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Guang Group is rumored to be facing bankruptcy after failing to deliver buildings on time. The third article below says the firm has been blacklisted by the banks and was already considered a "bad debtor" as early as 2012. The firm is rumored to have been borrowing privately at 4% monthly interest rates; the company neither confirmed nor denied. Another article claims the company borrowed at 21.6% interest last year from Hana Bank. (曝光耀资金内幕 去年向韩亚银行贷款年利率高达21.6%)
Just below is the company's response: capital is indeed tight, but that doesn't equal bankruptcy.
Whether accurate or not (in terms of the bankruptcy rumor), this story is among the top headlines on some business sites or in their finance sections, including People's Daily.
光耀地产回应面临破产传闻：资金链确紧张但不至于倒闭 (Guang Group responds: Capital Chain Tight But That Doesn't Equal Bankruptcy)
Chinese media reported today hundred glorious estate real estate companies can not pay because of a number of real estate building, the company is facing collapse. In addition, the company has been included in the national list of dishonest debtor.
In this regard, the real estate aspects Guangyao said in response to the China Securities Network, indeed there are several real estate companies postponed handover situation, capital chain does have some difficulties, but are seeking alternative sources of finance banking, trust, etc., "and will not collapse."
It is understood that due glorious estate capital chain tension, resulting in its listed companies * sum of 60 million yuan loan guarantees for new capital ST violations carried out while exposing the * ST new capital letter Phi violation, and therefore the property is listed Guangyao into a national dishonest debtor lists.
In this regard, glorious estate has been included in the national response to recognize dishonest debtor list, "but the reasons are complex, in the middle there are some disputes."
中国百强房企光耀地产被传倒闭 资金周转成硬伤
According to the 21st Century Network reported that the evening of May 6, the blue whale posted a message on the micro-Bo said China housing prices hundred industry - not because of a number of real estate properties Guangyao delivery, the company is facing collapse. In addition, the Supreme People's Republic of China Guangyao estate also included in the national list of dishonest debtor, mainly due to funding problems chain.
Shine in the sale of real estate projects currently in Huizhou: glorious city, Fei Li Guangyao Kong, glorious generals lake, glorious Dutch town, the valley two glorious city, Mark settlements, DADA grass and so on. According to rough calculations, the total area over 2.4 million square meters, a huge body mass.
Earlier, media reports, the glorious city a new opening time delay from the end of last year so far, pending opening of the estate has not yet capped. Glorious city is located in Huiyang District, Huizhou, is a super market, officially opened by the end of 2010. This should be submitted at the end of December last year, the glorious city of five two groups of about 100 villas has not handover, this should be submitted in March this year, 30 groups of four two buildings was also postponed. According to the contract signed with the owners of the property Guangyao, extension submitted more than 180 days, the owner is entitled to check-out, daily prices by ten thousandths or compensation, within 180 days of delay can not choose check out, but every day can be postponed prices Wan two-thirds compensation.
Analysis of the industry, lack of demand for third-tier cities, the property market has changed expectations, glorious estate bubble appeared in the Huizhou stronghold, also bear the brunt of the impact, and now quite a sense of riding a tiger, the extension submitted that their liquidity into the mishap.
百强房企光耀地产多个楼盘停工被银行拉黑 资金链告急 (Guang Group Construction Stopped; Blacklisted By Banks; Capital Emergency)
However, this is a glorious estate fortune blessed, but now it has become difficult to get out of its swamp, under the macroeconomic policy and bank credit limit further regulation of the real estate market, this is the headquarters of Huizhou real estate business is currently struggling
May 6 in the evening, on the microblogging broke glorious estate in several real estate projects in Huizhou funding problems due cause could not be delivered on time, on major issues facing the company.
A glorious estate reliable sources revealed to the 21st Century Network: "The company is in a really difficult period of development, liquidity facing great pressure, but now has been difficult to obtain loans from the bank."
According to informed sources, in order to quickly return the funds, shine in the sale of real estate in other more or less exist "pledged for projects" listings, as well as its sale of real estate are carried at different levels of markdowns Huizhou.
