来源：搜狐财经 图源|网络 夏海钧再次出现在公众视野。 2026年1月2日，香港上诉法庭驳回了恒大集团前行政总裁夏海钧提出的上诉许可申请。针对他600亿港 元资产及豪宅出售收益的全球玛瑞瓦禁令将持续生效。 这位曾经年薪超2亿元、被称为"打工皇帝"的职业经理人，如今深陷司法漩涡，其个人命运与恒大集团 的崩塌紧紧捆绑在一起。 禁令背后的清算风暴 "打工皇帝"的天价薪酬 公开信息显示，夏海钧，1964年出生于哈尔滨，先后毕业于中南大学、暨南大学。 根据香港法院文件，他同时拥有中国香港特别行政区居民身份和加拿大籍。 凭借工科+经济学的复合背景和在中信的早期经验，他在2007年加入恒大后迅速成为核心。 作为"二号人物"，他主导上市、推行"高负债、高杠杆、高周转" 模式，是恒大从百亿跃升至数千亿规 模的关键操盘手。 清盘人之所以将夏海钧列为重点追责对象，与其在恒大期间获得的惊人报酬密不可分。 夏海钧此次申请撤销的禁令非同寻常。这是一种名为"全球玛瑞瓦禁令"的跨国资产冻结措施，旨在防止 被告在诉讼期间转移或处置资产，确保最终判决能够得到执行。 2024年6月24日，恒大清盘人为追讨约60亿美元股息，向香港法院申请针对夏海钧 ...

万科"20亿债崩"背后的生死赌局：万亿房企如何沦为资本弃子？ 【前言】 "万科要塌了！" 2025年11月26日，当"22万科MTN004"债券展期公告弹出的瞬间，整个资本市场炸锅了。这只20亿规模的债券，像一颗投入深潭的巨石，激 起的不仅是万科股价的剧烈震荡——A股暴跌至11年新低、H股单日蒸发6%，更掀开了房地产行业"安全港"神话的残破幕布。 20亿，对于总资产1.3万亿的万科来说，不过是九牛一毛；但正是这笔"小钱"的展期请求，暴露了最致命的真相——它的现金流，早已枯竭到 连短期债务都扛不住了。 一、现金流断崖：万亿资产的"空壳危机" 三季度末，万科账面现金656亿的数字看似唬人，实则暗藏杀机。据内部人士透露，其中60%是"动不了的钱"——监管账户里的预售房款、抵 押资产保证金如同被封印的宝箱，真正能自由支配的现金仅剩300多亿。而它一年内要偿还的债务高达1347亿，资金缺口超过800亿，相当于 每天要烧掉2.2亿才能维持运转。 更令人心惊的是，这种"只出不进"的恶性循环已持续多个季度。2025年前三季度，万科销售额同比暴跌44.6%，经营活动现金流连续三个季度 为负，相当于"赚的钱连付利息都不够"。曾经 ...

Core Viewpoint - The article highlights the resilience of the Chengdu real estate market amidst ongoing industry adjustments, with the local company, Bangtai Group, emerging as a significant player through aggressive expansion strategies and land acquisitions [1][4][10]. Company Overview - Bangtai Group, originally a real estate sales agency, transitioned to property development in 2007 and has since focused on the Sichuan region, particularly in third and fourth-tier cities [2][3]. - The company has expanded its operations to 39 cities across 11 provinces, developing over 160 projects with a total area exceeding 32 million square meters [3]. Market Performance - In 2024, Chengdu led the nation with 331,100 residential sales, while Bangtai Group achieved significant sales growth, ranking 18th in equity sales with 19.868 billion yuan in the first eight months of 2025 [1][9]. - The company’s land acquisition strategy has been aggressive, with 22 plots acquired in 2024, resulting in a total land acquisition amount exceeding 10 billion yuan [4][7]. Expansion Strategy - Bangtai Group has shifted its focus from Sichuan to second-tier cities in central and western China, aiming for markets with less competition [3][10]. - The company employs a "high turnover" strategy, focusing on smaller land plots in less competitive markets, which allows for quicker sales and cash flow [8][10]. Financial Insights - The company’s land acquisition activities in 2023 included 19 transactions totaling approximately 7.519 billion yuan, indicating a robust presence in the land market [6][7]. - Despite the aggressive expansion, there are concerns regarding the sustainability of the high turnover model, especially in the context of rising financing costs associated with equity pledges [10][11]. Future Outlook - Bangtai Group aims to achieve a sales target of 30 billion yuan in 2025, with a significant portion of its sales now coming from second-tier cities [10][12]. - The company’s approach to financing through equity pledges raises questions about long-term viability, especially as many peers in the industry face liquidity challenges [11][12].

