China Olympic Park (03883. HK) has made some progress in introducing war.
The financial Associated Press reporter learned that a state-owned Kangyang real estate enterprise in Shandong may intend to become the controlling shareholder of China Olympic Park. At present, the state-owned enterprise has completed the preliminary due diligence of China Olympic Park, and it is expected to start substantive due diligence and business contact after the year.
It is reported that China Olympic Park currently has two listed companies Aoyuan Beauty Valley Technology Co.Ltd(000615) and Olympic Park health. If the above-mentioned state-owned enterprises of Shandong Kangyang real estate successfully enter China Olympic Park, the actual controllers of the two listed companies of Aoyuan Beauty Valley Technology Co.Ltd(000615) and Olympic Park health may change.
For the action of China Olympic Park, analysts believe that although the action may cause the original shareholders of China Olympic Park to lose control, it is the key action for China Olympic Park to alleviate the liquidity crisis.
China Olympic Park is preparing for transformation. At the summary meeting of the real estate sector held by China Olympic Park on January 28, Guo Ziwen, chairman of the board of directors of China Olympic Park Group, revealed that “the Olympic Park must transform from the previous high turnover and high leverage development model to a ‘small and beautiful’ stable operating enterprise.”
The above action of China Olympic Park is due to the liquidity difficulties of the company since the fourth quarter of last year. Since December last year, China Olympic Park’s financial products of about 6 billion yuan and a number of domestic and foreign bonds have encountered a cashing crisis.
Up to now, the relevant financial products of China Olympic Park have announced the deferred payment scheme, and have successively paid the principal and interest after the delay. Meanwhile, three domestic debts totaling 1.516 billion yuan have also been extended one after another.
In terms of overseas debt, due to the cross default of multiple overseas foreign debts, China Olympic Park officially launched the overseas restructuring procedure on January 19 this year, and disclosed for the first time in the announcement that it would introduce war investment to resolve the liquidity crisis.
At the summary meeting of the real estate sector held by China Olympic Park on January 28, Guo Ziwen disclosed the current progress of the company’s domestic foreign debt disposal, “At present, China Olympic Park has completed most of the due diligence on overseas debts, assets and businesses. At the same time, it has also repeatedly communicated with major overseas creditors, listened to feedback and continuously optimized. The current restructuring plan is close to completion.”
In terms of overseas debt asset disposal, Aoyuan has successively transferred many assets in Hong Kong, China and Canada. In addition, substantial progress has been made in the sale of projects in Australia and other places. The total return of overseas asset disposal is expected to be about 3 billion yuan.
For domestic debt, Guo Ziwen said that China Olympic Park specially established a working group on “one debt and one policy”, established joint office procedures, and established a China debt restructuring team to carry out work. Up to now, many projects have been transferred in Huizhou, Guangdong, Yangjiang, Huzhou, Zhejiang, Jiujiang, Jiangxi, Pubei, Guangxi, Zhangzhou, Fujian and other places.
It is also understood that in order to fully ensure the implementation of the above key work, including war introduction and sale projects, China Olympic Park has recently adjusted its internal structure and specially established five business departments, namely restructuring and war investment business department, fund and financing business department, operation business department, key project business department and comprehensive business department.
Guo Ziwen said at the summary meeting of the real estate sector, “the Olympic Park will vigorously promote and adopt more people with the concept of the overall situation, and boldly reuse young talents who do not lie flat, dare to work, dare to break through and can win the war. The headquarters will be under unified command, the region will be fully authorized, and the results will be the only indicator for the assessment.”
