The peak loop turns, and I hope to see the light
The author | Estate Eleven
Source| Real Estate Eleven Words (id: dichanshiyiyan)
On September 26, a Shenzhen real estate company called "Guangyao Group" issued an announcement declaring bankruptcy.
This has allowed the Long-Dormant Guangyao Group to gain attention again.
September is a good day for the traditional real estate market "Golden Nine Silver Ten", but that kind of bustle has become "traditional".
Watching three-quarters of 2021 slip away, the figures of housing enterprises going bankrupt and collapsing one after another cannot be stopped. Shi Yi Lang thought helplessly, is the fall of GuangYao the climax of the tide of housing bankruptcy in 2021, or the end?
I reluctantly went to look at the people's court announcement network, September 26, 2021 to the 270th day, although Guangyao Group is still "no name on the list", not publicized on the website, but can see the same as The Guangyao Group fell down the housing enterprises, has reached 300.
270 housing companies closed in 300 days!
Eleven Lang pinched his fingers, which is equivalent to: 1.1 real estate companies disappeared every day in 2021.
This speed is even more frightening than the number of more than 500 disappearing in a year in 2020.
Although some experts said that in the past two or three years, most of the bankrupt housing enterprises are small and medium-sized housing enterprises, and some even set up a real estate development company for a project, with poor financial strength and low level of operation and management, which was "catching up with the good time" in the past barbaric growth era, and under the high-pressure policy of "three red lines + two concentrations" today, it is not enough to withdraw from the real estate market.
However, such an industry signal is a huge blow to overall market confidence.
In addition to unknown small housing enterprises, some well-known developers and even large developers have also been deeply affected.
In the first half of 2021, small and medium-sized housing enterprises folded, and 100 billion-level and top-level housing enterprises also faced challenges, such as Taihe Group, Huaxia Happiness, and Evergrande were also exposed to debt crises.
As a former top 100 enterprise, Although Guangyao Group also has a temporary style, throughout its development process, it is nothing more than the problem of tight capital chain encountered after the tightening of the environment.
Founded in 2002, this Huizhou star real estate enterprise once ranked among the "2011 China Top 100 Real Estate Enterprises", from its establishment to entering the top 100 real estate enterprises, and then to bankruptcy, it took 20 years.
More than a decade ago, the elderly of real estate planners would be more familiar with an advertising slogan: "Mr. Lake, Villa by the Lake".
At that time, Guangyao Group and Ogilvy Advertising launched the "Mr. Lake" project, which was a promotional phrase of "Mr. Lake, Villa by the Lake", which swept the entire industry for a while and was widely praised in the real estate planning community at that time.
Advertising plan for the second phase of Guangyao City
At the beginning of the establishment of Guangyao Group, it showed its ambitions and became popular with the large-scale development model, nearly 30 pieces of land were leveled into one piece, and the Dutch water town with a total planned area of about 800,000 square meters was developed.
Later, the tireless Guangyao Group has successively developed a number of large markets with more than one million square meters, such as Guangyao City, Dutch Town, General Lake, and Feili Port.
At its peak, Guangyao had 29 projects distributed in the Pearl River Delta, Yangtze River Delta, Bohai Rim region, and even expanded to Overseas regions such as Hong Kong, South Korea and Malaysia.
From 700 million yuan in sales in 2008 to 6 billion yuan in 2011, Guangyao has experienced rapid expansion.
Behind this, it is inseparable from the use of high leverage.
In 2009, Guangyao invested 1 billion yuan to try to enter the capital market and listed on the backdoor of St Tianmu Pharmaceutical, but terminated the restructuring due to national real estate regulation.
In 2011, it spent another 200 million yuan to acquire two mines in Hunan and wanted to go public again through a backdoor listing. But just as mining was on the decline, the attempt failed.
There was no way, the listing failed, and Guangyao began to get involved in private lending in large quantities. In 2011, the total scale was about 1.5 billion yuan, accounting for one-third of the entire financing scale, the loan term was as long as 3 years, and the interest alone was as high as more than one billion yuan.
