The market value of Goldenke's service to the parent company Jinke Real Estate has fallen to HK $ 3.8 billion after a day after the loan of 1.5 billion yuan

Some investors questioned the value of the mortgage list of Jinke Real Estate on the securities platform, and believed that it was mostly sporadic tail disks of line 5-6 cities and towns.

Author: Chen Yueqin

Figure: Tuwa Creative

After the first trading day after issuing the announcement of the 1.5 billion yuan borrowing announcement to the parent company Jinke Real Estate Group, the market value of Jinke Services (9666.HK) dived sharply, led the property stocks, and even rushed to the second list of Hong Kong stocks on the day.

On August 1, the stock price of Jinke services fell 15%, and the decline expanded all the way, until the closing of HK $ 9.72/share, a drop of 37.4%.

Many brokerage analysts, executives of property companies, and insiders of Jinke services told the Economic Observation Network that the stock price of Jinke service today is mainly due to the announcement of the borrowing announcement of no more than 1.5 billion yuan to Jinke Real Estate Group.

Earlier, property management companies mostly split independence from real estate companies, relying on real estate parent companies, and obtained the growth of management scale through market extension, foreign cooperation, and strategic acquisitions. It is the "Party B" for real estate projects to provide management services.

However, in the announcement issued by the Jinke service on July 29, Goldenke Services became Party A, announcing that it would provide Party B and the parent company Jinke Real Estate Group with a loan of no more than 1.5 billion yuan.

The borrowing period is calculated from the date of borrowing from Party A provided by Party B, until December 20, 2024; the annualized interest rate of the loan was 8.6%, and 20%of the loan was returned in turn in 5 nodes. According to this interest rate estimation, if Jinke Real Estate returns all borrowings as scheduled to the final period, Jinke services can receive a loan interest of about 300 million yuan.

On the loan agreement, the borrowers and legal representatives were covered with the official seal of the Golden Science Service and Chairman Xia Shaofu Seal; the borrower was covered with the seal of the Jindiche Real Estate Group and the chairman of Jinke Co., Ltd.

In addition, the loan agreement also states the clauses of Jinke services in the case of Jinke Real Estate if the Gold Real Estate is overdue. For example, Jindu service believes that Jinke Real Estate has insufficient repayment capacity and has the right to stop issuing loans; supplement the conditions for loan issuance and payment; change the loan payment method according to the agreement; announce that the borrowing will expire immediately, requiring Party B to immediately repay all under the contract item all to all to all to this contract. The principal, interest, etc. of the underanted debt.

The loan agreement also attached a "List of Mortgage Property". Gold Division's service requires that the total value of mortgage assets shall not be lower than the non -returned borrowing principal/60%.

However, these constraints do not seem to dispel investors' hidden concerns about Jinke services and parent companies. In terms of the performance of the capital market, the market value of Jinke services dropped by nearly 3.8 billion Hong Kong dollars a day, with a transaction of about 780 million Hong Kong dollars. The price -earnings ratio also dropped from 7.8 times to less than 5 times.

Some investors questioned the value of the mortgage list of Jinke Real Estate on the securities platform, and believed that it was mostly sporadic tail disks of line 5-6 cities and towns.

On the same day, among the 54 listed property companies, only China Resources Vientiane Life, Pujiang China, Prayer Life Service, Fangyuan Life Service, and Jiazhaoye's beautiful 5 stock prices rose, leading life services to 12%, Country Garden service and Shimao service fell more than 9 %, But the decline of the Jinke service still forms a fault.

A head -of -the -art enterprise executive told the Economic Observation Network that it also communicated with institutional investors on the performance of the stock market. Investors feedback believes that the Jinke service moves to rescue real estate companies publicly, and believes that other property companies may also follow suit, resulting in universal property stocks.

On July 22, Evergrande and Evergrande Property announced on the preliminary investigation of the previously enforced pledge of 13.4 billion yuan of deposits of Evergrande Property. To Evergrande in China, it is used as its general operation.

There are also Jinke services saying that from the perspective of the transaction volume, the number of non -non -retarded household warehouses sold does not rule out that the institution is short.

On August 1, the short -selling amount of Jinke services was HK $ 67.54 million, an increase of 178%from the previous trading day, an increase of 4.5 times from the average value of the last 30 trading days, and the short -selling ratio was 8.53%.

The stalls are big! Excessive debt to build scenic spots, Famen Temple, Taibai Mountain and other cultural tourism platform trapped in debt, let state -owned enterprises dare to work, private enterprises, and foreign companies dare to invest. Rescue enterprise

- END -