The first bond payment default，Tahoe Group Co., Ltd. (referred to as "Tahoe" or "Tahoe Group") finally suffered a "thunder"，This 100 billion real estate company has reached a critical juncture。

Today (July 7)，Tahoe Group announced，The company has made various efforts to raise funds，Still unable to complete the timely payment of principal and interest of 17 Tahoe MTN001。"17 Tahoe MTN001" released on July 6, 2017，Issuance size 1.5 billion，Term is 3 years，Coupon rate 7.5%，The principal and interest should be paid on July 6 this year16.12.5 billion yuan。

After years of aggressive expansion，Tahoe enters the 100 billion yuan sales club in 2017，Its leader Huang Qisen subsequently proposed to double sales to 200 billion yuan in 2018，But the turning point also occurred in 2018，Financial constraints and crises are beginning to appear，And keep building higher、Heavy pressure。The market environment is behind it、The comprehensive effect of business model and even the epidemic situation。

Tahoe has lost “trust” in banks，Other financing channels are not going well either，To alleviate financial pressure，Many of its cultural and tourism holdings have been sold one after another，Looking for strategic investors，Has been in action for a long time，Including Huang Qisen’s plan to give up his position as the largest shareholder，But there are many "scandalists"，The real person who made the move is still unknown。

Tahoe’s crisis is still rising，There may be more "thunderstorms"，Can it wait for the white knight in time？

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Before this bond payment default，There are many adverse signs for Tahoe’s situation。This is also another manifestation of its debt crisis。

Back on June 18th，Rating agency Oriental Jincheng lowers Tahoe's credit rating、Bond "16 Tahoe 02" and "16 Tahoe 03" credit ratings，Reasons include:

The company (Tahoe) has a due and unpaid loan amount of 235.5.8 billion yuan，The unpaid penalty interest is 6.4 billion yuan，And the company’s subsidiaries failed to fulfill their repayment obligations and were listed as persons subject to execution, etc.。

Tahoe profitability declines。2019 and the first quarter of 2020，The company achieved revenue of 236.2.1 billion yuan and 4.8 billion yuan，Decreased by 23% year-on-year respectively.77%、93.57%，Net profit is 7 respectively.2.8 billion yuan、-5.3.9 billion yuan，Respectively decreased by 81 year-on-year.38%、154.08%。

Tahoe has a heavy debt burden，Faced with concentrated debt repayment pressure in 2020。As of the end of March 2020，Company’s total debt 971.188bet app download 4 billion yuan，Of which short-term debt 679.0.8 billion yuan，The coverage ratio of short-term interest-bearing debt by monetary funds is 0.08 times，The total principal amount of domestic credit bonds due and sold back by the company in 2020 is 89.1.6 billion yuan。

Part of Tahoe’s shares held by the controlling shareholder has been frozen，Restrictions on liquidity and refinancing capabilities。

July 3，Oriental Jincheng once again lowered the above credit rating of Tahoe，The reasons given include but are not limited to: Tahoe’s sales have dropped significantly，Based on relevant data released by CRIC Research Center，First half of 2020，The company achieved full-scale sales and equity-based sales of 254 respectively.1 billion yuan and 193.6 billion yuan，Respectively decreased by 44 year-on-year.36% and 48.22%。

At the same time，A very high proportion of Tahoe shares held by the controlling shareholder has been frozen (all shares held have been frozen)，Accounts for 62% of Tahoe’s total share capital.69%。

This is the more “sad” half year for Tahoe boss Huang Qisen。Beyond the immediate debt crisis，He has also been included in the list of dishonest persons，Demonstrated by real estate clients, etc.。 

At the joint meeting of Tahoe Group in early June，Tahoe Group executives once said, “We are now in Shangganling”。

Crisis is never without cause or cost.

