 2.4 trillion yuan, and Sunac's debt scale has reached 1 trillion yuan in June this year, which is also a very terrible number.
Worried that the collapse of enterprises such as Evergrande and Sunac would lead to the loss of investors' money, overseas creditors began to file for bankruptcy liquidation.
Hengda Group failed when it applied for debt restructuring and at the same time hoped to qualify for bankruptcy protection, and now that Xu Jiayin of Evergrande Group has been controlled, what can Sunac do?
Sun Hongbin also carried out debt restructuring overseas, and successfully turned 75 billion yuan of debt into danger.
At present, Sunac only needs to target domestic debts, of course, there is one thing to do in China, that is, to solve the construction problem of guaranteeing the delivery of buildings.
If the guaranteed building is not solved, there will not be enough liquidity for construction and debt repayment, and the two complement each other, because the guaranteed building can get the money paid by the customer from the bank.
Sunac put a lot of thought into the settlement of overseas debts, and on October 5, Sunac, which was listed in Hong Kong, issued an announcement to restructure overseas debts.
If the original goal is achieved, there will be no troublesome litigation and the property will be preserved. Now the Hong Kong High Court has agreed to Sunac's offshore debt restructuring plan.
Sunac was most pleased that its creditors also agreed to Sunac's debt restructuring plan.
Sunac's total overseas debt is more than US$10 billion, equivalent to RMB75 billion. This includes $2.75 billion in mandatory convertible bonds and $1 billion in convertible bonds.
What are convertible bonds? That is, the person who owns the bond can convert his debt into the equity of the listed company at the equivalent value, that is, he owns the stock of the listed company.
If the number of claims is high enough, then a controlling stake in the company can be obtained. Compulsory convertible bonds are a right that listed companies must accept at a critical moment.
If Sunac does not mature in 5 years, then his company becomes a listed company and becomes an asset of creditors.
By tossing and turning, creditors are likely to turn such assets into high-quality assets and become a tool for profit.
Because Sunac is a real estate enterprise, with land and houses, then there is nothing to be afraid of.
Obtaining the equity of Sunac's listed company means obtaining Sunac's stored land and house.
Of course, it is also a good thing for Sunac. Because at this time, there is no need to set cash, there is no need to face lawsuits, at this time, it does not matter who the land and house are given, as long as there is no trouble.
Because you can't turn it into cash in your own hands, if you can turn it into cash, there will be no pressure to repay debts.
Those convertible bonds that are not within the mandatory scope are only 1 billion US dollars, the maturity is 9 years, and only 1% interest is paid every year, which is not so much pressure for Sunac.
Sunac prepared for future risks when setting up the restructuring plan, which is called planning ahead, so there is less pressure.
Among the more than $10 billion in overseas debt, it also includes $775 million in Sunac Services shares.
This part of the debt will not be urgently pursued by overseas creditors, who even hope to hold the listed company's bonds for a long time to make more profits.
This also shows Sunac's cleverness, allowing high-quality companies focused on property services to have a debt that is not urgently needed, saving themselves a lot of trouble.
Sunac's overseas debt still has US$5.7 billion of new notes left, which looks scary, but in fact, this part of the debt is borrowed to pay off the old one, and there is not much pressure.
Sunac has designed the structure of the bonds well, so it now has more than $10 billion in foreign debt, but after weighing the pros and cons, the creditors did not feel the need to put too much pressure on Sunac.
Sunac Group will not cause them losses, and even continue to make a profit, so the restructuring plan has been approved by them and also recognized by the court.
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