Huaxia happiness debt robbery: the founder paid 9 billion to bail out, and the second shareholder Ping’an gave up blood transfusion

Huaxia happiness debt robbery: the founder paid 9 billion to bail out, and the second shareholder Ping'an gave up blood transfusion

Ship hit the rocks, survival or destruction, perhaps only in a moment.
Over the past six months, China has been facing a critical moment of life and death. How to deal with hundreds of billions of debt is the most urgent problem in front of this Hebei 100 billion real estate enterprise.
Multiple sources confirmed to Phoenix Weekly real estate that the China Xia happiness debt scheme will be announced in July. According to media reports, the program probably includes debt rollover, admission of state-owned assets and business adjustment.
“There are many creditors, so it is difficult to negotiate. There are also differences among big creditors, so it is difficult to satisfy them with a one size fits all or package plan. ” Zhang Liang, a former Chinese happy employee, revealed that the company initially said that the plan would be released in May, and then delayed to June. The specific time to be announced should be seen.
July is coming, where to go and where Cathay happiness will be, is also the focus of the industry.
However, Zhang Liang decided not to wait.
Old reform project, sold?
To recover funds, Huaxia happiness has previously sold a number of assets.
Half a month ago, Huaxia happiness sold the old reform project under the South headquarters to pengrui, a local developer in Shenzhen, which aroused the imagination of the outside world.
On June 10, the enterprise investigation showed that Huaxia happiness (Shenzhen) urban renewal management Co., Ltd. was renamed as “pengrui (Shenzhen) Urban Development Co., Ltd.” and the shareholders were also wholly owned by Huaxia happiness (Shenzhen) Operation Management Co., Ltd. and changed to pengrui real estate.
The same day, there are also management staff of Huaxia happiness (Shenzhen) urban renewal management Co., Ltd.
Zhao Rong, who was admitted to Huaxia happiness from China Resources Land, was changed from the general manager to chairman. Xulongbiao, Wangxiao and panghui quit. Three new managers, Lin Qi, guodongfeng and Zhusha, were added, and they were pengrui people, among which guodongfeng was vice chairman of the board of directors of pengrui group.
All of these personnel are from the “China Resources Department”. They were exposed to join pengrui collectively, as early as March this year, following Wu Xiangdong, the former “soul figure” of China Resources Land, the current chairman and President of Huaxia happiness co chairman.
As of press release, the reporter sent an interview to pengrui about the above changes, but there was no response.
“The current confirmed information is the public information on the enterprise investigation, and the general manager Wu (Wu Xiangdong) has not changed at present, because the president of the listed company will make a public announcement if the president changes.”
“Under the pressure of debt, Huaxia happiness will pack and sell the old reform business with long operation cycle, more uncertainty and slow payment collection to exchange for cash, which can help Huaxia happiness alleviate liquidity pressure to some extent, and is also the correct solution to the current dilemma of Huaxia happiness.” Bai Wenxi, chief economist of IPG China, analyzes Phoenix Weekly real estate.
What about Southern headquarters?
The old reform project sold is one of the projects led by Wu Xiangdong, the spokesperson of Ping An, after ping an invested Huaxia happiness as the two shareholders.
Many people speculate that Wu Xiangdong has taken away from Huaxia happily, not only the old reform project, but also the most valuable commercial real estate.
According to the previous media reports, the business of Huaxia happiness business is about 30billion to 40billion yuan, of which the volume of the old reform project is not large.
Since 2019, the southern region of Huaxia happiness has obtained a large number of commercial plots, occupying a great amount of funds for China happiness. According to media statistics, Huaxia happiness has taken land in the field of commercial real estate with a total amount of nearly 35billion yuan.
Next, will Huaxia happiness choose to package and sell the commercial plots with large subsequent investment and slow return and poor liquidity to resolve and alleviate the current liquidity pressure?
Zhang Liang told Phoenix Weekly real estate that it is not realistic for Huaxia to sell southern commercial real estate happily because there are still two shareholders in the middle of the company.
According to media reports, a large amount of money has not been invested in the old reconstruction project transferred to pengrui, while the commercial real estate was won with great efforts. It is the most valuable asset of the whole southern project, and the disposal method has not been determined.
Peace and China Happy break up?
After Wu Xiangdong left, the outside world also speculated that peace or with Huaxia happiness officially “broke up”.
Founded in 1998, Huaxia happiness was founded by Wang literature, a businessman in Hebei Province, and has been labeled as “operator of industrial new city”, and has been repositioning in the surrounding Beijing area. The Gu’an industrial new town, which is built by Huaxia happily, is 50 kilometers away from Beijing, and is also regarded as a model room of the industrial new city.
With this model, in the past many years, China happiness has benefited from the Beijing Tianjin wing integration policy, once becoming a hundred billion clubs.
The turning point comes suddenly. In 2017, under the policy of limited purchase around Beijing, Cathay happiness suffered a lot.
By the second half of 2018, the first time, China happiness cash flow was in a hurry.
At this time, the white horse Knight came to China safely.
In July, 2018 and February 2019, Ping An Asset Management Co., Ltd. invested about 18billion twice, and obtained 25.25% equity of Huaxia happiness, ranking the second largest shareholder.
Wang literature came to peace in the middle of the dilemma, but Ping An was not a pure financial investor role, and Wu Xiangdong also came with the task of serving Ping An’s development strategy.
