Group 1 - The funds of 130 million yuan for the "guarantee delivery" project were transferred within an hour of being deposited into the regulatory account, indicating a lack of effective oversight by the bank involved [1][2] - The Fuzhou Housing and Urban-Rural Development Bureau issued a notice regarding the failure of the Bank of China Fuzhou Branch to fulfill its responsibilities in supervising the pre-sale funds for the "guarantee delivery" project, which has led to unpaid construction costs and tax issues for homeowners [2][3] - The Bureau has suspended the Bank of China Fuzhou Branch from engaging in new pre-sale fund supervision business until it cooperates in completing the necessary follow-up work for the "guarantee delivery" project [3] Group 2 - The Fuzhou Housing and Urban-Rural Development Bureau also issued a notice regarding China Aviation Trust's lack of action on the "guarantee delivery" project, which has negatively impacted the progress of the project and caused social instability [4] - The Bureau emphasized the importance of the "guarantee delivery," "white list," and "de-stocking" initiatives as key terms in the real estate market over the past two years [5] - The Supreme People's Court, the Ministry of Housing and Urban-Rural Development, and the People's Bank of China have issued guidelines to ensure that pre-sale funds are used for project construction, preventing disruptions that could harm homeowners' rights [5]

Group 1 - Fuzhou Housing and Urban-Rural Development Bureau issued a notice regarding China Aviation Trust's inaction on the "guarantee delivery" project, impacting project progress and social stability [1] - The project "Rongxin Jianglai" in Fuzhou is developed by Fuzhou Junde Hui Real Estate Development Co., Ltd., with China Aviation Trust holding a 60% stake, which has been uncooperative in financing efforts [1] - Fuzhou Junde Hui Real Estate Development Co., Ltd. was established in 2021 with a registered capital of 410 million RMB and has multiple risk indicators, including operational anomalies and restrictions on high consumption [1][4] Group 2 - China Aviation Trust was established as a non-bank financial institution approved by the former China Banking Regulatory Commission, with a registered capital of 6.466 billion RMB [7] - In April, China Aviation Trust announced a management service agreement with Jianxin Trust and Guotou Taikang Trust to enhance operational efficiency, starting from April 18, 2025 [7] - China Aviation Trust's parent company, AVIC Capital, announced the termination of its stock listing due to significant operational uncertainties [7] Group 3 - Fuzhou Housing and Urban-Rural Development Bureau also issued a notice to China Merchants Bank's Fuzhou branch for inadequate supervision of pre-sale fund accounts related to the "guarantee delivery" project, leading to social stability issues [8] - The project "Shimao Yunpu Mansion" faced difficulties in fund disbursement due to the bank's actions, prompting the bureau to suspend the bank's new pre-sale fund supervision business in the city [8]

Core Viewpoint - The article highlights the negligence of China Aviation Trust in fulfilling its responsibilities related to the "guarantee delivery of buildings" initiative, as reported by the Fuzhou Housing and Urban-Rural Development Bureau [1][2]. Group 1: China Aviation Trust's Involvement - China Aviation Trust holds a 60% stake in the Fuzhou Jun De Hui Real Estate Development Co., which is responsible for the "Rongxin Jianglai" project [2]. - The Fuzhou Housing Bureau reported that China Aviation Trust has been uncooperative and has delayed the financing process necessary for project resumption, impacting the progress of the "guarantee delivery" work [1][2]. - As a result of its inaction, China Aviation Trust has been placed under the management of two other trust companies, namely Jianxin Trust and Guotou Taikang Trust [1][2]. Group 2: Company Background and Financial Status - China Aviation Trust was established with a registered capital of 6.466 billion yuan and is primarily owned by China Aviation Investment Holding Co. [2]. - The company has faced significant operational uncertainties, leading to its decision to voluntarily terminate its stock listing in March 2023 [3]. Group 3: Regulatory Actions - The Fuzhou Housing Bureau also issued a corrective notice to the Fuzhou branch of China Merchants Bank for its failure to properly supervise a pre-sale fund account related to another "guarantee delivery" project, which resulted in funds being misappropriated [4]. - The bank's actions have severely affected the project's financial management and the ability to complete the "guarantee delivery" work, prompting the bureau to suspend the bank's new pre-sale fund supervision business in the city until compliance is achieved [4].

