CCTV News:On August 1st, 53 new confirmed cases in COVID-19 were reported, including 30 cases in Jiangsu, 12 cases in Henan, 4 cases in Hunan, 3 cases in Yunnan, and 1 case in Fujian, Shandong, Hubei and Ningxia. Recently, the epidemic originating from Nanjing Lukou Airport has spread to many places in China. In addition, there are epidemics in Henan, Fujian and other places, and all localities are constantly upgrading their control measures while conducting emergency screening.

Strict access to Beijing management scenic spots is open according to 60% flow restriction.

According to the Beijing Center for Disease Control and Prevention, from 0: 00 to 16: 00 on August 1st, two confirmed cases of local COVID-19 and one asymptomatic infected person were newly added in Beijing, all of whom came from the same family in Zhangjiajie, Hunan Province. Beijing held a press conference on August 1st, advising the public to minimize their activities out of Beijing, including traveling to Beijing, and explicitly demanding that parks, scenic spots and historical sites be opened according to 60% current restriction.

Zhangjiajie, Hunan: Strengthening the management of the community, in principle, no going out.

Tourism professionals, a new confirmed case in Xiangxi Autonomous Prefecture of Hunan Province on July 31st, was a close contact of five confirmed cases in Huai ‘an Tourism Group of Jiangsu Province on July 26th. At present, many secret connections of the tour group have been diagnosed.

According to official reports, Zhang Moumou, a newly confirmed case in Yinchuan yesterday, is a close contact of a confirmed case in Chengdu. According to Hunan’s announcement today, Zhang Moumou is the director of the program "Xiang Yu Tao Hua Yuan" and has worked in nine performances. The 777 spectators who watched these 9 performances are currently at high risk.

Zhangjiajie issued a notice on August 1 to strengthen the management of the community. In principle, it is not allowed to go out. At present, all nucleic acid detection points in the city have set up special channels for emergency free nucleic acid detection tourists. Visitors need to complete three nucleic acid tests before leaving Zhangjiajie. COVID-19 vaccination for people aged 15 to 17 was launched in Hunan today.

Sichuan: Of the 10 cases, 9 were homologous to the Nanjing epidemic strain.

Recently, there were 8 confirmed cases in COVID-19 and 2 asymptomatic infections in Mianyang, Luzhou, Chengdu and Yibin in Sichuan. As of July 31st, the province has designated six medium-risk zones.

Yangzhou, Jiangsu: Adjust the risk level and suspend domestic flights in and out of Yangzhou.

On July 31st, Yangzhou, Jiangsu Province, 12 local confirmed cases were added. In this round of epidemic, 28 local confirmed cases were reported. Since August 1st, Yangzhou City has added eight medium-risk areas, and many other areas have been adjusted from medium-risk areas to high-risk areas.

In addition, since August 1, Yangzhou has completely suspended domestic flights to and from Yangzhou. Passengers leaving Yangzhou through the railway station under the jurisdiction of Yangzhou (excluding transit) must provide negative proof of nucleic acid test and green code of health code within 48 hours. The entrances and exits of 20 expressway toll stations around Yangzhou are closed. The bus, taxi, network car and ride services in the main city of Yangzhou were suspended.

Zhengzhou, Henan Province: Closed-loop management of hospitals involved in the epidemic caused by Delta strain.

On July 31st, there were 12 new confirmed cases in Henan, all in Zhengzhou. Zhengzhou CDC introduced on the 31st that the epidemic was caused by Covid-19 Delta strain, which mainly occurred in the hospital and showed a state of local spread. At present, Zhengzhou Sixth People’s Hospital has implemented closed-loop management and stopped diagnosis and treatment. Zhengzhou city is carrying out all-staff nucleic acid testing to ensure that all inspections should be completed.

According to the development characteristics of the current epidemic, Feng Zijian, a researcher at China CDC, said that the epidemic was first imported through Nanjing Lukou Airport and further spread. It is preliminarily judged that the first case in Zhangjiajie is related to the epidemic situation in Nanjing Lukou Airport, and the cases or infected people spread to Zhangjiajie, Hunan Province, and then infected others through tourist attractions and large-scale performances, which led to further virus spread and spread.

　　The Lantern Festival is approaching. According to the traditional custom, Yuanxiao not only enjoys lanterns, but also eats glutinous rice balls, which means reunion. Yu Ting, deputy chief physician of the Department of Gastroenterology, Zhongda Hospital affiliated to Southeast University, reminded the public that although glutinous rice balls are delicious, if they are eaten too much at one time, it will easily lead to some diseases, especially for the elderly and children with weak digestive function.

　　Yangzi Evening News/Zi Niu News reporter Yang Yan

　　Eating 4-8 at a time is enough.

　　As the Lantern Festival is approaching, many people have already prepared glutinous rice balls at home, and they can’t finish one meal. They eat breakfast, extra meals and even supper for many days, and they accidentally overdo it. Deputy Chief Physician Yu Ting pointed out that most of the glutinous rice dumplings currently on the market are glutinous rice products, which are difficult to digest, especially for the elderly with weak digestive function. At the same time, most of the dumplings are filled with sesame seeds and bean paste, and some fillings may contain a lot of oil and sugar, which is easy to cause the increase of blood sugar and blood lipid after eating by the elderly, which is not conducive to health.

　　Experts remind: You should not eat too much at a time. Eating a small bowl (about 4-8) is enough. For patients with basic gastrointestinal diseases (such as gastroduodenal ulcer, acute and chronic gastrointestinal inflammation, etc.), patients with liver disease and acute and chronic pancreatitis, don’t be greedy, just taste one or two. While eating glutinous rice balls, it is recommended not to eat other foods with high sugar content, especially those with diabetes. In addition, it is necessary to reduce the intake of other staple foods.

　　Old people and children should pay attention to chewing slowly.

　　Although the dumplings are delicious, for the elderly and children, they must eat slowly, eat slowly, and never swallow. This is because the elderly are older, and their chewing ability and saliva secretion are reduced; However, children’s swallowing function is not so coordinated, cough reflex is weakened, and foreign bodies in the airway are prone to occur, especially glutinous rice soft food like glutinous rice dumplings, which is very dangerous once it is choked into the airway. Experts remind: Tangyuan is soft, so you should eat it slowly to avoid increasing the burden on your stomach and causing discomfort in your stomach. At the same time, it can also avoid burns.

　　Tangyuan is rich in sugar and high in calories. Therefore, many people think that eating tangyuan at night is easy to gain weight, and it seems more appropriate to eat it in the morning. Actually, glutinous rice balls are not suitable for breakfast. This is because dumplings are mostly made of glutinous rice, which is not easy to digest. Coupled with the large amount of oil in the dumplings, it adds a burden to the gastrointestinal tract. When people get up early, the gastrointestinal function is the weakest. At this time, eating so many indigestible things at once will definitely make the gastrointestinal tract overwhelmed. It is best to eat glutinous rice balls at noon. At this time, the gastrointestinal function of the human body is the strongest, and there is enough time to digest excessive calories in glutinous rice balls.

　　Try salty dumplings for the Lantern Festival.

　　In addition, the traditional dumpling stuffing is sweet, and nutrition experts also suggest that it can also be made salty, and the stuffing can be freely matched, such as celery, shrimp, hairy chestnuts, pine nuts and black sesame seeds. The traditional dumpling skin is glutinous rice. Now we might as well make a mash-up of glutinous rice to make a coarse grain skin, such as pumpkin glutinous rice and purple potato glutinous rice. We can also freely add various vegetable juices, such as spinach juice, celery juice juice and carrot juice, to the glutinous rice, which is rich in nutrition and has a special taste. At the same time, you can also work hard in cooking the soup of Yuanxiao. You may wish to make the soup of Yuanxiao into tomato soup and vegetable seedling soup, which is balanced and nutritious and delicious.