Wu Xiangdong was the founder of “China Resources Vientiane city”. After leading a group of old departments to join Huaxia happiness, Wu Xiangdong took the lead in developing complex and old reform in South headquarters, and also involved health care, long rent apartment and other businesses. This is related to the accumulated experience and resources accumulated by the team in China Resources Land.
The happiness of Huaxia, born in the industrial new city, also ushered in the second growth curve expected by the internal.
By this time, Huaxia happiness formed a pattern of “North South Division”: the northern team mainly based on Founder Wang literature and the southern team led by wuxiangdong, both of which operate independently.
The main body of the above-mentioned industrial and commercial change is Huaxia happiness (Shenzhen) urban renewal, which focuses on the old reform. It is reported that more than ten old renovation projects have been obtained in Shenzhen, Dongguan, Guangzhou and other places.
However, Huaxia happiness (Shenzhen) Operation Management Co., Ltd. was founded in December, 2018, and is regarded as the main platform of Huaxia happiness South headquarters.
“At the beginning, we are still looking forward to the 1 + 1 > 2 Zhang Liang recalled that in several plots won by the southern headquarters, although it was mainly the power of the southern headquarters, the northern headquarters also helped to do a lot of things and also contributed to it.
“We want to be the best commercial real estate project in China and eventually become one of the best commercial real estate developers or operators,” Wu said publicly
In the first year, peace and China have a sweet time.
But since then, the relationship between the two seems to have undergone subtle changes.
“There are more differences between the two in the later period,” according to Zhang Liang, Huaxia happiness is a rare and real-time company that is actually doing industrial real estate, and it is a long-term and high-investment business. Ping An may not know enough about the characteristics of this mode when investing, so it puts forward a lot of requirements on cash flow when investing.
Of course, it may be because he was a happy member of Cathay. In fact, statistics show that Ping An has “transfused” 54billion yuan to Huaxia happiness, including equity investment and on-the-balance sheet bond investment. In March, Xie Yonglin, general manager and co CEO of Ping An Group, said Ping An group said that it would no longer pay Huaxia happiness in the future.
“If Ping An (capital) continues to keep up, the industrial capacity of Huaxia happiness, together with the network of Wu (Wu Xiangdong), and the operation ability of commercial real estate of South headquarters, is a good combination. But it’s a pity. ” Zhang Liang sighed.
According to Bai Wenxi, Wu Xiangdong’s departure means that Ping An will no longer invest in or lend Huaxia happiness cash to Huaxia happiness. However, the rights and claims of Ping An in Huaxia happiness still exist, and Ping An cannot abandon and leave Huaxia happiness for the time being.
“As a formal investment institution, Ping An can do is not increase the investment in Huaxia happiness to stop losses, but also make good preparation for the loss of investment and loan and write off the losses.” He said.
Is it time to lighten the mode?
Zhang Liang recalled that as early as December 2020, many regions had difficulties in investment due to capital problems. At that time, he realized that “the problem is already very serious.”.
In his internal speech in February this year, Wang Wen said that he should make every effort to keep the orderly operation, “the new industrial city should be engaged in and the investment should be made; Peacock city we have to build and sell. ”
Previously, Huaxia happiness mainly relies on the development mode of “industrial new city + supporting housing”, uses “high turnover” residential development business peacock city to feed back the “slow turnover” industrial new town development business to achieve cash flow balance. With the escalation of policy control, the bubble has been punctured. Relying solely on industrial cultivation and population aggregation, the upgrading of the park has become slow and requires long-term financial support.
On this issue, Cathay happiness seems to be trying to take measures.
Since this year, the project of industrial new town under Huaxia happiness has also changed.
On June 17, Huaxia happiness Industrial Development Group and Hancheng municipal government of Shaanxi Province exchanged information about the city orientation, investment promotion and industrial services. Zhaowei, executive president of Huaxia happiness base Co., Ltd., said the two sides will cooperate in industrial consultation, industrial investment promotion, industrial services, industrial funds and so on.
However, the role of Huaxia happiness has become to provide “industry investment promotion service”, and it begins to transform to light asset model, which is different from the heavy asset model which provided comprehensive development services before.
“What we have to do is to expand cash flow and income by all means.” Zhang Liang revealed that China happiness is indeed undergoing some transformation to provide services to partners willing to use Huaxia happiness services.
In addition, peacock City, a residential project under Huaxia happiness, is also selling and delivering houses normally.
Zhang Liang introduced that in the first quarter of this year, there were still problems in the operation of peacock city project. Subsequently, the funds of each major region were isolated and closed operation was carried out. “It is the funds of each region, which is used in each region”, which ensures the normal development of most regional businesses.
“I did it today and I’d rather lose.” Wang literature, founder of Chinese happiness, once said. According to him, he has paid 9.3 billion yuan to fill the hole in China’s happiness debt.
But now it seems that it’s a drop in the bucket.
As of June 21, the principal and interest of China happiness overdue debt was 66.99 billion yuan, and as of 28, the total market value was only 20.5 billion yuan.
In his internal speech in February, Wang Wen sincerely called on the brothers with “righteousness” to stay and help him, help the company and get through the difficulties.
But I’m afraid that loyalty alone can only keep people for a while.
“Wang literature chairman is very kind and generous, but it is a pity for him.” After weighing, Zhang Liang chose to leave.
His tone is hard to hide, for himself, also for the six years of Chinese happiness.

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