Group 1 - The company held its eighth board meeting on June 25, 2025, with all nine directors present, complying with legal and regulatory requirements [2][3] - The board approved a proposal to provide guarantees for financing to Luoyang City Yancheng Construction Investment Co., Ltd., which requires shareholder approval to take effect [3][10] - The board also approved a proposal to convene the company's fourth extraordinary general meeting for 2025 [4][19] Group 2 - The company is providing a guarantee for a loan of up to 163 million yuan for the construction project "Jinxiu Jiangnan" managed by its subsidiary, Luoyang Shengxu Real Estate Development Co., Ltd. [9][10] - The total amount of guarantees provided by the company and its subsidiaries exceeds 429.11 billion yuan, which is 288.87% of the latest audited net assets [14] - The company has overdue guarantees amounting to 66.46 billion yuan [14] Group 3 - The fourth extraordinary general meeting will take place on July 11, 2025, with both on-site and online voting options available for shareholders [20][21] - Shareholders must register for the meeting by July 9, 2025, and can delegate their voting rights if unable to attend [26][28] - The company will publish a reminder announcement on July 8, 2025, to encourage shareholder participation [24]

Report Industry Investment Rating No relevant content provided. Core Views - Glass: The medium - term outlook is a sideways market. Short - term spot prices are weak, with prices falling across regions. In the medium term, factors such as the June real - estate debt repayment peak and Hubei's warehouse receipt pricing will suppress the market. The 09 contract, a peak - season contract, is priced at a large loss, indicating high future volatility. Bulls focus on policy support, low spot prices, long - term factory losses, and peak - season expectations. Bears believe the real - estate market won't improve substantially, and inventory pressure is high [6][7]. -纯碱: The short - term outlook is weak. The glass market's pressure restricts the price increase of soda ash. High production and inventory are the core issues, and there is no long - term shortage expectation. Potential supporting factors like low light - heavy soda ash price difference, good exports, and high inventory concentration need the improvement of the glass market to take effect [8][9]. Summary by Directory Glass: Supply - side Situation - Cold - repaired production lines in 2025 have a total daily melting capacity of 8010 tons/day [12]. - Ignited production lines in 2025 have a total daily melting capacity of 9210 tons/day [13]. - Potential new ignition production lines have a total daily melting capacity of 13000 tons/day [15]. - Potential old - line复产 production lines have a total daily melting capacity of 7830 tons, mainly concentrated in South and Southwest China [16]. - Potential cold - repaired production lines have a total daily melting capacity of 7850 tons/day [18]. - The glass industry's production reduction space in the first half of the year is limited, with the current in - production capacity at around 155,000 tons/day [19][20]. Glass: Price and Profit - Recent transactions are slightly down but stable compared to last week. Some manufacturers' prices have dropped by 20 - 40 yuan/ton. Prices in different regions are: 1120 - 1180 yuan/ton in Shahe, 1000 - 1100 yuan/ton in Hubei, and 1220 - 1360 yuan/ton in East China [26][30]. - Futures prices have rebounded, the basis is weak, and the calendar spread is stable. The calendar spread's rebound space is limited due to near - month warehouse receipt factors [32][35]. - Profits vary by fuel: - 108 yuan/ton for petroleum coke, - 195 - 83 yuan/ton for natural gas and coal [36][40]. Glass: Inventory and Downstream开工 - Due to the rainy season, market transactions are weak, and inventory has slightly increased in most regions. Regional price differences have shrunk as prices in East China have declined [43][49]. Photovoltaic Glass: Price, Profit, Capacity, and Inventory - Prices are falling, recent orders are slightly down, shipments are average, and inventory is increasing. The prices of 2.0mm and 3.2mm coated panels have decreased by 4.08% and 2.47% respectively [56][58]. - As the market weakens, it may enter a production - reduction cycle again. The actual capacity as of mid - June is about 99,000 tons/day, and the sample inventory days are about 29.87 days, a 0.50% increase [59][64]. Soda Ash: Supply and Maintenance - Soda ash maintenance has reached its peak, and there may be less maintenance in June. The current capacity utilization rate is 86.5%, and the weekly output of heavy soda ash is 415,000 tons. The inventory is about 1.7267 million tons, with 812,600 tons of light soda ash and 914,000 tons of heavy soda ash [69][72][73]. Soda Ash: Price and Profit - This week's prices have changed little, with some northwest manufacturers reducing prices. The nominal prices in Shahe and Hubei are around 1200 - 1300 yuan/ton. High production and inventory put pressure on near - month contracts. The basis is slightly strong, and the calendar spread is under pressure. The profit in East China (excluding Shandong) for the joint - alkali method is 99.5 yuan/ton, and in North China for the ammonia - alkali method is 25 yuan/ton [84][86][91].

