Nearly 400 days have passed，Xinhualian Cultural Tourism Development Co., Ltd. (referred to as "Xinhualian Cultural Tourism") has not been able to wait for strategic investors，The liquidity crisis of itself and its controlling shareholders has not yet eased。

As early as May 13 last year，Chairman of the Board of Directors of New Hualian Group、President Fu Jun said at the cooperation ceremony with CICC，Hope to introduce strong strategic investors to Xinhualian Holdings and Xinhualian Cultural Tourism as soon as possible，Especially focus on introducing investors from central enterprises or state-owned enterprises。

At that time，Stated by the relevant person in charge of CICC，CICC will start with the signing of the agreement，Equip a capable team to quickly promote the introduction of strategic investment and debt risk resolution。

Debt risk resolution is the core information.

This includes substantial defaults on multiple bonds under the name of Xinhualian Group，Xinhualian Cultural Tourism directly held by it、All equity interests in listed companies such as Bank of Beijing have been frozen by the judiciary、Lun Hou Freeze，Intensifying difficulties。

Among them，As one of the core sectors, the equity of Xinhualian Cultural Tourism has been frozen 10 times by Lunhou。

What’s worse，Xinhualian Cultural Tourism itself is in trouble，Even "crisis"，Its revenue and net profit in 2019 both declined year-on-year，The worst performance in the past five years。Affected by the epidemic，Its revenue dropped sharply in 2020，Net losses extend to the first quarter of this year。

Under the background of overdue debt，New Hualien Cultural Tourism is accelerating its decentralization，Selling bulk properties in better areas，To reduce debt，Stabilize cash flow。

On your own? Waiting for battle?

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The debt crisis of Xinhualian Group will be fully erupted in 2020，One of the typical manifestations is the actual default of many bonds under his name，Incomplete statistics in mid-May of that year，Its actual default of more than 2.3 billion yuan in bonds、1 billion yuan bond extension，Another 2 billion yuan in bonds will expire。These defaults resulted in the disruption of Xinhualian Group’s ability to continue financing through debt，In addition to the Xinhualian Cultural Tourism directly held by it、All equity interests in listed companies such as Bank of Beijing have been frozen by the judiciary、Lun Hou Freeze，Intensifying difficulties。

Xinhualian Cultural Tourism’s announcement on June 11th，Due to the impact of the epidemic，New Hualian Holdings has liquidity risk，Part of the debt is due but not repaid，It has established the New Hualian Group Creditors Committee in May 2020，The intermediary agency hired by the debt committee has drafted a debt resolution plan，Already submitted to the Presidium of the Debt Committee and major 188bet sports betting app download creditors for discussion， New Hualian Holdings will act in concert in accordance with the debt restructuring plan finally formed by the debt committee，Protect the rights and interests of all creditors，Maintain the normal operation of the enterprise，Steadily resolving debt risks。

The debt crisis continues to this day，Bond Default、Shares frozen，Continuing。

April 26，As an underwriter，Haitong Securities and Minsheng Bank jointly issued an announcement，As of the actual interest payment date of the winning ticket "19 Xinhua Joint Control MTN001", November 2, 2020，The issuer failed to pay the interest of "19 Xinhua United Control MTN001" to the custodian as agreed，Has constituted a substantial breach of contract。

Just a few days ago on June 14th，Xinhualian Cultural Tourism announced，The shares held by its controlling shareholder Xinhualian Holdings，A total of 11 frozen and rotation frozen.600 million shares，Accounting for 100% of the total number of company shares it holds，Accounting for 61% of the company’s total share capital.17%。

Screenshot source: Xinhualian Cultural Tourism Announcement

See the announcement disclosed by Xinhualian，April 2020 to present，11 above.600 million shares have been frozen 10 times by all rounds。

Xinhualian Cultural Tourism Announcement，The company has not yet received information that the above-mentioned frozen shares have entered judicial disposal procedures，Therefore, Xinhualian Holdings’ control over the company is not affected；If the shares held by the company are judicially disposed of，There is a risk of change in actual control。 

Mentioned in the report of China Real Estate News on June 16，A staff member from the Xinhualian Cultural Tourism Board Secretary Office responded，Listed companies try to strengthen business repayment，Solve the debt problem through the cash flow generated by its own operations。Currently，The company is negotiating with financial institutions on debt extension and other matters，There are also plans to dispose of some large properties。

