BOB(SH:601169) 水皮More·2025-12-29 09:19Core Viewpoint - The article discusses the financial struggles of Beijing Taihe Group, highlighting the transfer of a significant bad debt of 2.21 billion yuan by Beijing Bank, reflecting the broader debt crisis in the real estate sector and the collapse of Taihe's financial empire [4][10][14]. Debt Asset Overview - The bad debt being transferred amounts to 2,211,652,944.50 yuan, with the principal at 992,051,881.19 yuan and interest, penalties, and compound interest totaling 1,218,831,063.31 yuan, alongside other fees of 770,000 yuan [6][7]. - The debtor is Beijing Taihe Jiaying Real Estate Development Co., Ltd., with Taihe Group and its leader Huang Qisen as guarantors [7][8]. Legal Battle and Execution Challenges - The legal conflict began in 2020 when Beijing Bank sought asset preservation, leading to the freezing of approximately 10.7 billion yuan in assets [8]. - Despite winning the legal battle in 2022, the execution process faced significant challenges, with properties failing to sell at auction due to market conditions [8][9]. Beijing Bank's Capital Pressure - As of Q3 2025, Beijing Bank's total assets approached 4.9 trillion yuan, with a year-on-year growth of 21.5%. However, its core Tier 1 capital adequacy ratio fell to 8.44%, ranking among the lowest in the industry [10]. - The urgency to offload the bad debt is driven by the need to alleviate capital pressure and manage credit risk effectively [10]. Taihe Group's Downfall - Taihe Group's financial situation deteriorated significantly, with a debt-to-asset ratio of 113.6% and negative net assets. By October 2025, overdue interest-bearing debt reached 69.86 billion yuan [12][13]. - The company faced multiple lawsuits and significant financial losses, including a loss of 21.31 billion yuan in 2024 and an additional 4.89 billion yuan in the first three quarters of 2025 [13]. Conclusion - The transfer of the 2.21 billion yuan debt marks the end of a prolonged conflict between Beijing Bank and Taihe Group, signaling the collapse of Taihe's high-leverage growth model [14]. - The situation serves as a warning for the financial industry about the importance of maintaining risk management practices while pursuing growth [14].