The good times did not last long, and this extraordinary development soon became problematic.
In 2014, the real estate market appeared to be shocked and downward, financial institutions began to tighten real estate credit, Guangyao a number of projects have been delayed in handing over, stopped work, a number of loans due can not be repaid, followed by the news of Guangyao thunder, the Dutch small city, Guangyao FeiLi Port is rotten so far, resulting in a large number of owners because they can not get the house and petition to defend their rights.
All this points directly to the shortage of funds and the black hole of debt in Guangyao Real Estate.
Previously, Guo Yaoming responded to the media that his funding gap was about 300-500 million yuan. According to industry insiders, the funding gap faced by Guangyao Real Estate may be even greater, and the debt gap involved in the project is trust repayment, a number of financial institutions such as banks and a number of private loans, or as high as more than 2 billion yuan.
In 2014, Guangyao Group was exposed to total liabilities of 10 billion yuan.
For more than three years, Guangyao left dozens of rotten real estate, involving thousands of owners, and finally embarked on the road of filing for bankruptcy.
At the time of the Guangyao crisis, guo Yaoming, the founder and chairman of the company, said in an interview with the media that he has always been full of confidence in the resurrection of Guangyao. But after a series of efforts, he did not save the situation.
On January 4, 2018, the Huizhou Intermediate People's Court issued an announcement to the public, saying that it had formally accepted The bankruptcy reorganization case of Guangyao Group on December 11, 2017.
In this way, in just 20 years, Guo Yaoming went from his beginning to his disillusionment, as if he had an unreal dream.
This dream, for Guo Yaoming and Guang Yao, is real and skin-to-earth, and in the current tide of bankruptcy of real estate enterprises, it is like an inconspicuous wave, which will no longer be remembered in a few days.
There are countless small and medium-sized housing enterprises in the tide, such as Guangyao Group, and the tide of bankruptcy of housing enterprises is still staged, as if the tide is still getting more and more turbulent.
What is even more headache is the debt problem involved in bankrupt housing enterprises.
According to tianyancha data, Guangyao Group is currently involved in 924 legal proceedings, of which 397 involve commercial housing pre-sale contract disputes, 132 involve commercial housing sales contract disputes, and 110 financial loan contract disputes. As the defendant/appellee, Guangyao Group still involves a total amount of more than 400 million yuan.
The company can be broken, but the more than 400 million debt problems, creditors should defend their rights to whom?
Not only is it The 400 million yuan of Guangyao, statistics say that by August 2021, there have been more than 38 housing-related bonds in default, an increase of 20 compared with 2020, and its scale has reached 58.72 billion yuan, 26.52 billion yuan more than 2020.
Two sentences of Sun Hongbin's speech two days ago have attracted widespread attention nationwide, namely " the real estate market development in the second half of 2021 is not optimistic" and "In addition to Sunac, other real estate companies may be cold".
It is said that the current environment is different.
truly.
Since the second half of last year, the regulation of real estate is no longer "itching in the shoe", no longer "headache and foot pain", but has a substantial difference from the past.
There are three major backgrounds behind this.
The first is to educate the vigorous practice of anti-internal volume, anti-monopoly of capital, and anti-speculation in the property market. Although real estate involves the whole body, it is impossible to have a one-size-fits-all hard landing like the education and training industry, but "soft landing" has long been a consensus.
Second, the top level should pay attention to financial risks. Real estate, local debt, etc. are key areas.
The third is the proposal of common prosperity, which means that the status of real estate as an amplifier of national wealth has begun to weaken, and the gap between rich and poor created by the soaring housing prices will soon be constrained.
This is a new round of reshuffle, and the feelings of ordinary people may not be obvious, but the developers in the middle of it have already experienced the taste of mountain rain.
Various interested parties began to collide fiercely, and it is said that at that time, the atmosphere of Evergrande's creditors' meeting was extremely warm.
The real estate market in 2021 needs a round of positive policy stimulus.