NO.1: Evergrande
Thunder level: ★★★★★
Reason for the list: The country’s real estate leader is in danger, with business happening every day The bonds were overdue, the bond financing business was stopped, and 60% of the employees were laid off. Financial institutions panicked because they were willing to pay for the housing at all costs, and two trusts demanded early repayment of the loans. Liabilities are in the trillions, and off-balance sheet liabilities (commercial bills, etc.) are in the hundreds of billions.
Moody's credit rating: the company is "Ca" (the second-to-last notch), the unsecured notes are "C" (the second-to-last notch), and the rating outlook is "negative".
NO.2: China Fortune Land Development
Thunder level: ★★★★★
Reason for the list: Top 10 real estate companies in 2020, leading real estate company in Hebei, The total liabilities are 400 billion yuan. In March, it was announced that the capital chain was broken. It suffered a loss of nearly 10 billion yuan in the first half of the year. As of September 4, the total principal and interest of defaulted debts was 87.899 billion yuan, and there was almost no funds available on the account.
Ping An of China, once the white knight of China Fortune Land Development and its largest financial backer, has accrued losses of 35.9 billion.
China Chengxin International has removed China Fortune Land Development from its credit rating list.
NO.3: Xinhualian
Level of thunderstorm: ★★★★★
Reason for the list: debt default, mortgage, pledge, seizure, The total book value of seized and frozen assets was 45.458 billion yuan.
NO.4: Hongkun Real Estate:
Thunderstorm Level: ★★★★★
Reason for the list:
Hongkun Kun Real Estate's performance has declined sharply, operating cash flow has been cut in half, financing costs are high and the financing environment continues to deteriorate. Debt pressure and liquidity problems have begun to emerge.
NO.5: Hengtai Real Estate:
Level of thunderstorm: ★★★★★
Reason for being on the list: Frequent inclusion of persons subject to execution.
NO.6: Field real estate
Thunder level: ★★★★★
Reason for the list: Large-scale commercial bills are overdue and unpaid, suppliers , ticket holders go to the field headquarters to safeguard their rights.
NO.7: Blu-ray Development
Level of Thunder: ★★★★★
Reason for the list: Known as the “King of the Southwest”, with a debt of 200 billion, Once stepped into the 100 billion real estate company. Projects in many places have been suspended. According to Blu-ray's 2021 semi-annual report, its freely available funds on its books are only 300 million yuan. On September 3, all the shares held by Blu-ray's controlling shareholder Blu-ray Group were bid by natural person Gu Bin. The total transaction price was only 200 million yuan, and the average price per share was 2 yuan.
20. Chengfei Construction: Frequently includes persons subject to execution.
NO.8: Baoneng Group
Level of thunderstorm: ★★★★★
Reason for the list: The financial products of the Financial Exchange are overdue, and employees are demanding salary.
NO.9: Rongsheng Development
Level of thunderstorm: ★★★★★
Reason for the list: Top 16 real estate companies, debt of 250 billion, nearly The stock price halved within a year.
Step on most of the red lines. Short-term debt accounts for a large proportion and debt repayment pressure is huge.
The net cash flow in the first half of the year was only 1.2 billion yuan, which was almost exhausted.
In the first half of the year, it frequently provided financing guarantees for its subsidiaries, and has issued more than 20 guarantee announcements, with a huge scale of guarantees.
Recently, many projects have been sold at significant price cuts, with house prices in Huanjing and Qingdao being discounted as low as 50%.
U.S. dollar bonds are in an unusual downturn, ratings have been downgraded, and external financing has been blocked. In the next one to two years, Rongsheng Development’s operations and financial status will face various challenges.
NO.10: Tahoe Real Estate
Level of thunder: ★★★★★
Reason for the list: Debt of 200 billion, operating income in the first half of the year was only The net profit loss attributable to shareholders of listed companies was 852 million yuan; the net cash flow generated from operating activities was 899 million yuan, and the total asset-liability ratio was 91.81%.
On August 28, Tahoe Group held a press conference at China Courtyard. Boss Huang Qisen personally took the stage to promote the houses in China Courtyard. At the scene, owners of unfinished buildings came on stage and presented Huang Qisen with a banner on behalf of the hundreds of thousands of owners of unfinished buildings across the country. The banner read: The project of one thousand buildings in one hundred cities was unfinished, leaving one hundred thousand owners homeless. The owner was injured by Tahoe security.
NO.11: Tianfang Group
Level of thunderstorm: ★★★★★
Reason for the list: Tianfang Group, once the largest state-owned enterprise in Tianjin Real estate companies exploded in 2018, with debts of nearly 200 billion.
Tianfang Development, once controlled by Tianfang Group, achieved operating income of 486 million yuan and net profit of -106 million yuan in the 2021 semi-annual report.
NO.12: Jianye Group
Thunder intensity: ★★★★★
Reason for the list: Henan Land King, the largest local real estate company in Henan , sales in 2020 exceeded 100 billion, and liabilities were 150 billion.
The fuse comes from a letter asking for help - "Report on Major Risks and Crisis in Enterprises and Requesting for Assistance and Rescue". The content shows that due to the impact of floods and epidemics, more than 300 real estate projects of Jianye have been suspended. , semi-closed state, but it has to pay huge operating costs, sales performance has declined, sales and receivables have decreased by nearly 3 billion yuan compared with the original plan, many construction sites have been suspended, and the accumulated various economic losses have exceeded 5 billion yuan.
