港龙中国4年沉浮录：从激进扩张到放弃偿债

Core Viewpoint - The company, Konglong China, has officially defaulted on its debt obligations, unable to pay the interest on its $180 million notes due in November 2025, joining the ranks of other companies facing overseas debt defaults [1][2]. Financial Situation - As of December 31, 2024, Konglong China has approximately 1.93 billion yuan (about $280 million) in principal bank and other borrowings that are overdue, triggering the default event [2] - The company has reported a significant decline in cash reserves, with total cash amounting to only 839 million yuan (approximately $120 million) as of December 31, 2024, down from 1.836 billion yuan (around $260 million) in the same period of 2023 [4] - In 2024, Konglong China experienced a revenue of approximately 8.254 billion yuan (around $1.2 billion), a year-on-year decrease of about 53%, and a net loss of approximately 982 million yuan (around $140 million) compared to a net profit of 718 million yuan (about $100 million) in 2023 [4] Company Background - Konglong China, founded in 2007 in Changzhou, has expanded its operations primarily in the Yangtze River Delta region, with additional presence in Sichuan, Guangdong, and Henan provinces [3] - The company is controlled by the Lü family, with Lü Ming holding a 22.99% stake as the chairman of the board [2] Historical Context - The company’s aggressive land acquisition strategy peaked in 2020, the same year it went public, acquiring 21 new land parcels totaling approximately 4.7078 million square meters [5][6] - Following its IPO, Konglong China faced a decline in land reserves, which shrank over 60% from 2021 to the end of 2024, reflecting a contraction in its expansion strategy [7] - The company’s contract sales figures have also mirrored this decline, dropping from 234 billion yuan (around $33.5 billion) in 2019 to just 5.409 billion yuan (approximately $770 million) in 2024, representing a decline of over 80% compared to 2020 [7][8]