The huge financial pressure, along with the glorious real estate "Great Leap Forward" of the expansion, when banks tightened lending to housing prices, real estate will shine on the verge of breaking into the quagmire of capital chain.
Undoubtedly, the moment of glorious estate, is in troubled times.
Many real estate downtime, Guangyao emergency funds
May 6 in the evening, microblogging rumors that Chinese housing prices hundred industry - glorious estate properties because many late delivery, the company is facing collapse.
In this regard, the glorious 21st century real estate network official response: "collapse of saying too exaggerated, but it does have a few delays in delivery of real estate, mainly in Huizhou, the specific circumstances of the company has to coordinate multiple resources, accelerate the construction schedule to ensure that the interests of owners , the company has delayed handover projects with multiple owners to communicate with nodes handover time measures, compensation and other aspects have been introduced, and has been notified to each owner. "
According to 21st Century Network grasp information that the glorious estate has several more than one million square meters of the market is developing in Huizhou, these properties include the Dutch town, Fei Li in Hong Kong, Mark settlements, now part of the estate are in a constant state of suspension . According to rough estimates Soufangwang information, these projects total area more than 3 million square meters, volume is very large.
Which, in accordance with the request of the Dutch town Guangyao deliver 13-18 to the owners at the end of 2013, involving the owners of nearly a thousand households, but as of today the delay in the completion of delivery.
The owners of rights suffered another project for Fei Li Guangyao Kong, the project is located in Huizhou city government's latest plan Dongping gold triangle on the Central Riverside mansion district, according to a financial network reported that the original D1, D2, Building 12, originally scheduled for 2013 May 30 repossession, but delayed until April 30, 2014 repossession, however, the holiday has passed, but still have not seen repossession below.
Informed sources claimed that Fei Li Guangyao Kong from years ago has been fully in shutdown state, not just in Hong Kong Li Fei, including glorious art of living in another conceptual project in Huizhou Mark settlements date from early 2014 work stoppage.
Delayed due to late delivery of multiple projects, and also a state of suspension, glorious estate funds strand breaks message loud and clear.
In this regard, a glorious estate reliable sources Poxian helpless to 21st Century Network, said: "Real estate is indeed shine is in a very difficult period, I believe this is the plight of the majority of private enterprises, especially small and medium real estate companies facing real estate, cash flow housing prices has become a little flawed, in fact, is now difficult to get glorious estate loans in the bank. "
However, the glorious estate network in the 21st century to an official reply to the letter, said the company does exist funding level pressure, but the company's financing channels, cooperative banks are also behind Guangyao, company information through the current difficult phase , network transmission shine on the verge of closure or already closed Xiaoxibushi.
However, for the 21 Century Network continued to question the existing financing channels, as well as cooperative banks specific point, the glorious estate has become a closely guarded secret, Gu left him concerned.
Selling price trend is clearly
There is no doubt that the glorious estate has long been suffering from a "thirst for money," according to informed sources, in order to quickly return the funds, glorious estate are more or less "collateral for projects" in the sale of real estate in other of Huizhou listings, as well as its sale of real estate are carried at different levels of markdowns.
Daya Bay in Huizhou DADA grass, launch now purchase up to 7 million renovation Mini fees promotions. However, as the project is located in Daya Bay Petrochemical area, its sales and poor.
In addition, another glorious art of living in the concept of the project sold Mark settlements, its real estate price trends from opening last June, has been declining, from the average price of 6800 yuan / square meter to the current average price of 5200 yuan / square meters.
In this regard, the same strategy consulting, research director Zhang Hongwei network analysis to the 21st century, under normal circumstances, providers will mortgage the house to open the construction side, the material side is due to funding constraints upset, because the glorious estate in Huizhou multiple simultaneous disk development, short-term funding is not in place of a single disk may affect other basic maintenance or development projects, in order to quickly back section, sacrifice profits for cash flow, this behavior is not difficult to understand.