Xinhualian Cultural Tourism is the "key man" of Xinhualian Holdings，Refer to the two data in 2019，New Hualian Holdings’ total assets exceed 130 billion yuan，Annual revenue exceeds 100 billion yuan，The total assets of Xinhualian Cultural Tourism exceed 53 billion yuan，Revenue nearly 12 billion yuan。

The problem is，Xinhualian Cultural Tourism itself also has multiple difficulties，Including but not limited to revenue model、Performance、Funds、Debt，And sustained and stable development, etc.，All have varying degrees of risk。

In other words，There is great uncertainty in the key components of a territory，This problem is even bigger。

Xinhualian Cultural Tourism 2020 Financial Report Display，The revenue for the year was 70.8.4 billion yuan，Decreased by 40 year-on-year.91%；Net loss attributable to shareholders of listed companies is 12.8.5 billion yuan，Decreased by 258 compared with the same period last year.72%，Profit in the same period last year 8.100 million yuan。

The reason for the decrease in revenue is: the company’s real estate sales、Scenic Area、Hotel、Shopping malls, etc. affected by the new crown epidemic，Income decrease；Also，The sales of some items have not yet reached delivery conditions，Cannot carry forward income。

The main reason for the decrease in net profit 188bet app download is: the carryover income from real estate business in this period decreased compared with the previous year；The provision for impairment increases compared with the previous year；Financial expenses increased compared with the previous year；Government subsidies decreased compared with the previous year。

Xinhualian Cultural Tourism is expected to have a net loss of 300-400 million yuan in the first quarter of 2021，Basically the above reasons。

In the final analysis，It’s still not going well selling the house，becoming one of the root causes of poor performance。After all，Although the “cultural tourism” label is already prominent，But the core business of Xinhualian Cultural Tourism is real estate，The model is still "unconventional": cultural tourism value-added real estate、Funds returned from real estate to support cultural tourism。

Back to the two supporting elements of Xinhualian Cultural Tourism: cultural tourism projects and real estate，Another peek behind the plight of this company。

Xinhualian Cultural Tourism has now opened four cultural tourism projects，Three ancient towns，That is, Tongguanyao Ancient Town, Changsha, Hunan、Xinhualian Cultural Tourism has now opened four cultural tourism projects；A theme park，Xinhualian Children’s Dream Park in Xining, Qinghai。

Among them, Tongguanyao Ancient Town is the most prominent，After all, this was once called the "No. 1 Project" by Xinhualian Cultural Tourism。This ancient town has cultural IP，Built a hotel、Cultural Performing Arts Center、Museum、Children’s Playground、5D Cinema、Water sports、Jungle Sports、Ceramic Forum、Artist creation base and other formats，It is said to have 30 cultural attractions、19 major B&B groups、7 major museums、4 major real-life performances、3 star hotel，Tourism+Art+Humanities+Business+Catering，The "proper" complex。

The person in charge of Tongguanyao Ancient Town once proposed that the ancient town is building a concept of "ancient town + theme park"，For example, Wuzhen + Disney，Gubei Water Town + Universal Studios，“The foundation of existing culture，There are also technological entertainment and large-scale performances，This model and scale is the first of its kind in the country”。Just a quick thought，That’s no problem，The product model logic is very good，Think about it，Isn’t this just a mixed bag of “innovation” suspicions？Wuzhen+Disney，Gubei Water Town + Universal Studios，The person in charge may be describing it visually，If we really become one，What a magical combination it is？Say it nicely，It is cultural mining and modern technology、Demand combination，Customers of all ages can come，There is always a product that suits you；It’s not nice to say，What is the core label of this ancient town project？What is the core attraction？It will all be vague，This is more difficult。

Actually，Cultural tourism projects such as Tongguanyao Ancient Town，It is considered one of the typical examples of current cultural tourism projects, especially cultural tourism ancient towns。From a positive perspective，This is another update of the urban destination cultural tourism product system，Even upgrading to a certain extent (after all, it is a new multi-business complex)，For urban destinations，Exploring local culture，There is a cultural display to the outside world、Tourist attraction，Provides new 188bet online sports betting cultural and tourism consumption places for inner city residents，New scene in it、New experiences etc. build a new consumption form，Think about the flow of people opening new commercial streets in some cities，You can roughly understand the significance of some such projects to local residents and consumption。

