From the real estate giant to the debt of 2 trillion yuan, what happened to Evergrande in the past two years?

The speed at which Evergrande fell from the altar was really beyond imagination. Two years is really too short for such a behemoth! To put it bluntly, Evergrande's experience is the same as that of most domestic housing enterprises.

Evergrande becomes a big enterprise.

In the past two years or even longer, they frantically enclosure, hoarding land, hoarding Gai Lou, and then mortgage, mortgage, mortgage again, constantly enlarge the so-called enterprise volume. (but in fact, they all use other people's money. It looks huge, but it is empty. Then, in the process of this crazy expansion, I suddenly encountered policy control, and my self-development suddenly appeared problems, which was followed by the "Thunder" that could not stop the car.

Their type of enterprise is so big that people think it can't fail, but this is the biggest risk. Because once they make a mistake, it is almost impossible to make up for it, and the hole in the hole is too big. Evergrande is like this. Before the crazy expansion, and then met with policy tightening, and then met with self-development deviation, and then came the reality of one problem after another, one debt after another.

Evergrande went from a real estate giant to a debt of 2 trillion yuan.

Evergrande now discloses liabilities of 1.97 trillion yuan and its own assets of 2.3 trillion yuan. On the surface, it seems that assets are greater than liabilities, but in fact, if you calculate the details, you will already be insolvent. Many of his own assets may not be sold at a 50% discount. Those debts are real money, and there are still many invisible debts that are not counted. What's the problem? In fact, his problem is similar to that of Ma, who was badly beaten last year, that is, increasing leverage, drawing big cakes and enclosing land, and striving to be too big to fail.

Specifically, if it has 1 100 million funds, it owes a part of 300 million land in the capital circle, and then borrows 500 million land as collateral, and takes 500 million to get more land; On the other hand, the foundation of the house has not been laid yet, so we should sell the auction house first, put away the funds of the buyers and buy more land. In this way, in fact, he has 1 billion capital, but he already has1billion land in his hand.

When the scale is large, write a bad check to the builders, and ask them to bring the funds into the construction site and use their own funds to go to Gai Lou. This is another means for a white wolf with empty gloves. Many builders finished their work, but they didn't get the money, or they just got bonds and commercial tickets that could not be cashed. Of course, they also use the money they get to do some publicity projects, such as playing football, building cars, buying planes, donating money to so-called charities and so on.

Fortunately, the regulatory authorities discovered the huge risks here and issued relevant policies and norms in time. After several curses, such companies immediately took the prototype first. If the land is owed to the government now, then recover the land. If the owner's house payment is received, the owner will urge the delivery. Material suppliers and builders must pay cash before entering the site to deliver the goods. The bank is busy collecting the money they lent. And within themselves, the capital chain is broken. Although they shouted "guarantee to hand over the building", without money, nothing can be said. After the credit crash, no one wants to owe money.

Therefore, now it is an unsolvable equation: to hand over the building, someone has to do it. I can't talk about it if I do it, but the building can't be built and there is no money. Banks are more desperate, and no one will lend easily.