With a debt of 2.44 trillion, where did Evergrande's money go? And how did it manage to become heavily indebted?
Reveal the routines played by Evergrande
If there is a piece of land that needs 2 billion, but Evergrande can't get the money to buy the land for the time being, then what will it do?
Use a piece of land to get the bank's money, and then use the land to get the buyer's money.
The "pre-sale" of the house was started with this bare land, so Evergrande successfully got billions from the buyers.
With just a bare piece of land, can buyers be willing to buy off-plan?
Answer: Yes
Evergrande's most famous unfinished house - located in Xinxiang, Henan, Henan Evergrande Yuhu Tianxia.
No, this can't be called an unfinished house, he didn't start work directly, at most he built a magnificent community gate to support this, and he couldn't even see a construction fence.
Moreover, he this real estate
Buyers began to repay the monthly payment after signing the contract, and they were saddled with a huge mortgage, some of which had repaid the mortgage for two years, and wanted to happily go over to see the progress of the project, but they were dumbfounded when they arrived at the site, and they could not see the slightest change in addition.
Taste the sweetness and concoct it like that
Evergrande saw that the pre-sale money came so quickly, and decided to use a snowball to "make this cake bigger and stronger", so it used the previous method to continue to pay the guarantee in other places first, and then mortgage the land to the bank to get a loan, and then began to "pre-sell" the house to the buyer.
With this method, Evergrande has obtained a lot of land in large, medium and small cities across the country, and their capital chain has expanded to trillions!
Borrowing money from overseas banks just to fill your "money bag"
In addition to loans from domestic banks, Evergrande also borrowed money from United States banks, and the collateral was naturally a "house", but United States banks did not recognize overseas houses, so Evergrande once again pitted domestic banks and let domestic banks guarantee him, so the Americans who got the guarantee lent to Evergrande.
Could it be that Evergrande wants to invest this money in real estate?
Not at all.
In this way, the money of Evergrande Group has gradually entered the money bags of Evergrande's core executives. Evergrande naturally couldn't put the money into building houses, and some of its real estate projects were suspended and unfinished.
be heavily in debt
How much does Evergrande owe 2.44 trillion?
2.44 trillion is converted into a weight unit, about 27,700 tons, if you use each 50-car train to pull, you need to pull 10 trains to pull it all; If you win 5 million lottery tickets every day, it will take more than 1,300 consecutive years to win.
Who does Evergrande owe the most money?
Some of Evergrande's debts:
Shaanxi Construction Engineering 434 million yuan, World Union Bank 1.241 billion yuan, Quanzhu Co., Ltd. 3 billion yuan, E-House China 4 billion yuan, Gold Mantis 8.2 billion yuan, Guangtian Co., Ltd. 8.8 billion yuan, Suning 20 billion yuan, Shengjing Bank 32.6 billion yuan, Nantong Sanjian 36 billion yuan.
This is also the tip of the iceberg of Evergrande's arrears, in addition to 1.62 million unfinished houses.
Will these debts be repaid in the future?
Anyway, it can't be completed in the short term, and now that Boss Xu is "in", will he find a way to hand over the house to those buyers inside?