Core Viewpoint - The "Evergrande system" has placed 12 companies' non-performing debts on the market, totaling approximately 11.3 billion yuan, with the debts primarily held by China Great Wall Asset Management Co., Ltd. [1][2] Group 1: Non-Performing Debts Overview - The total amount of non-performing debts involved is about 11.3 billion yuan, with projects located in major cities such as Beijing, Guangzhou, Tianjin, Chengdu, and others [2][4] - The largest debt is from Tianjin Shanshui City Investment, amounting to 2.477 billion yuan, secured by 1,204 residential units in the Tianjin Wuqing District [2][4] - Other significant debts include approximately 1.604 billion yuan from Zhengzhou Henzetong Health Investment and 1.675 billion yuan from Chengdu Jinjianjiang Real Estate [4] Group 2: Specific Company Debts - Beijing Hengfangxing Real Estate has a total debt of 1.387 billion yuan, backed by the New Yufeng project [4] - Zhengzhou Henzetong Health Investment has a debt of about 1.604 billion yuan, with collateral from the Xingyang Health Industry Park [4] - The debt from Wuxi Hengrui Real Estate is approximately 549 million yuan, secured by the Wuxi Hengda·Guanlanfu project [4] - Ningbo Jingshun Real Estate has a debt of about 757 million yuan, backed by the Fenghua Health Tourism Town [4] - The total debt from three related companies in Guiyang is 1.142 billion yuan, involving collateral from Hengda Central Park projects [4] Group 3: Company Actions and Legal Proceedings - On June 9, China Evergrande announced the appointment of joint and individual liquidators for its subsidiary CEG Holdings and continued its stock suspension [5][6] - The Hong Kong court appointed liquidators for CEG Holdings on April 28, 2025, to manage the liquidation process [7] - The company has faced legal actions, including a court order from the Guangzhou court restricting consumption due to failure to fulfill payment obligations [10]

Core Insights - Recently, several companies under the "Evergrande system" have had their non-performing debts listed for sale by China Great Wall Asset Management Co., with a total amount of approximately 11.3 billion yuan [1][3] - The non-performing debts involve 12 projects across 9 cities, with collateral including land, ongoing construction, and real estate [1][3] - The largest debt is from Tianjin Shanshui City Investment, amounting to 2.477 billion yuan, secured by 1,204 residential units in the Tianjin Wuqing District [1][3] Debt Details - Beijing Hengfangxing Real Estate has a total debt of 1.387 billion yuan, backed by the New Yufeng project and guaranteed by Evergrande [3] - Zhengzhou Hengzetong Health Real Estate has a debt of approximately 1.604 billion yuan, with collateral from the Xingyang Health Industry Park [3] - Wuxi Hengrui Real Estate's debt stands at about 549 million yuan, secured by the Wuxi Evergrande project [3] - Ningbo Jingshun Real Estate has a debt of approximately 757 million yuan, with multiple parties providing guarantees [3] - Nanchang Hengfu Real Estate's debt is 604 million yuan, backed by land and equity pledges [3] - Evergrande Group itself has a debt of 1.092 billion yuan, secured by 25 residential units in Guangzhou [3] - The total debt from three related companies in Guiyang is 1.142 billion yuan, involving collateral from the Evergrande Central Park project [3] - Chengdu Jinjingjiang Real Estate has a total debt of 1.675 billion yuan, secured by multiple properties [3] - Tianjin Shanshui City Investment's total debt is 2.477 billion yuan, backed by residential properties in the Tianjin Wuqing District [3] Company Status - China Evergrande (HK03333) is currently suspended from trading, with liquidators requesting creditors to submit proof of claims [4] - On June 9, China Evergrande announced the appointment of joint and temporary liquidators for its subsidiary CEG Holdings, continuing its trading suspension [4]