2025.08. 12 本文字数：2353，阅读时长大约4分钟 作者 | 第一财经 郑娜 据克而瑞不完全统计，在本轮行业的深度调整中，已有包括新力、大发、佳源国际和中国恒大等在内的4家内房企业被颁令清盘。华南城是截 至目前的第5家内房企，更是首家有国资背景的开发商。 早在2022年时，华南城就引入了国资力量，在后者支持下进行了一系列资产处置和融资活动，并推进境外债务展期。但历经近三年努力，华 南城仍未能得到根本性恢复，如今仍走向了清盘的终局。目前，华南城的股票暂停买卖，并将继续停牌。 走向清盘 此次清盘由花旗国际在2025年1月27日提出，事关一笔于2024年4月到期的美元债，欠款共约3.06亿美元。 这笔美元债的违约情况最早发生在2024年2月初。彼时，华南城表示，近年来，因外部因素变化，公司销售不及预期，现金流只能保证日常 经营所需。上述因素的叠加效应导致该公司流动资金日趋紧张，因此在债务上面临着非常大的还本付息压力。 "我们自2022年以来采取了各种积极措施，并成功将境外美元债进行了几次展期。但公司经营以及资金状况未能及时改善，"基于此，华南城 坦言，不会就2024年10月票据于2024年2月9日到期的 ...

智通财经APP讯，华南城(01668)公布，冯星航先生因希望投入更多时间处理其他个人事务，辞去公司非 执行董事职务，自2025年8月10日起生效。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何部分內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任 China South City Holdings Limited (In Liquidation) 華南城控股有限公司 (清盤中) ( 於香港註冊成立的有限公司 ) (股份代號: 1668) 非執行董事辭任 華南城控股有限公司(清盤中)(「本公司」)宣佈，馮星航先生(「馮先生」) 因希 望投入更多時間處理其他個人事務，辭去本公司非執行董事職務，自2025年8月 10日起生效。 馮先生已確認其與本公司董事會並無任何分歧，且彼並不知悉任何與其辭任有 關而需要提請本公司股東及香港聯合交易所有限公司(「聯交所」)注意的事項。 本公司股份已於2025年8月11日(星期一)上午10:55起在聯交所暫停買賣，直至另 行通知為止。 本公司證券持有人及本公司潛在投資者在買賣本公司證券或作出有關證券的決 定時務請謹慎行事。 代表 華南城控股有限公司 (清盤中) 周 偉 成 潘 路 洋 共同及各別清盤人 ( 作為代理人毋需承 ...

China South City Holdings Limited (In Liquidation) 華南城控股有限公司 (清盤中) ( 於香港註冊成立的有限公司 ) (股份代號: 1668) 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何部分內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任 本公司債權人及／或其他相關者如有查詢，請聯絡清盤人，電郵地址為 ProjectCompassFTI@fticonsulting.com。 暫停買賣 股份自 2025 年 8 月 11 日（星期一）上午 10 時 55 分起暫停買賣，並將繼續停牌，直 至另行通知。 本公司股東、投資者及潛在投資者在買賣本公司證券時務請審慎行事。 代表 華南城控股有限公司 (清盤中) 周 偉 成 潘 路 洋 共同及各別清盤人 ( 作為代理人毋需承擔任何個人責任 由法院作出清盤令及委任共同及各別清盤人 ; 及 暫停買賣 本公佈由華南城控股有限公司 (清盤中)（「本公司」）根據香港聯合交易所有限公司 證券上市規則（「上市規則」）第 13.0 ...