But from another perspective，This type of ancient town projects are mostly a certain amount (a small amount) of cultural tourism projects + a large number of commercial formats，Not attractive enough to foreign tourists，The attraction to local residents is mostly concentrated in the early stage of opening、Main holidays，Usual high viscosity、High frequency is difficult to guarantee，This involves whether a large ticket is needed、Product price、Leading degree of commercial formats，And the frequency of business updates, etc.。From a fundamental perspective，These ancient towns are relatively homogeneous as a whole，We face considerable pressure to continue operations and increase revenue。

Why doesn’t the knight on the white horse come?

Of course，This type of ancient town project itself relies on supporting real estate to provide backflow，If the house sells well，Recover your capital quickly and make money，It’s hard for you to say what this ancient town is like，Can maintain operations in the future，Guaranteed certain customer flow and revenue，Continue to create consumption vitality in the area where the project is located，This makes sense。

Several data once revealed by senior executives of Xinhualian Cultural Tourism，Very valuable for reference。

One of them was revealed in 2017，Xinhualian Cultural Tourism in the next 5 years，Strive to develop no more than 5 high-quality cultural tourism projects，Each project is expected to not exceed 10 billion yuan。After maturity, all cultural tourism projects will reach a certain revenue scale (including tickets、Secondary sales, etc.)，Real estate sales relying on cultural tourism account for up to 60%-70%。

The second is，The price of salable properties in the Jiuzi Ancient Town project (opened in December 2019) is more than three times that of other surrounding real estate projects，Through the sale of salable properties, 80% of the company’s capital investment can be basically covered，Other long-term property rentals and ticket income can easily recover the remaining 20% ​​of capital investment。

What does this mean?

1、The supporting real estate revenue of the ancient town project will account for 60-70% of the total project investment，Even 80%，Very high proportion，Selling a house is so important；

2、The price of houses in the ancient town is more than 2 times higher than that of surrounding houses，How can the premium effect of ancient town projects be so powerful？Is it reliable?？If you can’t sell it at this price，Is it impossible to achieve the above 60% to 80% ratio？If not reached，What to do？

How are the houses in the above cultural tourism projects of Xinhualian Cultural Tourism selling?？No specific information has been seen in public channels，If Xinhualian Cultural Tourism can announce it，I can provide some evidence。

If you refer to Xinhualian Cultural Tourism 2019、2020 data，The latter house does not sell well。As shown in its annual report，About 91 commercial housing sales in 2019.1.5 billion yuan，76% of revenue.03%；About 52 commercial housing 188bet app download sales in 2020.9.2 billion yuan，74% of revenue.71%。

It was mentioned in the 2020 financial report，For real estate project sales，The company will combine market and policy changes，Continue based on city、Create targeted marketing strategies and incentive mechanisms for business types and products，Speed ​​up product removal;simultaneously，Relying on major cultural tourism scenic spots and professional companies，Carry out joint marketing，Strive for stable development of real estate business。New Year，The company strives to achieve breakthroughs in bulk property disposal，Optimize asset structure，Reduce debt levels，Improve company cash flow。 

It also mentioned，Facing the situation where some of the company’s debts are overdue，The company will actively communicate with creditors and related parties，Strive to obtain forgiveness from creditors、Extension and settlement reached，At the same time, we will actively raise funds for repayment，Strive to properly solve the problem of overdue debt。Faced with the company’s financial constraints，The company will continue to try innovative marketing models，Strive to maintain the product’s removal ability and speed，Maximum withdrawal of funds;simultaneously，Further increase in hotel size、Disposal of bulk properties in non-scenic areas such as shopping malls，Strive to achieve cash increment。 

In a recent reply to the inquiry letter from the Shenzhen Stock Exchange，Xinhualian Cultural Tourism revealed，The company expects sales collection of 10 billion yuan in 2021，Among them, the real estate business plans to collect 7 billion yuan，Cultural tourism and other businesses plan to return 3 billion yuan，In order to realize the above repayment plan，The company has developed a series of marketing incentives、Repayment Assessment Measures。 

simultaneously，The company has determined to fully promote the sale of bulk properties in 2021、Business strategy to accelerate cash flow，Plans to quickly reduce holdings of star hotels and large commercial properties currently held by the company，To improve the company's asset structure， Improve liquidity，Involving assets worth more than 10 billion yuan，Most of them are located in Beijing、Shanghai and provincial capital cities，The city where the bulk property is located has a mature bulk property market。 

