As the benchmark of "China Construction Iron Army", Nantong Second Construction has fallen into debt quagmire.
On March 8, Nantong Erjian announced that the company had recently been included in the list of discredited executives due to business disputes. The plaintiff is the supplier of Jiangsu Nantong Second Construction Group Co., Ltd., and the contract dispute between the two parties is being settled through negotiation. On February 10,
2023, Lianhe Credit issued a rating report, which downgraded the main credit rating of Jiangsu Nantong Second Construction Group Co., Ltd. from AA to A +, with a negative rating outlook. The reason for the rating change was that the company's capital reflux was less than expected due to the low prosperity of the real estate industry; The overdue amount of the company's bills continued to increase, the number of litigation cases increased, and the company's liquidity pressure was high.
As the "first brother" of private construction enterprises in Jiangsu Province, Nantong Second Construction Company has been mired in debt since last year due to 116 million debts (repaid) and 163 million overdue bills.
As of the third quarterly report of 2022, the total assets of Nantong No.2 Construction are 48.071 billion, the asset-liability ratio is 67.98%, the turnover rate of total assets is 0.38 times, the turnover rate of accounts receivable is 3.71%, and the turnover rate of inventory is 1.24 times. At present, the stock of bonds is 500 million yuan, with a coupon rate of 7.5%, which will expire on March 18, 2023.
According to the information published by the bill information disclosure platform of Shanghai Bill Exchange, Nantong Erjian has been overdue since May 2022. By the end of February 2023, the company's overdue bills amounted to 0.47 million yuan 16299, which continued to increase compared with the end of January 2023.
As of February 10, 2023, Nantong Second Construction has been included in 178 cases of executed persons, with a total execution target of 162 million yuan.
Xiangcai Plus reported that Nantong Erjian revealed that in addition to self-help, the local government also extended a helping hand. In December 2022, the Nantong Municipal Government organized a special coordination meeting, which clearly pointed out that the brand of Nantong Second Construction Group could not collapse, and set up three special groups, including the Financial Services Group, the Collection and Settlement Group and the Judicial Services Group, to help enterprises carry out self-help.
However, the effect of self-rescue has not yet appeared. Nantong Second Construction said earlier that the company was mainly affected by the epidemic and the downturn of the real estate market, resulting in slow construction progress of the project, and did not meet the expected repayment, the operation continued to be under pressure, cash flow was tight, and was actively carrying out self-help. Including the establishment of a debt collection team to speed up the handling of the main complaint case, striving to collect the debt of 970 million yuan before the maturity of the current medium-term notes; strengthening the collection of accounts receivable, especially accelerating the arrangement of the return of project funds at the end of the year; promising not to issue new debt financing instruments and not to distribute dividends before the repayment of the current medium-term notes; The individual financing of senior executives and the capital increase of shareholders are estimated to be 300 million yuan. Why can
't Nantong Erjian collapse?
Jiangsu Province is a major construction province in China. In 2022, the total output value of Jiangsu's construction industry will exceed 4 trillion yuan for the first time, reaching 105 million yuan in 40660, and continue to lead the country by an absolute advantage. Four companies were included in the list of "the world's largest 250 international contractors"
in 2021-Nantong Third Construction, Nantong Construction Engineering, Nantong Second Construction and Nantong Fourth Construction, all from Nantong. In that year, the total output value of Nantong's construction industry exceeded trillion yuan for the first time, and the scale of output value ranked first in prefecture-level cities in the country. According to the list of the first batch of Luban Awards for Chinese Construction Projects from 2020 to 2021, Nantong Construction Enterprises won five Luban Awards for general contracting projects. So far, Nantong has won 115 Luban Awards, ranking first in prefecture-level cities in the country. According to the information
of Nantong Municipal Housing and Construction Commission, in the 1950s and 1960s, Nantong construction team participated in the construction of the top ten buildings in the capital and the Nanjing Yangtze River Bridge; Since the reform and opening up, Nantong construction industry has organized a construction team in 1978, entered the construction of Karamay and Daqing oilfields, and then opened up the construction market in North China, East China, Central and Western China and South China. Since
1997, Nantong First Construction Company, Second Construction Company, Third Construction Company and Fourth Construction Company have been restructured into private enterprises or joint-stock enterprises.
