The Olympic Garden, a real estate company that used to like internal races, has also begun to compete with the epidemic crisis.

Wall Street learned on November 24th that after an ABS extension was passed two days ago, another domestic private debt extension plan for the Chinese Olympic Garden was approved. In two days, the Olympic Garden still has an extension of domestic private debt to be negotiated. If approved, all three private debt raised by the Olympic Garden due in the near future will be successfully extended.

Everything is going on in full swing.

Unlike other real estate companies that have overdue financial management or defaulted on bonds at home and abroad, there was no public anomaly before the Olympic Garden gave an extension plan.

But since early November, many investors have said that the Olympic Park is in the process of negotiating the extension of several private debt issues at the same time. A subsequent plan showed that the Olympic Park planned to extend three private debt offerings, including the Zhongshan Securities-Ultron II Asset support Special Plan, with a total outstanding principal of 1.516 billion yuan.

However, the negotiations between the Olympic Park and investors did not go smoothly, and the extension negotiations were shelved.

It was not until mid-November that the negotiations resumed again. In the plan at that time, the Olympic Garden gave a similar plan to investors in three private debt raising projects, paying 10% in advance on the due date, 10% in the following month, and paying all of them a year after the maturity date. At the same time, the Olympic Garden also provided a piece of land for mortgage guarantee for the extension of the three privately raised bonds.

Wall Street learned that the site is located in Gao'an City, Yichun City, Jiangxi Province, with a valuation of more than 1 billion.

Although some of the terms of the plan have been approved by investors, some investors believe that the Olympic Park should be mortgaged in exchange for a piece of land in the Great Bay area, or guaranteed by the Kwok brothers. As a result, there were differences between the two sides, and the negotiations reached an impasse again.

As a result, another negotiation began on 19 November and did not produce preliminary results until 22 November. An Olympic Park "Zhongshan Securities-Ultron II asset support special plan" was the first to be adopted, but the extension of the payment plan is not much different from before.

With the passage of the second private equity bond extension today, according to the current process, the three hurdles of domestic private equity bonds that are about to expire in the Olympic Garden will be crossed this week.

But the Olympic Park is not easy next. In January next year, the Olympic Park will have two more US dollar bonds maturing, with a total balance of US $686 million.

In addition, there is also news in the market that the Olympic Garden has defaulted on a trust loan of 66 million yuan, related to the Zhongwan Lingxin Asset-Huiju No. 2 collective asset management plan, which occurred on November 12. This is what worries investors. Apart from the open market, does the Olympic Garden also default on its off-balance-sheet debt?

However, people from the Olympic Garden said that the aforementioned 66 million yuan trust loan default incident (Shenwan Juhui No. 2) was caused by the Olympic Park Joint Venture Company as a borrower due to other debt disputes in the joint venture company. At present, we have not received any announcement from Shenwan about the company's breach of contract, and the company is actively contacting the other party and is expected to make progress later.

In fact, in order to ensure debt repayment and blood recovery, the Orchard has recently taken quite resolute action to dispose of assets.

In early November, China Olympic Park and Olympic Park Health issued a joint announcement saying that Olympic Park Health was in preliminary discussions with a number of independent third parties on the possible sale of the interests of a number of subsidiaries providing property management and other related services. It's just that there are a lot of twists and turns behind the deal, and no buyer has appeared so far.

Subsequently, on November 9, Aoyuan pledged a 19.62% stake in Guangdong Aoyuan Urban Renewal Group Co., Ltd. to Science City (Guangzhou) Urban Renewal Group Co., Ltd. it sold some properties on Robinson Road in Hong Kong for HK $900 million with an estimated loss of HK $177 million. On the same day, 49 per cent of the old renovation project in Tung long Village in Aoyuan Lai Wan was transferred to Century Jinyuan.

Sell property, sell projects, talk about the extension, the Olympic Garden in the disposal of assets in the action is still active and decisive. It just needs to do more, and S & P, the rating agency, believes that the recent asset disposal of the park will not fully reduce the repayment risk of the park and is unlikely to cover its debt, including dollar debt maturing in January.

How to deal with the next dollar debt? The market is waiting for the Olympic Park to make its next move.