深圳地产界的一个窟窿

Core Viewpoint - The article discusses the accelerated liquidation of South China City, a major comprehensive commercial logistics enterprise in Shenzhen, highlighting the financial struggles and implications for stakeholders and the real estate industry [2][5][8]. Company Summary - South China City has been placed under a liquidation order by the Hong Kong High Court, following a series of financial difficulties and failed debt restructuring attempts [2][6]. - As of August 2024, South China City reported a cumulative loss of approximately HKD 9.893 billion and total liabilities of HKD 41.127 billion, with cash and cash equivalents of only HKD 41.142 million [7]. - The company's sales revenue for the same period was around HKD 4.083 billion, while its rigid debt amounted to HKD 30.22 billion, indicating an inability to cover debt obligations [7]. Industry Impact - The liquidation of South China City is expected to have multifaceted effects on the real estate sector, particularly impacting shareholders who previously invested significant capital [8][10]. - The largest shareholder, Special Zone Development Group, saw the value of its stake in South China City plummet from HKD 19.1 billion to approximately HKD 3.6 billion, reflecting a decline of over 80% [10]. - Special Zone Development Group also faces substantial losses from its investment in the Xi'an South China City project, which could lead to a total loss of nearly HKD 7 billion [10][12]. Financial Data Overview - Special Zone Development Group's financial metrics indicate a significant increase in rigid debt, reaching HKD 40.56 billion by Q1 2025, with a negative cash flow of HKD 0.724 billion [13]. - The group's operating cash flow turned negative, dropping from HKD 2.641 billion in 2024 to -HKD 0.724 billion in Q1 2025 [14]. - The group's total assets decreased from HKD 1,186.68 billion in 2022 to HKD 1,061.77 billion by Q1 2025, while total liabilities also saw a decline [14]. Project Performance - The residential project Yunhai Zhenfu, launched in May 2023, has struggled to sell, with 177 units remaining unsold as of August 2025, despite a total investment of HKD 2.924 billion [18]. - The project has generated no recognized revenue, further exacerbating liquidity pressures for Special Zone Development Group [18].