　　At present, the prevention and control of pneumonia in novel coronavirus is in a critical period, and a little bit of pneumonia epidemic dynamics is affecting hundreds of millions of people. General Secretary of the Supreme Leader pointed out that "as long as we strengthen our confidence, help each other in the same boat, make scientific prevention and control, and make precise policies, we will certainly win the epidemic prevention and control war", which expressed the voice of the people all over the country, greatly boosted our confidence and pointed out the direction for winning the epidemic prevention and control war.

　　However, under the reality that the situation of epidemic prevention and control is still severe and complicated, and when the people all over the country are worried about the epidemic, the "epidemic prevention war" in the rear public opinion field is also in an anxious battle.

　　From "Eating bananas will lead to novel coronavirus" to "Eating more strawberries can prevent novel coronavirus", from "Guangzhou bus lines stopped due to the novel coronavirus epidemic" to "Beijing took measures to close the city to prevent and control the epidemic", from "Academician Zhong Nanshan was infected" to "100,000 people were infected with pneumonia" and "Xiaotangshan in Wuhan will stop working and relocate" … Since the outbreak of pneumonia in novel coronavirus, various websites have been closed.

　　There are two reasons why rumors frequently appear in this special period: first, malicious rumors, that is, individuals use people’s panic and risk aversion to attract attention, vent their dissatisfaction or gain ill-gotten gains by publishing false information; Second, the understanding is not in place. That is, because the research on the epidemic situation is not in place, the understanding is not comprehensive, and speculation is more than scientific understanding and judgment, some people, even authoritative people, have become producers and disseminators of false information. Ceng Guang, chief scientist of China Center for Disease Control and Prevention and epidemiology, also said in an interview with the media: "According to the development of the virus, we constantly adjust our understanding and constantly deny ourselves. I think this is a real process." The Supreme Law published an article in WeChat official account a few days ago, saying: "As long as the information is basically true, the publishers and disseminators are not malicious subjectively, and the behavior has not caused serious harm objectively, we should be tolerant of such’ false information’."

　　Yes, understanding the epidemic situation is a process, treating diseases is a process, and fighting against the epidemic situation is a process, which is why it has changed from "not excluding limited human transmission", "weak infectivity" to "preventing and controlling human transmission" and "underestimating the severity of the epidemic situation", from "not SARS" to "the homology with SARS is 85%", and from "it is not easy for children and adolescents"

　　Objectively speaking, in the face of the epidemic, it is not difficult to understand that some people have lost their heads. Infectious diseases are easy to cause social panic, not to mention the pneumonia epidemic has not been fully recognized, but also added an anxiety. Although public opinion and social media failed to control the epidemic in the early stage, and the information was opaque, they were quite critical, but now is not the time to blame and blame each other. What is the most important thing at the moment?

　　On the afternoon of January 20th, a high-level expert group from National Health Commission, headed by Academician Zhong Nanshan, director of the National Center for Clinical Research of Respiratory Diseases, gave an answer to the prevention and control of the pneumonia epidemic in novel coronavirus.

　　Zhong Nanshan said: "At present, the most effective methods for prevention and control are early detection, early diagnosis, early treatment and early isolation. We are confident that we can control the novel coronavirus epidemic. This time, the experts located novel coronavirus in two weeks, issued the novel coronavirus nucleic acid detection kit, strengthened detection in various places, and had a good monitoring and isolation system. I believe that the epidemic will not have the social impact caused by SARS in that year. "

　　In view of the rapid increase in the number of people diagnosed in novel coronavirus recently, Academician Zhao Guoping also explained in the media interview: "In the past few days, such a rapid growth rate is completely predictable. Because there are various reasons, one is its spread; The second is the continuous improvement of detection ability, and so on. Some accumulated things that have not been detected in the past are detected now, so there will be a relatively rapid growth process. However, with the strengthening of isolation and the admission of patients, the growth rate will definitely fall. I don’t think there is a chance of another outbreak. "

　　The prevention and control of the epidemic is testing us. This is not only a battle for medical personnel, but also a battle for the whole people. This is not only a battle of disease, but also a battle of people’s hearts; This is not only a fight against rumors, but also a battle of public opinion. Against the epidemic, we can’t be lucky, but we must be sober and calm; Against rumors, we can’t be afraid of panic, but we must be rational and calm. Because only unity of mind can form a joint force to overcome the epidemic.

　　Rumors stop at the knower, and even more, the relevant parties strengthen the guidance of public opinion, constantly strengthen the information release, enhance the authoritative pertinence of the release, respond to social concerns and public concern in a timely manner, and form a pattern of multi-level and sustained release of authoritative information. That’s why the National Health and Wellness Commission and local government departments kept informing the public about the epidemic information, so that the public could know the truth at the first time. That’s why the prevention and control in the early spread period centered on the South China seafood wholesale market, the prevention and control in the community spread period in Wuhan, and then the general secretary of the Supreme Leader presided over a meeting on January 25th to deploy the epidemic prevention and control, and more powerful prevention and control measures were taken nationwide …

　　Rumors stop at struggle, but also at the unremitting efforts of the majority of professional scientific research and medical personnel. That’s why the 84-year-old Academician Zhong Nanshan went to the front line of the source of the virus overnight, which is why countless white soldiers "guard your life with my life", "I know the arduousness of this battle", "I’ll get off at the next stop, and go back to Wuhan" and "I’ll sign up", which is why the laboratory of the Center for Disease Control and Prevention isolated novel coronavirus from the samples and detected the virus on January 7.

　　Rumors stop at confidence, but also at the unbreakable will of all China people, and countless actions to help each other and overcome difficulties together. That’s why leading cadres at all levels take active actions, take the initiative to take the lead, sink their bodies and minds, and guide the grassroots epidemic prevention work. That’s why employees of enterprises that produce and serve anti-epidemic products work overtime and have full firepower. That’s why those construction workers who struggle day and night to build a "Xiaotangshan" hospital, truck drivers who rush to Wuhan to ensure emergency supplies, and hotel employees who provide accommodation and food for front-line medical staff …

　　One figure, one story, one action, and one scene are true, reflecting the courage and fearlessness on the road of epidemic prevention and anti-epidemic, telling the boundless love accumulated by the Chinese nation for thousands of years, uniting with one heart and unity, and also smashing the false rumors that sway like duckweed.

　　"The epidemic is the devil, and we can’t let the devil hide." When meeting with Tan Desai, Director-General of the World Health Organization a few days ago, the Chairman of the Supreme Leader once again demonstrated China’s determination to actively respond to the concerns of all parties and strengthen international cooperation, and demonstrated its firm confidence in winning the war of preventing and controlling the epidemic.

　　Yes!

　　No devil can’t be defeated!

　　The devil is one foot high and ten feet high. What the devil fears most is sunshine! It is our confidence to win!

　　Yes!

　　There is no winter that can’t be passed!

　　This winter is about to pass, and it will pass!