Tahoe, which was listed in 2011, has total assets of only more than 8.2 billion，But by the end of last year，has risen to more than 225.1 billion yuan，More than 27 times growth，But liabilities also soared，Planting hidden dangers of radical expansion。

2017 is Huang Qisen’s highlight moment，Tahoe sales reached 101 billion that year，Join the 100 billion real estate company club，Behind this is its "high debt、High leverage、The role of high turnover” strategy。

Tahoe was once a prominent “King of Earth”。Public data display，2013，Tahoe in Beijing、Shanghai and Fujian won 80 billion yuan of land。Huang Qisen said，From a security perspective，Beijing、Shanghai must be much safer，So at that time, Tahoe could get 7 out of 10 pieces of land in Beijing。

Almost no matter the cost、Get a lot of land。2015 to 2017，Tahoe has deployed 11 projects in 8 cities in the Guangzhou-Shenzhen region，The total value of goods is nearly 100 billion yuan。

Huang Qisen will postpone the peak，Set the sales target for 2018 at 200 billion，Doubled directly。In this year，Tahoe’s capital chain is beginning to become tense，The turning point of fate appears。Tahoe 2019 financial report display，Its interest-bearing liabilities are approximately 97.4 billion yuan，The debt due within one year is approximately 50.6 billion yuan，Current liabilities reached 146.4 billion yuan，Non-current liabilities exceed 44.1 billion yuan，Debt ratio as high as 85%。

In addition to the hidden dangers of radical expansion，Major environmental changes、The disadvantages of the Tahoe model and other interactions are also important reasons。Real estate control policies will gradually become 188bet app stricter in 2016，Key first- and second-tier cities are important places for regulation，And this happens to be Tahoe’s heavy investment area，Its high turnover is restricted，And the turnover of high-end products is slow，Resulting in a slower flow of funds back；At the same time，The cost of acquiring land in first- and second-tier cities、Project costs are relatively higher，Precipitated a large amount of funds，The initial financial pressure is already huge；In addition，Tahoe frequently changes executives，Not just driving up management costs，It’s more about internal “turmoil”，And frequent changes in project operation or trading mode，But failed to effectively resolve the crisis。These factors interact multiple times，Leigao Crisis。In addition to the impact of this year’s epidemic，The crisis intensifies further。

An important detail，Public information display，Tahoe was once a major bond issuer，But it has not been able to continue to issue bonds in the domestic market since 2018，Because its credit fundamentals have gradually deteriorated。

Tahoe 2019 financial report display，The bank credit line obtained is 1281.0.8 billion yuan，Actual use 244.6.4 billion yuan，The balance exceeds 100 billion yuan，But as of the financial report approval date，235 of Tahoe’s bank borrowings.5.8 billion expired and unpaid amount，Bank financing has been cut off。

Several large cultural and tourism stocks were sold

Tahoe naturally has not “let go” of the cultural tourism real estate field，But the current situation is not good。

Early November last year，Li Liang, Vice President of Tahoe Group, once said，I firmly believe that the cultural tourism industry has entered a period of rapid development，Tahoe has also begun to pay attention to the cultural tourism industry。

Li Liang proposed the concept of “residential vacation real estate”，That is, combining "live" and "false"，On the functional properties of the first residence，Planning a more international vacation life。He mentioned，Tahoe needs to solve more than just Yilv，Also livable，Not only allows customers to come and travel，Allow the customer to stay。

From public information，Qingyun Town, Fuzhou、Xiamen Bay、Nanchang Yinmeng Lake is part of the representative projects of Tahoe Cultural Tourism Real Estate。

Tahoe official website information display，Tahoe Qingyun Town is Tahoe’s first small town series product in the country、The first batch of fake products，Overall planning 4500 acres，Create Jina Hot Spring、Medical care、Education、Cultural Tourism、Sports、Pastoral、A resort town integrating residence and other functions，Aggregating the industrial resources of “Tahoe+”，Includes education、Medical、Cultural theaters, etc.。

