创始人黄其森突遭留置，泰禾危局何去何从？

Core Viewpoint - Taihe Group is facing a significant crisis following the detention of its chairman and general manager, Huang Qisen, due to alleged legal violations, which has led to asset freezes and operational impacts on the company [1][2]. Company Overview - Taihe Group was founded in 1996 by Huang Qisen and became a prominent player in the real estate market, achieving rapid sales growth from under 10 billion to over 100 billion in just five years [1][2]. - The company focused on high-end residential properties, creating notable projects like "Chinese Courtyard," and became one of the top 20 real estate companies in China by sales [2]. Financial Performance - In 2017, Taihe's sales exceeded 100 billion, reaching 130 billion in 2018, marking a period of significant growth [2]. - However, the company faced increasing debt pressure due to high operational costs associated with its premium products and a slowdown in the real estate market, leading to a public default in July 2020 [2][4]. Debt and Financial Strategy - By the end of 2017, Taihe's net debt ratio soared to 473.4%, with a leverage ratio of 1:5, significantly higher than the industry average of 1:3 [4]. - Following the introduction of the "three red lines" policy in 2020, Taihe's financing costs surged above 15%, crippling its ability to secure public market financing [4]. Current Situation and Future Outlook - The company is now in a state of restructuring, aiming for a "small but beautiful" model after its delisting in July 2023, but faces challenges in achieving this vision following the detention of its founder [5][6].