In this "Iron Army of Construction", in 2021, Nantong Erjian ranked among the "Top 200 Private Enterprises in China's Construction Industry in 2022" with a business income of 80947.12 million yuan, ranking second in the country and first in Jiangsu Province. This shows its benchmark position in the construction industry in Jiangsu Province.
However, in recent years, the epidemic, the economic downturn and the real estate industry earthquake have dragged Nantong's construction industry into the cold winter. Bankruptcy Reorganization
of Nantong Sixth Construction & nbsp; Once Built the World's Highest Building Burj Dubai & nbsp; On the evening of February 13,
2022, the National Enterprise Bankruptcy Reorganization Network announced that the People's Court of Rugao City had formally decided to accept the bankruptcy reorganization case of Nantong Liujian and appointed the liquidation team of Nantong Liujian as the administrator.
On February 8, 2022, the declaration of Nantong Liujian's creditor's rights started, and it is still impossible to assess the length of time required for bankruptcy reorganization. The team is investigating the assets under the name of Nantong Liujian and has not yet recruited investors. Since its establishment 66 years ago
, Nantong Liujian has built many landmark buildings, which are the benchmarks of "contractors" in China. Its most famous buildings are the Burj Khalifa in Dubai, the Twin Towers in Dubai and the Three Towers in Dubai. You know, the Burj Khalifa in Dubai is the tallest building in the world, with a height of 828 meters, a total of 162 floors and a cost of $1.5 billion. In September
2022, Nantong Liujian, which had applied for bankruptcy three times before, successfully auctioned 100% of its shares.
Suzhong Construction was filed for bankruptcy liquidation
twice on December 22, 2021, and Suzhong Construction was filed for bankruptcy reorganization. Suzhong Construction Group Co., Ltd. was established in February 1949, established a standardized joint-stock company in December 1998, and restructured into a private enterprise with self-management and self-financing in June 2005.
In 2020, the total output value of construction is 78.96 billion yuan.
It is one of the main forces of the well-known "Nantong Iron Army" in China, and has won many awards and honorary titles such as "National May Day Labor Award" and "Outstanding Contribution Award for Creating Luban Award Project"; In 2021, the company ranked 323rd among the top 500 Chinese enterprises and 142nd among the top 500 Chinese private enterprises.
It has successively undertaken projects such as Wuxi Hailan Fortune Center, Xinjiang TBEA Technology Research and Development Center, Shanghai World Expo UK Pavilion, Taiwan Pavilion, Ireland Pavilion, Inner Mongolia Museum, Beijing Air China Headquarters Building and Nanjing Zhonghuan International. On June 3,
2021, the relevant leaders of Suzhong Construction also attended the annual strategic partnership exchange meeting of Hengda Group.
It is understood that many key projects of Evergrande, including the famous "Evergrande City", are contractors of Suzhong Construction. There are market voices that Suzhong Construction is one of the enterprises most affected by Hengda Thunderstorm. On April 1,
2022, Jiangsu Nantong Sanjian Group Co., Ltd. (Hereinafter referred to as "Nantong Sanjian") The announcement said that with the support of Nantong Municipal Government, the company has set up a creditor's rights committee of financial institutions to restructure its debts. Before the
restructuring, Nantong Sanjian's domestic bonds were extended, and its credit rating was downgraded again and again. In 2020, its $300 million bonds were classified as default by Moody's because they could not be paid normally.
Nantong Sanjian is a large-scale comprehensive modern construction enterprise group, which is based on construction and integrates six major industries, namely, finance, investment, real estate, operation service, overseas operation and technology incubation.
As a supplier of Hengda Group, Nantong Sanjian Project has a large contract amount, which is affected by the former's capital shortage, and its project payment settlement and capital reflux are dragged down.
Since 2020, the capital chain of Nantong Sanjian has been tense, and the explosion of Evergrande has become the last straw to crush it.
Nantong First Construction Company went bankrupt and liquidated.
Nantong Yijian's construction projects are located in Shanghai, Beijing, Tianjin, Nanjing, Suzhou, Wuxi, Huaian, Nantong, Xuzhou and other places. Influenced by many factors, Nantong First Construction Fund has serious problems and has applied for bankruptcy liquidation in 2020.
浙公网安备33010802003254号