早在2023年12月，华南城就曾发布公告称，集团因受到房地产行业运营环境恶化的影响，已经遇到并预 计将继续面临重大的资金流动和现金流紧张问题。当时公告显示，华南城2024年有5只美元债要面临兑 付，规模达11.99亿美元。 2024年，华南城录得了上市以来的首次大额亏损。根据华南城的年报，截至去年底，华南城负债总额约 为609亿港元。据独立核数师报告，华南城去年底流动负债超过流动资产28.48亿港元，即期部分计息债 务（包括优先票据及计息银行及其他借款）为182.41亿港元，现金及现金等价物为0.41亿港元。与此同 时，华南城违约借款累计达157.42亿港元，未能依时支付本金或利息。安永为华南城的独立核数师，并 发出"无法表示意见"。 5月19日，华南城在港交所公告，当日香港高等法院聆讯上，香港高等法院下令将呈请的清盘聆讯押后 至2025年8月11日。该清盘呈请由债权人花旗国际提出，它是华南城美元债的信托人，清盘呈请的原因 是华南城未能偿还2024年4月到期的约3.06亿美元欠款。 华南城经历数月谈判后，仍未获得足够债权人支持其重组方案。华南城此前与债权人就多个问题发生争 执，在今年5月法庭聆讯上，债权人表示 ...

华南城(1668.HK)上午10时55分起停牌。停牌前报0.107港元，跌1.83%。消息面上，有媒体称华南城被 香港高等法院勒令清盘，成为自中国恒大(3333.HK)被清盘以来资产规模最大的中国房地产商。此前华 南城经过数月谈判，但其重组方案仍未能获得债权人足够支持。 华南城此前与债权人就多个问题发生争执。在5月份的一次听证会上，债权人表示，他们希望华南城的 最大股东深圳市特区建设发展集团有限公司在债务谈判中发挥更大作用。 ...

每经AI快讯，8月11日，港股华南城于上午10时55分起暂停买卖。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華南城控股有限公司 呈交日期: 2025年8月5日 FF301 FF301 II. 已發行股份及/或庫存股份變動 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01668 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 0 HKD | | 0 | HKD | | 0 | | 增加 / 減少 (-) | | | | 0 | | | HKD | | | | 本月底結存 | | | | 0 HKD | | 0 | HKD | | 0 | 本 ...

华南城(01668.HK)：于2025年5月19日的高等法院聆讯上，高等法院下令将呈请的清盘聆讯押后至2025 年8月11日。 ...

