八折收购VS展期降息 西咸空港新城高息非标债化解路径几何

Core Viewpoint - The Xi'an Xianyang New Airport New City Group is facing significant debt issues, including overdue payments and a lack of new bond issuances, which have raised concerns about its financial stability and ability to manage its obligations [1][3][4][5]. Debt Situation - The company has a total interest-bearing debt of 38.762 billion yuan, with a debt-to-asset ratio of 76.55% as of the end of 2024, indicating a high level of leverage [7]. - As of June 2025, the overdue balance of commercial acceptance bills has increased from 213 million yuan in March 2024 to 581 million yuan by December 2024, reflecting a worsening liquidity situation [3][4]. - The company has been unable to issue new public bonds since 2025, with a previously planned issuance of 800 million yuan being terminated [4][5]. Debt Resolution Efforts - The Xi'an Xianyang New Airport New City Group is actively working on issuing special bonds for land reserves and negotiating with banks to replace non-standard debts [2][9]. - A government-led plan aims to reduce interest rates on high-interest non-standard debts to below 5% and to maintain the current scale of non-standard business through extensions and renewals [10][11]. - The company is exploring options for discounted repayment of financing lease debts, with local asset management companies potentially buying back debts at an 80% discount [11][12]. Operational Challenges - The company faces challenges in recovering accounts receivable, particularly from land development and construction projects, which has contributed to its debt defaults [7][8]. - High vacancy rates in industrial projects within the development area have added to the financial pressure, as the company struggles with a lack of competitive business operations [8].