On the evening of June 24, Tahoe Group (stock abbreviation: ST Tahoe, 000732.SZ) disclosed the response to the inquiry letter for the 2021 annual report.
In the reply letter, Tahoe Group stated that as of May 31, 2022, the company's interest-bearing debt balance was 91.745 billion yuan, and the expected balance due in the next year was 40.234 billion yuan.
Among them, the amount that has expired but not returned is 35.564 billion yuan.
As of the end of 2021, the company has expired and unrepaid loans of 35.219 billion yuan. From January to May 2022, an additional 830 million yuan will be due, and the new repayment will be 485 million yuan. As of May 31, 2022, the company has expired The outstanding loan amount was 35.564 billion yuan, which was little changed compared to the amount as of the end of 2021.
Tahoe Group said that since the outbreak of the new crown pneumonia in 2020, the company has been affected by the epidemic, and sales and collections have been greatly affected, resulting in a decline in solvency. As of May 31, 2022, the amount of loans due in the next year is 40.234 billion yuan, the balance of monetary funds is 1.9 billion yuan, and there is liquidity risk in the repayment of due debts.
As of the end of 2021, the company's current assets were about 171.6 billion yuan, higher than its current liabilities of 144.7 billion yuan, and its net assets were 14.8 billion yuan, with no insolvency.
In response to the debts due so far, the company has actively responded to national policies, first of all to ensure that construction starts to revitalize the project, and to ensure delivery to fulfill its commitment to the owner; on this basis, the debt restructuring negotiations with financial institutions are progressing in an orderly manner. We will deal with the collection of due debt repayment funds in a variety of ways, and strive to reduce debt repayment risks.
In terms of the company's asset liquidity, Tahoe Group said that inventory accounted for more than 70% of the company's total assets, mainly for real estate development projects. As of May 31, 2022, the inventory balance of real estate projects developed by the company exceeded 150 billion yuan. Mainly distributed in Beijing, Xiamen, Shenzhen, Guangzhou, Fuzhou, Nanjing and other first- and second-tier core cities.
At present, over 70% of the company's sales resources are mainly distributed in Beijing, Xiamen, Shenzhen, Guangzhou, Fuzhou, and Nanjing. The prices of Fuzhou, Guangzhou and Nanjing in the first quarter of this year are all showing a positive trend compared to the fourth quarter of 2021.
In addition, Tahoe Group said that the company holds a total of 18 property projects, involving shopping malls, LOFTs, bottom shops, office buildings, garage parking spaces, underground businesses, outdoor pedestrian streets and other formats. As of the end of 2021, the fair value totaled about 25.7 billion. Yuan, with a construction area of about 890,000 square meters; the company's hotels in operation include Fuzhou Tahoe Kempinski Hotel, Fuzhou Tahoe Pullman Hotel, Fuzhou Tahoe Holiday Inn Express Hotel, Quanzhou Tahoe Intercontinental Hotel, as of the end of 2021 , with a total book value of about 2.7 billion yuan.
In terms of debt processing, Tahoe Group said that it has established stable strategic cooperative relations with more than 20 large financial institutions and maintained close cooperation.
For the debts that have expired or are close to expiration, the company is actively negotiating with relevant financial institutions to extend the debts due to ensure that the project has sufficient construction funds for supply and sales. , the remainder can be used to repay interest-bearing liabilities due.
According to the disclosure of Tahoe Group, the company has delivered more than 20 batches of projects since 2021.
Up to now, the company's debt restructuring work has made some progress, and has signed an extension memorandum with some major creditors, and plans to adopt more credit enhancement measures to protect the interests of creditors.
The company is also actively coordinating with the government and financial institutions, using regulatory funds to ensure the resumption of work and production of projects under the premise of complying with national policies, and repaying creditors through sales of funds recovered. Support the resumption of production and sales, and continue to negotiate with other institutions to complete the re-selling plan. The company will form and promote the implementation of the debt restructuring plan with other creditors as soon as possible to safeguard the interests of creditors and all parties of the company.
In addition, Tahoe Group stated that in 2021, the balance of the company's accounts receivable will decrease, but the corresponding aging changes will be large. The balance of accounts receivable with an aging of more than 3 years and 2 to 3 years will increase more. According to the company's bad debts The provision for bad debts increases accordingly.
In 2020, Tahoe Group incurred a credit impairment loss of RMB 575 million due to the termination of cooperation with Cinda on the Shanghai New Jiangwan, Shenzhen Pingshan and Shanghai Gucun projects.