开发商躺平、接盘者难寻、政策落地不易， 业主自救更是步履维艰。 这盘困局，解铃还须系铃人？ 保定楼市呈现着奇异图景：一边是高端楼盘热销的火爆场面，另一边却是众多期房项目陷入延期交付的 窘境，更有积年累月未能解决的烂尾楼，无声矗立。这些悬而未决的"家"，究竟还能否迎来曙光？ 保定楼市那些事：烂尾楼的困局，谁来接住跌落的"家"梦？ 这是冬冬冬的第929篇原创文章 保定楼市光鲜背后， 无数家庭正深陷交房无期的泥潭。 时间，成了最无情的利刃。一句"早晚能交房"的宽慰，在漫长等待中消磨殆尽。多少人购置婚房，直至 子女毕业，新居仍是图纸上的幻影？多少人为子女教育购入学区房，孩子谈婚论嫁时，承诺的家园仍未 落成？更有老人盼着安享晚年，最终却带着深深的遗憾离去。这其中的煎熬，唯有亲历的业主刻骨铭 心。 一万年太久，只争朝夕！对于这些悬而未决的家园，施救行动越快越好，越早越好！时间拖得越久，沉 没成本越高，解决的希望便越渺茫。 前些年保定大规模城改曾被视为烂尾楼的"救命稻草"，如今看来，这根稻草自身亦在风浪中飘摇。当下 最令人忧心的是，除了深陷其中的业主，楼市链条上的其他参与者——开发商、金融机构、甚至部分监 管者——似乎都只 ...

国泰君安期货·能源化工 玻璃纯碱周度报告 国泰君安期货研究所·张驰 投资咨询从业资格号：Z0011243 日期：2025年6月15日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 纯碱：供应、 库存 05 纯碱：价格、 利润 06 01 玻璃：供应 端情况介绍 02 玻璃：价格 与利润 03 玻璃：库存 及下游开工 光伏玻璃： 价格与利润、 04 CONTENTS 产能与库存 玻璃观点：中期震荡市 第一，短期现货偏弱，全国各个地区玻璃价格普遍下跌。就中期而言需要注意6月地产偿债高峰因素、湖北仓 单定价对盘面压制因素，暂不宜对玻璃过度高看，但低位下跌空间也有限，长期看需要注意09合约作为一个 旺季合约，盘面定价却亏损幅度较大，玻璃未来波动率或较大； 第二、趋势上多头交易的核心支撑主要在政策端未来可能因地产收储、政府财政支持，政策资金保障加强后 保交楼落地预期增强、现货价格较低，处于历史价格25%分位以下、厂家长期亏损、09合约旺季预期； 第三、空头交易房 ...