Every Mid-Autumn Festival and the full moon, even though it’s far away from Qian Shan, it’s just a stone’s throw away, and Chinese people all over the world are reunited. Mid-Autumn Festival is Chinese’s collective prayer for reunion. Watching the moon and eating moon cakes expresses Chinese’s good feelings for family reunion. Today is the Mid-Autumn Festival. Did you eat moon cakes? What kind of stuffing? What flavor? Fengbian is a vegetarian baby. This year’s popular moon cakes, such as lobster, foie gras, pickled bullfrog, abalone and hairtail, have no chance with Fengbian. The young master who wants to eat exotic moon cakes goes out and turns right. What this small series wants to give to Amway is Buddhist vegetarian moon cakes. You heard right, 10 kinds of Buddhist vegetarian moon cakes. Xiaobian made a non-professional evaluation of 10 kinds of Buddhist moon cakes from the aspects of taste, packaging and sweetness. The typesetting order is arranged according to the tasting time of Xiaobian. Please close your eyes, everyone.

The first kind: pure vegetarian moon cakes in Shanghai Jade Buddha Temple.

Chanyue Suzhou-style moon cake

Taste: five kernels, red bean paste, moss strips, black sesame seeds, roses,

Sweetness comfort: ☆☆☆

Packaging (simple aesthetics): ☆☆☆

Taste: ☆ ☆ ☆ ☆.

Phoenix weaving: the stuffing is fresh, the material is sufficient, the skin is crisp and delicious. Perhaps this is the earliest Buddha moon cake that Xiaobian ate this year, and it feels so delicious. In particular, the five-kernel stuffing is full of fruit, and it smells good when you take a bite. Roses are a little sweet and the packaging is a little crude. Maybe this is the traditional style. The moon cakes are a little too big, and the materials are too solid. Eat one tube and fill it. Shanghai Jade Buddha Temple has a history of more than 30 years, following the traditional ancient techniques. Shanghai Jade Buddha Temple Pure Moon Cake won the "China Famous Cake" in the 2017 China Moon Cake Culture Festival, which was very impressive.

The second kind: Shanghai Jing ‘an Temple vegetarian moon cakes.

Traditional Soviet-style moon cakes

Taste: red bean paste, lotus seed paste, sesame seed paste, five kernels and black sesame seeds.

Sweetness comfort: ☆ ☆ ☆ ☆.

Packing: ☆☆☆

Taste: ☆ ☆ ☆ ☆.

Feng bian: vegetarian moon cakes with crispy skin, not sweet, not greasy, and seaweed stuffing, not too delicious. Shanghai Jing ‘an Temple vegetarian moon cake is an old name on the beach. It has been handmade for decades. Before the Mid-Autumn Festival every year, a large number of lay mothers-in-law make traditional Soviet-style moon cakes in the temple. It is said that they need to queue up to buy them. If they want to eat Jing ‘an Temple vegetarian moon cakes, they should have patience and patience.

The third kind: Jiangsu Taicang Tongjue Temple vegetarian moon cakes.

Su-style moon cakes, Cantonese-style moon cakes

Taste: fine sand, 100 fruits and coconut.

Sweetness comfort: ☆☆☆

Packing: ☆☆☆

Taste: ☆ ☆ ☆.

Feng Bian: Crisp is good, slightly sweet, the filling is fresh, and the Cantonese moon cake oil is slightly larger. The vegetarian moon cakes in Tongjue Temple are all made by the master and the layman themselves, and they are full of Buddhist blessings.

The fourth kind: Suzhou Honghuashe vegetarian moon cakes.

Su-style moon cakes, Cantonese-style moon cakes

Taste: fine sand, 100 fruits and coconut.

Sweetness comfort: ☆☆☆

Packing: ☆☆☆☆☆☆

Taste: ☆ ☆ ☆.

Feng Bian: It keeps the traditional taste of Su-style moon cakes, and the taste is similar to that of Tongjue Temple. In particular, the packaging of Honghua vegetarian moon cakes is very simple and environmentally friendly. Call must be made for this package. Suzhou Honghua Society was founded in 1930, initiated by Master Yin Guang, to engrave and circulate Buddhist books. It is one of the most influential Buddhist classic engraving and circulation institutions in modern China.

The fifth kind: Sanya Nanshan Temple vegetarian moon cakes.

Fushou Nanshan yue

Taste: five kernels, golden jade and lotus seed paste.

Sweetness comfort: ☆☆☆

Packing: ☆☆☆☆☆

Taste: ☆ ☆ ☆ ☆.

Feng Bian: Nanshan Temple vegetarian moon cake is the representative work of Cantonese vegetarian moon cake, with moderate sweetness, delicate taste, full stuffing of five kernels and freshness. The packaging is very good, beautiful big red, moon cakes are individually packaged, and small sundries can be put in the box after eating moon cakes.

The sixth kind: Mituo Temple in Dongtai, Jiangsu Province

Su-style moon cakes, Cantonese-style moon cakes

Taste: purple sweet potato and melon kernel, red bean paste and lotus seed paste.

Sweetness comfort: ☆☆☆

Packing: ☆☆☆☆☆

Taste: ☆ ☆ ☆.

Feng bian: the style of Buddha moon cakes in Jiangsu is similar, and the taste is familiar. Because this is a moon cake that is tasted later, it feels not amazing enough. Alas, aesthetic fatigue. Mituo Temple is located in the northern head of an feng, Dongtai City, Jiangsu Province, a famous historical and cultural town in China. It was founded in the second year of Wanli in Ming Dynasty (AD 1575), and the temple often holds activities such as Buddhism, short-term becoming a monk, charity and public welfare.

Seventh species: Lingyin Temple in Hangzhou

Su Shi yue pancake

Baiguo, lotus seed paste, salt and pepper, black hemp and rose

Sweetness comfort: ☆ ☆ ☆ ☆.

Packing: ☆☆☆

Taste: ☆ ☆ ☆ ☆.

Feng Bian: The vegetarian moon cakes in Lingyin Temple in Hangzhou have long been well-known. Some netizens commented that they are delicious. This kind of moon cake was not tasted before, and was taken away by my colleagues directly after taking pictures. The score is based on the comprehensive comments of netizens and the sales photos seen by Feng Bian. Please forgive me for the impersonality.

Eighth: Nanjing Qixia Ancient Temple

Su Shi yue pancake

Baiguo, lotus seed paste and black hemp

Sweetness comfort: ☆☆☆

Packing: ☆☆☆

Taste: ☆ ☆ ☆ ☆.

Feng Bian: The packaging of vegetarian moon cakes in Qixia Ancient Temple in Nanjing is quite satisfactory. The moon cakes keep the traditional flavor of old Nanjing, and the fillings are green, high-quality and have a good taste.

Ninth: Putuo Temple in Zhuhai

Su-style moon cakes, Cantonese-style moon cakes

Taste: Chaozhou-style blue bean paste, pineapple cake peel, nut lotus seed paste.

Sweetness comfort: ☆ ☆ ☆ ☆.

Packing: ☆☆☆

Taste: ☆ ☆ ☆ ☆ ☆

Feng bian: the first vegetarian moon cake with a five-star taste appeared. Absolutely kill online celebrity moon cakes such as abalone, ham, crayfish and hairtail. Zhuhai Putuo Temple vegetarian moon cake is made by Ronghua in Yuen Long, Hong Kong, which is the big boss of Cantonese moon cakes in Hong Kong. When you taste this vegetarian moon cake, especially those stuffed with bean paste and lotus seed paste, you really don’t want to stutter. You must melt it in your mouth and heart bit by bit. Delicious is not enough to describe this amazing moon cake. It’s too delicious and foul. As long as you eat it, you can’t stop. The sweetness deducts a star because the small series of pineapple feels a little sweet, but the husband of the small series is full of praise. The bag on the outer packaging of moon cakes is still from Yuen Long, and it is said that it has not come and changed this year.

Tenth species: Longquan Temple in Beijing

Xianerjia moon cake is perfect.

