集团表示，2024年共偿还68.03亿港元等值贷款，净权益负债比率降至55%，并暂停土地拍卖以保留现 金流，目前未收到债权人提前兑付要求，但暂停付款可能触发相关条款，强调拟推动全面重组方案，包 括出售指定资产部分所得用于偿付重组费用。 智通财经APP获悉，路劲(01098)跌超10%，截至发稿，跌10.13%，报0.71港元，成交额159.49万港元。 公告指出，自2024年以来，市况进一步低迷，销售疲弱，行业融资愈趋困难，集团现金流恶化程度超出 预期。此外，全球关税不确定性及地缘政治紧张局势对其于若干印尼收费公路的权益的出售过程造成负 面影响。于公布刊发日期，集团离岸债务（包括银行债务及票据）约 15.1 亿美元，而暂停支付的款项 （即到期未付的利息总额）约 2262 万美元。此外，集团永续证券约 8.905 亿美元及递延分派约5646万 美元。 消息面上，路劲今早公告，于2025年6月20日就票据提出同意征求，获大多数持有人支持，但因部分系 列未达同意门槛，修订及豁免未能实施，导致旗下RKPF Overseas 2020 (A) Limited无法动用指定资产款 项支付2029年7月票据及2030年1月票 ...

Core Points - The core asset of Huangting International, Shenzhen Huangting Plaza, will be auctioned due to the company's debt crisis, which has resulted in over 44 billion yuan in cumulative losses over the past five years [2][3][4] - The auction is set for September 9-10, 2025, with a starting price of 3.053 billion yuan, significantly impacting the company's assets, liabilities, and daily operations [2][3] - The company has been in financial distress since 2020, with continuous losses and a high debt-to-asset ratio of 97.12% as of the first quarter [5] Financial Performance - Huangting International's main business revenue has been declining, with a projected loss of 140 to 200 million yuan for the first half of 2025 [4][5] - The company's real estate operations generated 350 million yuan in revenue for 2024, a year-on-year decline of 1.95%, while property management revenue fell by 21.43% to 230 million yuan [4] - The company attempted to diversify into the semiconductor industry but faced further financial deterioration, with significant impairments on acquired goodwill [5] Debt and Restructuring Efforts - The auction of Shenzhen Huangting Plaza is a result of a key financing deal in 2016, where the property was used as collateral for a 3 billion yuan loan, which has since defaulted [3][4] - Huangting International has been unable to finalize a debt restructuring plan, leading creditors to opt for a public auction of the collateralized asset [4] - The company has engaged in negotiations with creditors for a comprehensive settlement, which could potentially halt the auction if an agreement is reached [4]

记者丨唐唯珂 编辑丨黄剑 持续两年多的"苏宁和家乐福股权拉锯战"在8月11日晚按下终止键。 ST易购当晚公告称，全资子公司苏宁国际已与家乐福集团及其子公司签署和解协议： 公司以 2.2亿元一次性了结剩余16.67%股权收购尾款、知识产权欠费及多项仲裁索赔，并将在付款完 成后100%控股家乐福中国 。 这意味着，曾经叱咤中国零售市场的家乐福大型商超业务，在苏宁体系内走完最后一程； 而苏宁也得以甩掉逾13亿元潜在债务"包袱"，换取一次账面超过11亿元的债务重组收益。 此前即有业内人士分析，家乐福全球战略收缩、中国市场持续失血，加上仲裁周期长、执行 难度大，让双方都倾向"快刀斩乱麻"。根据家乐福集团财报，其2024财年净利润7.9亿欧元， 同比下降18%，继续在中国消耗诉讼资源并不划算。 从4 8亿元并购到1 0亿元尾款拉锯 公 告 显 示 ， 此 四 家 子 公 司 均 资 不 抵 债 ， 净 资 产 分 别 为 -1.46 亿 元 、 -4.32 亿 元 、 -9220 万 元、-6.93亿元。其中，沈阳家乐福亏损最为严重，去年营收为972.86万元，亏损2163.8万 元。交易完成后，四家子公司将不再纳入上市 ...