Core Viewpoint - Greentown China (03900.HK) reported a significant decline in net profit despite a substantial increase in revenue, highlighting a concerning trend in profitability relative to its historical performance [1][5]. Financial Performance - For the first half of 2025, Greentown China's revenue was RMB 533.68 billion, a decrease of 23% year-on-year, while gross profit fell by 21% to RMB 71.59 billion [2]. - The company's net profit attributable to shareholders was only RMB 2.1 billion, down nearly 90% from RMB 20.45 billion in the same period last year, marking the lowest mid-year net profit since its listing in 2006 [1][2]. - The decline in revenue and profit was attributed to uneven delivery schedules and a 22.7% decrease in area recognized for revenue during the first half of the year [2]. Asset Impairment and Costs - Greentown China recorded asset impairment losses of RMB 19.33 billion in the first half of 2025, which significantly impacted net profit [2]. - The company also reported a non-financial asset impairment loss of RMB 17.17 billion, reflecting a cautious approach to asset valuation amid market conditions [8]. Shareholder Profit Distribution - Non-controlling shareholders took away RMB 10.01 billion of the total profit, which accounted for 83% of the net profit, leaving only RMB 2.1 billion for the company's shareholders [9][10]. - This represents a significant increase in the share of profits taken by non-controlling shareholders compared to the previous year, where they accounted for 38% of the total profit [10]. Market Position and Sales - Despite the profit decline, Greentown China remains a strong player in the real estate market, achieving total contract sales of approximately RMB 1,222 billion in the first half of 2025, ranking second in the industry [3]. - The company maintained a high collection rate of 96% for its sales, supporting further project investments [3]. Financial Health - Greentown China's cash and bank deposits amounted to approximately RMB 667.95 billion, which is 2.9 times its short-term debt, indicating a strong liquidity position [3]. - The company's average cost of debt decreased to 3.6%, down 40 basis points from the previous year, reflecting improved financing conditions [3].

Core Viewpoint - China Evergrande officially delisted from the Hong Kong Stock Exchange on August 25, 2023, marking the end of its 16-year presence in the capital market [1][14]. Summary by Sections Delisting Announcement - On August 12, 2023, China Evergrande announced its decision to delist from the Hong Kong Stock Exchange, following a letter from the exchange stating that the company failed to meet the resumption criteria [2]. - The last trading day for its shares was August 22, 2023, with the delisting effective from 9 AM on August 25, 2023 [3]. Historical Context - China Evergrande was approved for listing in January 2008 but faced challenges due to the global financial crisis, leading to a temporary suspension of its IPO [4]. - The company officially listed on the Hong Kong Stock Exchange on November 5, 2009, with a market capitalization exceeding 700 billion HKD [4]. - In October 2017, the company's market value peaked at 4,144 billion HKD, making it the largest real estate company globally [4]. Financial Struggles - The company adopted a high-leverage, high-debt business model, which led to significant risks that materialized after 2020, resulting in a liquidity crisis in 2021 [6]. - In December 2021, China Evergrande initiated a debt restructuring process for its overseas debts [7]. Debt Restructuring Efforts - By March 2023, the company disclosed a debt restructuring plan involving the issuance of new bonds to replace existing ones, with terms including a 4-12 year maturity and interest rates between 2%-7.5% [8]. - However, by September 2023, the company announced a reassessment of the restructuring terms due to disappointing sales and ongoing negotiations with creditors [9]. Legal and Regulatory Issues - In January 2024, the Hong Kong High Court ordered the company to be liquidated, with the stock remaining suspended [9]. - The company's stock price plummeted from a peak of 28.74 HKD per share to 0.16 HKD per share by January 2024, representing a 99.43% decline [9]. - The company faced legal actions against its founder and former executives for alleged financial misconduct, including approval of misleading financial statements [11][13]. Conclusion - The delisting of China Evergrande signifies a dramatic fall from grace for a company that once dominated the real estate sector, now facing significant financial and legal challenges [14].