Strategic Projects and Locations - China South City has established eight projects aligned with national strategies such as the "Greater Bay Area", "Belt and Road" initiative, and "Yangtze River Economic Belt" [12] - CSC Shenzhen, located in Longgang District, is the Group's first project and is strategically positioned within the Greater Bay Area [18] - CSC Shenzhen covers a site area of approximately 1.02 million sq.m. and a total planned GFA of 2.71 million sq.m.[25] - CSC Nanning has a total planned net land area of approximately 1.83 million sq.m. and a total planned GFA of approximately 4.88 million sq.m.[39] - The project in CSC Nanning is strategically located near major transportation hubs, enhancing accessibility for suppliers and merchants[45] - CSC Nanchang has established a 30,000 sq.m. influencer livestreaming base to provide comprehensive services including anchor training and operation management[50] - The total planned land area for CSC Nanchang is approximately 2.61 million sq.m. with a total planned GFA of approximately 6.87 million sq.m.[52] - CSC Xi'an has a total planned land area of approximately 10.00 million sq.m. and a total planned GFA of approximately 17.50 million sq.m.[64] - CSC Harbin has a total planned land area of approximately 10.00 million sq.m. and a total planned GFA of approximately 12.00 million sq.m.[75] - CSC Zhengzhou has a total planned net land area of approximately 7.00 million sq.m. and a total planned GFA of approximately 12.00 million sq.m.[89] - CSC Hefei has a total planned net land area of approximately 10.00 million sq.m. with a total planned GFA of approximately 12.00 million sq.m.[101] - CSC Chongqing has a total planned net land area of approximately 5.90 million sq.m. with a total GFA of approximately 13.10 million sq.m.[114] Financial Performance and Projections - Revenue for the fiscal year 2024 is projected to be HK$4,083,380,000, an increase from HK$3,508,926,000 in the previous fiscal year[134] - Profit attributable to owners of the parent for the fiscal year 2024 is expected to be HK$760,200,000, compared to HK$699,984,000 in the previous fiscal year[135] - For the financial year 2024, revenue increased by 16.4% to HK$4,083,380, compared to HK$3,508,926 in the previous year[137] - The loss for the year reached HK$8,975,904, a significant increase of 107.9% from HK$4,317,590 in the previous period[137] - The basic loss per share was HK(78.45) cents, compared to HK(37.73) cents in the previous period, indicating a worsening financial position[137] - The Group's liquidity has become increasingly strained due to external environmental changes and sales falling short of expectations[158] - Net loss attributable to owners of the parent was HK$8,975.8 million, significantly higher than the previous year's loss of HK$4,317.5 million, resulting in a basic loss per share of HK78.45 cents[185] - The total interest-bearing debts of the Group decreased to HK$30,220.4 million as of 31 December 2024, down from HK$31,752.3 million a year earlier, with a gearing ratio of 110.9%[184] - Cash and bank balances as of 31 December 2024 were HK$717.7 million, a decrease from HK$1,143.6 million as of 31 December 2023[184] Operational Strategies and Initiatives - The Group's operational strategy was adjusted to focus on cash collection and merchant recruitment, with an emphasis on stabilizing operations[141] - The Group successfully completed the majority of its guaranteed delivery tasks, despite facing challenges in sales clearance progress[145] - The Group's logistics division, Qianlong Logistics, engaged with potential clients like the Want Want Group to enhance logistics solutions[149] - The Group plans to focus on sustainable development strategies centered on "merchant recruitment and operations" while optimizing its business structure[153] - The Group aims to accelerate asset destocking and enhance efficiency to further reduce interest-bearing liabilities[153] - The operational management team enhanced online and offline services, driving foot traffic and consumer demand, resulting in improved merchant performance and profitability[165] - A strategic partnership was established with Huamei Lijia Group to implement a 450,000 square meter furniture and building materials brand pavilion in Nanchang[165] - The establishment of an online centralized procurement platform in Chongqing is expected to enhance operations and services through digital empowerment[165] Market and Economic Context - The local government is developing Longgang District as an innovation center, which will advance infrastructure such as logistics and healthcare [19] - The ongoing development of transportation infrastructure, including the planned Metro Line 6 in Nanning, is expected to boost visitor traffic and business opportunities[33] - The metro south line 4 across CSC Hefei has been opened for operation on May 1, 2024, enhancing connectivity[95] - In the financial year, China's GDP grew by 5% year-on-year, indicating a significant slowdown compared to the previous year[157] Revenue Streams and Performance Metrics - Revenue from the sale of properties increased by 18.7% to HK$2,995.1 million, driven by the delivery of more properties that had completed contract sales in previous periods[192] - Property leasing income was HK$543.1 million, reflecting a decrease of 10.9% compared to HK$456.9 million in FY2023 due to declining leasing demand[194] - Other recurring revenue rose by 3.0% to HK$545.2 million, with logistics and warehousing services revenue decreasing to HK$123.5 million, while outlet operations revenue increased to HK$326.8 million[195] - The Group's cost of sales increased by 22.9% to HK$3,317.5 million, primarily due to an increase in projects delivered[196] - Gross profit decreased by 5.3% to HK$765.9 million, with a gross profit margin of 18.8%, down from 23.0% in the previous year[197] Recognition and Awards - The Group has been recognized in the "Top 50 Chinese Outlets" awards, highlighting its market presence and operational success[151] - The Group has received multiple honors, including the "2024 Guangdong Property Industry Comprehensive Strength Enterprise" award[174] - First Asia Pacific Group achieved National First-Class Property Management Qualification and received multiple awards, including "2024 Guangdong Property Industry Comprehensive Strength Enterprise"[172]