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Express | Real estate tax legislation suspended. Evergrande says Evergrande Wealth-related incidents will not affect the company’s operations – Guan


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Securities Times: Real estate tax legislation suspended

According to the Securities Times, the “Legislative Plan of the Standing Committee of the 14th National People’s Congress” was recently released. In the field of finance and taxation, the “Plan” clarifies that the Value-Added Tax Law, Consumption Tax Law, Tariff Law, etc. will be submitted for review during the term of the Standing Committee of the National People’s Congress; however, the revision of the real estate tax legislation and the Personal Income Tax Law, which have attracted much attention, did not appear in this legislation. planning.

It is reported that at the beginning of 2023, former Minister of Finance Lou Jiwei published an article entitled “China’s Fiscal System Reform and Future Prospects in the New Era” stating that real estate tax is the most suitable tax type as a local tax and should be used as soon as possible after the economy returns to normal growth. Carry out pilot projects.

In 2013, the Third Plenary Session of the 18th Central Committee of the Communist Party of China proposed for the first time to speed up real estate tax legislation and promote reforms in a timely manner. In the “Legislative Plan of the Standing Committee of the Thirteenth National People’s Congress”, the real estate tax law is included in the first category of projects, which is a draft law with relatively mature conditions and is to be submitted for review during the term. However, during the term of the 13th National People’s Congress Standing Committee, the real estate tax law was not submitted for review. In this legislative plan, real estate tax was not even mentioned again.

The hasty implementation of real estate tax will have a negative impact on my country’s real estate market and even economic development. Tian Zhiwei, deputy director of the Institute of Public Policy and Governance of Shanghai University of Finance and Economics, believes that even if real estate tax legislation is promoted in a timely manner, attention must be paid to tax collection methods and techniques. We can consider piloting real estate tax from the incremental part instead of reforming the existing market in one step.

In addition, the three major types of taxes, the value-added tax law, the consumption tax law, and the customs tax law, are included in the first category of projects in the “Plan”. In the long term, establishing a modern tax system and enhancing the role of personal tax in regulating income distribution will remain an important direction for personal income tax reform. When conditions are ripe, relevant legal amendments may be steadily advanced.

China Evergrande: Evergrande Wealth and Evergrande Life-related incidents will not affect the company’s operations

On September 18, China Evergrande Group issued a clarifying announcement. China Evergrande stated that the company has noticed media reports that criminal coercive measures have been taken against managers of Evergrande Financial Wealth Management Shenzhen Co., Ltd.

China Evergrande clarified that Evergrande Wealth is an indirect wholly-owned subsidiary of the company. Relevant personnel of Evergrande Wealth have been subject to criminal coercive measures in accordance with the law, which will not affect the company’s operations.

China Evergrande also said it had also noticed media reports on the insurance business of Evergrande Life Insurance Co., Ltd. and the corresponding transfer of assets and liabilities. China Evergrande said that Evergrande Life is a 50%-owned company in the company. Evergrande’s life insurance business and the corresponding transfer of assets and liabilities will have no significant impact on the company’s current business operations.

Sunac China: Overseas restructuring plan was approved by a unanimous vote at the creditors meeting

On the evening of September 18, Sunac China Holdings Co., Ltd. announced that its overseas restructuring plan was passed with a high vote. A total of 2,019 creditors voted, and the approval rate for the number of creditors was 99.75%, and the approval rate for the total debt was 98.3%.

The announcement showed that Sunac plans to once again increase the maximum limit of mandatory convertible bonds in the US dollar debt restructuring from US$2.2 billion to US$2.75 billion. Sunac believes that this will help further optimize the capital structure, reduce the scale of debt and alleviate future liquidity pressure. In addition, based on the current market conditions, increasing the limit of mandatory convertible bonds is in the overall interests of the company and shareholders.