Taste: five kernels, hawthorn, black sesame, lotus seed paste and jujube paste.

Sweetness comfort: ☆ ☆ ☆ ☆.

Packing: ☆☆☆☆☆☆

Taste: ☆ ☆ ☆ ☆.

Feng bian: the first feeling is that the packaging is amazing and very virtuous. Fancy, literary and environmentally friendly. The sweetness of moon cakes is half that of ordinary moon cakes. No pigment, no sweetener, no trans fat, no genetically modified oil, no leaching oil, and the shelf life is only 30 days. Kenji’s ideal is to make more people vegetarian. Therefore, at first, Kenji’s moon cakes are very high in value, and you can’t put them down at first sight. Secondly, they taste good, and once you eat them, you can’t put them down.

Above, Xiao Bian introduced 10 kinds of Buddhist vegetarian moon cakes to you. The common characteristics of Buddhist vegetarian moon cakes are fresh stuffing, sufficient ingredients, less oil and sugar, healthy and delicious. Have you enjoyed yourself? Have you eaten? Try what you haven’t eaten. After this village and that temple, as long as it’s vegetarian moon cakes made in the temple, you can’t go wrong.

On the evening of March 28,Country Garden announced that it would delay the publication of its 2023 annual results and send its 2023 annual report.

According to the announcement, Country Garden is facing an increasingly complex business environment, and the company needs to collect more information to make appropriate accounting estimates and judgments, so as to reasonably reflect the changes in the industry and the company in the consolidated financial statements of the Group for the year ended December 31, 2023.

At the same time, as Country Garden’s debt restructuring work is still in progress, in view of the large number and wide distribution of the Group’s projects and the heavy workload and complexity involved in relevant due diligence, the Group needs more time to collect relevant financial information to carefully evaluate the Group’s current and future financial resources and financial obligations.

Therefore, it is estimated that it will take longer for the company to complete the preparation of the consolidated financial statements of the Group for the year ended December 31, 2023, and it is impossible to comply with the relevant provisions of the listing rules and publish the 2023 annual results before March 31, 2024.

Country Garden said in the announcement that the Group is working with financial advisers and legal advisers to assess the Group’s situation, and working closely with various creditors to formulate practical measures as soon as possible. In addition, the Board of Directors of Country Garden Group and the management of the company are committed to continuing to actively negotiate with creditors about debt restructuring, and will continue to work closely with the auditor PricewaterhouseCoopers to announce the 2023 annual results and send the 2023 annual report as soon as possible.

According to the relevant provisions of the Listing Rules, if Country Garden cannot announce its 2023 annual results on or before March 31, 2024, it is expected that the trading of Country Garden’s shares will be suspended on the Hong Kong Stock Exchange from 9: 00 am on April 2, pending the announcement of its 2023 annual results.

The Board of Directors of Country Garden Group believes that the suspension of trading will not have a substantial impact on the company’s operations. At present, the company’s domestic security building work and overseas debt restructuring work have been promoted in an orderly manner, and related work has received strong support from stakeholders including relevant local governments and overseas creditors.

Country Garden also disclosed some latest information. In the whole year of 2023, Country Garden Group and its joint ventures and associates completed the delivery of more than 600,000 houses, with a total delivery area of 71.62 million square meters, covering 249 cities in 31 provinces across the country.

Country Garden said in the announcement that on the date of the announcement, the Group continued to actively respond to the call, clarified the main responsibility of the enterprise main body in the delivery process, insisted on earmarking funds and strictly managed the pre-sale monitoring funds, and at the same time relied on various support policies of the state and local governments for the industry, relying on policies to help the project delivery. In addition, the Group attaches great importance to the cooperative relationship with suppliers. The Group maintains continuous communication with major contractors and suppliers to ensure that all parties have a consensus on the project schedule and funding arrangements, and through negotiation of a reasonable payment plan, it will continue to effectively ensure the normal operation of the project and complete the task of ensuring the delivery of the building. In terms of liquidity, the company is also striving to revitalize assets such as bulk businesses and reduce non-core and non-essential operating expenses, so as to keep the delivery bottom line and try its best to improve the liquidity situation.

Country Garden said that the company attaches great importance to debt risk resolution. In the past few months, the company has been working with financial advisers and legal advisers to evaluate the Group’s situation and formulate debt restructuring plans to alleviate the current liquidity problem. On the date of the announcement, the company is still working with financial advisers and legal advisers. The company also actively engaged in constructive dialogue with creditors, and accelerated the formulation of a restructuring plan agreed by all parties on the premise of respecting the existing legal status and legal repayment order of all creditors. Country Garden hopes that all stakeholders will maintain their confidence in the company, and support the company to continue its efforts to promote the practical and feasible best restructuring plan to achieve a long-term and sustainable capital structure.

Extended reading:

Country Garden responded: Objection!

On March 26th, in response to the news that Country Garden’s equity was frozen, Country Garden responded to the shanghai securities news reporter that the equity freeze involved cooperation projects of regional companies. "Because there is a dispute between our company and the partner in cost calculation and pre-distribution of profits, the partner applies to the court for property preservation. Such disputes are normal commercial disputes, and the court has not yet made a final judgment. The value of the frozen equity is not the same as the subject matter of the dispute. Our company is ready to raise an objection to the court for the excessive preservation of the partner. " Country Garden said.

On March 25th, the reporter learned from Tianyancha’s information about legal proceedings that Country Garden Real Estate Group Co., Ltd. recently added several pieces of information about stock right freezing. The enterprises whose shares were executed included Shenzhen paladin Phase V Equity Investment Partnership (Limited Partnership) and Shenzhen Huixin No.22 Investment Consulting Partnership (Limited Partnership), etc. The amount of frozen shares ranged from 39 million yuan to 6.705 billion yuan, and the total frozen shares exceeded 10 billion yuan. In addition, the company also has information such as the executor and the consumption restriction order.

On February 28th this year, Country Garden announced on the Hong Kong Stock Exchange that the company was informed that Ever Credit Limited (the petitioner) filed a liquidation petition against the company with the Hong Kong High Court on February 27th, 2024, concerning the unpaid term loan with principal of about HK$ 1.6 billion between the petitioner (the lender) and the company (the borrower) and accrued interest. The company will strongly oppose the petition.

Regarding the petition for liquidation, Country Garden responded to the shanghai securities news reporter that the debt amount of the company involved in Jiantao Group accounted for a very low proportion of the overall interest-bearing liabilities abroad, and the radical action of a single creditor would not have a significant impact on the company’s security building, normal operation and overall restructuring of overseas debts. Referring to other cases of listed real estate enterprises in default in the industry, it is more common for individual creditors to apply to the Hong Kong court for company liquidation. The company resolutely opposes the petition, and will seek legal advice, take all necessary actions, and actively and properly defend with the consulting team.

On March 4th, Country Garden issued a further announcement on the liquidation petition, saying that the company would consider whether to apply to the Hong Kong High Court for an authorization order in the light of the progress of its overseas reorganization at a later stage. The company will inform its shareholders and investors of the relevant decisions in due course and make further announcements.

Country Garden, New News

Country Garden introduced partners for one of the company’s projects.

On the evening of March 24th, Country Garden announced that Guangzhou Xingchengsi, an indirect subsidiary of the company, had entered into a cooperation agreement with Guangdong Zhongwei and the project company. Accordingly, Guangzhou Xingchengsi and Guangdong Zhongwei agreed to jointly build and develop White Swan Pond International Financial Center on the property in Guangzhou through the project company for sale.