The problem actually does not only come from natural disasters:
Jianye’s asset-liability ratio is 87.2%, its net debt-to-equity ratio is 92.6%, and its cash-to-short-term debt ratio is 1.93. It hits the red line and is classified as Yellow stall enterprise.
Moody's revised CCRE's rating outlook from "stable" to "negative".
NO.13: Sansheng Hongye
Thunder level: ★★★★★
Reason for the list: bankruptcy and reorganization.
NO.14: Xiexin Yuanchuang
Thunder level: ★★★★★
Reason for the list: Xiexin Group, formerly Southwest Real Estate After being trapped in a debt crisis, the local powerhouse introduced investors to establish Xiexin Yuanchuang.
Xiexin Yuanchuang has a debt of 70 billion yuan, and more than 10 billion yuan of debt is overdue.
Due to frequent debt overdues, Xiexin Yuanchuang was downgraded to junk status by rating agencies such as Lianhe Credit Ratings.
Recently, Xiexin Yuanchuang has been filed for bankruptcy and reorganization by its creditors.
NO.15: R&F Real Estate
Thunder level: ★★★★
Reason for the list: 4 billion loan extended for 6 months, due within one year The current debt is 59.576 billion, and the three red lines are stepped on every day.
The rating agency Moody's announced that it has downgraded Guangzhou R&F to B2 and Hong Kong R&F to B3; the rating outlook is "negative".
R&F once annexed Wanda Hotel, and its hotel business continued to suffer losses.
NO.16: Sunshine 100
Level of thunderstorm: ★★★★
Reason for the list: Sunshine 100, with a debt of 50 billion, and the revenue in the first half of the year was only It is 3.3 billion yuan, but the annual interest expense exceeds 7 billion.
Multiple debt defaults and the suspension of projects in many places.
Another debt of over 10 billion is about to mature within a year.
In addition, bond prices have fallen significantly, the annualized return on commercial bills has reached 36%, the proportion of restricted assets is high, and 40% of employees have been laid off in the online transmission area.
NO.17: Xinli Real Estate
Level of thunderstorm: ★★★★
Reason for the list: Xinli, with a debt of about 80 billion. A mysterious real estate developer started in Jiangxi and went from 0 to 100 billion in 10 years.
The "Letter for Help from Xinli Real Estate Boss Zhang Yuanlin" circulated on the Internet stated that in 2019, Zhang Yuanlin, the founder of Xinli Holdings, owed HK$1.6 billion in loan sharks and has not been able to escape the debt crisis.
Every day, subsidiaries’ commercial invoices are overdue and progress payments are in arrears, and work is suspended by the general contractor.
It has been frequently revealed that a large number of bills cannot be paid when due.
NO.18: Zhongnan Construction
Thunderstorm Level: ★★★★
Reason for being on the list: Touching three red lines.
NO.19: Xiangsheng Real Estate
Level of thunderstorm: ★★★★
Reason for the list: Largely involved in private lending, listed as being subject to execution many times people. Mass layoffs.
NO.20: Xincheng Group
Level of thunderstorm: ★★★★
Reason for the list: Debt of 450 billion.
NO.21: Gemdale Group
Level of thunderstorm: ★★★★
Reason for the list: Top 20 real estate companies, debt of 300 billion, debt comparison The RMB 100 billion in 2016 tripled. Non-current liabilities due within one year were RMB 35.8 billion, bonds payable were RMB 42 billion, and total interest-bearing liabilities were RMB 123 billion. The net cash flow generated from operating activities in the first half of the year was: -10 billion yuan.
NO.22: Greenland Group
Level of thunderstorm: ★★★★
Reason for the list: Always stepping on the red line, with debts exceeding one trillion; Greenland has Large-scale layoffs began, with a layoff ratio of about 40%-50%.
NO.23: Fantasia
Level of thunder: ★★★★
Reason for the list: Citigroup and Credit Suisse Private Bank no longer accept Fantasia The holding's bonds are used as collateral, and now almost no one has bought the newly issued bonds.
NO.24: Country Garden
Level of thunderstorm: ★★★
Reason for the list: The scale is no less than that of Evergrande, and the debt is also in the trillions. Focusing on the layout of third- and fourth-tier cities to create a "super market in remote suburbs", from 2019 to 2020, Country Garden won a large amount of development land in third- and fourth-tier cities at a high premium. Due to the low population loss or inflow in third- and fourth-tier cities, the problem of inflated housing prices is serious and the market risks are extremely high.
Malaysia’s Forest City, which has invested heavily, is stuck in the quagmire and is almost at a standstill.
Construction site accidents and project quality problems caused by high turnover continue, and owners continue to complain and defend their rights. In 2020, the overall satisfaction level of real estate companies was at the bottom - the industry average level was 10 points, and Country Garden only scored 4 points.
Recently, Country Garden’s “Brand Department” has had frequent “mercenary” activities, which looks like Evergrande before the explosion.
NO.25: Sunac China
Level of thunder: ★★★
Reason for the list: Debt in the trillions level, not only in 22 key cities Spending a lot of money to grab land, they also acquired land at a premium of more than 50% in a large number of third- and fourth-tier cities, creating multiple land kings.
There are market rumors that Sunac went to Hong Kong for private placement and quoted twice the market price, which frightened the capital market. Moreover, Sunac also borrowed money from employees internally. The latest news is that it broke its contract with Wanda.
Sun Hongbin is most famous for his aggressiveness in the real estate industry, but he suddenly changed his tone at the semi-annual results meeting: "We expect the market to be more severe in the second half of the year, and safety is our top priority."