Core Viewpoint - The market is not permanently bullish or bearish, and under policy support, it is trending positively. The key lies in adapting to the new normal and patiently waiting for recovery opportunities [1]. Group 1: Company Overview - Country Garden announced the third extension of the restructuring support agreement deadline for qualified creditors, indicating ongoing challenges in debt restructuring [2]. - The company is under significant pressure from two fronts: ensuring home delivery and debt restructuring, which are critical for its survival [2]. Group 2: Home Delivery Efforts - Country Garden emphasized that home delivery remains its top priority, with over 600,000 homes delivered in 2023 and a target of 210,000 homes in 2025 [4][5]. - The company’s land reserve with pre-sale permits has decreased significantly, down 73% from 2022, indicating a tightening of available projects for delivery [4]. - The company plans to focus on home delivery in the first half of 2025, with a balanced approach in the second half to ensure operational stability [5]. Group 3: Debt Restructuring - Over 70% of holders have joined the offshore debt restructuring agreement, which could potentially reduce debt by $11 billion [6][11]. - The restructuring plan includes options such as cash buybacks and forced conversion of debt into equity, with varying recovery rates based on the chosen option [11][12]. - The company faces significant challenges, including a cash outflow situation and a substantial decline in sales, which fell by 73% year-on-year in 2024 [15]. Group 4: Financial Health - As of the end of 2024, Country Garden's cash and cash equivalents were at 29.9 billion yuan, with ongoing asset sales to meet obligations [5][15]. - The company reported a net loss, leading to a decline in total equity to 51.25 billion yuan, with negative equity of 7.2 billion yuan for the parent company [15][16]. - The company’s inventory value accounts for nearly 57% of total assets, with significant impairment losses recognized in recent years [16]. Group 5: Market Outlook - The management expresses confidence in navigating the current market challenges, emphasizing the importance of adapting to the new market normal and waiting for recovery opportunities [17].

"武鸣灵水小镇什么时候能交房？" 这曾经是一个很难回答的问题，也是在后台私信里被问得最多的一个问题。 而现在可以回答了。正逢端午佳节，灵水小镇B4号楼的业主喜提新房，迎来了人生中非常重要的一桩盛事，从此结束了那条曲折迂回的交房之路。 "6月1日交付北区B4栋2单元" 一纸通知传来，武鸣灵水小镇北区B4栋270户兑现整体交付。 这是南宁市平稳基金组织项目复工之后的第一次交付。 交付成果如何？ 5月31日上午，项目北区异常热闹，一大批业主如约而至。在交付现场，工作人员热情且耐心引导，业主们有序地办理着资料核对和收房手续。 跟着业主的脚步，一起来揭晓。 01. 不负期待 灵水小镇B4号楼兑现交付 "5月31日交付北区B4栋1单元" 作为2025年项目拿下的第一个保交楼成果，B4号楼交付表现如何？ 当那串意味着尘埃落定的钥匙交到手中的那一刻，有业主情不自禁露出了笑容。带着欣喜的心情，业主们络绎不绝来到了自家楼下。 抬眼望去，B4号楼巍然矗立，呈现着恢弘磅礴的气势，在周边一片还未完工的楼栋之间格外瞩目。 进入单元楼之后，可以看到首层大堂已经完成精装修，其他楼层公共区域同样焕然一新，光洁透亮的地面和墙壁明示着这里经历过多 ...

碧桂园服务安排了多项风险控制措施。 碧桂园服务（06098.HK）也将为碧桂园的保交楼工作提供一份支持。 5月7日，碧桂园服务发布公告称，已与必胜、Fortune Warrior两家公司签订了借款合同，将向两家公司 提供本金合计10亿元人民币的循环借款融通。贷款将由集团内部资源拨付。 据碧桂园服务的业绩报告显示，2024年全年，该公司实现总收入439.9亿元，同比增长3.2%；毛利约84 亿元，同比下降3.8%；毛利率下滑1.4个百分点至19.1%；银行存款及现金总额约181.8亿元。 受该消息影响，碧桂园服务股价跳水，截至发稿，下跌5.41%，报6.65港元。 具体来看，该笔借款期限为5年，年利率为5%。两家公司在借款期限内可以一次或多次在借款额度内循 环提取借款。 同时，为了有效保障全体股东利益，该笔借款设置了多项保障措施，以控制风险敞口。 两家公司均直接持有碧桂园服务的股权，其中必胜直接持有418,332,094股股份，占比约12.51%； Fortune Warrior直接持有125,363,139股股份，占比约3.75%。 根据借款合同及股份抵押契约，上述两家公司将所持碧桂园服务的股份全数抵押给碧桂 ...