The company frozen by the judiciary is Zhejiang Hongyuan Venture Capital Co., Ltd.
Standard & Poor’s said that Xiangsheng holding’s continuous use of cash to repay its matured debts will hinder the company’s liquidity in the next 12 months.
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The company has appointed Shengde international law firm as its legal adviser to provide opinions on relevant matters.
18, and the enforcement court is the people’s Court of Zhuji City, Shaoxing City, Zhejiang Province.
Moreover, Fitch said that since the stock price plummeted in November, the refinancing ability of Xiangsheng holding group for trust loans may have deteriorated significantly.
Under the terms of the senior notes, the company has a 30 day grace period to pay interest.
Fitch believes that the credit risk of Xiangsheng holding group has increased because there is not enough cash to repay the large-scale matured capital market debt in the next five months.
Before this announcement of breach of contract, Xiangsheng had shown signs of exposure.
If there is a slight difference, it will enter the ranks of thundering real estate enterprises.
On October 18, 2021, Moody’s, a rating agency, confirmed the “B2” corporate family rating (CFR) of Xiangsheng holdings and the “B3” senior unsecured rating of bonds issued, and the outlook was adjusted from “stable” to “negative”.
Because the problem of Xiangsheng holdings is not one day or two, the debt pressure is very obvious, and it is even more difficult to move forward under the current industry situation.
Xiangsheng is also a dark horse real estate enterprise that has suddenly soared in the past few years.
At present, the grace period has expired and the company has not paid interest before the expiration.
At present, the repayment date has passed, but the news that this debt of nearly 20million US dollars has not yet been paid is full of reverie.
Moreover, in addition to repaying a total of US $400million in foreign debt within half a year, recent enterprise investigations also showed that Xiangsheng holding subsidiary was frozen by the judiciary, involving a total of more than 100million yuan.
from “B” to “b-” and looked forward to “negative”, and lowered its long-term issuance rating of US dollar bills from “b-” to “CCC”.
Xiangsheng holding group said that the company is evaluating its liquidity, overall business operation and business environment, actively implementing effective liquidity solutions, and continuously paying close attention to the development of issues.
In November, 2021, Xiangsheng holdings was faced with a lot of pressure, and its share price plummeted by more than 50% one day.
The freezing date is from January 10, 2022.
In other words, the debt has not been fully settled.
However, at present, due to the impact of a variety of adverse factors such as macro-economy, real estate market environment, financial environment and multiple epidemics, the liquidity of the group has experienced periodic problems.
and the executee is Xiangsheng Industrial Group Co., Ltd., that is, the holding company of Zhejiang Hongyuan.
Subsequently, the company issued an emergency announcement, saying that the company operated normally, there was no default on its existing debts, and the controlling shareholder of the company did not pledge any shares.
Moreover, in addition to the obvious high debt, Xiangsheng holdings also has a lot of private loans.
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Kellychen, assistant vice president of Moody’s, said: “the negative outlook reflects Moody’s expectation that in the next 6-12 months, due to tight financing and weakening consumer sentiment, Xiangsheng Holdings’ contract sales will decline, which in turn will lead to the deterioration of the company’s financial indicators and liquidity.”.
The amount of equity and other investment interests held by the person subjected to enforcement is 106.25 million yuan, and the freezing period is until January 9, 2025.
After sunshine city, Zhengrong and Yuzhou, another 100 billion real estate enterprises will be declared as “thunderbolts”.
It was only in 2018 that it entered the 100 billion club..
The equity of the subsidiary was frozen by the judiciary.
On January 18, Cheung Kong Holdings announced that a senior note issued on January 23, 2021 and expiring on January 23 of this month had partially completed the exchange offer, and the notes effectively submitted for exchange and accepted according to the exchange offer had been cancelled.
According to the announcement, the company issued USD bonds with a principal of USD 200million, matured in 2023 and an annual interest rate of 12%, and a sum of USD 12million interest should be due and payable on February 18, 2022.
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Specifically, the document number of the enforcement ruling is: (2022) zhe 0681 Zhibao No.
On March 21, Xiangsheng Holding Group announced that the company failed to pay US $12million interest on US $200million bonds on schedule.
from “b-” to “CC”.
On November 3, 2021, S & P released a report saying that S & P lowered the issuer’s credit rating of Xiangsheng Holdings (Group) Co., Ltd.
Xiangsheng holdings will face greater operational pressure in the next one to two years, including the possible decline in contract sales and the slowdown in cash recovery rate caused by China’s tightened mortgage policy.
As a matter of fact, Xiangsheng Holdings has been downgraded by several international rating agencies.
However, US $19.47 million of the notes remained outstanding.
On January 18, 2022, Fitch lowered the long-term foreign currency issuer default rating (IDR) of Xiangsheng Holdings (Group) Co., Ltd.
The rating has been lowered for many times.
According to an insider of Xiangsheng holdings, according to the judicial freezing of the equity of the subsidiary, the account of the parent company “Xiangsheng Industrial Group Co., Ltd.” was also frozen.
At the same time, the company will also actively engage in dialogue with bondholders to seek and implement various ways to solve current liquidity problems.
