On the weekend of the Winter Olympics, the real estate giant Shimao Group, which attracted the attention of the industry by buying land and selling equity a while ago, was also on the hot search for “listing for 2.25 billion yuan to sell Shenkeng Hotel”.
Shimao Group responded that it would further balance its asset holdings, and some of its holdings had plans to dispose of it, but the information that the Internet Transmission Group commissioned an intermediary to sell Shanghai Shimao Shenkeng Hotel and the listed price of 2.25 billion was false.
The architectural miracle that took more than ten years to build has to be sold in a hurry after less than four years of operation, because it owes too much debt.
According to the annual report data for the first half of last year, as of the first half of the year, Shimao Group’s total liabilities reached 463.633 billion yuan, of which 120.071 billion yuan was long-term borrowings and 44.443 billion short-term loans, while the cash and cash equivalents on its accounts were only 74.769 billion yuan.
According to a UBS report, Shimao Group will mature its domestic and overseas bonds and overseas syndicated loans worth US$4.4 billion in 2022, excluding off-balance sheet debt of 120 billion yuan. Shimao Group is under great debt pressure.
Since the beginning of the year, Shimao Group has accelerated its asset processing. At the end of January, a document of Shimao Group’s asset package for sale was circulated in the industry, distributed in 17 regions including Beijing, Shanghai, Hangzhou, Nanjing, Fuzhou, Wuhan, etc. The total project price was about 74.1 billion yuan, excluding mortgage financing and project loans. With a balance of 53.1 billion yuan, Shimao Group can collect about 21 billion yuan.
In terms of operating data, it can be seen from the data released by the group that since the second half of last year, Shimao Group’s sales have experienced a sharp decline. Among them, the sales in October last year were 20.34 billion yuan, a year-on-year decrease of 32%; the contracted sales in November were 160.5 million yuan. 100 million yuan, a year-on-year decrease of 49%; contracted sales in December were 112.2 yuan, a year-on-year decrease of 70%.
In terms of share price, the share price of Shimao Group has been fluctuating and falling in the past year. As of February 11, the former 100 billion real estate giant has a market value of only 25.4 billion Hong Kong dollars.
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Responsible editor: Wei Xiaodan