On July 26, Longjitai and Guanwei issued an open letter expressing the liquidity crisis of Longjitai due to the impact of the epidemic and the downturn of the real estate industry, and applied to the court for reorganization, which has recently been accepted. Longjitaihe has been developing for more than 20 years, and has always adhered to corporate social responsibility. After the crisis, Longjitaihe has actively carried out self-help in various ways, and has also made every effort to resume production. Longjitaihe management and team deeply apologize for the failure to deliver the house or repay the loan in time in the early stage.
Through the open letter, the outside world can obtain several key information: first, Longjitaihe applied for judicial reorganization on its own initiative due to the liquidity crisis; second, it emphasizes that the reorganization is not bankruptcy, and it will continue to operate normally in the future; third, during the reorganization period, more energy will be put into leading the war and guaranteeing the delivery of buildings.
Due to the impact of the epidemic and the downturn of the real estate industry, Longjitaihe had a liquidity crisis and applied to the court for reorganization, which has been accepted recently. Longjitaihe has been developing for more than 20 years, and has always adhered to corporate social responsibility. After the crisis, Longjitaihe has actively carried out self-help in various ways, and has also made every effort to resume production. Longjitaihe management and team deeply apologize for the failure to deliver the house or repay the loan in time in the early stage.
With regard to the reorganization of Longjitaihe, the explanation is as follows:
First of all, Longjitaihe has tried various ways and means of self-rescue through various efforts in the early stage, but there are still some houses that have not been delivered to the owners in time, and there are still arrears that have not been repaid in time, until recently, it has applied for judicial reorganization to solve the problem. It is a prudent and difficult decision of Longjitaihe Company, which sincerely hopes to break down obstacles and constraints through judicial reorganization and effectively promote project construction.
Secondly, judicial reorganization is not bankruptcy liquidation, but the most effective judicial solution based on the situation that the enterprise is in trouble and still has the basis of reorganization. Its essence is to protect the interests of owners and all kinds of creditors, and to solve and realize liquidation in a unified way. Judicial reorganization will be more conducive to revitalizing assets, solving current difficulties, creating conditions for successful reorganization, and concentrating effective resources to ensure the delivery of buildings, so as to maximize the protection of the legitimate rights and interests of owners and creditors.
Finally, it should be noted that Longjitaihe will continue to operate normally after entering the judicial reorganization procedure, and the owners who have purchased the relevant buildings of the project companies but have not yet delivered the houses and the subjects who have signed other agreements with the project companies will still enjoy the rights in accordance with the original agreements signed with the project companies, and do not need to declare or register for the time being. During the reorganization period, Longjitaihe will be able to put more energy into the work of introducing war investment and guaranteeing the delivery of buildings, and will continue to make every effort to promote the resumption of the project, so as to smoothly deliver the property to the owners and pay off the debts to the creditors as soon as possible.
Thank the owners and creditors for giving Longjitaihe some time and trust to provide a good working environment for solving the problem. We believe that with the help of Party committees and governments at all levels, the professional guidance of courts and administrators, and the understanding and support of owners and creditors, Longjitaihe can get out of the predicament through judicial reorganization, the owners can get their due real estate as they wish, and the creditors can be compensated according to law. Longjitaihe looks forward to continuing to provide quality life services for owners, creditors and society with strong support from all walks of life. During the reorganization
of Longjitaihe, all the work was carried out normally, and the original customer service telephone and sales department telephone were opened normally. At the same time, in order to facilitate owners and creditors to timely understand the reorganization situation, project progress, relevant legal and business issues, telephone and on-site consultation channels have been added for owners and creditors to use according to their needs.
The hotline is open 24 hours.
Offline consultation points are open from 8:30 a.m. to 12:00 a.m. and from 2:00 p.m. to 5:30 p.m. from Monday to Sunday. According to the public information
of Longjitaihe Group Co., Ltd.
on July 26
, 2023, Wei Shaojun, the founder and chairman of Longjitaihe Group, was born in 1962 in a rural family in Gaobeidian, Hebei Province, and went to Beijing alone at the age of 17. Began his career as a bricklayer. Later, he succeeded as a labor contractor and established Longjitaihe in 1995 to devote himself to the real estate industry.
According to China Fund News, Longjitaihe is not a well-known real estate company in China. However, in the eyes of Hebei people, Longji Taihe, known as "the first brother of Baoding", is no less famous than happiness and prosperity of China. According to
the official website, Longjitaihe Group has also covered more than 20 cities and won many honors such as Top 500 Chinese Enterprises, Top 50 Chinese Real Estate Development Enterprises, Top 100 Chinese Property Service Enterprises and Top 50 Chinese Industrial Park Operators.
Its total assets are 100 billion yuan and its annual turnover is nearly 100 billion yuan.
According to the Daily Economic News, in 2016, Longjitaihe began to implement the national development strategy. In May 2016, Longjitaihe, who first went to Tianjin, won the Jianchang Road plot in Hebei District for 1.65 billion yuan, with a premium rate of 152.3% and a floor price of 23468 yuan per square meter, which set a new high for the unit price of residential land in Hebei District. In addition, Longjitaihe has also invested in Chengdu, Xi'an, Xuchang and Chengde. In 2020, Longjitaihe invested at least 7 billion yuan in open market land acquisition in cities such as Xi'an, Chengdu and Shijiazhuang. The sales
of Longjitai and 2017-2021 are 23.51 billion yuan, 42.44 billion yuan, 42.04 billion yuan, 50.12 billion yuan and 22.48 billion yuan respectively. Longjitaihe ranked 89th in the sales list of China's real estate enterprises TOP200 in the first half of 2017; in 2021, Longjitaihe ranked 49th in China's top 100 real estate enterprises released by China's real estate TOP10 research group.
According to the data of Zhongzhi Research Institute, in 2022, Longjitaihe achieved sales of 2.38 billion yuan in Baoding, ranking first; in the first half of this year, Longjitaihe achieved sales of 799 million yuan in Baoding, ranking fourth. In the first half of this year, Longjitaihe ranked 174th in the industry with a full-caliber sales of 2.25 billion yuan, according to Kerui data.
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