Core Viewpoint - China Evergrande officially delisted from the Hong Kong Stock Exchange on August 25, 2023, marking the end of its 16-year presence in the capital market due to failure to meet the resumption guidelines set by the exchange [1][2][12]. Summary by Sections Delisting Announcement - On August 12, 2023, China Evergrande announced its decision to delist from the Hong Kong Stock Exchange, following a letter from the exchange indicating that the company failed to meet any of the resumption requirements [2]. - The last trading day for the shares was August 22, 2023, with the delisting taking effect on August 25, 2023 [3]. Historical Context - China Evergrande was approved for listing in January 2008 but faced challenges due to the global financial crisis, leading to a delayed IPO until November 2009, when it became the largest private real estate company listed in Hong Kong [4]. - The company reached its peak market capitalization of HKD 414.4 billion in October 2017, making it the top global real estate firm [4]. Financial Struggles - The company adopted a high-leverage, high-debt business model, which led to significant financial difficulties starting in 2020, culminating in a liquidity crisis in 2021 [6][7]. - In December 2021, China Evergrande initiated a debt restructuring process, which faced multiple delays and challenges [7][8]. Legal and Regulatory Issues - In January 2024, the Hong Kong High Court ordered the company to enter liquidation, with appointed liquidators focusing on asset recovery for creditors [9][10]. - The company has faced legal actions against its former executives for alleged financial misconduct, including fraud and misrepresentation of financial statements [11][12]. Current Status - As of December 2023, the company has not disclosed a new debt restructuring plan, and its stock has been suspended from trading, reflecting a dramatic decline in market value from its peak [9][10].

Core Viewpoint - 泰禾集团面临资产被冻结和查封的情况，运营受到一定影响，但经营活动仍在正常进行 [2] - 公司因未按规定披露重大诉讼而受到中国证监会的行政处罚，罚款总额达到600万元 [5] Company Overview - 泰禾集团创始人黄其森在房地产行业有显著影响力，曾以200亿元人民币的财富名列《2020胡润全球房地产富豪榜》第99位 [7] - 泰禾集团成立初期专注于福建市场，逐步扩展至北京豪宅市场，成为高周转模式的标杆企业 [7][8] Financial Performance - 根据2024年年报，泰禾集团实现营业收入约80.4亿元，同比上升25.78%，但归属于公司股东的净利润亏损约213亿元，同比下降250.94% [10][12] - 亏损增加的主要原因包括部分经营主体破产重整、投资性股权和重要资产被拍卖，导致投资损失大幅增加 [10] Market Position - 泰禾集团在2017年销售金额超过千亿，曾被认为是中国房企的佼佼者 [8] - 2023年7月，深交所宣布泰禾集团股票终止上市，标志着其市场地位的显著下滑 [9]