According to the overseas debt restructuring plan previously disclosed by Sunac, the US$2.75 billion in compulsory convertible bonds, plus the US$1 billion in convertible bonds and the debt converted into Sunac Service Equity at a price of 13.5 Hong Kong dollars, will reach a maximum of approximately US$778 million, that is, Sunac passed The debt-for-equity swap will reduce total debt by more than $4.5 billion.

Sunac China will seek court approval and ruling on the plan. The petition seeking an adjudication plan will be heard on October 5, 2023 at 9:30 am (Hong Kong time).

Overseas Chinese Town’s cumulative contracted sales amount in the first eight months was 29.62 billion yuan, and single-month sales were 3.37 billion yuan.

On September 18, Shenzhen Overseas Chinese Town Co., Ltd. released an announcement on its main business operations in August 2023.

In August 2023, OCT achieved a contracted sales area of ​​194,000 square meters and a contracted sales amount of 3.37 billion yuan; from January to August 2023, the company achieved a cumulative contracted sales area of ​​1.418 million square meters, down 18% from the same period last year; contracted sales The amount was 29.62 billion yuan, down 19% from the same period last year.

In August, the company added a new residential land, a 57-acre JN05(251):2023-024 plot in Guobin, Jinniu District, Chengdu, with an area of ​​376.938 million square meters, a construction area of ​​753.876 million square meters, and a land acquisition price of 1.01 billion yuan. .

In addition, from January to August, the company’s cultural and tourism enterprises received a total of 66.9 million tourists, an increase of 58% compared with the same period last year.

CITIC City plans to acquire the entire equity of CITIC Zhengye Investment in a related party for RMB 882 million

On September 18, China CITIC Limited announced that its indirect wholly-owned subsidiary CITIC Urban Development and CITIC Zhengye Group had entered into an equity transfer agreement, pursuant to which CITIC Urban Development agreed to acquire all the equity interests of CITIC Zhengye Investment together with the assets owed by CITIC Zhengye Investment. The total consideration to pay CITIC Zhengye Group’s shareholder loans and other debts was 882 million yuan.

After the completion of this transaction, CITIC Zhengye Investment will become an indirect wholly-owned subsidiary of CITIC Limited, and its financial results will be consolidated into the group’s accounts.

CITIC Zhengye Investment is a limited liability company established under Chinese law. Before signing the equity transfer agreement, it was a direct wholly-owned subsidiary of CITIC Zhengye Group and an investment company mainly engaged in infrastructure investment, industrial real estate and new city construction.

Through this transaction, CITIC Urban Development has expanded its business area coverage to Hubei, Sichuan, Yunnan and other provinces in China where CITIC Zhengye Investment has been established.

CIFI withdraws from Guangzhou Zengcheng Sanlian Village project cooperation and is taken over by Henderson Land Development

On September 18, Xuhui Holdings (Group) Co., Ltd. announced the sale of equity in the Zengcheng project.

The announcement shows that CIFI Holdings’ indirect wholly-owned subsidiaries Guangzhou Changguang Business Consulting Co., Ltd., Guangzhou Changhui Real Estate Development Co., Ltd., Guangzhou Changzhuo Business Consulting Co., Ltd., CIFI Group Co., Ltd., Henderson China Real Estate Co., Ltd., Xu’an (Hong Kong) Co., Ltd., Shanghai Xuhui Enterprise Management Co., Ltd., China Guang Development Real Estate (Shanghai) Co., Ltd. and Shanghai Xuhong Real Estate Co., Ltd. entered into an equity transfer agreement.

Accordingly, Guangzhou Changguang sold 50% of Guangzhou Changzhuo’s equity and loans to Guangzhou Changhui for a total consideration of approximately 240 million yuan.

Information shows that Guangzhou Changguang is an indirect wholly-owned subsidiary of Xuhui Holdings; Guangzhou Changhui is an indirect wholly-owned subsidiary of Henderson Land.

