恒大是从哪个项目开始变坏的

Core Viewpoint - The article discusses the downfall of Evergrande, highlighting its rapid expansion, excessive debt, and the eventual consequences of its unsustainable business practices [4][7][56]. Group 1: Evergrande's Business Practices - Evergrande's leverage strategy involved using 39 billion yuan in capital to support 2 trillion yuan in debt, maintaining a debt ratio exceeding 85% while offering high dividend rates [10]. - The company expanded aggressively, developing over 1,300 projects in 280 cities, including large-scale tourism projects [11]. - Evergrande's marketing strategies included creating grandiose visions for projects, such as the "Evergrande Venice," which had low land costs due to innovative land acquisition methods [16][23]. Group 2: Financial Mismanagement - The company reported a staggering total debt of 2.38 trillion yuan against total assets of only 1.74 trillion yuan, resulting in a shortfall of nearly 640 billion yuan [58]. - Evergrande's financial practices included using pre-sale funds to inflate revenue figures and issuing commercial bills to suppliers, effectively transferring risk [46][49]. - The company faced scrutiny for its financial reporting, with auditors failing to identify discrepancies in its financial statements [68]. Group 3: Market Environment and Industry Context - The article emphasizes that Evergrande's issues are reflective of broader industry problems, where high leverage and rapid expansion were common practices during China's real estate boom [64][80]. - The real estate market was characterized by a belief that property prices would always rise, leading to reckless investment behaviors among developers and buyers alike [38][81]. - The article suggests that the entire industry operated under a flawed premise, where success was often attributed to market conditions rather than sound business practices [82].