A few more core information: 1、Debt overdue；2、Accelerate removal，Reduce debt (insert information: Xinhualian Cultural Tourism’s debt ratio in 2020 is 83.45%，81 in 2019.69%）、Stabilize cash flow；3、Want to sell a large property，Most of them are in better areas。

Whether it is subject to the will of the controlling shareholder，It still provides the possibility for yourself to ease your predicament，Accelerate removal、Selling assets.......Xinhualian Cultural Tourism has no choice but to do this。

Let’s talk about looking for war surrender，Some aspects may also explain Xinhualian Cultural Tourism、Xinhualian Holdings and other "Xinhua Connections" are prepared for the situation to be irreversible，Seeking foreign aid to break the dilemma has become a helpless choice。

June 10，Xinhualian Cultural Tourism stated in its reply to the Shenzhen Stock Exchange’s 2020 Annual Report Inquiry Letter，In view of the fact that New Hualian Holdings plans to introduce strategic investors at 188bet Online Sports Betting and Casino the level of New Hualian Holdings and or its subsidiaries (including the company)，At the same time, all the company shares held by Xinhualian Holdings have been frozen and are waiting to be frozen，Does not rule out the possibility of future changes in control of the company。 

But the problem is，Even if you want to hand over control，No taker or white horse knight has appeared yet，Since first public mention，so far，There has yet to be any public substantial progress in the introduction of strategic investment by Xinhualian Holdings。

There are sometimes knights on white horses，But it’s all business，When doing business, it depends on the buying and selling price、Enterprise potential，Look at the immediate profits，More focused on long-term interests。

Have Xinhualian Holdings or Xinhualian Cultural Tourism contacted interested strategic investors?，And negotiate on the purchase price，Unknown yet。Enterprise potential alone，You can say a few words then。

Mainly talking about Xinhualian Cultural Tourism，The future development potential cannot be separated from the existing real estate projects、Land Reserve、Ability to obtain land；Existing cultural tourism projects、The ability to develop new cultural tourism projects in the future, etc.。

New Hualian Cultural Tourism is not very optimistic，This somewhat explains some of the current status of real estate projects。Land reserves，It only added one new land parcel in 2019；Two new land parcels added in 2020，are residential and commercial sites、Commercial and residential land，area respectively 6246.9 square meters、9846.59 square meters。As of the end of 2020，The remaining developable building area is 149.110,000 square meters。Not much land、Not much land left，This is not conducive to long-term stable development。

Screenshot source: Xinhualian Cultural Tourism 2020 Financial Report

Including existing cultural tourism projects as samples through the cultural tourism concept，Naturally it will be one of the strategies，Naturally it will be one of the strategies，But what is the effectiveness of these projects、Where to develop and acquire land, etc.，Also a direct question，Involving the recognition of local governments (they are all smarter)、Regional quality, etc.。Buying land and selling houses in non-prime areas，Not very optimistic either。

In addition to the current new policy of centralized land supply in 22 key cities，We have to squeeze into these places to get new land，It’s not easy for Xinhualian Cultural Tourism。

Huang Qifan said in December 2019，In the next ten years，Real estate development is no longer blooming everywhere，But they will be relatively concentrated in provincial capital cities, that is, regional central cities of the same level、Three hot spots are small and medium-sized cities in metropolitan areas and large and medium-sized cities in urban agglomerations。What you said makes sense，A major factor behind this is the effect brought about by the continued advancement of urbanization，In the 14th Five-Year Plan, it was also mentioned to expand the metropolitan area、Urban agglomeration，There are also some coincidental meanings。

This means，Competition in the real estate market surrounding these three areas will intensify，Competing for financial resources、Resource、Product strength, etc.，The advantages of Xinhualian Cultural Tourism are not obvious，If there is support from central enterprises or state-owned 188bet online sports betting enterprises，It’s a different situation，But，It must have enough "capital" to make central enterprises or state-owned enterprises tempted。

So，This looks like a circular "knot"，Where should I untie it?？Is it too late to untie it？