Core Viewpoint - The core asset of Huangting International, Shenzhen Huangting Plaza, is set to be auctioned due to the company's ongoing debt crisis, which has resulted in significant financial losses over the past five years [1][2][4]. Financial Performance - Huangting International has reported continuous losses since 2020, with cumulative losses exceeding 4.4 billion yuan from 2020 to 2024, including net profits of -292 million yuan, -1.157 billion yuan, -1.231 billion yuan, -1.127 billion yuan, and -640 million yuan respectively [1][4]. - The company's revenue from its main real estate business has been declining, with commercial operations generating 350 million yuan in 2024, a year-on-year decrease of 1.95%, and property management revenue dropping to 230 million yuan, down 21.43% year-on-year [4]. Asset and Debt Situation - As of the end of 2024, the book value of Shenzhen Huangting Plaza is 5.75 billion yuan, accounting for 71.57% of Huangting International's total assets, and it generated 370 million yuan in revenue, representing 56.03% of total operating income [1][2]. - The auction of Shenzhen Huangting Plaza is a result of a key financing deal in 2016, where the property was used as collateral for a 3 billion yuan loan from Citic Trust, which has since led to overdue payments and subsequent legal actions [2][3]. Strategic Failures - Huangting International's attempt to diversify into the semiconductor industry has not yielded positive results, with the acquisition of a 27.81% stake in Yifa Power Semiconductor Co., resulting in significant goodwill impairment of 154 million yuan due to continuous losses from the subsidiary [5]. - The revenue from Yifa Power has drastically decreased from 151 million yuan in 2022 to 72.67 million yuan in 2024, with cumulative revenue over three years falling short of 350 million yuan [5]. Future Risks - The potential auction of Shenzhen Huangting Plaza could lead to a significant asset restructuring, impacting the company's financial health and possibly triggering a warning for forced delisting under the Shenzhen Stock Exchange's regulations [2][3].

Core Viewpoint - China Evergrande Group will be delisted from the Hong Kong Stock Exchange on August 25, 2025, due to failure to meet the resumption guidelines set by the exchange [1][3]. Group 1 - The last trading day for the company's shares will be August 22, 2025, after which the shares will remain valid but will not be tradable on the exchange [3][4]. - The company has no intention to appeal the decision made by the listing committee regarding the delisting [4]. - The liquidators plan to provide a report to the company's stakeholders outlining the progress of liquidation from January 29, 2024, to July 31, 2025 [4][5]. Group 2 - Evergrande's shares have been suspended from trading since January 29, 2024, following a court-ordered liquidation [5]. - The liquidators are tasked with preserving company assets, returning value to creditors, and investigating the reasons for the liquidation [5]. - Despite some recovery of value from company assets, the liquidators have not identified a restructuring plan that would allow the company to meet the resumption guidelines and avoid delisting [5]. Group 3 - As of August 11, 2023, Evergrande Real Estate Group has been involved in multiple legal cases, with a total execution amount exceeding 2.71 billion yuan related to various disputes [6]. - The company currently has over 590 execution records, with a total amount exceeding 59.2 billion yuan, along with several consumption restrictions and dishonesty records [6].

北京证监局强调，东方雨虹及公司相关人员在收到《警示函》后，应高度重视，严格按照要求认真吸取 教训，积极进行整改，加强对相关法律法规的学习，强化财务核算质量，进一步提升信息披露质量和公 司规范运作水平。 从公司运营情况来看，据东方雨虹公布的2025年半年报，报告期内，公司实现营业收入135.69亿元，较 去年同期下降10.84%；归属于上市公司股东的净利润为5.64亿元，同比减少40.16%；经营活动产生的现 金流量净额为-3.96亿元。 在此之前，该公司于8月1日发布了一份关于债务重组进展的公告。 东方雨虹称，因部分客户无法以现金方式清偿公司债务，为加快债权清收、实现资金回笼，其作为债权 人通过取得部分客户已建成的住宅、商铺、办公用房、车位、持有的股权资产等抵债资产用于抵偿其所 欠付公司款项。 登录新浪财经APP 搜索【信披】查看更多考评等级 智通财经8月11日讯（记者 王海春）因公司高层存在违规行为，东方雨虹（002271.SZ）被监管层通报 批评。 深圳证券交易所8月11日发布的公告显示，根据中国证券监督管理委员会北京监管局《行政监管措施决 定书》（〔2025〕147号）及深交所查明的事实，2023年2月 ...

早在2023年12月，华南城就曾发布公告称，集团因受到房地产行业运营环境恶化的影响，已经遇到并预 计将继续面临重大的资金流动和现金流紧张问题。当时公告显示，华南城2024年有5只美元债要面临兑 付，规模达11.99亿美元。 2024年，华南城录得了上市以来的首次大额亏损。根据华南城的年报，截至去年底，华南城负债总额约 为609亿港元。据独立核数师报告，华南城去年底流动负债超过流动资产28.48亿港元，即期部分计息债 务（包括优先票据及计息银行及其他借款）为182.41亿港元，现金及现金等价物为0.41亿港元。与此同 时，华南城违约借款累计达157.42亿港元，未能依时支付本金或利息。安永为华南城的独立核数师，并 发出"无法表示意见"。 5月19日，华南城在港交所公告，当日香港高等法院聆讯上，香港高等法院下令将呈请的清盘聆讯押后 至2025年8月11日。该清盘呈请由债权人花旗国际提出，它是华南城美元债的信托人，清盘呈请的原因 是华南城未能偿还2024年4月到期的约3.06亿美元欠款。 华南城经历数月谈判后，仍未获得足够债权人支持其重组方案。华南城此前与债权人就多个问题发生争 执，在今年5月法庭聆讯上，债权人表示 ...

