Sino-New Real estate "robbery" Chengdu Project forced repayment 446 million

Each reporter Satsu air from shanghai debt "embattled" at the same time, the new real Estate (00563,HK) has received a 446 million yuan settlement of the court decision. The New China property Board said China-new real estate under the Chinese (Beijing) Enterprise Management Co., Ltd. (hereinafter referred to as "the") will be to Chengdu, Thailand to pay 120 million yuan equity transfer, according to about the acquisition of its holdings Chengdu in the new Jin Thai real Estate Development Co., Ltd. (hereinafter referred to as "new Jin Tai") 30%　　In addition, the new Sino-Thai property also needs to repay the 326 million yuan shareholder loan of Chengdu. Debt repayment 446 million "This has the implication of disguised financing, the risk is very large."　　Chung HA Real Estate Consultants Limited general manager Assistant Lin Xiaohua analysis of the new Sino-Thai real estate and Chengdu, said after the initial cooperation agreement. The haze of Sino-new property and the Sino-Thai legal dispute in Chengdu is buried in the January 2007 agreement. In early 2007, China-new real estate and Chengdu Sino-Thai joint venture to establish the project company-Sino-New Kam-Tai, the new Jin Thai registered capital of 200 million yuan, of which the new real estate investment 200 million yuan,　　of which 140 million yuan as the new Jin Tai 70% registered capital, 60 million for shareholder loans, Chengdu, China and Thailand for the new Jin Thai investment 300 million yuan, of which 60 million as a registered capital of 30%, the remaining 240 million yuan are shareholder loans.　　Under the January 2007 agreement, Sino-new property will be in January 2007 from the 24 months, plus the additional 100 million yuan price, the acquisition of Chengdu Zhongtai Holdings of 30% shares and 240 million yuan shareholder loans.　　Lin Xiaohua pointed out that the above agreement in the new real estate is actually a 100 million yuan premium repurchase forecast to Chengdu Zhongtai financing 300 million, "when the real estate industry was hot in 2007, the expansion of the housing enterprises to occupy 2-line cities to use such a form of equity investment to obtain land, but such a high commitment to return on investment, the hidden enormous risk itself.　　Chengdu and the National Real estate market turmoil adjustment, so that the Sino-Thai real estate and Chengdu Zhongtai in the project company's differences gradually increased. Chengdu, China and Thailand insiders 6th pointed out that the new property in the signing of the agreement has not been in time to provide follow-up funds, "We have paid the land transfer money, which also let Chengdu Zhongtai shareholder loans rose to 326 million yuan." The first phase of the development of the New China-Thailand Park Avenue was opened in December 2008. "Originally positioned for the Park mansion, quoted in 6000 yuan/square meter ~7000 yuan/square meters, but ultimately rejected the above scheme, the current average price in 3900 yuan/square meters."　　said the person.　　April 21, 2009, the New Sino-Thai property said it has been set up by its subsidiaries to Chengdu, Thailand to bring legal action, the court to determine its relationship with Chengdu, China and Thailand, the Sino-Thai 30% Transfer agreement is invalid.　　Sino-new property in the late May 4 announced the latest announcement confirmed that the central has with Chengdu, Thailand on April 23 reached a civil settlement agreement, will be the new 30% equity transfer price from the previous agreed to reduce the 160 million yuan to 120 million yuan, the shareholder loan repayment amount remained unchanged. Sino-new property debt wrappedChina Merchants International for Sino-Thai new property and Chengdu June 2008 agreement pointed out that the transaction capital of about 486 million yuan, "the overall operating capital of the new property will not constitute any significant adverse impact." "But the current situation of the new China property has changed dramatically." In early February 2009, Sino-new property suddenly revealed that it had failed to pay about $150 million in a $400 million trillion bond that expires in 2014.　　Moody's also downgraded the company's rating and senior unsecured debt from CAA1 to CA, a rating equivalent to an enterprise without credit, a company that is basically insolvent, has a serious deficit, is close to bankruptcy, and is almost completely insolvent. According to the announcement on the evening of 4th, the new property cannot pay the $120 million equity transfer in one lump sum.　　The announcement indicated that the new property would have to pay $60 million to the court on April 24, 2009 and that the other half of the equity transfer should be paid two times between October 2009 and April 2010. In addition, Sino-new property is facing a 1.1 billion-Hong Kong dollar convertible bond that will expire in June. April 26, Sino-new property held a meeting of bondholders in Hong Kong to repurchase the convertible bonds at a nominal price of 40%, but the bondholders were not satisfied and the meeting was aborted because the participants had not reached a quorum. China-new property has announced that it has adjusted the repurchase plan, plans to repurchase the bonds at 63% par, and decided to reconvene the bondholders meeting on May 16.