Under the impact of COVID-19，The first case of real estate 188bet mobile login debt default appeared on the market。

March 6，The Paper found it in documents disclosed by Shanghai Clearing House，New Hualian Holdings Co., Ltd. 2015 First Phase Medium-Term Notes (Bond Abbreviation: 15 Xinhua United Holdings MTN001，Bond code: 101558006) 1 billion 188bet mobile login shall be paid in principal and interest on March 6, 2020。Until the end of the due date，The company failed to raise sufficient funds to pay as agreed，“15 Xinhua Joint Control MTN001” cannot pay the principal and interest in full on time，Has constituted a substantial breach of contract。

Liquidity is extremely tight and we are raising funds through various channels

File display，The bond was issued in 2015，The total issuance is 1 billion 188bet mobile login，Bond term 5 years，Bond interest rate 6.98%。Amount of principal and interest payable on the due payment date 10.69.8 billion 188bet mobile login。The lead underwriter is China Merchants Bank Co., Ltd.。

New Hualian Holdings said，Severely affected by force majeure factors caused by the novel coronavirus pneumonia，Company affiliated cultural tourism、Commercial retail、Scenic spots、Hotel Catering、Oil trading and other businesses suffered heavy losses，Reduced operating receivables by more than 6 billion 188bet mobile login from January to February。In addition to the continued "leverage reduction、The impact of “difficulty in financing and issuing debt” for private enterprises，Continuing cash outflows due to loan and bond repayments，Liquidity is extremely tight。As of March 6, 2020，The company failed to pay the current bond in full as agreed。

Currently，188bet mobile login is actively coordinating with the holders to reach an extension，The specific plan will be announced separately after the two parties sign the relevant agreement。188bet mobile login said，The company is actively raising funds through various channels，At the same time, accelerate the introduction of strategic investors，Relieve financial pressure，Strive to ensure the maturity repayment of subsequent debt financing instruments。

The rating agency Oriental Jincheng also lowered the main rating of 188bet mobile login from AA+ to AA，Rating outlook adjusted to negative。

According to the content disclosed by Dongfang Jincheng，New Hualian Holdings’ book funds are tight，Facing greater pressure on debt repayment recently。The amount of bonds faced or recovered by Xinhualian Holdings in the next 3 months will reach 38.600 million 188bet mobile login。The recent overdue interbank borrowings of subordinate financial companies and litigation matters with trust companies have highlighted its liquidity pressure。

Dongfang Jincheng said，188bet mobile login’ profitability and operating returns have declined。First three quarters of 2019，Mainly affected by the income settlement of the real estate business segment，Xinhualian Holdings’ total profit fell by 52.34%；Affected by the COVID-19 epidemic in the first quarter of 2020，Operating receivables are expected to decline。188bet mobile login mainly relies on external financing for its debt repayments，However, the progress of various financing plans is not as expected，Liquidity pressure increases further。

It is worth mentioning，In December 2019, a subsidiary of Xinhualian Holdings was sued by Hunan Publishing Finance Company for failing to repay the principal and interest of 300 million 188bet mobile login in inter-bank lending as agreed，Finally, both parties reached a settlement。

92 currency funds in hand.0.6 billion 188bet mobile login，Cannot cover short-term debt

Judging from the data of Xinhualian’s third quarterly report of 2019，The 188bet mobile login has already experienced a tight capital chain。

Financial report display，The company’s total assets are 1335.4.4 billion 188bet mobile login，Total operating income 56.2.5 billion 188bet mobile login，Decreased by 8 year-on-year.8%；Operating profit 2.7.4 billion 188bet mobile login，48 year-on-year decrease.8%；Realized net profit attributable to parent company 1.6.3 billion 188bet mobile login，46 year-on-year decrease.6%；Gross profit margin 29.1%，Decreased by 3 year-on-year.2%；The currency funds held in hand are 92.0.6 billion 188bet mobile login，Short-term borrowing at the same time is 98.3.8 billion 188bet mobile login，Cash can no longer cover short-term debt。

Just one month before this bond default，Xinhua Lian just transferred its equity in a listed company，Cash out 13.400 million 188bet mobile login。

February 9，Liaoning Chengdu University (600739.SH) announcement，New Hualian Holdings plans to transfer approximately 7927 listed companies to Shaoguan Gaoteng.280,000 unrestricted tradable shares (accounting for 5% of the total share capital of the listed company.18%) and all interests contained therein，The transfer price is 16.9 188bet mobile login/share，The total price is about 13.400 million 188bet mobile login。

After Xinhualian Holdings defaulted on its debt，New Hualian Cultural Tourism Development Holdings Co., Ltd. (000620, a listed company under 188bet mobile loginSZ) announcement，The listed company and 188bet mobile login are different entities，Have independent and complete business and independent operation capabilities，In business、Personnel、Asset、Organization、Independent from controlling shareholders in financial and other aspects。The failure of Xinhualian Holdings to pay its mid-term notes on time is not expected to have a direct impact on the production and operation of the listed company。Also，Xinhua United Name，The listed company has not provided any form of guarantee to Xinhualian Holdings and its related parties；188bet mobile login and its related parties have not illegally occupied funds of listed companies；Business transactions with Xinhualian Holdings and its related parties are normal business transactions，There is no situation where the controlling shareholder occupies the funds of the listed company for non-operating purposes。

Except for the 188bet mobile login’s own tight capital chain，The chairman of Xinhualian also assisted in the investigation by the public security bureau due to personal issues。December 24, 2019，Xinhualian Announcement，Su Bo, chairman and president of the 188bet mobile login, is assisting the public security agency in the investigation due to personal issues，Relevant matters are yet to be further confirmed by the public security organs。

New Hualian Group official website information display，The company was founded in October 1990，Its business covers cultural tourism and real estate、Mining、Oil、Chemical、New energy、Investment、Finance、Ceramic、Liquor industry and many other industries，The company’s total assets exceed 130 billion 188bet mobile login，Annual operating income exceeds 100 billion 188bet mobile login，Annual tax payment exceeds 5 billion 188bet mobile login。Currently，The group is wholly owned、Holding、More than 100 joint-stock companies，Including 12 holdings、Participating in listed companies。New Hualian Holdings has three listed subsidiaries，respectively Dongyue Group (00189.HK）、Xinhualian (000620.SZ) and New Silk Road Cultural Tourism (00472.HK）。

*Source of this article: The Paper, author: Li Xiaoqing,Original title：《New Hualian Holdings’ 1 billion 188bet mobile login bond failed to pay principal and interest when due，Has constituted a substantial breach of contract》.