8月11日，华南城宣布公司被高等法院下令清盘，同时发布停牌公告。这意味着华南城成为恒大之后， 又一家被清盘的大型房企。 截至2024年底，华南城账面现金仅为3743.1万元，而短期有息负债达到165.96亿元。公司总市值约为12 亿元，远低于554.47亿元的总负债。 值得一提的是，腾讯作为持股8.35%的第三大股东，从2014年就开始投资华南城，如今面临巨额投资损 失。 截至2024年底，华南城账面现金仅为3743.1万元，而短期有息负债达到165.96亿元。目前公司总市值约 为12亿元，远低于554.47亿元的总负债。 一般来说，破产清算还债顺序是：清盘费用→优先债权（员工工资等）→有担保债权→普通债权→股东 权益。由于华南城债务规模庞大，留给股东的剩余价值可能所剩无几。 值得一提的是，华南城发展过程中多次引入战投。2014年华南城与腾讯签订投资协议，后者分两次以 23.225亿港元的总价认购华南城发行新股，成为其重要股东，据媒体测算，平均每股持股成本约为2.544 港元。截至目前，腾讯旗下全资子公司"THL H Limited持有8.35%的股份，是华南城第三大股东。 对于腾讯来说，华南城的清盘很可能意 ...

Core Viewpoint - South China City Holdings Limited has been officially declared insolvent by the Hong Kong court, marking a significant event in the real estate sector as it becomes the largest Chinese property company to face liquidation since China Evergrande [2][3]. Group 1: Company Background and Financial Struggles - South China City, founded in 2002, rapidly grew through its "industrial raw material distribution + trade logistics park" model, with its Shenzhen project recognized as a key logistics initiative by the local government [9]. - Despite receiving financial support from Shenzhen Capital Group, South China City has struggled to recover, with its financial performance remaining weak. The company reported a record loss of HKD 89.76 billion in the 2024 fiscal year, attributed to increased inventory impairment provisions and a decline in the fair value of investment properties [11][12]. - The company's debt situation is dire, with interest-bearing debt reaching HKD 302.2 billion, while cash and bank deposits are only HKD 7.177 billion, leading to a liquidity crisis [11]. Group 2: Restructuring Attempts and Court Proceedings - South China City has faced prolonged negotiations for a restructuring plan, which ultimately failed to gain sufficient support from creditors, leading to the court's decision for liquidation [3][8]. - The company had previously attempted to extend its dollar bonds and sought waivers from creditors, but these efforts were unsuccessful, prompting the need for judicial intervention [6][7]. - The court's ruling reflects a shift in the market's tolerance for ineffective restructuring, emphasizing the need for substantial progress and timely disclosures [8][12]. Group 3: Impact of Major Shareholder - Shenzhen Capital Group became the largest shareholder of South China City in December 2021, investing HKD 19.1 billion to provide financial relief, which included cash injections and asset acquisitions [5][6]. - Despite these efforts, the company's operational status did not improve significantly, and the risk of a second default on previously extended dollar bonds emerged [6][11]. - The relationship between South China City and Shenzhen Capital Group has deteriorated, with the latter distancing itself from the company amid ongoing financial troubles [7][12]. Group 4: Market Reactions and Future Implications - The liquidation of South China City has intensified market concerns regarding the viability of other property developers facing similar financial challenges, reinforcing the trend of judicial liquidation as a resolution method [8][12]. - Investors have reacted strongly to the company's dollar bond defaults, with some seeking legal recourse against Shenzhen Capital Group for its perceived responsibilities in the restructuring process [7][8]. - The case sets a precedent for how the Hong Kong courts may handle future insolvencies in the real estate sector, potentially leading to more stringent requirements for restructuring proposals [8][12].

#华南城进入清盘程序# 【深圳这家房企踏入清盘终局】#华南城将继续停牌# 8月11日晚，深圳房地产开 发商华南城对外披露，该公司于8月11日被高等法院下令清盘。同时，富事高咨询有限公司的周伟成及 潘路洋获高等法院委任为公司的共同及各别清盘人。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。（第一财经，泽塔） ...

Core Viewpoint - The company South China City (01668.HK) has entered liquidation, marking a significant event in the real estate sector, following its inability to repay a key debt of $306 million due in April 2024, leading to a court-ordered liquidation process [1][4][10]. Financial Situation - As of the end of 2024, South China City reported total assets of HKD 87.5 billion and total liabilities of HKD 60.9 billion, making it the largest liquidation case in the real estate sector after Evergrande [1][9]. - The company's stock was suspended at HKD 0.107, resulting in a market capitalization of HKD 1.224 billion [2]. Debt Crisis - The immediate trigger for the liquidation was the failure to repay a critical debt of $306 million, which led Citigroup, as the trustee, to file for liquidation in January 2025 [3][4]. - Despite attempts at debt restructuring, the company could not reach an agreement with creditors, culminating in a court hearing that resulted in the liquidation order [4][10]. Historical Context - South China City was established in May 2002 and listed on the Hong Kong Stock Exchange in 2009, previously recognized as a major player in the commercial logistics and trading center development sector [4]. - The company was once favored in the capital markets, receiving credit rating upgrades and recommendations from major financial institutions due to its strong recurring income and land acquisition strategies [5]. Strategic Investments and Failures - In May 2022, Shenzhen-based strategic investor Shenzhen Special Zone Construction Development Group acquired a 29.28% stake in South China City for HKD 19.095 billion and provided further financial support [6][7]. - Despite these efforts, the company faced severe cash flow issues and ultimately declared default in February 2024 [7][12]. Liquidation Process - Following the liquidation order, appointed liquidators will manage the company's assets, prioritizing local asset disposal and potentially restructuring or selling core assets to maximize value [10]. - The total liabilities of HKD 60.9 billion significantly overshadow the company's market value, raising concerns about the recovery prospects for creditors [10][11]. Industry Implications - The liquidation of South China City is expected to have far-reaching effects on market confidence regarding distressed real estate companies, particularly those undergoing debt restructuring [10][11]. - The case illustrates the risks associated with strategic investments in troubled companies, as the major shareholder may face significant losses and legal challenges [11].

