Huarong Jiangsu Branch "Bailed Out" 8 Billion Yuan, Ruian Real Estate Intends To Take Over The Property, And The Debt Restructuring Of Sansheng Group Is Expected

The debt restructuring of Sansong group will adopt the mode of "local government + central enterprise war investment". China Huarong Jiangsu Branch, as the "relief fund", will provide 8 billion yuan of incremental relief fund for Sansheng group and provide liquidity support.

A few days ago, the financial creditors' meeting of Jiangsu well-known private enterprise Sansheng Group Co., Ltd. was held in Nanjing.

The 21st century economic news reporter learned that the debt restructuring plan of Sansheng group has been initially approved by creditors, and all creditors of financial institutions will have a final vote on January 31, 2021 after they formally get the restructuring plan.

The debt restructuring of Sansong group will adopt the mode of "local government + central enterprise war investment". China Huarong Jiangsu Branch, as the "relief fund", will provide 8 billion yuan of incremental relief fund for Sansheng group and provide liquidity support.

The debt restructuring plan has taken shape

As for the content and details of the debt restructuring plan, the 21st century economic reporter has verified this, but has not received a reply from sanxu group.

It is understood that the debt restructuring of Sansong group will not adjust the principal of creditor's rights, but will be included in "paying off the principal with debts". According to the plan, Sansheng group will clear up and dispose the non main business assets beyond the white list of retained business assets, and all the money or asset value from such asset disposal will be used to pay off debts and realize debt reduction.

At the same time, powerful strategic investors will be introduced to actively vitalize the high-quality assets of the main industry. The rescue fund side will provide corresponding relief funds, and Sansheng group will gradually complete the debt repayment work according to the restructuring plan.

It is worth mentioning that Sansheng group adopts the innovative way of "agreement restructuring" in debt restructuring. It does not go bankrupt, does not evade debts, does not discount or repudiate debts, and tries its best to complete debt settlement as soon as possible. After debt restructuring, Sansheng group will remain a limited liability company rooted in Nanjing.

The incident happened two years ago. In June 2018, the group was exposed to a liquidity crisis. Visual China

On December 24, Fang Zhi, senior partner of Zhejiang Zeda law firm, told the 21st century economic news that, compared with "agreement restructuring", the general corporate restructuring will estimate the debt repayment rate, and then give compromise consideration. After negotiation, an investor or institution may choose to offer a higher repayment rate to creditors. After the creditors vote, the court decides to approve the restructuring The plan will be implemented again ", he pointed out," generally, the debt of enterprises will be discounted. It is not ruled out that individual enterprises will evade or cancel debts in disguised form through such bankruptcy. "

According to public information, Sansheng group was established in 1995 and is a well-known private enterprise in Jiangsu Province. It has two listing platforms: Nanjing Xinbai (600682. SH) and * ST Hongtu (600122. SH). In addition, it also has key enterprises such as new third board company Futong Electric Co., Ltd. (837438. OC), Hongtu Sanyuan, Hongtu real estate, Guangzhou Jinpeng, Ankang Tong and other key enterprises Medical treatment and other fields.

As of 2018, Sansheng group has been listed in the "top 500 Chinese enterprises" (122nd in 2018) for the 15th consecutive year, and ranked 26th in "top 500 private enterprises in China" and 15th in "top 100 private enterprises in China" by the all China Federation of industry and commerce.

The incident happened two years ago. In June 2018, the group was exposed to a liquidity crisis.

On the one hand, since June 21, 2018, Nanjing Xinbai, a subsidiary of sanxu group, has been on the limit for eight consecutive trading days, while Hongtu hi tech, another listed company, has been suspended from June 15, 2018 in the name of major restructuring.

Subsequently, on July 20, 2018, a notice on the deferred payment of "hejjg-anyingbao No.6 Sansheng group's collective asset management plan" of RMB 55.8 million showed that as a financier, Sansheng group had a material breach of contract.

After being exposed that the asset management plan was in breach, there were still 8 months of maturity of the "12 trio bonds" and then suspended trading.

What is still fresh in my memory is that on July 4, 2018, a "joint credit extension mechanism work promotion meeting of Sansheng group" was held in Nanjing, Jiangsu Province, including relevant people from Jiangsu provincial financial office, Nanjing municipal government and financial supervision department.

At the meeting, Yuan Yafei, chairman of Sansong group, put forward the "10 billion slimming plan" and planned to incorporate part of the asset disposal into the plan. He pointed out that it is planned that by the end of 2018, the group will realize the withdrawal of 10 billion yuan.