Education、Medical、Cultural theater chain is Tahoe’s diversified layout segment，Added commercial section (Tahoe Plaza)、Hotel segment (Tahoe has deployed nearly 20 international brand hotels and private brand hotels across the 188bet online sports betting country)，Tahoe’s cultural tourism real estate project has a certain foundation for the series and integration of business formats，Especially in cultural, tourism and health care real estate projects，The medical sector is an advantage。At the same time，The high-end customer base accumulated by Tahoe’s “courtyard series” residential products，Can guide traffic for these cultural tourism projects。

According to Tahoe official website，It officially entered the medical industry in 2016，Tahoe Medical segment was established。It will establish a complete medical system，Including international hospitals、General Clinical Hospital、Oncology, Gynecology and Children’s Hospital、Health Management Center and Clinic，Formation of a three-level medical alliance。Currently Beijing、Shanghai、Shenzhen、Chengdu、Fuzhou、The six major cities in Wuhan are regional centers，Enter other key cities in sequence and spread across the country。

In the cultural field，Establishment of Beijing Tahoe Film and Television Culture Development Co., Ltd.，Taking "theater + theater" as a breakthrough，“Tahoe Cinemas” is one of the carriers，Formation set film production、Issue、Agent、Advertising and other industry linkage advantages，Building a film culture operation platform。

Education，Tahoe is known as "International School、Brand chain kindergarten、Non-profit K12 private school、Community comprehensive education service body” is the breakthrough point，Building educational technology and resources，Expert team and teachers，School Education and Training，Tahoe Education Ecosystem for students to further their education and become talents。

In Tahoe’s other cultural and tourism real estate market, Tahoe Mingsheng·Xiamen Wanzhong，Integrated education、Health care、Hotel cluster、Regional Culture、Binhai Business、International entertainment and other high-quality tourism and vacation resources，Planning volcano health care、Binhai Entertainment、Ecological Pastoral、Four core groups of cultural experience，More than 40 vacation products，Building an international tourist resort city。

Look at the Yimeng Lake project again。January 2018，A subsidiary of Tahoe competed for a majority stake in Nanchang Yinmeng Lake Project Development Company，Started to lead the development and construction of the project。The real estate area that can be developed in this project in the future will exceed 1,000 acres，The real market，Tahoe’s plan is to build it into Changnan Cultural Tourism New City，Of course it is still a cultural and tourism real estate property。

These items roughly reflect，Departing from Fujian Base Camp，Seeking expansion in capital cities of other provinces，Tahoe’s cultural tourism real estate project layout still follows the existing real estate expansion logic，And these big projects mainly occurred in 2018，One of the major goals is to expand the land reserve，Seeking to significantly increase sales，Achieve 188bet Online Sports Betting and Casino Huang Qisen’s “200 billion” goal。

And in August 2018，Tahoe and Shenshan Special Cooperation Zone reached strategic cooperation intention，Tahoe plans to invest in the construction of an international health and wellness town in the Shenshan Special Cooperation Zone，Total investment 18 billion yuan，Expand tourism、Medical、Health care and other fields of industry。

However，Tahoe’s cultural tourism development is not going smoothly，Sell project equity to peers，Become a choice。

March 2019，Tahoe announced，Its wholly-owned subsidiary will transfer 51% equity of the Yinmeng Lake project to Shimao Real Estate’s wholly-owned subsidiary，After transaction is completed，Tahoe will indirectly hold 49% of the equity in the Yinmeng Lake project。

Tahoe has only won this project for more than a year，And it is said that the contract was signed in 2018 and saved、City、All three-level county leaders attended，Visible importance。Although this transaction is expected to increase Tahoe’s net profit attributable to the parent company by approximately 4.2.3 billion yuan，But it is essentially a project stock that has no choice but to sell，And a controlling interest，Who doesn’t want to monopolize the profits of the market？Although there are also considerations to avoid some development risks，But Tahoe’s financial pressure is revealed。

