188bet app download Group Co., Ltd. (000428.SZ，Hereinafter referred to as "188bet app download") suffered huge losses in 2018 4.After 7.8 billion yuan，Cumulative losses in the first three quarters of 2019 1.8.2 billion yuan。Although intensive selling of assets began in the second half of 2019 to turn around losses，But only 2 of the 4 asset sales were external transactions。

"China Business News" reporter inquired and found，188bet app download’s net profit after deducting non-recurring gains and losses has been in deficit for several consecutive years, which may be due to the diversified development of real estate business。

Since the end of 2012, the joint controlling shareholder Huatian Industrial Holding Group (hereinafter referred to as "Huatian Group") has been acquiring Beijing Jinfang Trading Building，188bet app download and Huatian Group have invested more than 13.100 million yuan fund，But failed to revitalize as scheduled。

And it spent 4 billion yuan on the Central 188bet app download City project built in Ningxiang County, Hunan Province，The golf course was ordered to be demolished by the local government，Loss of hundreds of millions of yuan，The investment and development of the second phase of 188bet app download City in Central China has almost stagnated in recent years。

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188bet app download quickly sold 100% of the equity of Hubei 188bet app download Co., Ltd. (hereinafter referred to as "Hubei Huatian") in the last few working days of 2019，according to announcement，This equity transfer will increase 188bet app download’s pre-tax profit by approximately 2% in 2019.8.2 billion yuan。

October 22, 2019，188bet app download transfers 100% of the equity of Hubei Huatian through public bidding，Unsuccessful after first listing。December 1, 2019，188bet app download announces price reduction of 20 million yuan，This matter was approved by the shareholders’ meeting on December 18，Signed the "Property Rights Transaction Contract" with the intended transferee on December 28 of the same year，Signed a supplementary agreement on December 31 of the same year and received the first batch of equity transfer funds。

In fact，188bet app download intensively sold assets in 2019，Previously，In the eyes of the outside world, it is intended to avoid being ST。However, its 4 asset sales in 2019，2 times belong to "self-selling and self-buying"。

August 2019，188bet app download announces public bidding，Transfer 100% equity and related claims of Yiyang Yincheng 188bet app download Management Co., Ltd. (hereinafter referred to as "Yincheng Huatian"), a wholly-owned subsidiary，The total transfer price is not less than the appraised price of 28.89 million yuan。

100% equity of Yincheng Huatian was priced at 1 yuan，And package and sell 188bet app download’s claims with a book value of 45.91 million yuan at a price of 28.89 million yuan。After half a month of public listing，No outside transferee takes over，In the end Yincheng Huatian was the only intended transferee、Hunan Huatian Asset Management Co., Ltd., a wholly-owned subsidiary of 188bet app download, was delisted。

November 8, 2019，188bet app download announced that it plans to transfer its holding subsidiary Huitang Huatian with a book value of 8.9.1 billion yuan of debt，The transfer price is not less than the assessed value 6.9.5 billion yuan，No external transferee during the listing period，Huitang Huatian’s claims were eventually transferred to the only intended transferee、Changsha Huadun Industrial Co., Ltd. (hereinafter referred to as "Changsha Huadun"), a wholly-owned subsidiary of 188bet app download, was delisted，As of the end of December 2019，6.All transaction funds of 9.5 billion yuan have been deposited into the Hunan Stock Exchange account。roughly calculated，The asset impairment caused by this transaction may be as high as 1.9.6 billion yuan。

What deserves attention，Huitang Huatian involved in the self-sale and purchase of equity claims of 188bet app download，Belongs to the "big loss maker" among the companies under 188bet app download，Total loss from 2016 to 2018 7.0.2 billion yuan，Net assets at the end of the first half of 2019 were -7.6.3 billion yuan，Total assets 18.200 million yuan。

Huitang 188bet app download’s business scope is real estate development and sales、Hotel Service、Property Management，Reasons for huge losses in recent years，Perhaps because the sports park golf project it invested and developed in Ningxiang County, Hunan Province was ordered to be demolished by the local government，Therefore, the amount of asset scrapping loss is confirmed 2.1.6 billion yuan。

For golf courses after the ban，Subsequent utilization arrangements of corresponding land，188bet app download responded to reporters，After the golf course of Huitang Sports Park was banned and rectified，The company plans to develop and construct it into a real estate project，And actively explore the feasibility and operational steps of subsequent land use changes。Currently，The company is reporting to relevant government departments regarding land degeneration，simultaneously，The company is also doing preliminary work related to real estate projects。

Announced according to previous annual report，Huitang 188bet app download’s Central 188bet app download City Project Phase II with a total investment of 4 billion yuan，Many conflicts with cooperative developers，The project has been at a standstill in recent years。

188bet app download sold assets 4 times in 2019，The only asset that was sold quickly was the Zhangjiajie Huatian City Shopping Center and the real estate held in Zhangjiajie City，Payment of about 2 by Zhangjiajie Wulingshan Treasure Museum Co., Ltd..Purchased for 6.5 billion yuan。

