以下文章来源于商讯杂志 ，作者商讯杂志 商讯杂志 . 《商讯》杂志致力研究商业经济，服务企业经营实践 2025 年 12 月 15 日，北京产权交易所一则匿名挂牌公告，将这笔总额 22.1 亿元的不良债权推向市场。这场跨越五年的银企博弈，不仅折 射出房企债务危机下金融机构的无奈，更揭开了昔日千亿房企泰禾集团从资本神话到债务废墟的终局。 | 某公司债权转让 | | | | 点击量：241次 | | --- | --- | --- | --- | --- | | | 请关注: 9 北交汇投【优质项目精准推送】 | | | 我要报名 | | 标的名称 | 某公司债权转让 | 项目编号 | CP2025BJ1000474 | | | 招商主体 | 某银行 | 交易品类 | 金融债权 | | | 参考价格 | 面议 | 披露起止日期 | 2025年12月15日 至 2025年12月19日 | | | 所在地区 | 北京市 | 所属行业 | 货币金融服务 | | | 交易机构 | | 项目负责人：张经理 / 联系电话：010-83143154 部门负责人：刘经理 / 联系电话：010-66295509 | | | | 保 ...

智通财经记者 | 王妤涵 智通财经编辑 | 李慎 万科首笔寻求展期的20亿中票方案未能获得债权人的支持。 12月15日，万科公告了2022年度第四期中期票据"22万科MTN004"展期会议结果，三个议案选项全部未获债券持有人通过，最接近通过的方案获得了83.40% 的同意表决，但依旧未达到90%的生效门槛。 这一消息迅速在资本市场引发连锁反应。12月15日，万科A股和港股双双下跌，截止下午收盘，万科A跌幅达2.99%，港股万科企业跌幅扩大至5.16%。 债券市场上，多只万科境内债价格大幅下跌。截止下午收盘，"21万科02"跌超26%，"21万科04"跌超11%，"23万科01"跌超7%，"21万科06"跌超6%，"22万 科02"跌近6%，"22万科04"和"22万科06"跌超5%。 股债市场的波动反映出当前投资者对万科偿债能力的担忧正在加剧。 据智通财经了解，万科此次寻求展期的"22万科MTN004"债券，起息日为2022年12月15日，债项余额共20亿元，票面利率3.00%，12月15日为原定的本息兑 付日。 此前的12月1日，万科曾通过主承销商向"22万科MTN004"的债券持有人披露了初步展期议案。 ...

Core Viewpoint - Vanke is facing a severe financial crisis, with significant stock and bond price declines due to a looming debt repayment of 77.53 billion yuan, raising concerns about its liquidity and ability to meet obligations [1][3][4]. Group 1: Financial Situation - Vanke's stock price dropped over 7% to 5.37 yuan, marking a new low since 2015, while its H-shares fell over 5% to 3.55 HKD [1][3]. - The bond market experienced drastic declines, with "21 Vanke 02" down 41% and "21 Vanke 04" down 36%, leading to multiple bond suspensions [3][4]. - The company has a total of 218 billion yuan in bonds, with nearly 158 billion yuan maturing within a year, indicating a critical liquidity issue [6][11]. Group 2: Debt Obligations - Vanke has 57 billion yuan in debt due in December, including a 20 billion yuan bond that is seeking an extension, which is the first public request for such action [6][8]. - The company’s major shareholder, Shenzhen Metro Group, has exhausted most of its 309 billion yuan borrowing capacity, leaving a 20 billion yuan gap [4][6]. - Analysts suggest that Vanke must sell assets or consider debt-to-equity swaps to manage its financial obligations effectively [10][11]. Group 3: Market Reaction - Investors are selling off Vanke's stocks and bonds due to fears of the company's inability to repay its debts, leading to a significant market reaction [7][10]. - The overall sentiment in the real estate sector is negative, as Vanke's situation reflects broader industry challenges, including difficulties in financing and selling properties [9][10].