The project company refers to Guangzhou Jinsi Real Estate Development Co., Ltd., a wholly-owned subsidiary of Guangzhou Xingchengsi. Guangzhou Property refers to land AF020106 located in the core area of White Swan Pond Business District, Liwan District, Guangzhou, with a site area of 13,968 square meters, a plot ratio of 15 and a floor area of 209,520 square meters, and the land is designated for commercial and enterprise purposes.

According to the announcement, the project company acquired Guangzhou property through open market bidding and auction in 2017 and acquired the land use right of Guangzhou property in 2018. It is planned to build a 64-storey high-rise commercial building with a 5-storey basement on the property in Guangzhou.

According to the appraisal report issued by Guangdong Tongde Real Estate Land Assets Appraisal and Planning Surveying and Mapping Co., Ltd. dated March 21, 2024, as of February 29, 2024, the market value of land use right of Guangzhou property was about 3.122 billion yuan.

In addition, as of the date of announcement, the certificates and approvals required for the construction and development of the building on the property in Guangzhou have been obtained. However, the construction of Guangzhou property has been suspended, and only the underground continuous wall and three internal supports have been basically completed, while excavation works are under way.

According to the cooperation agreement, Guangzhou Xingchengsi is regarded as having provided 3.1 billion yuan to the project company, while Guangdong Zhongwei agreed to provide further funds for the project totaling about 2.8 billion yuan. It is expected that the construction of the basement floor of the building will be completed in 2025, and the capping and project completion will be in 2026 and 2027 respectively.

In addition, Guangzhou Xingchengsi and Guangdong Zhongwei also reached a supplementary agreement on the same day, which made a supplementary agreement on the potential impact of mortgage on the performance of the cooperation agreement.

Country Garden explained the reasons for introducing partners for the project in the announcement. Country Garden said that the project was hindered by various complicated factors. For example, the assets of one of the intermediate shareholders of the project company (a fellow subsidiary of Country Garden) are currently restricted by the freezing order issued by the Guangdong Higher People’s Court. In addition, Guangzhou Property itself has been mortgaged to several mortgagees as a guarantee for the medium-term notes issued by Country Garden Real Estate Group Co., Ltd. (the same subsidiary of Country Garden) in 2023 with an amount of 1.7 billion yuan due in 2025.

Country Garden said that in view of the above-mentioned complicated factors and the large amount of funds that the project will require, it is difficult for the company to resume construction or sell properties in Guangzhou. Introducing Guangdong Zhongwei as a partner to jointly develop Guangzhou property will provide a timely and urgently needed solution to the difficulties faced by the company in realizing Guangzhou property.

Editor: Shao Ziyi? ?Proofreading: Zhang Yu?Photo editor: Zhao Yanzhen

Xinhua Finance Hefei, January 10 (Reporter Wang Tao) More than 70 years ago, on the river surface of the battle of crossing the river for nearly a thousand miles, "the first ship crossing the river by a million mighty men" landed here;

More than 40 years ago, the "fool melon seeds", known as the "reform primrose" that promoted the private economy, became the imprint of that era here;

More than 20 years ago, Chery Automobile, the flag of the national automobile industry, started here from a "small grass house" on the Yangtze River …

The Yangtze River heading east suddenly turns northward here. Li Bai, a poet in the Tang Dynasty, once wrote that "Tianmen interrupted the opening of the Chu River, and the clear water flowed back here", which is what he said here.

"Wuhu has a pioneering environment, and this spirit is also the gene and trait of an important city in Wuhu. It has always relied on this creation to closely integrate the requirements of the CPC Central Committee the State Council, the provincial party Committee and the provincial government with the local reality, and embark on its own development path to support and tolerate the main body of innovation and creation." Wu Hu, secretary of the Municipal Party Committee, said in an interview with reporters a few days ago.

The picture shows the secretary of Wuhu Municipal Party Committee.

Wuhu, as the second GDP city in Anhui Province, is positioned as a provincial sub-center. In the first three quarters of 2021, its GDP growth rate was as high as 13.6%, making it the fastest growing city in the Yangtze River Delta region. It emerged from a melon seed and hatched a large number of well-known enterprises such as Chery Automobile, CONCH and Three Squirrels, becoming one of the most successful cities in the past 40 years of reform and opening up.

City and Innovation: Innovation is the most precious development gene of Wuhu.

"Innovation is Wuhu’s most precious development gene, the deepest brand of the times and the most distinctive urban characteristics." One-way forward

Wuhu has an indissoluble bond with automobiles. Chery Automobile, which has grown into a banner of the national automobile industry, has always been associated with Wuhu. It can be said that the automobile gene has been deeply embedded in the city of Wuhu. Looking at the technological innovation path of Chery Automobile, we can see what innovation means to Wuhu.

In 1997, a group of young people with "car dreams" came to Wuhu. In just two years, Chery’s first self-developed car was officially off the assembly line, and then QQ and the son of the East entered the market in mass production. After 24 years of hard work, Chery Automobile has achieved a total sales of 9.2 million vehicles, ranking first in China’s passenger car export for 18 consecutive years, and its business scope covers more than 80 overseas countries and regions.

Nowadays, the new energy and intelligent networked automobile industry has become the first industry in Wuhu, with 311 industrial enterprises above designated size and an output value of nearly 130 billion yuan. It has seven national R&D platforms, including the National Energy Conservation and Environmental Protection Automobile Engineering Technology Research Center and the Automotive Electronics Engineering Research Center, and 77 provincial R&D platforms, with Chery and CIMC Ruijiang as the leaders, Yaskawa Electric, Anwar Xinneng and Qidi Semiconductor as the backbones, and Hongjing Electronics, Alfa Silicon, etc.

In 1950s, Wuhu shipbuilding; In the late 1990s, Wuhu built cars; Today, Wuhu has realized the dream of building an airplane. Manned space flight and domestic large aircraft all have the figure of "Wuhu Zhizao". In Wuhu Aviation Industrial Park, since the test flight of the first "Anhui-made" general-purpose aircraft of CLP Wuhu diamond aircraft, the number of orders has reached more than 150 in just over three years.

One-way forward said: "What does enterprise innovation mean to a city? On the one hand, cities should serve enterprises and cultivate excellent enterprises; On the other hand, the city is also infected by enterprises, making the innovative spirit of enterprises become the innovative spirit of the city, and the two sides complement each other. "

To this end, Wuhu continues to create an innovative ecology and enhance the agglomeration of urban elements. Deeply participate in the construction of G60 Science and Technology Corridor, gather and integrate innovative elements, and the whole society’s R&D investment accounts for 3.34%. At the same time, Wuhu is promoting the multiplication plan of high-tech enterprises, the incremental plan of regulated industrial enterprises, and the five-year action plan of listing enterprises, and strive to exceed 2,000 in 2023, and the number of regulated industrial enterprises will reach more than 2,500. By 2025, there will be 15 billion enterprises, 5 billion enterprises and 50 listed companies.

City and business: policy cashing should be as convenient as online shopping.

"China is seen by world cement, and conch is seen by China cement", as the world’s top 500 conch group, many people are familiar with it, but they don’t know that conch was not in Wuhu at first, but only after it moved to Wuhu did it grow rapidly, from a small seedling to a towering tree.

However, the growth of conch is not an isolated case. Chery, the flag of the national automobile industry, and the first three squirrels, the national leisure snacks, are all star enterprises that have emerged in Wuhu in recent years. So what is the password behind Wuhu’s incubation enterprises?

"whether a company can land in one place, in fact, the key is not the speed of doing things, but ultimately depends on whether the company can make a profit. Wuhu first proposed to aim at the average profit rate of enterprises and work hard to create a better business environment by reducing costs. " One-way front representation.

