“突然无家可归”，魔方公寓多地“爆雷”：租客被清退，赔偿方案全无

Core Viewpoint - Mofang Apartment is facing a crisis due to overdue rent payments to landlords and forced evictions of tenants across multiple cities, including Shanghai, Guangzhou, Wuhan, and Xi'an, leading to significant disruptions in tenants' lives [2][4][19]. Company Overview - Mofang Apartment, a pioneer in the concentrated long-term rental apartment sector in China, operates on a "lease-and-sublease" model, renting entire buildings from landlords, renovating them, and then subletting individual rooms to tenants [11][26]. - The company has experienced financial difficulties, with a debt ratio reaching 85% in 2022 and a history of failed IPO attempts [3][18][28]. Financial Performance - Mofang's revenue increased from 950 million yuan to 1.71 billion yuan between 2020 and 2022, with a notable growth rate of 55% from 2020 to 2021, which slowed to 16.5% from 2021 to 2022 [28][29]. - Despite revenue growth, the company has faced significant net losses, recording losses of 230 million yuan in 2020 and 247 million yuan in 2022, with a peak net profit of 302 million yuan in 2021 [28][29]. Operational Challenges - The company has been criticized for its "high collection, low rent" model, which has become unsustainable due to tightening cash flow and high operational costs [3][18][26]. - Many of the properties currently facing tenant evictions were contracted during a period of high rental prices in 2016-2017, leading to long-term contracts that are now unprofitable [11][26]. Tenant Issues - Tenants have reported abrupt notifications of contract terminations and have faced utility disconnections due to Mofang's failure to pay rent, with some tenants claiming they are owed significant amounts in deposits and prepaid rent [4][21][23]. - In some cases, new operators have taken over contracts, but the transition has been poorly managed, with Mofang's personnel reportedly absent during the handover process [22][23]. Industry Context - The long-term rental apartment industry is grappling with challenges related to high operational costs, low rental returns, and the need for efficient management to maintain cash flow [11][26]. - Mofang's situation reflects broader issues within the industry, including the balance between rapid expansion and financial sustainability, raising questions about tenant and landlord rights [28][29].