用金融资产偿债如何缴纳增值税 全面推行营改增以后，金融资产交易纳入增值税应税范围。一些企业在经营活动中，往往将金融资产在债务重组中作偿债处理，忽视了金融资产交易方的增 值税处理差异，容易引发税务风险。 典型案例 债务重组中 《营业税改征增值税试点有关事项的规定》明确，金融商品转让，按照卖出价扣除买入价后的余额为销售额。转让金融商品出现的正负差，按盈亏相抵后的 余额为销售额。若相抵后出现负差，可结转下一纳税期与下期转让金融商品销售额相抵，但年末时仍出现负差的，不得转入下一个会计年度。金融商品的买 入价，可以选择按照加权平均法或者移动加权平均法进行核算，选择后36个月内不得变更。 根据上述政策规定，A公司在计算金融商品转让增值税时，应按照卖出价扣除买入价后的余额确定销售额，应以下列公式计算增值税：销售额÷（1+增值税 税率）×增值税税率。 A公司应计算出售时的增值税税额=（卖出价－买入价）÷（1+增值税税率）×增值税税率=（950－920）÷（1+6%）×6%=1.7（万元）。A公司的正确会计处 理如下：借记"应付账款"1500万元、"其他综合收益"80万元，贷记"其他债权投资"1000万元、"应交税费——转让金 ...

报告要点： · 融资概况：7月单月融资规模同比增长，信用债发行规模大幅增长 · 融资利率：整体融资成本下降 · 企业发行动态：金茂发行额度最高，招商蛇口融资成本最低 · 资本市场动态：万科、建发等获取新增资金，大悦城地产拟进行私有化 中指研究院每月发布房企最新融资数据， 融资概况：7月单月融资规模同比增长，信用债发行规模大幅增长 数据来源：中指数据CREIS（点击查看） 企业研究：https://u.fang.com/ytcrnn/ 7月信用债发行同比大幅增长，发债房企主要为央国企，本月金茂、保利发展、华润等发行总额超30亿 元，首开、建发、苏高新、大悦城等发行信用债超20亿元，信达地产、中国铁建地产、天地源等亦有信 用债发行。本月民企和混合所有制企业如绿城、滨江、新城、金辉等成功发行信用债，合计金额约30.1 亿元；债券期限较长，绿城、新城、金辉发行债券均为3年以上，长期资金流入有助于企业延长债务期 限结构；本次金辉、新城是2025年首次发行信用债，信用债发行企业扩容。本月信用债发行期限较长， 以1-3年期和3年以上债券为主，平均发行年限为3.79年。 ABS发行规模为257.4亿元，同比大幅增长，较上月亦 ...

Core Viewpoint - The company, Yuanyang Group, has introduced a preliminary restructuring plan for its domestic bonds, involving approximately 18.07 billion yuan in bonds, with four repayment options available to creditors, potentially reducing the domestic bond balance by up to 69% [1][2][8]. Summary by Sections Domestic Bond Restructuring Plan - The restructuring plan offers four repayment options: cash buyback, stock economic rights, asset debt settlement, and long-term debt retention [2][6]. - The bonds involved include seven company bonds and three bank financing tools, with a total outstanding principal amount of approximately 18.07 billion yuan as of the end of 2024 [4][5]. Repayment Options 1. **Cash Buyback Option**: The company plans to buy back up to 4 billion yuan of bonds at 20% of their remaining face value, resulting in a repayment rate of 20% [6]. 2. **Stock Economic Rights Option**: The company will issue up to 2.8 billion new shares to repay part of the bonds, with an estimated repayment rate of around 20% [6][7]. 3. **Asset Debt Settlement Option**: This option is divided into residential and commercial project income rights, with repayment rates of 30% and 100% respectively, although actual cash recovery depends on project income stability [7]. 4. **Long-term Debt Retention Option**: The maturity of the bonds will be extended by 10 years to September 30, 2035, with an interest rate adjustment to 1% per year, which dilutes the value of creditors' claims [6][8]. Impact of Restructuring - If the first three options are fully subscribed, the estimated remaining domestic bond scale could be over 5.6 billion yuan, leading to a potential 69% reduction in the domestic bond balance, significantly lowering the company's leverage and facilitating a quicker return to healthy operations [8]. Comparison with Overseas Debt Restructuring - The overseas debt restructuring plan involves approximately 4 billion yuan in debt, utilizing structured debt reduction and legal enforcement mechanisms, with new notes issued at a lower interest rate of 3% [10][14]. - The overseas plan has a more rigid structure, ensuring a one-time resolution of debts, while the domestic plan offers more flexibility and options for creditors [14].