Grandland Group, a leading construction and decoration enterprise, relied on Evergrande to develop and expand, but was also implicated in Evergrande's debts and fell into a situation of overdue debt and bankruptcy reorganization. The reorganization application is currently one month old, but the court has not yet made it clear whether it will accept it.
Five times it has been disclosed that Guangfa has overdue RMB 2.38 billion and is still the largest creditor
According to the announcement of Grandland Group, the company has once again added some bank debts that are overdue. The creditors involved include Bohai Trust , Bank of Communications, CITIC Bank , Industrial Bank , the total overdue principal is 570 million yuan, of which Bohai Trust and CITIC Bank are the largest creditors disclosed in this announcement, with overdue principals of 395 million yuan and 164 million yuan respectively.
It is worth noting that, following China Guangfa Bank , Everbright Bank , and Agricultural Bank of China, Bohai Trust also announced that its loans will expire early.
Grandland Group’s disclosed bank debts are overdue.
This is the fifth time that Grandland Group has disclosed details of overdue bank debts. The overdue principal of 12 banks/financial institutions has reached 2.38 billion yuan, and there are 6 banks with amounts exceeding 100 million yuan. Among them, China Guangfa Bank is still the largest. For creditors, the overdue principal is 497 million yuan.
A staff member of Grandland Group’s Board Secretary Office previously stated that it is currently uncertain whether there will be overdue funds. The funds are coordinated by the Finance Department. As long as the overdue situation reported by the Finance Department meets the disclosure conditions, it will be disclosed in a timely manner through the announcement of the listed company.
Grandland Group has pinned its hopes of resolving the company's debt crisis on bankruptcy and reorganization. However, it has been a month since the supplier applied for reorganization, but there is still no progress.
According to the announcement, it has not yet received the court’s acceptance documents for the applicant’s application for reorganization and pre-reorganization of Grandland Group. There is uncertainty as to whether the applicant’s application for reorganization and pre-reorganization will be accepted by the court and the specific time. , the company will continue to actively promote the reorganization work.
Both parties are senior partners. The company has invested in Evergrande team
Grandland Group has been cooperating with Evergrande since 2007. Evergrande has been the company's largest customer for many years. It is worth mentioning that Grandland Group signed a strategic cooperation agreement with Evergrande Real Estate in 2010, stipulating that Evergrande Real Estate will arrange about 3.5 billion yuan in decoration and construction tasks every year, and increase construction tasks of about 1 billion yuan to Guangzhou every year. Tian Group.
Grandland Group.
As a senior partner, Grandland Group is not stingy with Evergrande. The annual report shows that Grandland Group invested 150 million yuan in Guangzhou Evergrande Taobao Football Club in 2015, holding 0.95% of the shares. In 2016, the company invested another 54.06 million yuan to establish investment company with Evergrande, with the purpose of driving engineering business through finance.
In 2017, Evergrande Real Estate announced an asset reorganization with Shenzhen Real Estate, with the intention of backdoor listing. According to the gambling agreement Evergrande Real Estate would introduce a strategic investment of approximately 30 billion yuan. Grandland Group invested 5 billion yuan at that time. After the reorganization was terminated, Evergrande announced that it had signed a supplementary agreement for 86.3 billion yuan of the 130 billion yuan strategic investment, agreeing not to require repurchase and to continue to hold the equity of Evergrande Real Estate. Grandland Group was one of the first investors to sign the supplementary agreement, and the actual controller Ye Yuanxi also attended the signing ceremony.
Evergrande.
Until 2020, Evergrande will still be Grandland Group’s largest customer, accounting for 44.92% of its operating income. Grandland Group stated at the time that Evergrande and the company had formed a good communication system and a tacit partnership during their long-term cooperation, which made Evergrande prefer to cooperate with the company under the same conditions when bidding.
Who would have thought that just one year later, Evergrande's debt crisis would break out in full, which would also have a serious impact on Grandland Group. It would suffer a loss of 5.588 billion yuan in 2021. At the same time, the company's accounts receivable turnover was slow and liquidity pressure intensified. Restricting daily operations and business expansion. Written by
/Xiangcai Plus