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188bet app download began planning to acquire Beijing Jinfang Commercial Building in the second half of 2012，According to the original plan，Planned to revitalize assets after acquisition and operate them as a star-rated hotel，Afterwards，188bet app download and Huatian Group borrowed more than 1.3 billion yuan from Beijing Haobo, the developer of Jinfang Commercial Building。But the assets of Jinfang Commercial Building not only failed to be revitalized，And already insolvent，Falling into bankruptcy liquidation。

June 2018，Beijing Haobo was applied for bankruptcy liquidation by 188bet app download Group，Subsequently, the application was changed to bankruptcy reorganization。However，After changing from bankruptcy liquidation to bankruptcy reorganization，The bankruptcy administrator, Beijing Tianzhi International Accounting Firm, was separated in June 2019、In September 2019, the announcement of the intention to recruit investors for restructuring was published three times on the website of Beijing Equity Exchange，Open recruitment through online bidding，Recruited potential investors three times and all failed bids。

A meeting of creditors was held in the 188bet app download bankruptcy liquidation case in October 2019，The creditors voted and approved the extension of the reorganization period to April 25, 2020。

Jinfang Trading Building is located at No. 68 Nanfangzhuang, Fengtai District, 188bet app download，Building interior 1st floor、The second floor is commercial，Floors 3 to 5 are offices，The 6th floor and above are commercial hotels。Currently，The legal construction area of ​​Jinfang Trading Building is 48597.6 square meters，The civil construction of this project has been capped，Elevator installed but not running，Electromechanical、Fire protection plan review has not been completed yet，Municipal administration (water supply and drainage、Sewage discharge、Heating) has not been declared yet，The sub-item acceptance of each major has not yet been completed。

2013 188bet app download Investment 1142.Acquired Beijing Haobo 43 in the form of capital increase and share expansion for 40,000 yuan.4% equity。Huatian Group、Beijing Deruit Economic Development Company、188bet app download Group Co., Ltd. and Cao Dejun，The shareholding ratio is 18.6%、30.4%、43.4% and 7.6%。

Although the initial consideration for 188bet app download and Huatian Group to obtain 62% of Beijing Haobo's equity was relatively small，But blood transfusions continued，Until July 27, 2018，Provide total loan principal and interest to Beijing Haobo 13.1.6 billion yuan。Huatian Group provides loan principal and interest 4.3.7 billion yuan，188bet app download provides loan principal and interest 2.3.6 billion yuan，Changsha Huadun provides loan principal and interest 6.4.3 billion yuan。

188bet app download responded to an interview with a reporter from China Business News，Since 188bet app download and Huatian Group acquired Beijing Haobo，Completed debt restructuring，Release mortgage、Filing and registration of seizure and original pre-sale (2004)，Actively promote the compliance procedures of Jinfang Commercial Building，And decorate the sales department and model house。Until the project is suspended，Jinfang Commercial Building has not yet completed the completion acceptance，Therefore, it is not for sale yet。Beijing Haobo is mainly engaged in real estate development and commercial housing sales，Its only development project is Jinfang Commercial Building，No other main business。

According to 188bet app download’s previous announcement，As of July 27, 2018，Beijing Haobo’s total assets after audit 9.4.6 billion yuan，Total liabilities 16.2.6 billion yuan，Owner’s Equity-6.7.9 billion yuan。

As of December 31, 2018，The balance of 188bet app download’s claims against Beijing Haobo is 9.300 million yuan，Beijing Haobo’s cumulative excess loss attributable to 188bet app download is 5.300 million yuan。

The reporter discovered through combing，Beijing Jinfang Commercial Building has been developed since around 1993，This time is even earlier than the establishment of 188bet app download (188bet app download was only established by Huatian Group in 1994)。Although it has taken 26 years，Not yet completed and put into use，It is a well-known “unfinished building project” in the local area。

Reporter learned，In 1993, the Jinfang Commercial Building project was applied for project approval by 188bet app download Agricultural, Industrial and Commercial Development and Trading Company (hereinafter referred to as "Agricultural, Industrial and Commercial")，Developed in cooperation with Derrit Corporation。The project started construction in 1997，In the same year, the construction area was increased by 3800 square meters，Total planning area 44290.8 square meters。After building to the fourth floor above ground，Closed in 1998 due to various reasons。

March 2002，Jinfang Commercial Building applied to change from an infrastructure project to a commercial housing development project，Agricultural, industrial and commercial、De Ruite Company and 188bet app download signed the "Joint Development Agreement for the Jinfang Commercial Building Project"，Agreed to be developed and constructed by Haobo Foundation，Distributed according to proportion after completion。

Jinfang Trading Building resumed work in September 2003，The main structure was capped in early 2004。Obtained the "Pre-sale License" 188bet app download same year，Not selling effectively to the market。

September 20, 2004，188bet app download obtained the "State-owned Land Use Certificate" for the Jinfang Commercial Building Project [Jingfeng Guoyong (2004) No. 002003]。The land use right type is transfer，For commercial use、Office、Underground garage，Area 7078.77 square meters，Usage period commercial 40 years、Office and underground garage property rights are 50 years。

*Source of this 188bet app download: China Business Network, author: Yin Rong Lu Zhikun, original labelTitle: "188bet app download real estate project is difficult to sell》.