安徽建筑巨头暴雷，接众多恒大项目，欠162亿破产！原董事长被捕

Core Viewpoint - The collapse of Hefei Construction Group, once a leading player in the Anhui construction industry, is attributed to its overwhelming debt of 16.2 billion yuan and the arrest of its former chairman for illegal activities, highlighting the risks of over-reliance on a single client and internal management failures [1][21][23]. Company Overview - Hefei Construction Group, established in 1958, evolved from a state-owned enterprise to a significant player in the construction sector, with a registered capital of 1 billion yuan and a strong reputation [3][5]. - The company achieved rapid growth and recognition, winning numerous awards and ranking among the top enterprises in Anhui [5][7]. Financial Crisis - The financial troubles began when its major partner, Evergrande Group, faced a severe financial crisis in 2020, leading to unpaid project debts of 270 million yuan owed to Hefei Construction [11][13]. - By 2021, Hefei Construction reported total assets of 12.73 billion yuan against liabilities of 16.229 billion yuan, resulting in a debt-to-asset ratio of 127% [13]. Dependency on Evergrande - The company's rapid growth was heavily dependent on its collaboration with Evergrande, which provided funding and project opportunities [9][11]. - The sudden halt of Evergrande's projects due to its financial issues left Hefei Construction unable to recover significant amounts owed, leading to cash flow problems [15]. Internal Management Issues - Internal corruption and mismanagement under former chairman Liu Guofu exacerbated the company's decline, with allegations of bribery and misuse of company funds [17][19]. - Liu's actions contributed to a decline in employee morale and operational chaos, further accelerating the company's downfall [19]. Bankruptcy and Legal Consequences - In March 2025, Hefei Construction announced its bankruptcy reorganization, with a significant debt burden making recovery uncertain [21]. - Liu Guofu was removed from his position and faced legal repercussions, marking a dramatic fall from grace for the company's leadership [21]. Industry Implications - The collapse of Hefei Construction serves as a cautionary tale for the construction industry, emphasizing the dangers of over-reliance on a single client and the importance of internal controls [23][25]. - The event highlights the vulnerability of the construction sector amid a sluggish real estate market, urging companies to diversify their business sources and explore new sectors like infrastructure and green building [25][27].