永续债

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恒大二号人物的亡命天涯
商业洞察· 2025-08-22 09:23
以下文章来源于风声岛 ,作者海边的风声君 风声岛 . 这里有三局:政局、商局、时局。 作者:海边的风声君 来源:风声岛 01 ------------------------------- 2025 年 8 月,一则新闻揭开了恒大集团二号人物夏海钧藏匿海外的冰山一角。 香港高院应清盘人申请,颁布针对夏海钧妻子何某的临时禁制令,冻结了她名下位于美国加州尔湾 的多项资产。 法院文件披露的细节令人侧目:夏海钧妻子在加州持有 3 处不动产和 4 辆豪车,总价值约 2400 万美元,而这些资产的实际出资和控制人正是夏海钧本人。 法院认为,夏海钧借妻子名义持有豪宅,公然隐瞒在美资产,显然有转移财产、防范追债的企图。 因此法庭决定将其妻列为被告,共同限制处分相关资产。 这一系列操作终于让销声匿迹多年的夏海钧浮出水面:原来他早已在美国安好了退路,过着 " 狡兔 三窟 " 般的隐秘生活 。 作为曾叱咤一时的 " 打工皇帝 " ,夏海钧从恒大攫取的财富难以尽数。 公开资料显示, 2008 年至 2022 年间夏海钧光工资薪酬就累计高达 18.55 亿元人民币,平均日 薪达 77 万元。 巅峰时的 2017 年年薪 2.7 亿,就 ...
成都银行拟发80亿元永续债 获AAA双评级
Jing Ji Guan Cha Wang· 2025-08-14 06:49
Group 1 - Chengdu Bank (601838) plans to issue its first tranche of perpetual bonds with a base size of 8 billion yuan in 2025, with book building scheduled for August 19 [1] - The issuer and the bonds have been rated AAA by China Chengxin International Credit Rating Co., Ltd [1] - CITIC Securities (601066) is acting as the lead underwriter for this bond issuance [1]
上海K11写字楼出售传闻背后,新世界发展的资金困局
Guan Cha Zhe Wang· 2025-07-11 03:50
Core Viewpoint - New World Development is reportedly selling part of its K11 office property in Shanghai, but the company denies these claims, stating that the office space is only for lease and not for sale [1][2]. Company Situation - The K11 office space, once a valuable asset, is now perceived as a liability due to declining rental rates and increasing vacancy rates in the Shanghai Grade A office market [2][3]. - New World Development's financial situation is under pressure, with a cash-to-short-term debt ratio of 0.67, indicating potential liquidity issues [3][4]. Market Conditions - The Shanghai Grade A office market is facing challenges, with a net absorption of only 85,300 square meters in Q2 2025, a decline of 18.4% quarter-on-quarter and 67.6% year-on-year, alongside a vacancy rate of 23.6% [2][3]. - Average rental rates for Grade A offices have decreased to 6.99 CNY per square meter per day, reflecting a 1.9% decline [2]. Debt and Financing - New World Development is seeking to refinance approximately 87.5 billion HKD (about 11.2 billion USD) in loans by June 2025, as existing loan covenants are expiring [4]. - The company has significant debt obligations, with total interest-bearing liabilities amounting to 151.4 billion HKD, including 32.6 billion HKD due within a year [3][4]. Impact of Perpetual Bonds - The company has four perpetual bonds that require interest payments, which have been delayed, signaling severe liquidity constraints [5][7]. - The delay in interest payments on perpetual bonds is viewed as a strong indicator of the company's financial distress, leading to a significant drop in stock price by 6.47% [7]. Strategic Implications - The rumors of selling the K11 office space highlight the company's need to address its financial challenges and may provide a temporary relief if the sale occurs [7]. - If the sale does not materialize, the company will need to explore other strategies for cost reduction and asset optimization to navigate its financial difficulties [7].
评司论企|882亿再融资落地,新世界发展能否走出困境?
克而瑞地产研究· 2025-07-09 09:24
Core Viewpoint - New World Development faces liquidity challenges highlighted by the delay in interest payments on four perpetual bonds, but has secured refinancing to address its debt situation [2][9][24]. Group 1: Perpetual Bonds and Debt Situation - The delay in interest payments on four perpetual bonds has raised concerns, but it is not classified as a typical debt default [3][4]. - As of the end of 2024, New World Development has five perpetual bonds totaling HKD 35.4 billion, with the delayed payments affecting four of them [4][5]. - The company classifies its perpetual bonds as equity under accounting standards, which differentiates them from typical financial liabilities [7][8]. Group 2: Financial Performance and Cash Flow - New World Development has faced significant profitability challenges, with a cumulative loss of HKD 26.6 billion in net profit over 2023 and 2024 due to property valuation losses and inventory write-downs [10][12]. - The company has a cash balance of HKD 21.9 billion against short-term debt of HKD 32.6 billion, resulting in a cash-to-debt ratio of 0.67 [12]. - The total interest-bearing debt amounts to HKD 151.4 billion, with unsecured bank loans constituting approximately 53% of this debt [12]. Group 3: Asset Management and Market Conditions - New World Development's net debt ratio stands at 60%, which is lower than the average of 98% for 50 sample companies in the industry [16]. - The company has invested heavily in properties, which typically have long return cycles, leading to cash flow pressures amid a declining market [18][21]. - The company has experienced net cash outflows in most years from 2018 to 2024, primarily due to debt repayments and dividend payments [18][19]. Group 4: Strategic Responses - New World Development plans to sell non-core assets, including office properties in Hong Kong, to improve liquidity [25]. - The company is also considering mortgaging core assets to extend debt maturities and replace high-interest debt [25]. - Despite current challenges, New World Development retains substantial shareholder equity of HKD 172.7 billion, providing a buffer for capital operations [25].
突发!香港超级家族,意外生变!
券商中国· 2025-06-02 06:58
Core Viewpoint - New World Development, owned by the Cheng Yu-tung family, faces significant financial challenges following the announcement of delayed interest payments on its perpetual bonds, leading to a sharp decline in its stock price and bond values [1][3][4]. Group 1: Financial Impact - New World Development's stock price dropped over 10% in a single day, closing at HKD 4.43, with a trading volume of 33.85 million shares, amounting to HKD 148 million [1][4]. - The company announced a total deferral of USD 77.2 million in debt obligations, with specific perpetual bonds hitting historical lows, such as the 6.15% perpetual bond dropping to 23 cents and the 4.8% bond falling to 15.5 cents [3][4]. - Analysts from Morningstar and Morgan Stanley indicated that while the deferral does not trigger a default, it poses long-term risks due to accumulating repayment obligations [4][6]. Group 2: Business Performance - New World Development reported contract sales of approximately HKD 24.8 billion this fiscal year, achieving over 95% of its annual sales target, with notable sales from projects in Hong Kong [6][7]. - Despite improvements in property sales, HSBC Global Research maintains a "reduce" rating on the company, citing low visibility in business turnaround and potential financial strain affecting dividend payments [6][7]. Group 3: Debt Management - The company is actively working on refinancing its HKD 87.5 billion bank loans and has secured commitments for refinancing, including a new loan of HKD 15.6 billion against its Victoria Dockside property [7]. - New World Development has successfully refinanced approximately HKD 17.76 billion of existing bank loans since July 2024, indicating ongoing efforts to manage its financial obligations [7].