In September 2018, under the leadership of the China Banking and Insurance Regulatory Commission and the people's Government of Jiangsu Province, the financial debt Committee of Sansheng group was formally established. After nearly two years of negotiation and coordination, the debt restructuring plan was finally formed.

Conjecture of high quality assets

According to the above debt restructuring plan, Sansheng group "will clean up and dispose of non main business assets beyond the white list of retained business assets, and all of them will be used to pay off debts". So, what high-quality assets does Sanhua group still have? As of press release, the total market value of Nanjing Xinbai, two A-share listing platforms of Sansong group, is RMB 16.396 billion, and that of * ST Hongtu is RMB 1.251 billion,

In addition to the two A-share listing platforms, 21st century economic report reporters have found that Sansong Group Nanjing Investment Management Co., Ltd. is the second largest shareholder of Wangfujing (600859. SH), a listed A-share company. As of the end of the third quarter of 2020, it held 11.25% of the shares.

In addition, Sansheng group has been deeply engaged in the fields of "health care, biomedical treatment and hospital" for a long time.

For example, Xuzhou Cancer Hospital (the third people's Hospital of Xuzhou City), which is 80% owned by Nanjing Sansheng Hospital Management Co., Ltd., is the largest Class-A cancer hospital in Huaihai economic zone. According to the latest information on the official website of Sansheng group on December 18, the newly renamed Xuzhou new health hospital has obtained the grade III hospital qualification in 2020.

In addition, according to media reports, Sansheng group also has a three-level general hospital characterized by obstetrics and Gynecology, trauma and pension, the new hospital in northern Xuzhou District, and the second-class general hospital, Suqian workers' hospital, which is under the custody of the group

On the other hand, in the health care sector, Sansong group has set up comprehensive pension service enterprises yileju and Zhenya pension.

Since its operation in 2008, yileju has successively built four CCRC comprehensive pension communities in Jiangyin, Taizhou, Taizhou, Jiangsu, Jinhu, Huai'an, Jiangsu and Ningbo, Zhejiang Province. At present, it has more than 2600 sets of elderly apartments and more than 8000 beds for the elderly, which is the enterprise with the largest number of self built nursing beds in Jiangsu Province. Zhenya pension is an enterprise focusing on the operation and management of pension institutions in Hefei, Anhui Province, and also has a 15-year specialty The total number of beds is nearly 1000.

In addition, the official website shows that in the field of biomedicine, Sansheng group has set up assets such as Shanghai Than Shwe Biomedical Technology Co., Ltd. (Than Shwe China) and Shanghai Fandi Gene Technology Co., Ltd.

Ruian real estate intends to take over the property assets of Sanyuan Group?

It is worth mentioning that on the same day that the debt restructuring plan of Sansheng group took shape, 21st century economic reporter found that Ruian real estate (00272. HK), a Hong Kong listed real estate company, announced that Aohua, an indirect wholly-owned subsidiary of the company, would cooperate with gaofunuo group, an international property company, to set up a joint venture company (Guoying Development Co., Ltd.), with 50% equity each, to jointly open in Nanjing Issue a property project.

The amount of capital contribution promised by the shareholders of the joint venture company will not exceed RMB 1.62 billion (about HK $1.921 billion).

Ruian real estate pointed out in the announcement that the project to be purchased by the joint venture company "owns and operates a high-quality commercial complex located in one of the most advantageous areas in Nanjing, the capital of Jiangsu Province, and is a landmark building in the central business district of Xinjiekou. The property is located at No.1 Hanzhong Road, Qinhuai District, Nanjing City, Jiangsu Province, with a total floor area of 109196.46 square meters, including a 45 storey grade A office building, a 7-storey retail mall and 278 underground parking spaces ".

"The seller is the sole legal owner of all equity interests in the project company holding the property and is ultimately and beneficially owned by an asset-backed securities scheme, which is ultimately 49.45% owned by China Merchants Bank (600036. SH) and the rest by 11 investors," it added

The 21st century economic reporter inquired and found that No. 1 Hanzhong Road is the Nanjing international financial center. It was launched in 2009 and became the "highest building in Xinjiekou" with a height of 220 meters. It is a landmark complex project in Nanjing.

According to previous media reports, the building was built by China Merchants real estate and sold to Li Ka Shing's yateng Asia Fund (ARA) for a total price of 1.625 billion yuan in December 2008. In 2014, Ara sold the building to the trio group for a high price of 2.48 billion. This was the largest ever transaction of a stable income property in the Yangtze River Delta (except Shanghai). (Editor: Zhu Yimin)