Core Viewpoint - The auction of Sunshine City's headquarters building, the Binjiang International Plaza, concluded at a price significantly lower than its initial valuation, reflecting the company's ongoing financial struggles and high debt levels [1][3][15]. Group 1: Auction Details - The Binjiang International Plaza was auctioned with a starting price of 1.13 billion yuan and sold for 1.31 billion yuan after 37 rounds of bidding [1]. - The final sale price was only 60% of the original starting price of 2.1 billion yuan, indicating a significant decline in asset value [3]. - The property had previously been auctioned four times without success, highlighting the challenges in selling the asset [3]. Group 2: Company Background and Financial Issues - Sunshine City, originally a top 15 Chinese real estate company, has faced severe financial difficulties, with total liabilities exceeding 650 billion yuan as of September 2023 [8][12]. - The company reported substantial losses over three years, totaling approximately 400 billion yuan, leading to a significant decline in its stock price and eventual delisting from the Shenzhen Stock Exchange [9][10]. - The company's debt situation is exacerbated by ongoing lawsuits and claims for unpaid rent and fees amounting to 181 million yuan [7]. Group 3: Debt and Asset Management - Sunshine City has been actively selling assets to manage its debt, including the sale of shares in various companies and properties, with total debt repayment efforts exceeding 45 billion yuan [7]. - The company is currently coordinating with local governments and financial regulators to develop a comprehensive plan to address its debt issues [15]. - As of mid-2024, the company's asset-liability ratio reached 111.68%, indicating a precarious financial position [12].

Core Viewpoint - The auction of Sunshine City's headquarters building, the Binjiang International Plaza, reflects the company's ongoing financial struggles, with the final sale price significantly lower than previous auction attempts and the company facing substantial debt issues [2][4][6]. Auction Details - The Binjiang International Plaza was auctioned with a starting price of 1.13 billion yuan and sold for 1.31 billion yuan after 37 rounds of bidding [2]. - The final sale price was only 60% of the initial auction price of 2.1 billion yuan, indicating a decline in asset value [6][4]. - The property had previously failed to sell in four prior auctions, highlighting ongoing challenges in attracting buyers [5][6]. Company Background - Sunshine City Group, originally a top 15 Chinese real estate company, has faced severe financial difficulties, with total debts exceeding 650 billion yuan as of September 2023 [10][15]. - The company has been actively selling assets to alleviate debt, including over 20 high-quality properties, raising more than 45 billion yuan to repay obligations [9][12]. Debt Situation - Sunshine City has a total debt of 657.34 billion yuan, with significant amounts owed in both domestic and international markets [15]. - The company's asset-liability ratio has increased from 109.01% at the end of 2024 to 111.68% by mid-2024, indicating worsening financial health [14]. Management Changes - In March 2024, significant management changes occurred, with the founder stepping down and new leadership appointed to address the company's financial crisis [13]. Future Plans - Sunshine City is working on a comprehensive plan to resolve its debt issues, seeking support from local governments and financial regulators [18].

Core Viewpoint - The real estate sector is facing a prolonged downturn, leading to four significant challenges that could impact both the industry and ordinary citizens in the coming year [1] Group 1: Corporate Debt Challenges - In 2025, real estate companies will face a debt maturity peak with a total of 532.7 billion yuan due, an increase of nearly 50 billion yuan from 2024, with 160 billion yuan due in the third quarter alone, marking a recent high [2] - State-owned and leading real estate firms can secure financing at a low cost of 2.71%, while private firms face exorbitant rates, with New City Development's overseas debt reaching 11.88% [2] - By the second quarter of 2025, 15,191 real estate companies had tax debts totaling over 319.3 billion yuan, with 3,707 companies becoming untrustworthy debtors, indicating a potential for more firms to enter a vicious cycle of project sales and price reductions if sales do not improve [2] Group 2: Local Government Financial Strain - The downturn in real estate has severely impacted local government finances, with land transfer revenue dropping by 25.4% in the first eight months of 2024, equating to a loss of 202.18 billion yuan [4] - The financial strain is exacerbated in third- and fourth-tier cities, which hold over 70% of the 680 million square meters of unsold housing inventory, with a depletion cycle exceeding 47.6 months, far above the reasonable 12-month threshold [4] - The inability to sell land leads to insufficient fiscal revenue, hindering urban renewal and support for real estate companies, potentially creating a negative cycle of market downturn, fiscal pressure, and ineffective regulation [4] Group 3: Impact on Household Wealth and Consumption - The real estate slump has directly reduced household asset values, with real estate accounting for over 70% of urban residents' assets, leading to a 7.23% year-on-year drop in average second-hand housing prices across 100 cities by April 2025 [5] - Major cities like Beijing and Shanghai have seen significant price reductions, with some areas in Guangzhou experiencing declines of up to 12.6% [5] - This "asset shrinkage" is altering consumer behavior, with a noticeable decline in sales for related industries such as traditional appliances and liquor, with some regional liquor companies reporting revenue drops exceeding 45% [5] - Increased savings rates indicate a shift towards financial conservatism, as consumers are hesitant to spend on larger purchases, which could further hinder domestic demand recovery [5] Group 4: Overall Industry Outlook - The ongoing downturn in the real estate sector is creating a chain reaction affecting corporate debt, local finances, household wealth, and consumer behavior, all of which are interconnected with public welfare and the economy [6] - The Ministry of Housing and Urban-Rural Development has indicated a shift from expansion to quality improvement in the real estate sector, suggesting potential future opportunities, but the transition must be managed carefully to avoid exacerbating the four identified challenges [6]