Guangzhou Changzhuo was previously owned 50% by Guangzhou Changguang and 50% by Guangzhou Changhui, which holds 20% of the entire equity of Guangzhou Zengcheng District Runyu Real Estate Co., Ltd., while Runyu Real Estate holds and develops the Zengcheng project.

It is also reported that the consideration for this transaction will be offset by an equal portion of the dividends and/or receivables enjoyed by Henderson China in Hongqiao Project Company. If there is any difference, Henderson China will pay separately.

The Hongqiao Project Company is owned 56.50%, 21.75% and 21.75% respectively by Xu’an (Hong Kong), Shanghai CIFI and China Guang Development, a subsidiary of Henderson Land Development, and is used to develop the mixed-use project in Shanghai Hongqiao.

In addition, the above-mentioned Zengcheng project is a residential and commercial project located in Sanlian Village, Zengcheng, covering an area of ​​approximately 85,000 square meters and a total construction area of ​​approximately 256,000 square meters.

The project was formerly known as the A18082 plot of Sanlian Village, Licheng Street, Zengcheng, which was acquired by China Resources Land in April 2018. China Resources Land later introduced Beijing Capital, China Shipping, Poly, CIFI + Hongji Real Estate Consortium as partners.

With this exit, Xuhui is expected to record a loss of approximately 91 million yuan from the sale.

Vanke, CCCC Western Investment and Jingshuang Real Estate share three land parcels in Chongqing with a total price of 2.33 billion yuan

According to news on September 18, Chongqing successfully transferred three land parcels located in Yubei District, Nan’an District and Pingba District.

Among them, the S14-2 plot and the S14-4 plot in Yubei District were acquired by Vanke for 932 million yuan. The two plots are located in the S subdivision of Lianglu Group, Yubei District. The total transfer area is 60,300 square meters, with a total building capacity of The area is 90,500 square meters, the building density is ≤40%, and the green space rate is ≥30%.

Plot A77-1-1/02 is located in Zone A of the Tea Garden Group in Nan’an District and was auctioned by CCCC Western Investment with a starting price of 516 million yuan. The land is planned to be used as public transportation station land and second-class residential land. The transfer area is about 39,900 square meters, the total construction area is about ≤68,690 square meters, the building density is ≤35%, and the green space rate is ≥25%.

Located in the A03-2-2/05 plot, A03-2-3/05 plot, A07-2-2/05 plot and A03-2-1-2/05 plot in the A standard zone of Shuangbei Group, Shapingba District The piece of land, referred to as the Shuangbei Group Land, was won by China Communications Jingshuang Real Estate for 890 million yuan. The land parcel area for sale is 80,200 square meters, the total construction area is ≤147,000 square meters, the building density is ≤40%, and the green space rate is ≥30%.

The three group plots are all planning to involve second-class residential land. The land transfer period for residential and urban facilities is 50 years, and the commercial land transfer period is 40 years. The planning requires the company to start construction within 9 months after the land is handed over, and complete the construction within 2 and a half years after the start of construction. .

Guangzhou Haizhu has listed a commercial and residential land parcel for 2.083 billion yuan, adjacent to the land of Dongfanghong Printing Factory.

On September 18, the land parcel AH050727 north of Xinjiao West Road in Haizhu District, Guangzhou was listed on the official website of the Guangzhou Public Resources Trading Center. The total starting price is 2.083 billion yuan, with a built-up area of ​​approximately 53,520 square meters, and a converted floor price of 38,924 yuan/㎡ ( Not deducting additional equipment).

It is understood that the land use of the plot belongs to the second category of residential land and is compatible with commercial land. It covers an area of ​​20,446 square meters, has a built-up area of ​​53,520 square meters, and a floor area ratio of 4.0. The project plot has a construction area of ​​53,520 square meters, including 49,520 square meters of residential area and 4,000 square meters of commercial area. ㎡. The land parcels will be auctioned through bidding and lottery, and the bidding will be held at 15:00 on October 19th.

