Viewpoint real estate networkSince the event of Love year, "not lying flat" has become the most closely related word.
For companies, debt is often the "last straw to crush the camel". Recently, there are also many real estate enterprises by applying for debt rollover and other ways to suspend a breath, using time for space, hoping to win more opportunities.
On November 24, in the mood for Love, the bondholders of 7.50% RMB bonds (bond code: 175447) ("2023 bonds") maturing in 2023 issued by the company's subsidiary, mood year Group (China) Co., Ltd., with a principal amount of RMB 1.543 billion (bond code: 175447) ("2023 bonds"), agreed to change the interest payment arrangements for 2023 bonds due on November 25, 2021 as follows: 20% interest will be paid on November 25, 2021. 80% interest will be paid on November 25, 2022.
Two days later, on November 26, it was reported that the Ningbo Mingcui Dongzhi project had been transferred to Jian'an Investment holding Group Co., Ltd. in response to the matter, it was said that the Ningbo Mingcui Dongzhi project stock was true.
It is reported that in the Ningbo Mingcui Dongzhi project, pattern accounts for 49% of the shares, and the remaining 51% is held by Kaisa. This is a conditional share conversion, which will help to reduce debt and reduce the pressure on repayment for the fancy year.
According to the information of Ningbo Real Estate transaction Information Service Network, the development enterprise of Mingcui Dongzhi project is Ningbo Zhaonian Real Estate Co., Ltd., which is planned to be a high-end waterfront TOD residential area with an average record price of 33699.99 yuan per square meter. It has obtained pre-sale permission twice in June and July this year.
The project is expected to be delivered in the first half of 2024, with 266 units sold and 236 currently available as of November 25.
For example, according to the description mentioned in the project introduction, such as "occupying position C in the center of the three districts of Old Jiangdong, Yinzhou District and Eastern New City", "surrounding three-dimensional traffic, golden business district, full-age education, all-dimensional medical care, a number of Zhenjing parks and other mellow supporting surrounding", the sales situation is not very optimistic.
In this regard, there are property buyers in the real estate trading platform said that the project location is good, next to the subway station, the comprehensive price is very cost-effective, but at the same time, there is a high-speed viaduct nearby, the noise is very loud.
Point of view real estate new media access to relevant information learned that the Mingcui East project was originally Ningbo Yinzhou District JD13-03-37 (East Railway Station-Panhuo lot). The site was won by Zhejiang Jialin Real Estate Development Co., Ltd. after 89 rounds of bidding on November 25, 2020. the floor price was 22139 yuan per square meter, with a premium rate of 34.18%.
According to Aiqi information, Ningbo Zhaonian Real Estate Co., Ltd., the developer of Ningbo Mingcui Dongzhi project, is a wholly owned subsidiary of Zhejiang Jialin Real Estate Development Co., Ltd., and is held by Zhejiang Jiayue Real Estate Development Co., Ltd., Cixi Huachuang Real Estate Development Co., Ltd., 51% and 49% respectively.
It is worth noting that after the equity penetration, Cixi Huachuang Real Estate Development Co., Ltd. is indirectly wholly owned by Fancy year Group (China) Co., Ltd. Zhejiang Jiayue Real Estate Development Co., Ltd. is 15.61% and 14.99% owned by Jiasa Group (Shenzhen) Co., Ltd and Jian'an Investment holding Group Co., Ltd., respectively.
To put it simply, the stock conversion in the mood for the year will make Jian'an Investment holding Group Co., Ltd. directly or indirectly hold 63.99% of Zhejiang Jialin and become the actual controller of the Ningbo Mingcui Dongzhi project.
According to official data, Jian'an Investment holding Group Co., Ltd. was established in September 2002, formerly known as Bozhou City Construction Investment Co., Ltd., Bozhou Construction Investment Group Co., Ltd., is a wholly state-owned company directly under the Bozhou Municipal Government.
In just one year, Ming Cuidong has completed the transformation from a cold plot number to an official case name, while the actual controller behind it has also undergone unexpected changes.
In retrospect, on Oct. 4, the remaining principal of the 2021 note was not paid as scheduled, which was disclosed through an announcement. On October 8, internal employees in the mood for Love told reporters that the company's founder, Zeng Baobao, sent a "letter from Baoye" to his employees by e-mail on the same day.
Among them, "to achieve high-quality delivery of the project, to ensure the normal operation of the company, this is the bottom line of in the mood for the year."
Only in the mood for years and Kaisa Industries, which is also mired in the debt crisis in the Mingcui East project, obtaining a debt rollover may only set aside time for asset disposal, and the extension time limit is far from enough for "high-quality delivery." but at the same time, "dropping things to the ground" will also lead to more negative results.
In view of this equity conversion, it is said that it is methodically promoting a series of debt reduction work, and similar arrangements for other projects will not be ruled out in the future.
On the evening of November 25, mood year Holdings issued an announcement on inside information. On November 24, 2021, the company's main subsidiary, Hong Kong pattern year Investment Holdings Limited, was filed for winding up. The content is related to the alleged outstanding principal of US $149 million loan financing, and pattern year Investment as the guarantor.
Fancy year Holdings said in its announcement that the company will seek legal advice to safeguard its legitimate rights and interests and take all necessary measures to resolve the matter, including a constructive dialogue with the petitioner.