In recent years, Wuhu has taken optimizing the business environment as the key move to open a new bureau in response to the situation, and launched a series of new ideas and measures to create a better business environment, such as "talking breakfast" and "1% work method". Among them, the "1% working method" has also been included in the typical experience and practice discovered by the eighth general inspection in the State Council, and it has been reported and praised.

One-way forward said that whether an enterprise can make a profit depends on two parts. One is its own core competitiveness, but the bigger part lies in the ecological environment where the enterprise is located. From the local point of view, it is necessary to aim at this ecological environment to improve it. One-way ago, we asked 300 enterprises that have a great impact on Wuhu’s development to conduct in-depth research and dismantle their balance sheets. On the basis of comprehensive analysis of the cost and profit composition of enterprises, we set up nine working groups, including energy, employment, logistics, taxes and fees, and financing, to study measures to reduce costs and increase efficiency respectively, so as to help enterprises increase their profit rate by 1% on the original basis.

"Enterprises don’t need you to teach them how to do it. Whether its operating costs can be reduced or whether it can directly lead to a 1% increase in profit margins, enterprises will have real feelings. This is the origin of everything that builds our current business environment. " One-way forward

In addition to this 1% real profit-making, Wuhu’s original "Chatting Breakfast" made entrepreneurs feel warm and respectful, which also became a sample for building a "pro" and "clean" relationship between the government and enterprises. Since March, 2021, Wuhu Municipal Party Committee and Municipal Government has regularly invited relevant entrepreneurs to have breakfast talks, without presupposing topics, arranging presenters or preparing speech materials, colliding with ideas and stimulating creativity in a relaxed and pleasant atmosphere, and at the same time collecting demands and opinions. So far, 34 "Breakfast Talks" have been held continuously, and more than 180 entrepreneurs and social organizations have been invited to participate.

It is not only a carrier for serving enterprises, but now the "Chatting Breakfast Meeting" even has a "value" and has become the direction for investment funds to follow the map. One investor said that "as long as the enterprises that have attended the breakfast meeting, we can directly invest 10 million yuan to start".

Whether it’s "1% working method" or "chatting for breakfast", all these add up to form a service enterprise system in Wuhu, and one of the standards that Wuhu finally strives to build is to build an online policy supermarket, and standardize many policies that benefit enterprises and talents scattered in various departments on the Internet. As long as the enterprise code, legal representative and registered user name are entered, the policies to be enjoyed will be realized immediately.

"In the past, enterprises were looking for policies, but now they are looking for enterprises by policies. Wuhu should make policy cashing as convenient as online shopping, and finally realize the quantifiable effect of government services, the quantifiable sense of enterprise development and the quantifiable optimization of business environment." One-way front indicates that the 1% work method fundamentally embodies the integration of services.

City and development: development must first become a city of vitality.

"The first step of urban development is to become a vibrant city, and the whole body must be strong." One-way forward said that the positioning of Wuhu as a provincial sub-center is a great expectation of the provincial party committee and government, which is both a mission and a pressure for Wuhu. Wuhu must strive for the first place, no matter in terms of economic aggregate, development speed, development quality, or urban construction. Of course, the ultimate goal is to improve the people’s livelihood and well-being.

To this end, Wuhu proposed to speed up the creation of "the experimental place for new ideas, the birthplace of new things, and the starting place for new products". For example, the starting place of new products should create an environment for new products to achieve the first order, complete the first financing, or even open the first small shop, where products can be distributed, affordable and well-known. This is the vitality of a city.

In fact, whether the city develops well or not, citizens and enterprises have the most say, and they also know best where the city is blocked, painful and difficult. Wuhu initiated the establishment of the "people’s urban construction partner" system, and the first batch of 10 units including Anhui Normal University, Conch Group and Chery Holdings were selected as "partners". This is not only an honor, but also a two-way responsibility.

High-quality economic development is only one aspect of urban development. What is the ultimate goal of urban construction? Wuhu’s proposal to build a people’s city is to respond to the people’s new yearning for a better life with practical actions, focus on solving the problem of "urgent difficulties and worries" strongly reflected by the masses, continuously improve the functional quality of the city, let more public services benefit the people, leave more public space for the people, and show more goodwill and warmth to every interface, every detail and every corner of urban planning and construction management, so that everyone living here can feel proud and proud from the heart.

Who is Wuhu? Wuhu may be an Normal University, Chery, conch, or even three squirrels. The temperament of a city needs to be materialized into enterprises and units, which all represent the different temperament of the city. However, the urban spirit cannot be an empty existence. It depends on these units that were born, raised, prospered and even expanded in Sri Lanka to show the spirit and temperament of a city.

"What kind of attitude do we have towards them? I feel that it is full service to let them grow and develop in their respective fields. Although no one can fully represent Wuhu, they together constitute the style and temperament of Wuhu City. " One-way forward

On February 5th, China FAW announced today that the group’s total sales in January exceeded 296,800 vehicles, up 54.2% year-on-year.

. The total sales volume of the new Red Flag H5 and the new Red Flag HS5 increased by 178% year-on-year. The sales volume of the new Red Flag H5 ranked first in China brand B luxury fuel car, and the sales volume of the new Red Flag HS5 ranked first in China brand B luxury fuel SUV.

Jiefang brand has a terminal share of 24.3% in the heavy truck market, ranking first in the industry, 32.8% in the NG tractor market and 33.9% in the diesel coal transportation market.

In January, Pentium brand achieved more than 10,000 wholesale and terminal retail sales, with wholesale sales increasing by 86% and terminal retail sales increasing by 121%. Among them, the terminal retail sales of the main model Pentium B70 are stable at more than 5,000 vehicles.

It should be noted that the specific sales volume of FAW-Volkswagen and FAW-Toyota has not been mentioned officially.

In the deeds of January, China FAW also mentioned that the Liberation Power Changchun Super Factory was officially put into production, the 100 millionth battery of Times FAW was rolled off the assembly line, the first SOP white body of FAW-Volkswagen VW491 project was rolled off the assembly line, and the first phase of FAW Foday new energy power battery was successfully put into production in Changchun.

The newspaper reported on the 29th (trainee reporter Ping Jiang reporter Peng Yi) that in order to create kinetic energy for innovation and entrepreneurship in the whole society to the maximum extent, the Provincial Science and Technology Department will launch a special campaign to reduce the burden on scientific researchers, and form a "catch all" of scientific and technological business and services. Pratt & Whitney projects need not be declared, but are evaluated by objective data. This is what the reporter learned at the 2019 provincial science and technology work conference on the 29 th.

Provincial Science and Technology Department will optimize the construction of business environment. Deepen the establishment of the "Four Zero" commitment service, thoroughly investigate the risk points in all aspects of project evaluation, formulate fair, standardized and effective evaluation rules, strengthen internal supervision and strengthen collective decision-making. Implement the "streamline administration, delegate power, strengthen regulation and improve services" reform requirements, speed up the online process of the province’s science and technology system integration online government service platform and provincial and municipal data sharing and exchange platforms, promote the networking of the province’s science and technology system government service, and fully implement "do it right away, do it online, do it nearby, do it once, and help me". Implement the Regulations on Optimizing Business Environment in Heilongjiang Province, promote the cooperation between universities, research institutes and market players, and promote the open sharing of scientific and technological resources to the society and provide services.

Intensify the implementation of reform tasks. We will implement the policy of scientific and technological innovation, implement the requirements of relevant documents that give scientific research institutions and personnel greater autonomy, and carry out special actions to reduce the burden on scientific research personnel, so that scientific research personnel can concentrate on learning and innovation breakthroughs. Strengthen the management of reform task accounts and carry out dynamic tracking to ensure the implementation of various reform tasks.