According to the transfer conditions, the plot only needs to be equipped with a kindergarten and some basic public service facilities. The requirements are relatively simple. The maximum land price of the plot is 2.396 billion yuan, which translates into a floor price of 44,763 yuan/㎡.

From the latest planning in February this year, it can be seen that the AH050703 plot in the Shixi Water Plant plot is split into AH050703 and AH050727 plots. Among them, the AH050703 plot is land for water supply facilities, while the AH050727 plot is a second-class residential land compatible with commercial land.

It is worth mentioning that the land is adjacent to the land of Haizhu Dongfanghong Printing Factory. On September 5, the land was purchased by Poly at a reserve price of nearly 2.03 billion, which is equivalent to a floor price of 17,220 yuan/㎡ (without deducting supporting construction) . Compared with the Dongfanghong Printing Factory plot, the starting price of the AH050727 plot north of Xinjiao West Road is 38,900/㎡, which is twice as expensive. The main reason is that the former requires soil remediation and the construction of schools, municipal roads, primary and secondary schools and The actual construction cost of resettlement properties is very high, while the latter only needs to build a kindergarten and basic public service facilities, so the requirements are simple.

Xinhu Zhongbao: There is no debt default problem. The payment of funds for the US dollar bonds in September has been arranged.

On the afternoon of September 18, Xinhu Zhongbao held its 2023 semi-annual performance briefing.

In response to investors’ questions about capital planning for maturing bonds, the company’s vice president and financial director Pan Xiaona said that the company does not have a debt default problem. The funds for the redemption of recently matured bonds have been arranged.

In addition, the company stated that the principal amount of the U.S. dollar bond repurchase in September was approximately US$5 million, and the company has made arrangements to pay the funds.

BBK: Four wholly-owned subsidiaries have submitted reorganization applications to the court

On September 18, Bubugao Commercial Chain Co., Ltd. issued an announcement that its wholly-owned subsidiary applied for reorganization.

On the morning of September 15, the Board of Directors of BBK reviewed and approved the “Proposal on the Wholly-Owned Subsidiary’s Plan to Apply to the Court for Reorganization” and agreed to the wholly-owned subsidiaries Xiangtan Xintiandi BBK Commercial Co., Ltd., Xiangtan Hualong BBK Commercial Management Co., Ltd., and Sichuan BBK Commercial Co., Ltd. and Jiangxi Bubugao Commercial Chain Co., Ltd. filed a reorganization application with the relevant court, and at the same time authorized the company’s management to specifically organize and implement matters related to the reorganization of the above-mentioned wholly-owned subsidiaries within the scope permitted by relevant laws and regulations.

Four subsidiaries including Xiangtan Xintiandi submitted a reorganization application to the Intermediate People’s Court of Xiangtan City, Hunan Province on September 15, 2023. There is still uncertainty whether this reorganization application can be accepted by the court and whether it will enter the reorganization procedure.

The announcement stated that since 2022, BBK shares have encountered periodic liquidity constraints and will conduct pre-reorganization on July 17, 2023. It is expected to resolve risks through pre-reorganization and reorganization procedures. Since Xiangtan Xintiandi and other four subsidiaries are all wholly-owned subsidiaries of BBK Co., Ltd., they are mainly engaged in supermarkets and department stores, and together with BBK Co., Ltd. form a business ecosystem, they have also fallen into debt and operating difficulties to varying degrees, and they all belong to the “Enterprises of the People’s Republic of China” The situation stipulated in the Bankruptcy Law of “the inability to repay due debts, and the assets are insufficient to repay all debts or the repayment ability is obviously lacking” is in line with the conditions for reorganization. It is planned to systematically resolve debt risks and operating risks through coordinated reorganization with BBK Co., Ltd., and at the same time Fully protect the legitimate rights and interests of creditors.

Tags: Express Real estate tax legislation suspended Evergrande Evergrande Wealthrelated incidents affect companys operations Guan Guan .com


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