Group 1 - Evergrande is accelerating the disposal of its non-performing assets, with 12 companies' bad debts totaling approximately 11.3 billion yuan being put up for sale [1] - The bad debts are held by China Great Wall Asset Management Corporation's Beijing branch, covering projects in major cities such as Beijing, Tianjin, Nanchang, and Chengdu [1] - Specific debts include Beijing Hengfangxing Real Estate with a total debt of 1.387 billion yuan, Zhengzhou Hengzetong Health Real Estate with approximately 1.604 billion yuan, and Wuxi Hengrui Real Estate with about 549 million yuan [1][2][3] Group 2 - The total debt of three related companies in Guiyang amounts to 1.142 billion yuan, all involving collateral and guarantees from Evergrande [4] - Chengdu Jinjianjiang Real Estate has a total debt of 1.675 billion yuan, secured by multiple land parcels and properties [4] - Tianjin Shanshui City Investment and related properties have a combined debt of 2.477 billion yuan, backed by the Tianjin Wuqing Evergrande Shanshui City project [5] Group 3 - CEG Holdings, a subsidiary of Evergrande, has been placed under liquidation, with the Hong Kong High Court appointing joint and individual liquidators [5][7] - As of September 12, 2024, CEG holds approximately 5.368 billion shares of Evergrande Property, representing about 49.65% of the total issued shares [7] - The court ruling restricts participation in the liquidation process to statutory creditors, excluding economic interest holders and shareholders from decision-making [7]

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]