Optimize the allocation of scientific and technological innovation resources. Increase investment in scientific and technological research and development, explore joint guidance mechanism, mobilize the enthusiasm of all kinds of innovative subjects in R&D investment, and improve the level of R&D investment in the whole society. Using Internet thinking and big data means, we will co-ordinate the construction of a scientific and technological innovation service platform, integrate all scientific and technological business processes, integrate the province’s scientific and technological data resources, monitor the latest scientific research trends in real time, and form a "catch all" of scientific and technological services. Explore the establishment of key R&D plan project disclosure (bidding) system, change the generation mode of science and technology projects, and encourage enterprises with R&D needs to undertake provincial science and technology plan projects. Innovate the investment mode of R&D funds and simplify the workflow. Pratt & Whitney projects are evaluated with objective data to cancel the declaration, platform projects are directly evaluated and ranked with objective data, and competitive projects strictly implement the evaluation process and rules.

Strengthen scientific and technological supervision and integrity construction. Establish a scientific and technological supervision system with coordinated departments and internal linkage in our province, formulate measures for the supervision and inspection of scientific and technological projects, standardize supervision and inspection behaviors, compact the management supervision responsibilities of project management units and the management responsibilities of project undertakers as legal persons, and strengthen the punishment for illegal scientific research behaviors. Strengthen the construction of scientific research integrity, establish a scientific research integrity system that is vertically connected with the Ministry of Science and Technology and municipal science and technology bureaus and horizontally shared with relevant departments, establish a blacklist system of scientific research integrity, and dynamically manage the scientific research integrity of researchers and related institutions and organizations.

In order to revitalize its assets, Country Garden took the lead in selling commercial assets instead of transferring its residential development projects. In today’s market, high-quality commercial assets are easier to cash out. In the past, commercial assets that were considered to be "difficult to get rid of and heavy on assets" may have better liquidity than residential projects.

With the continuous injection of favorable financial policies for real estate, the news of large-scale commercial assets transactions frequently spread in the domestic real estate M&A market, and selling commercial assets has become an important strategy to revitalize the stock of head housing enterprises. After Vanke set up the business department, will Country Garden take a new step?

Source: New Fortune Magazine (ID: xcf Plus)

Author: Du Dongdong

After Wanda Group’s sale of 10 wanda plaza attracted attention, the news of Country Garden (02007.HK) selling assets was screened.

On the evening of January 22, 2024, Country Garden listed on the Guangzhou Property Rights Exchange and transferred a number of assets, including hotels, office buildings, commercial properties, office buildings, apartment buildings, etc. The total price of assets to be transferred was 3.818 billion yuan.

Since the first debt default in August, 2023, the management of Country Garden has repeatedly stated that it wants to "sell iron" to save itself, from cutting administrative expenses by nearly 60%, shrinking the number of regional companies to 21, selling private jets to Yang Guoqiang, reducing the salary of "working emperor" Mo Bin to 10,000 yuan per month, and even auctioning off the car for senior executives to pay off debts. In order to reverse the predicament, "Cosmic Housing Enterprises" can be described as all kinds of "vicious tricks".

Like most real estate enterprises in danger, Country Garden has inevitably embarked on the road of selling assets to pay off debts, from selling its equity in the Guangzhou Asian Games Town project to transferring the equity of Wanda Commercial Management at a loss, and now it has announced the sale of 3.818 billion yuan of commercial assets in Guangzhou, which is naturally reasonable.

However, as a typical residential real estate developer, Country Garden’s revitalized assets come first with commercial assets, which still surprises many people.

01. First-line commercial assets are put on the "shelf" first.

At the 2024 annual working meeting held on January 15th, Yang Huiyan, Chairman of the Board of Directors of Country Garden Group, once again stressed that "the family must share the fate with the company" and "we are trying our best to revitalize our assets".

The listing and sale of five asset packages in Guangzhou this time shows that Country Garden’s asset revitalization has taken an important step.

According to public information, these five asset packages specifically include: Phoenix Hotel in Zengcheng District, with a price of 1.26 billion yuan, and the highest listing transfer price; Followed by the office building project of Canglongfu in Country Garden, Panyu District, with a price of 1.152 billion yuan; The Grade A office building project of Country Garden Center in Zengcheng District is quoted at 772 million yuan, the Renhe apartment building in Baiyun District is quoted at 384 million yuan, and the AEON commercial property in Country Garden Phoenix City in Zengcheng District is quoted at 250 million yuan.

The highest priced Phoenix Hotel in Zengcheng District is the largest five-star landscape-themed hotel in eastern Guangzhou and one of the few first-tier city hotel projects in Country Garden. It was opened in 2003 and renovated in 2017, with a total of 573 luxury rooms. In addition to the hotel’s assets, Country Garden also sells high-quality office buildings, businesses, apartment buildings and other projects on the counter.

Overall, the quality of Country Garden’s assets on the shelves this time is good. This may be related to its situation.

According to iFind data, by the middle of 2023, Country Garden’s rights and interests attributable to its parent company had further shrunk from a high of 203.623 billion yuan in 2022 to 155.061 billion yuan, and its total liabilities remained at a high level of 1.36 trillion yuan. At the same time, the cash and cash equivalents in Country Garden’s account were 101.115 billion yuan, including 29.454 billion yuan in restricted deposits and cash, and 30.508 billion yuan in accounts receivable and bills in the same period; Short-term loans amounted to 108.703 billion yuan, and accounts payable and notes amounted to 202.237 billion yuan. Money is tight, and selling assets is imminent.

In order to get rid of the predicament, Country Garden has recently made drastic management changes, including merging regional companies, streamlining the structure, and the company’s management taking the initiative to reduce salaries to convey confidence to the market with a positive attitude. In addition to cutting expenses, speeding up the collection of sales payments and receivables, revitalizing large and difficult commercial precipitated assets has become another key measure.

Earlier in September, 2022, Country Garden sold its 26% equity and sales debt of Guangdong Property Rights Exchange Group Investment and Development Co., Ltd. to Jiumaojiu (09922.HK), a Hong Kong-listed catering company.

In August 2023, Country Garden sold 26.67% equity of Guangzhou Asian Games Town Project to China Shipping Real Estate for a total price of about 1.2915 billion yuan. After the acquisition, China Shipping Real Estate became a 100% shareholder of Guangzhou Asian Games Town.

In the same month, Country Garden issued 350 million shares to Jiantao Group (00148.HK), a company listed in Hong Kong stock market, and paid off its debt of HK$ 270 million in the form of "debt-to-equity swap". In the following December, Country Garden sold its stake in Zhuhai Wanda Commercial Management at a price of 3.069 billion yuan at a loss of 160 million yuan.

On January 18th, 2024, Country Garden Australia, an Australian subsidiary, sold part of the interest of Wilton Greens to Avantaus, a Chinese private developer, for about A $240 million (about RMB 1.13 billion).

Overall, including this asset sale, Country Garden has not sold many assets so far. As a typical residential real estate developer, Country Garden has invested in more than 3,103 real estate projects in China. Nowadays, in order to revitalize assets, almost all of them are commercial assets, not residential real estate.

According to public information, Country Garden Group’s commercial real estate business is mainly managed by Country Garden Business Travel.

Country Garden Business Travel originated from the business management department established by Country Garden in 2005. It is mainly responsible for undertaking the commercial assets generated in the development of residential business and is positioned to serve residential real estate. In 2018, Country Garden adjusted the commercial sector to the group headquarters, and established Country Garden Business Travel together.