Core Viewpoint - China Evergrande Group's delisting from the Hong Kong Stock Exchange marks the end of its 16-year listing journey, highlighting the company's dramatic rise and fall in the real estate industry, culminating in a liquidity crisis and significant financial losses [2][3][4]. Group 1: Company Overview - China Evergrande was listed in 2009 with a market value exceeding HKD 700 billion, becoming the largest private real estate company in mainland China [2]. - The company achieved record sales in 2016 and its founder, Xu Jiayin, became the richest person in China in 2017 [2]. - By 2020, Evergrande announced plans to reduce debt and control its scale, but the situation deteriorated rapidly, leading to a liquidity crisis in 2021 [2][5]. Group 2: Financial Impact - As of June 2023, external investors held approximately 34% of China Evergrande's shares, with the stock price plummeting from around HKD 15 per share at the end of 2020 to HKD 0.163 before delisting, resulting in a market value of only HKD 21.52 billion [5][7]. - The company is now considered a "zombie stock," with little to no liquidity post-delisting, and shareholders face significant losses [7]. Group 3: Liquidation Process - The liquidation process is ongoing, with creditors claiming a total debt of approximately HKD 350 billion (USD 45 billion) as of July 31, 2025, while the assets under the liquidator's control are valued at around HKD 27 billion (USD 3.5 billion) [9]. - The liquidator has prioritized the monetization of Evergrande Property, which is seen as a crucial asset for creditors [9]. - Legal actions are being pursued against key figures in the company, including Xu Jiayin, to recover approximately USD 6 billion in misreported dividends and compensation [9]. Group 4: Industry Implications - The delisting of China Evergrande signifies a new phase of accelerated risk clearance in the real estate sector, with expectations of more companies facing delisting and liquidation [17]. - The ongoing financial distress of Evergrande and similar firms poses a broader risk to creditors, industry stakeholders, and homebuyers, indicating potential long-term impacts on the real estate market [17].

Core Viewpoint - The recent forced auctions of key assets from major real estate companies, Huangting International and China Aoyuan, signal severe financial distress and potential insolvency for these firms, reflecting broader challenges in the real estate sector [2][6][10]. Group 1: Auction Details - Huangting International's asset, the Crystal Island Commercial Center (Shenzhen Huangting Plaza), is set for auction on September 9, with an estimated value of approximately 4.36 billion yuan and a starting price of about 3.05 billion yuan [2]. - China Aoyuan's former headquarters in Zhujiang New Town will be auctioned in four lots on August 19, with a total starting price of around 85.3 million yuan, and the lowest lot starting at just 21 million yuan, translating to a unit price of 16,000 yuan per square meter [4]. Group 2: Financial Implications - Both auctions are critical for the survival of the respective companies, with Huangting International's sale potentially determining its delisting fate, while Aoyuan's headquarters auction signifies a deep financial crisis [6][10]. - The auction prices for both assets have significantly decreased, nearly halving from their initial valuations, indicating a severe decline in asset value [6][10]. - Huangting International's total liabilities are approximately 7.71 billion yuan against total assets of about 8.03 billion yuan, resulting in a debt-to-asset ratio of 96% [13][14]. Group 3: Broader Market Impact - The forced sale of these prime assets in major cities at steep discounts raises concerns about the liquidity and valuation of other real estate assets, potentially leading to further devaluation across the sector [8][11]. - The situation reflects a trend where distressed real estate firms are compelled to liquidate valuable assets, which could exacerbate their financial difficulties and lead to accelerated bankruptcy proceedings [9][12]. - The ongoing financial struggles of these companies may lead to a broader negative sentiment in the real estate market, impacting investor confidence and asset valuations [10][11].