4年化债债越化越多，华夏幸福想借“预重整”不认账，债权人答应吗？

Core Viewpoint - The real estate company, Huaxia Happiness, known for its significant sales, is facing a pre-restructuring situation due to a lawsuit from a lesser-known construction company over a debt of 4.17 million, despite having 2.4 billion in cash on hand [1] Group 1: Debt Situation - Huaxia Happiness has accumulated nearly 90 billion in debt defaults and has total liabilities exceeding 400 billion [2] - The company announced a debt restructuring plan in September 2021, aiming to reduce its asset-liability ratio to below 70% within 2-3 years through various methods [2] - As of October 31, 2025, the company reported a debt restructuring rate of 87.9%, but its actual financial situation worsened, with a net profit loss of approximately 9.83 billion and a debt ratio of 96.44% [3] Group 2: Financial Performance - The company's revenue for the first three quarters of 2025 was approximately 2.88 billion, a year-on-year decrease of 72.09%, while cumulative losses exceeded 60 billion over four years [3] - Cash reserves plummeted from 14.4 billion to 3 billion, a nearly 80% decline, with actual cash repayments to creditors being less than 5% of the promised 30% by the end of 2023 [3] Group 3: Asset Management and Creditor Concerns - There are significant concerns regarding 49.4 billion in accounts receivable, primarily from government platforms, which have seen minimal recovery since 2021 [3] - A controversial asset transfer involving the sale of subsidiaries for 2 yuan to offset 22.57 billion in debt raised questions about asset stripping and the fairness of the restructuring process [3][4] Group 4: Governance and Accountability - Questions have arisen about the clarity of roles and responsibilities in the debt restructuring process, particularly regarding the influence of local government and the company's founder [4] - The potential for a second round of debt restructuring is being considered, but it hinges on creditor agreement and transparency in the process [5]