Recently, Sunac's "selling" speed has obviously accelerated. In the past two months, several projects have been transferred in Ningbo, Guangzhou, Zhongshan and other places, including Xiamen International Trade, Jindi Commercial and Cinda.
Not only that, on March 2 1 day, Sunac issued a profit warning, predicting that the profit attributable to owners of the company in 20021year will decrease by about 85% compared with 2020, and the core net profit will decrease by 50% compared with 2020.
A week later, Sunac announced that if the unaudited annual results of 20021were not published, the share price fell by more than 22% the next day.
Rongchuang dilemma
In order to pay the public debt, Sunac made no effort.
Sunac said that in order to cope with the open market debts due in March and April, the company actively promoted various fund schemes including asset disposal and special financing, but due to changes in the external environment, the schemes were difficult to implement.
Since the second half of 20021,the real estate market has declined, and the company's sales revenue has declined for eight consecutive months. The data shows that since July last year, Sunac's sales have experienced a negative growth of 5.55%, and it is still expanding. 10 once fell to 165438+47.02%. During the period of1-February this year, the decline further expanded, and the cumulative sales decreased by about 26.5% year-on-year. Sunac's liquidity pressure is highlighted.
In addition, three major rating agencies, Standard & Poor's, Fitch and Moody's International, recently significantly downgraded Sunac's China rating, further improving Sunac's debt risk. It is reported that due to the recent downgrade, Sunac's overseas private debt of about $3 billion and related syndicated loans have triggered accelerated maturity, and the company has now started to communicate with these investors.
In addition, Sunac has more than10 billion of public debt due for resale and repayment this year. According to statistics, at present, Sunac Group has 9 bonds, with a scale of 65.438+06.749 billion yuan, of which 65.438+08.75 billion yuan is due within one year, and two bonds totaling 3.394 billion yuan are facing resale this year.
In addition, Sunac China has 12 USD bonds with a scale of 7.704 billion USD, of which two bonds with a total amount of1200 million USD (about 7.5 billion RMB) will expire in June and August this year respectively.
Therefore, the situation faced by Sunac is not just a single debt extension, but a series of chain reactions, which is difficult to be optimistic.