August 2019，Tahoe announced，Its wholly-owned subsidiary transferred 80% equity of the health care community project in Xunlonghe Town, Hunan。September of the same year，Tahoe issued another announcement，Its wholly-owned subsidiary transferred 50% equity of Qingyun Town Project to Nanjing Shimao New Development (Shimao Group)。

Same in September last year，Tahoe also transferred 30% equity of the Xiangshan Bay Project (part of the Xiamen Bay Project) to Shimao Real Estate, a subsidiary of Shimao Group。

Not until critical moment，Who will sell the project？Especially for Tahoe, a real estate company worth hundreds of billions，For companies that aim to continue to grow rapidly，Selling items，It may be a critical moment。

Big fish are also in danger, waiting for the knight in white to save them

As above，Tahoe’s Qingyun Town、Three major cultural tourism markets, Xiamen Bay and Yinmeng Lake，They are all “involved” by the Shimao department。

After "taking over" Fusheng Group, another small real estate giant, in January this year，Vice Chairman of the Board of Directors of Shimao Group、President Xu Shitan once said，2019 is a difficult year for Chinese real estate，It used to be "big fish eat small fish"，Now is the era of integration where “big fish eat big fish”，Not just for size。

The "big fish" is also in danger.

The first tranche of 2017 medium-term notes that defaulted on the above payment，Tahoe said the company will negotiate a solution，In order to reach a solution approved by creditors as soon as possible、Protect the interests of holders；At the same time，Integrate the opinions of all parties to form a comprehensive debt restructuring solution；Will continue 188bet app download to raise debt repayment funds through various channels，At the same time, the company’s controlling shareholder Tahoe Investment Group Co., Ltd. is planning the company’s introduction of strategic investors。

Tahoe actually supplemented some of its funds by selling projects before.

June 23，Tahoe announced that its wholly-owned subsidiary will be the Guangzhou Zengcheng project company Zengcheng Litao Real Estate Co., Ltd.、19% equity of Zengcheng Lifeng Real Estate Co., Ltd.，Transferred to the trust plan to be established by Minmetals Trust，Total 10.9.8 billion yuan。

Dan Tahoe said，The equity transfer funds for this project are used to supplement the company’s working capital and project construction, etc.，Non-directed funds used for winning ticket repayments。

However, old debts are hard to repay, and new debts are coming.

Public information display，Currently, Tahoe has only 7 bonds，Bond balance exceeds 8.9 billion yuan。Except for the above-mentioned maturing bonds，A 2 billion yuan medium-term note will mature on September 8；In addition，There are two more transactions totaling 24.1.6 billion yuan of private placement bonds matured on August 15 and October 10 respectively。

Tahoe has lost the bank’s “trust”，Other non-standard channels for financing are not easy，The price is relatively high。If Tahoe’s cash flow or financing situation is not effectively improved in the future，It is a high probability that thunderstorms will continue in the future。

From the current situation，It is unlikely that Tahoe will seek rolling refinancing，And project assets are constantly being sold，It is still possible to continue selling，But it is not a long-term solution，This is an emergency，Not a suitable deal either，Introducing strategic investors，Alleviating the financial crisis，Relatively more important。

Looking for a white knight or taker，Tahoe has already taken action。Counting from the first planned introduction of war investment in 2019，As of now，There are more than 10 "scandalous" companies that may be hidden or exposed。According to media reports，This list includes but is not limited to OCT、Shimao、China Jinmao、Xiamen Jianfa、Xiamen International Trade、China Cinda、Chinese Architecture、Poly、Vanke, etc.。There are central enterprises among them、Local state-owned enterprises、Leading real estate companies, etc.，But so far no one is sure。

Huang Qisen made a "concession"，Willing to give up the position of the largest shareholder。Some analysts believe，Huang Qisen’s move，It is necessary。We need to clean up Tahoe’s current “messy” situation，Need tens of billions of funds，And the ability to revitalize Tahoe’s assets。

These requirements are not low，Who will really take action？Can Tahoe wait？