恒大地产广东公司，进入破产程序

Core Viewpoint - The announcement of the bankruptcy liquidation of Evergrande Real Estate Group's Guangdong subsidiary indicates a significant financial distress within the company, reflecting broader challenges in the real estate sector in China [1][2]. Group 1: Bankruptcy Proceedings - The Guangzhou Intermediate People's Court has accepted the bankruptcy liquidation case of Evergrande Real Estate Guangdong Company as of August 20, marking its entry into the bankruptcy liquidation phase [1]. - Other subsidiaries of the Evergrande Group, such as Guangzhou Kailong Real Estate and Shanghai Jinbi Real Estate, have also entered bankruptcy proceedings, highlighting a widespread issue across multiple cities [2]. Group 2: Impact on Projects - The impact of the bankruptcy on the "guaranteed delivery" projects will depend on whether there are any unfinished projects under the Guangdong subsidiary. If all projects are completed, the impact may be minimal [3]. - Even if projects are completed, the developer still has obligations such as warranty responsibilities, and there may be concerns about potential reductions in project quality upon delivery [3]. Group 3: Market Reactions and Trends - On August 20, the Hong Kong Stock Exchange announced that China Evergrande Group's listing status would be canceled effective August 25, due to failure to meet resumption requirements [3]. - The stock price of China Evergrande has plummeted from a peak of over 370 billion HKD to 2.15 billion HKD, reflecting a significant loss in market value [4]. - The cancellation of the listing may cause short-term market disruptions but is seen as part of a necessary process to clear risks and promote market purification [4]. - As of August 2025, 20 distressed real estate companies have received approval for debt restructuring, with a total debt relief exceeding 1.2 trillion CNY [5].