Core Viewpoint - On August 11, South China City (01668.HK) was ordered to be liquidated by the Hong Kong High Court, becoming the largest developer by asset size to face liquidation after China Evergrande [1][3]. Group 1: Company Background and Financial Status - South China City is a comprehensive commercial logistics enterprise listed on the Hong Kong Stock Exchange, established in May 2002 [6]. - The company reported a significant loss for the first time since its listing, with a net profit loss attributable to the parent company of HKD 8.986 billion, and had HKD 15.742 billion in overdue borrowings [5][6]. - As of the end of 2024, South China City had total assets of HKD 87.551 billion and total liabilities of approximately HKD 60.944 billion, with interest-bearing debt of HKD 30.22 billion [5]. Group 2: Debt and Liquidation Process - South China City faced a liquidation petition from Citigroup International Limited regarding a debt of USD 306.1704 million related to a USD 288.84 million senior note due in April 2024 [4]. - The company attempted a debt restructuring plan but faced opposition from creditors, with a significant portion of its debt being non-performing [5]. - The company’s cash and cash equivalents were approximately HKD 4.114 million, insufficient to cover its debts [5]. Group 3: Market Reaction and Trading Status - Trading of South China City shares was suspended on August 11 at a price of HKD 0.107 per share, with a market capitalization of only HKD 1.2 billion prior to suspension [3]. - The liquidation was anticipated by creditors, indicating a lack of confidence in the company's recovery efforts [4].

Core Viewpoint - South China City, a Shenzhen-based real estate developer, has been ordered into liquidation by the High Court, marking it as the fifth Chinese property company to face such a fate amid the industry's deep adjustment [2][3]. Group 1: Company Background and Financial Struggles - South China City was established in 2002 and has developed various logistics and commodity trading centers, with its first project launched in 2004 [6]. - The company has faced significant financial difficulties since 2021, leading to the introduction of state-owned capital for support [6][7]. - Despite efforts to restructure and secure financing, South China City reported a loss of HKD 4.32 billion for the fiscal year 2023, with total interest-bearing liabilities amounting to HKD 16.295 billion and cash reserves of only HKD 1.143 billion [7][8]. Group 2: Debt Issues and Liquidation Process - The liquidation was initiated due to a USD 306 million debt due in April 2024, which the company failed to repay, leading to multiple defaults [3][4]. - Following the defaults, South China City began a debt restructuring process but failed to present a complete plan before the liquidation order was issued [4][5]. - The company has been unable to reach an agreement with creditors, resulting in the court's intervention and the establishment of a temporary creditors' committee to manage asset disposal [4][5]. Group 3: Market Implications and Future Outlook - The trend of judicial liquidation among property developers has intensified since the Evergrande crisis, with expectations that more companies, especially smaller developers, will face similar pressures [5]. - The situation reflects a broader industry challenge where cash flow issues and weak refinancing capabilities are prevalent, leading to increased scrutiny from courts [5][9]. - The involvement of state-owned entities, initially seen as a rescue, has turned into a complex scenario with potential implications for future asset management and recovery strategies [9].

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 ...

【财华社讯】华南城(01668.HK)公布，冯星航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。 公司股份已于2025年8月11日(星期一)上午10:55起在联交所暂停买卖，直至另行通知为止。 本文源自：财华网 ...

（01668.HK）对外披露，该公司于8月11日被高等法院下令清盘。同时，富事高咨询有限公司的周伟成 及潘路洋获高等法院委任为公司的共同及各别清盘人。 【#华南城被颁令清盘#，#华南城股票将继续停牌#】8月11日晚，深圳房地产开发商华南城 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。 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。 ...

NO.1 深圳5宗地块调整规划，涉及4宗居住用地 点评：这一警示暴露出东方雨虹在信息披露与内部控制上的漏洞，公司治理形象受损，需投入精力、资 源整改以重拾市场信任。这或引发市场对企业合规性审视，促使同行自查自纠。 NO.4 世荣兆业提前向关联方还清借款本金 8月11日，世荣兆业公告称，公司全资子公司珠海市斗门区世荣实业有限公司为满足日常经营及业务发 展的资金需求，向关联方大横琴集团借款1亿元，经双方协商一致，世荣实业于2025年8月8日向大横琴 集团提前还清借款本金1亿元。借款期间，世荣实业累计向大横琴集团支付利息68.06万元。 8月11日，深圳市规划和自然资源局光明管理局发布了公明中心地区法定图则10-11、10-12等5个地块的 规划调整。此次调整涉及4宗二类居住用地，用地面积分别为8333平方米、21443平方米、21499平方米 和8333平方米，容积率分别为3.0、4.4、4.0和3.0。此外，还包括一宗公共绿地和一宗文化设施用地。 点评：这些调整将增加区域住宅供应，优化居住配套，提升区域居住功能与吸引力，为光明区房地产市 场注入新活力，促进区域发展。 NO.2 华南城被香港高等法院下达清盘令 8 ...