View Guangyao estate subsidiary "* ST Metropolis 2013 report shows that glorious estate in 2013 to realize an annual income of 4.5 billion, and this figure does not even chip area, and in 2011 in Huizhou sales, net profit of 480 million yuan annual net cash flow -12,297 million. ended December 31, 2013, total assets of 9.45 billion yuan, total liabilities of 4.49 billion yuan, net assets of 50 million yuan.
Sleepy market model
Guangyao estate was founded in 2002, started in Huizhou, Guangdong Province, to real estate development and property management community-based industry, from 800 to 6000 million in sales, from a nameless Huizhou known to many real estate boss, as a headquarters located in Shenzhen, Huizhou, but the rise in real estate companies, real estate shine after Hengda, and created a local real estate myth.
However, as also defeated Xiao. This is a glorious estate fortune blessed, and now it has become difficult to get out of the swamp, in macroeconomic policy and bank credit limit under the regulation of the real estate market further, this is the headquarters of Huizhou real estate business is currently struggling.
The huge financial pressure, it is derived from the glorious real estate "Great Leap Forward" expansion, glorious Properties Chairman Guo Yaoming had said in an interview in 2011 with more than 20 billion real estate Guangyao get, simultaneously, Guangyao launched more than 10 projects in the country, of which eight acres of super-market.
In this regard, Xu Feng, director of Midland Real Estate Research Center, said glorious estate market has developed operating mode bias always get to control costs in order to pursue economies of scale, but large-scale projects to take place upfront, bank interest, costs than labor costs high, capital market operation pressure is very large, especially poor and third tier cities appear in the case of excess demand, the impact is also the largest market in the market.
In glorious rapid development, outside the more curious is its unknown financing channels and modes.
Yau-name told the media revealed that the source of 80% of its development funds are project loans, 20% of the trust as a supplement, in addition to its own funds, other sources of funds mainly rely on bank loans, while also expanding shine as trusts, funds, development financing.
But with the increasingly stringent bank lending restrictions, glorious estate financing currently mainly comes from the trust financing. But trust financing costs are higher than interest on bank loans for high-cost financing, Zhang Hongwei analysts said the 21st Century Network, for lack of capital market financing capacity of housing prices, the face of tightening bank credit channels, can only borrow Road in the trust, but now the real estate trust products bubble is too big, glorious estate financing could further experience "bottleneck."
Financing channels Zaocuo
In addition, media reports said, in order to cope with cash flow difficulties, was forced to civil usury glorious estate financing, the borrower's monthly interest rate of up to 4-4.5%, this news, the glorious 21st Century Network Media Director Zou estate law before confirmation, but its did not confirm whether the news is true.
The glorious estate in troubled times, in addition to civil usury financing rumors, the new capital because of its subsidiary * ST illegal disclosure of information by the Commission to initiate an investigation, but also let Guangyao estate financing irregularities surfaced.
According to the annual report 2013 * ST Metropolis display, * ST new capital in July 2011 the total sum of its major shareholders glorious estate provide security for 60 million yuan loan, but this loan guarantee without * ST Metropolis Board of Directors Shareholders' General Meeting, the Board is under no knowledge of the case without the name of the company as collateral related party debt made.
Ironically, the emergence through the Baidu search for "glorious estate," the first piece of information is the web's glorious estate "Because dishonesty has been included in the national list of dishonest debtor." March 7, 2012, Rongcheng District Jieyang Zhang Guangyao will lend 120 million yuan Group Ltd., Shenzhen, Guangzhou Guangyao Real Estate Group Co., Guo Yao were jointly and severally liable, the two sides signed a "guaranteed loan contract." convention, borrowing a term of three months, mainly for bank foreclosure floor and working capital turnover, but after borrowing maturity, brilliance Group does not repay on time, the guarantor glorious estate, Yau-name did not fulfill guarantee obligations, so it is The Court will execute the command center in Guangdong Guangyao Group Co., Ltd. was announced dishonest debtor information.
May 2013, the debtor Guangyao Group, glorious estate due to funding difficulties, a commercial bank in Shenzhen to apply for a loan, but because there is no court record of fulfilling promises was the bank refused. Ask real estate smooth shine on the banks borrow money, it will be a matter of prospective owners and the industry will continue to concern.
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