So here is a list on their Thunderstorm heavy companies. Thunderstorm in this context means "we're kinda fucked" on a one through five star rating, with one being the most unlikely to be liquidated to five meaning "we're already not paying the janitor". If you or someone you know has holdings in any of these companies... I don't envy you.
NO.1: Evergrande
Thunderstorm degree: ★★★★★
Reasons for listing: The national real estate leader is at risk. Commercial bills are overdue every day. Bonds have been suspended from financing and layoffs 60% of the staff. Financial institutions panic due to the guarantee of housing delivery at all costs. Two trusts demanded early repayment of loans. The debt level is trillions, and the off-balance sheet liabilities (commercial notes, etc.) are at the level of 100 billions.
Moody's credit rating: company "Ca" (second to last), unsecured notes "C" (first to last), rating outlook "negative".
NO.2: China Fortune
Thunderstorm degree : ★★★★★
Reasons for listing: 2020 real estate top 10, Hebei leading real estate company, with a total debt of 400 billion. It was announced in March that the capital chain was broken, and the loss in the first half of the year was nearly 10 billion. As of September 4, the principal and interest of default debt totaled 87.899 billion. No funds available.
China Ping An , once the white knight of China Fortune and the biggest benefactor , accrued a loss of 35.9 billion.
China Chengxin International has removed China Fortune from its credit rating list.
NO.3: Xinhualian
Thunderstorm degree : ★★★★★
Reasons for listing: The total book value of assets that are mortgaged, pledged, seized, seized, and frozen is 45.458 billion yuan in default of debt.
NO.4: Hongkun Real Estate:
Thunderstorm degree : ★★★★★
Reasons for being on the list:
The performance of Hongkun Real Estate fell sharply, operating cash flow was cut in half, financing costs were high and the financing environment continued to deteriorate, and debt pressure and liquidity problems began to appear.
NO.5: Hengtai Real Estate:
Thunderstorm degree : ★★★★★
Reason for listing: Frequent inclusion of persons subject to enforcement.
NO.6: On-site real estate
Thunderstorm degree : ★★★★★
Reasons for the list: Large-scale commercial bills were overdue and not redeemed, and suppliers and ticket holders went to the field headquarters to defend their rights.
NO.7: Blu-ray development
Thunderstorm degree: ★★★★★
Reason for listing: Known as the "Southwestern King", with a debt of 200 billion, he once stepped into a 100 billion real estate company. Many projects have been suspended. According to Blu-ray's 2021 semi-annual report, its book free funds are only 300 million yuan. On September 3, all the shares held by Blu-ray's controlling shareholder, Blu-ray Group, were bid for by natural person Gu Bin. The total transaction price was only 200 million yuan, and the average price per share was 2 yuan.
1.
Chengfei Construction: Frequent inclusion of persons subject to enforcement
NO.8: Baoneng Group
Thunderstorm degree : ★★★★★
Reasons for the list: The financial products of the Golden Exchange are overdue, and the employees are asking for salary.
NO.9: Rongsheng Development
Thunderstorm degree: ★★★★★
Reasons for the list: Top 16 real estate companies, 250 billion in debt, and stock price cut in the past year.
Step on most of the red lines. Short-term debt accounts for a relatively 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, almost exhausted.
In the first half of the year, it frequently provided financing guarantees to its subsidiaries, and has issued more than 20 guarantee announcements. The scale of guarantees is huge.
Recently, many projects have been sold at significant price cuts, and the housing price discounts in places such as Beijing and Qingdao have even been as low as 50%.
The U.S. dollar debt is extremely low, the rating is downgraded, and external financing is blocked. In the next one to two years, Rongsheng Development’s operations and financial conditions will face various challenges.
NO.10: Tahoe Real Estate
Thunderstorm degree: ★★★★★
Reasons for listing: liabilities of 200 billion yuan, operating income in the first half of the year was only 662 million yuan; net profit loss attributable to shareholders of listed companies was 852 million yuan; net cash flow from operating activities-899 million yuan, with a total debt-to-asset ratio of 91.81%.
On August 28, Tahoe Group held a press conference in the Chinese Yard. The boss Huang Qisen personally took the stage to promote the house in the Chinese Yard. At the scene, owners of unfinished buildings came on stage and presented to Huang Qisen a silk banner for hundreds of thousands of unfinished building owners across the country. The banner read: The project of one hundred cities and one thousand buildings was unfinished, and one hundred thousand owners were left homeless. The owner was injured by Tahoe security.
NO.11: Kaaba Group
Thunderstorm degree: ★★★★★
Reason for listing: Tianfang Group, once the largest state-owned real estate company in Tianjin, exploded in 2018 and has a debt of nearly 200 billion.
Tianfang Development, once held by the 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
Thunderstorm degree: ★★★★★
Reason for listing: Henan Diwang, the largest real estate company in Henan, has sales of over 100 billion in 2020 and 150 billion in debt.
The fuze comes from a letter of assistance-"Report on Major Risks and Crises in Enterprises and Requests for Assistance and Rescue", which shows that, affected by the flood and the epidemic, more than 300 real estate projects of Jianye have been closed or semi-closed, but need to be closed. After paying huge operating costs, sales performance has declined, sales and collections have been reduced by nearly 3 billion yuan compared with the original plan, many construction sites have been suspended, and various economic losses have exceeded 5 billion yuan.
The problem actually doesn't just come from natural disasters:
Jianye’s asset-liability ratio was 87.2%, net debt ratio was 92.6%, cash short- term debt ratio was 1.93, and it stepped on the red line and was classified as a yellow company.
Moody's revised CCRE's rating outlook from "stable" to "negative"
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