1 Will Sunac rot in 2022: Will Sunac rot in 2022? Will Sunac be ruined in 2022? 1 It is hard to say whether Sunac will rot in 2022, but there have been many news of Sunac's shutdown, such as Sunac City in Zhongshan and Sunac City Phase II in Wuhan. You can go to the local Sunac construction site to see if it starts smoothly.
2. On May 12, 2022, Sunac China announced that the interest on four senior notes of US dollar debt due in April totaled US$ 654.38+0.47 billion, which could not be repaid within the relevant grace period. This announcement officially declared Sunac in breach of contract. The storm of Sunac made the market worry about whether Sunac in 2022 would be unfinished.
3. Whether Sunac will close down in 2022 is temporarily unknown. At present, Sunac is actively saving itself. At the same time, some analysts believe that Sunac's volume cannot easily collapse, otherwise it will have a great impact on China's real estate market. If its high-quality assets are divided in exchange for cash flow support, it should be able to tide over the difficulties.
2. Can Sunac survive this time? Recently, the real estate market is very lively, and the impact of Evergrande Thunder Storm has not been eliminated. "You sing me to the stage", news about Sunac's debt and bankruptcy is constantly seen in major media and online platforms. Sunac's problems, like Evergrande's, all stem from debts, so let's start with Sunac's liabilities.
Sunac's 3.86 billion bond resale will expire in February 2022), and 9.7 billion yuan of debt will expire during the year. On March 23, a creditor revealed that Sunac Real Estate Group Co., Ltd. (hereinafter referred to as "Sunac Group") proposed a preliminary extension plan for the issued "20 Sunac 0 1" corporate bonds. Initially, Sunac plans to mortgage a project worth 3.2 billion yuan in Zhengzhou to creditors, and Sun Hongbin, the chairman of the board, will provide unlimited joint and several liability for the bond. 6% of the principal will be repaid in July 2022 and 9% in June+10/October 5438.
Most bondholders choose to exercise the right to sell back, and Sunac Group faces greater pressure of centralized redemption. It is reported that at present, most creditors have indicated that they do not accept the above extension (that is, extension) plan, but this is only a preliminary plan, not a final plan.
In addition, Sunac Group has billions of bonds that will expire or be sold back before the end of this year. The issuers are Xinnan Real Estate and a Shanghai company.
Since the beginning of this year, the three major international rating agencies, Standard & Poor's, Fitch and Moody's (all American companies), have successively downgraded Sunac China's corporate family rating and related debt rating to "negative", and its credit qualification has continued to deteriorate, greatly increasing the risk and difficulty of refinancing. According to statistics of relevant financial media, Sunac China currently has 13 USD bonds, with a scale of nearly 8 billion USD, of which two bonds with a total amount of about165438+700 million USD will expire in June and September 2022 respectively. On March 22nd, Sunac China announced that the operating results of 202 1 could not be released before April 2022 because the audit procedure was not completed on schedule.
According to relevant sources, Sunac China expects that the profit attributable to shareholders in 20021year will decrease by about 82% compared with last year, and the core net profit will decrease by about 49.3%.
Although at the end of 20021and the beginning of 2022, Sunac China raised1300 million yuan through the sale of some shares and equity redistribution, the short-term cash debt ratio is still 1.2 times, which is not enough to cushion the turbulent pressure.
Sunac China is the controlling shareholder of Sunac Group, which is the main investment and financing entity in China. Sun Hongbin controls 43.69% equity of Sunac China through overseas trust at different levels, and is the actual controller of the company.
In 20021year, Sunac China achieved sales of 598.5 billion yuan, up 4.2% year-on-year, but it still failed to achieve the annual target of 639 billion yuan.
In 20021year, Sunac China ranked third in the industry with a transaction amount of 576.3 billion yuan (both in RMB) and a transaction area of 400 1 10,000 square meters. Due to the thunder of Evergrande Group, Sunac's ranking has improved by one place.
However, like most real estate enterprises, Sunac China's gross sales margin has also continued to decline. In the first half of 20021,Sunac China's gross sales margin was 2 1%, which has been declining continuously since 20 19, mainly due to its land premium of 20 17 years.
Judging from the "three red lines" of the new financing regulations for real estate enterprises, Sunac China has an asset-liability ratio of 75.4%, a net debt ratio of 85.3% and a short-term cash debt ratio of 1.27. After stepping on the red line, it still belongs to the "yellow file".
However, according to JPMorgan Chase's data, Sunac China's actual net debt ratio is 65,438+039.2%, which is much higher than the data published in Sunac's financial report.
Compared with short-term debt, Sunac China's liquidity is not the worst. The cash and cash equivalents in its account are 1 1000 billion yuan, which can cover short-term debts, but most of the cash is invested in projects under construction and cannot be used to repay the debts of the parent company. In addition, although the short-term loans of Sunac China decreased in 2020, the accounts payable and notes payable soared, and the total current liabilities rose instead of falling.
Will Sunac go bankrupt? Some netizens left a message to ask questions. There are two main contents: Will Sunac go bankrupt? When will it go bankrupt? Due to the limited space, I won't answer all the questions raised by netizens, so I will answer them here together. Please forgive me.
Finally, to sum up, Sunac is in a very dangerous situation, which can be said to be at stake. On the one hand, we should deal with the problem of short-term debt repayment and avoid a large-scale run. On the other hand, it is necessary to solve the capital chain problem of projects under construction, ensure the smooth progress of projects under construction, and try to avoid the emergence of uncompleted residential flats, so as not to cause panic, trigger social mass incidents, and avoid government intervention and intervention (if the government takes over, Sunac will be split and reorganized and lose its independent control). Now is the critical moment of Sunac's life and death. Whether it is a successful landing after a narrow escape, or falling into the abyss of perdition, it is in jeopardy.
Zhu Rong is lucky, and miracles happen.
1, this article is only the author's personal opinion and is for reference only.
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