Core Viewpoint - The chairman and general manager of Taihe Group, Huang Qisen, has been placed under detention due to suspected illegal activities, which raises concerns about the company's operational stability and governance [2][5]. Group 1: Company Governance and Legal Issues - Taihe Group announced that its chairman, Huang Qisen, is under detention by the Liaoning Provincial New Min City Supervisory Committee for suspected illegal activities [2]. - The company is currently facing asset freezes and seizures, which are expected to impact its operations [5]. - The China Securities Regulatory Commission (CSRC) has imposed a fine of 6 million yuan on Taihe Group, while Huang Qisen has been fined 3 million yuan [5]. Group 2: Financial Performance and Debt Situation - As of the end of 2024, Taihe Group has outstanding loan principal repayments of 73.49 billion yuan, with total assets worth 107.18 billion yuan being frozen, seized, or pledged, accounting for 65.07% of total assets [11]. - The company is at risk of asset auctions or debt settlements due to its financial difficulties [10][11]. - The company has been listed as a defaulter due to failure to fulfill repayment obligations, leading to further financial strain [11]. Group 3: Historical Context and Market Position - Taihe Group, founded by Huang Qisen, initially focused on the Fujian region and became known for its high turnover model, achieving significant market presence in Beijing's luxury real estate sector [8]. - The company once had a market capitalization exceeding 50 billion yuan and set ambitious sales targets, but has faced severe financial challenges since 2020, including debt defaults and a delisting in August 2023 [8][9]. - The company’s flagship project, "Chinese Courtyard," has seen properties being disposed of, indicating a significant decline in its market position [10].

Core Viewpoint - 泰禾集团 is facing significant operational challenges due to asset freezes and administrative penalties from the China Securities Regulatory Commission (CSRC) for failing to disclose major lawsuits and omissions in annual reports [2][5]. Financial Performance - For the fiscal year 2024, 泰禾集团 reported an operating income of approximately 8.04 billion yuan, a year-on-year increase of 25.78% [12][14]. - The net profit attributable to shareholders showed a loss of about 21.3 billion yuan, representing a year-on-year decline of 250.94% [12][14]. - The gross profit margin decreased to 1.11% from 2.52% in the previous year [14]. Regulatory Issues - The CSRC has issued warnings and fines totaling 6 million yuan to 泰禾集团 for not disclosing significant lawsuits and for major omissions in its annual reports from 2020 to 2022 [5]. - Key executives, including 黄其森, received individual fines ranging from 80,000 to 300,000 yuan for their roles in the company's regulatory failures [5]. Company Background - 泰禾集团, founded by 黄其森, initially focused on the Fujian market and expanded into Beijing's luxury housing sector, becoming known for high-end products [8][9]. - The company experienced rapid growth from 2013 to 2017, achieving sales exceeding 100 billion yuan and expanding its project portfolio significantly [9][10]. - In 2017, 泰禾集团 set an ambitious sales target of 200 billion yuan, which led to a surge in its stock price and market capitalization [10]. Recent Developments - On July 28, 2023, the Shenzhen Stock Exchange announced the termination of 泰禾集团's stock listing [11]. - The company faced a significant asset sale, with its former headquarters, 泰禾大厦, sold for approximately 660 million yuan, reflecting a substantial loss compared to its assessed rental value [11].

Core Viewpoint - Taihe Group's chairman and general manager, Huang Qisen, is under investigation for suspected illegal activities, leading to certain operational impacts on the company [1][3]. Company Situation - As of the announcement date, Taihe Group is facing asset freezes and seizures, which will affect its operations. However, the company continues to operate normally under its existing organizational structure and management system [3]. - The company has received an administrative penalty from the China Securities Regulatory Commission (CSRC) for failing to disclose significant litigation and for major omissions in its annual reports from 2020 to 2022. The penalties include a warning and a fine of 6 million yuan for Taihe Group, and fines for several individuals involved [6]. Financial Performance - In the 2024 annual report, Taihe Group reported an operating income of approximately 8.04 billion yuan, a year-on-year increase of 25.78%. However, the net loss attributable to shareholders was about 21.3 billion yuan, a year-on-year increase of 250.94% [12][14]. - The increase in losses is attributed to several operating entities being subject to bankruptcy reorganization or liquidation, significant investment losses due to asset auctions, and impairments in investment properties and inventory [12]. Historical Context - Taihe Group, founded by Huang Qisen, initially focused on the Fujian region and expanded into the Beijing luxury market, becoming a notable player in the real estate sector [8][9]. - The company experienced rapid growth from 2013 to 2017, achieving sales exceeding 100 billion yuan and expanding its project portfolio significantly [9][10]. - However, financial difficulties began to surface in 2020 when the company announced a default on its medium-term notes, marking the start of its decline [10][11].