Evergrande used to be a large enterprise, but now it is more synonymous with a decaying industry. The recession of real estate has directly caused the collapse of many real estate companies, and the current development dilemma of Huaxia Happiness is actually similar to Evergrande, with a debt of more than 100 billion yuan, which is nicknamed the second Evergrande.
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According to public information. As of December 9 last year, the total debt of China Fortune has reached 101.3 billion, although it is not as good as Evergrande, but it is not a simple matter to repay.
What is surprising is that although Huaxia Happiness is very depressed now, there have been glorious moments. Before taking on huge debts, Huaxia Fortune has always been one of the top ten enterprises in the domestic real estate industry, and even in 2018, Huaxia Fortune's annual sales can be as high as 160 billion, which is enough to see the strength of the strength.
used to be so high-spirited, but now Huaxia Fortune is facing a crisis that may go out of business at any time, which is inevitably embarrassing. It is worth noting that Wang Wenxue, the founder of Huaxia Fortune, has already started his own way of cashing out when he foresaw that Huaxia Fortune was going downhill, and in 2019 alone, Wang Wenxue successfully cashed out 13.1 billion yuan from the company.
Wang Wenxue's approach is obviously in stark contrast to Xu Jiayin's practice of paying out of his own pocket, which has also led to huge controversy in Huaxia Happiness. According to Wang Wenxue, although Huaxia Happiness is now experiencing a major crisis, it will definitely suffer from arrears, and he will also take the company out of the predicament. Judging from Wang Wenxue's cash-out behavior, this kind of statement does not seem to have any credibility.
Since the news of Wang Wenxue's cash-out came out, the market value of Huaxia Fortune has evaporated by more than 30 billion overnight, and its stock price has been falling. Wang Wenxue chose to cash out, although he fattened himself, but it did damage the interests of the majority of shareholders, and it is no wonder that everyone scolded Huaxia Happiness and Wang Wenxue.
On the surface, Huaxia Happiness, which is already in debt, seems to be powerless. However, in fact, Huaxia Fortune still has a glimmer of life, and its stock price and market value have risen to varying degrees, what is going on?
According to the latest news released by China Fortune, there will be an extension period of five to eight years on the issue of China Fortune's debt, which means that China Fortune will have a period of development.
With the news coming out, the share price of China Fortune ushered in a wave of growth, and the market value also rose by about 15 billion. Of course, this rally only lasted for a short time, after all, no one knows whether Huaxia Happiness can repay the money in the end.
Although repayment can be deferred, it is obvious that it is not a simple matter to repay hundreds of billions of debts in less than ten years. From the beginning of this year to the end of September, the turnover of China Fortune was only 28.422 billion, while the loss was 13.456 billion. In the case of dismal profits, Huaxia Fortune is still riddled with lawsuits.
Since November last year, due to debt default, China Fortune has once again received an arbitration notice from the court, which involves an amount of more than 1.9 billion. According to the survey results, in less than a year, Huaxia Fortune has received a number of arbitration notices from the court, with a total amount of 7.1 billion.
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