Since 2021, Country Garden Business Travel has gradually focused its operations on shopping centers, and has operated 14 commercial product lines including Bile City, Bile Time, Bijia, Bile Town and Biying International. There are more than 60 group commercial projects under unified management and operation, covering four sectors of commerce, long-term rental, cultural travel and office buildings, and several commercial complexes have been built in cities such as Guangzhou and Shenzhen.

According to the data, in 2022, the total construction area of Country Garden Business Travel Project reached 1.13 million square meters, and it landed in 24 cities in 14 provinces across the country. According to the 2023 interim report, the operating income of Country Garden’s property investment and hotel management sector was 2.234 billion yuan, accounting for 0.98% of the total operating income of 226.309 billion yuan, and the asset scale of this sector was not disclosed.

In this asset sale, Country Garden’s "business first" strategy is not uncommon among housing enterprises.

02. Commercial assets are now easier to cash out.

Recently, the enthusiasm of domestic housing enterprises to revitalize their assets is getting higher and higher, and the intention of bringing their projects to the market and revitalizing existing assets to solve the difficulties is getting stronger and stronger. In the real estate M&A market, news of transactions of bulk commercial assets frequently came out, and more and more housing enterprises successfully cashed out.

Looking around the real estate industry, not only Country Garden, but also commercial assets are generally chosen to revitalize the assets of residential housing enterprises.

According to incomplete statistics, in the last three years, the real estate enterprises that sold assets, including at least 15 head real estate enterprises such as Shimao Group (00813.HK), Joy City (000031), OCT (Asia, 03366.HK) and Greenland Holdings (600606), sold projects with a scale of over 100 million yuan, all of which were commercial assets (Table 1).

In contrast, in the residential asset transfer market, except for ST Taihe (000732) and Jinke (000656), the remaining 26 residential developers have only changed hands sporadically.

Wind data shows that from 2021 to 2023, 112 residential related assets were sold by head housing enterprises, with a total transaction scale exceeding 130 billion yuan. In the same period, the transaction scale of commercial real estate projects with a scale of over 100 million yuan nationwide was 102.436 billion yuan, which was similar.

As we all know, the scale of domestic commercial real estate projects is much lower than that of residential real estate assets. In 2023, the national commercial housing sales reached 11.66 trillion yuan. In the same period, the national investment in commercial housing development exceeded 118 million yuan.

The comparison of the two data may reveal a reality-commercial assets that used to be considered as "difficult to get rid of and heavy on assets" are far easier to cash out now than residential development project assets. In other words, the liquidity of residential assets is much lower than that of commercial assets.

Theoretically speaking, superior and high-quality properties in first-and second-tier cities are often easy to directly face C-end sales and withdraw funds without being pushed to the bulk M&A market; Instead of first-and second-tier residential real estate projects, under the background of weak market demand and generally sluggish sales, it is also difficult to transfer equity to B-end financial investment institutions and get cash.

By the first half of 2023, Country Garden’s contracted sales in third-and fourth-tier cities still accounted for 65%. From this point of view, the assets of Country Garden’s residential projects rarely move, but there are difficulties behind putting commercial assets projects on the "counter" first.

Judging from the market transaction cases, domestic commercial offices, industrial logistics, industrial parks, rental housing and consumer infrastructure and other investment real estate have obtained capital bargain-hunting. These commercial projects located in prime locations of first-tier cities such as Beijing and Shanghai are actually assets under pressure and have strong appreciation space. Choosing to start when the market sentiment is depressed and the real estate price is down has a high risk-return ratio for investors.

Therefore, Country Garden takes the lead in selling high-quality office buildings, businesses, apartment buildings and other projects in Guangzhou, and it is relatively easier to get the attention of bargain-hunting capital.

03, the breakthrough of housing enterprises to revitalize assets

The warming of commercial assets transactions may be related to the rapid promotion of real estate financial policies in recent years.

Since 2023, the national ministries and commissions have successively issued the Notice on Standardizing and Recommending Real Estate Investment Trust Funds (REITs) Projects in Infrastructure, and the Notice on Further Promoting the Normalized Issuance of REITs in Infrastructure, among which it is clearly stated that priority should be given to supporting urban and rural commercial network projects such as department stores, shopping centers and farmers’ markets, so as to guarantee the basic livelihood of community commercial projects to issue infrastructure REITs.

On October 20th, 2023, China Securities Regulatory Commission issued the Decision on Amending Article 50 of the Guidelines for Public Offering of Infrastructure Securities Investment Funds (Trial), which expanded the types of pilot assets of publicly offered REITs to consumer infrastructure. At the end of the month, the first batch of four consumer infrastructure REITs were approved.

The gradual expansion of the pilot scope of public offering REITs and the launch of real estate private equity investment funds not only mean that the closed loop of real estate finance in China is gradually taking shape, but also inject a great benefit into activating domestic stock assets.

Public offering of REITs is the most critical part of the commercial real estate cycle. Investors have a higher chance to realize the profit exit of the project through REITs or asset securitization, which is the logic of the bargain-hunting capital giving priority to investing in high-quality commercial real estate projects.

Standing in the current deeply adjusted real estate environment, housing enterprises are generally eager to cash out funds to tide over difficulties, and the revitalization of existing commercial assets has become one of the important strategies to promote housing enterprises to get rid of difficulties. Furthermore, the scale and proportion of commercial assets owned by real estate enterprises may affect the speed of revitalizing their existing assets.

After testing the consumption of REITs, on January 14th, 2024, Vanke released the organizational adjustment and personnel arrangement, set up a business division, and unified the commercial business of seven regions and Yinli Group into it, thus raising the development of its commercial real estate to a new height.

After the sale of Guangzhou commercial assets package, Country Garden still has many commercial projects in hand. Will it take a new step to revitalize related assets? We will wait and see.

Any information and information mentioned in this article is only the expression of the author’s personal views or the statement of specific events, and does not constitute recommendation and investment advice, and does not represent the position of the society. Investors should bear the risks and consequences of investing accordingly.

CCTV News:Recently, there were rumors on the Internet that someone got leukemia and diabetes after being vaccinated with COVID-19 vaccine. According to experts’ introduction at the press conference, according to clinical monitoring and statistical data, in the four years before and after the COVID-19 epidemic, the number of medical visits and hospitalizations of diabetes and leukemia were basically the same, with no significant change, which indicated that vaccination with COVID-19 vaccine would not cause leukemia and diabetes.

Wang Fusheng, Director of Infectious Diseases Department of the Fifth Medical Center of PLA General Hospital:In 2018 and 2019, before the outbreak of COVID-19, the proportion of hospitalization for leukemia in China was 0.15% and 0.14% respectively, while in 2020 and 2021, the proportion of hospitalization after the outbreak was 0.13%. In 2018 and 2019, the proportion of diabetes hospitalization was 2.1%; In 2020 and 2021 after the outbreak, the proportion of hospitalization was 2.2%. According to China’s epidemic prevention and control policy, China has carried out large-scale vaccination of COVID-19 vaccine since last year. At present, China’s 3-mdash; 12-year-old children and 12-mdash; The vaccination rate of 17-year-old teenagers in COVID-19 is 90%— 100%, the total number is nearly 250 million. Under the background of such a large-scale vaccination in COVID-19, it is inevitable that a large number of vaccinations are coupled with the natural occurrence of some serious diseases. You can simply calculate that if COVID-19 vaccine really causes diabetes and leukemia, then the number of patients and hospitalizations will increase significantly, but this phenomenon has not been seen from the actual monitoring and clinical statistics.