Debt Whirlpool, Unidentified Building Part Of The Housing Part Of The Green Passenger Broken Arm To Survive?

The first share of long rental apartment QK is also hard to escape the difficulty of breaking the capital chain. This is less than half a year since Qing Ke went to the US NASDAQ.

Owing to the arrears of rent and deposit of landlords and tenants, the rent loan problem of some tenants after they rent out is to be solved. Recently, green customers have entered the stage of registration of landlords, tenant information and combing assets.

At the same time, green guest is located in Xuhui District's Greenland center, source office and other offices.

In fact, green passenger listed in November 5, 2019, but also exposed the reality of a huge loss of 2 billion in the past 7 years. With the continuous operation after the listing, green guest liabilities continued to increase, and the rent income alone could not cover the overall operating expenses. Especially since February this year, with the impact of the epidemic and the arrival of the off-season, there are more than 20 thousand vacancies in the whole country.

Less than half a year after the listing, green customers lost money due to suppliers, arrears of landlords' rent and tenant deposits, and rental loans, causing snowball to snowball. While the listing and financing can not satisfy the expansion, Qing Ke also bought Chongqing's Mancheng and Tianjin youth circles by changing the stock market, and sold the houses of the youth apartments in China Construction Bank for 30 million yuan, with an annual interest rate of 16%. People familiar with the matter told the twenty-first Century economic news reporter that CCB agreed to pay the owners one rent a year, and the rental interest is 6%.

However, with the outbreak of the epidemic, the number of tenant cliffs fell and the turnover of green passenger capital was hit by death. Jin Guangjie, founder, was also restricted by high consumption because of lawsuits.

In twenty-first Century, the exclusive economic report was informed that in order not to affect the current rental status of tenants, CCB's Shanghai Jianxin housing service limited liability company (referred to as "Jianxin housing") has entered the connecting disk. Currently, it has received 5000 listings of Hangzhou green passenger, and has made an asset survey in Shanghai and Nanjing cities to pick up the listings. In twenty-first Century, the economic report reporter contacted the construction of the letter house to confirm the offer. At the time of dispatch, the other side still had no reply.

On the evening of April 16th, the green guest issued a statement that it strives to gradually return to normal within 3 months. Known as a green house with 100 thousand listings, can you break out of the crisis?

Capital chain break

In November last year, green guest successfully landed on Nasdaq, raising 45 million 900 thousand US dollars.

According to the prospectus, as of June 30, 2019, green passenger business income was 897 million 900 thousand yuan, net loss of 373 million yuan. In the past two years, green customers were also in a state of loss. Net losses in 2017 and 2018 were 245 million yuan and 499 million yuan respectively. 7 years ago, as of June 30, 2019, the total loss of Qing Ke apartment was 2 billion 28 million 600 thousand yuan.

$about 40000000 in financing for green customers, but a drop in the bucket.

In April 15th, in twenty-first Century, the economic report reporters learned at a customer reception point ("Jiading customer point") in Qingdao city's Jiaxing Road Industrial Park in Jiading District, Shanghai. Since April 11th, many landlords and tenants have come to know the situation every day, asking the green guest to solve the problems of rent, deposit, rent and so on. In order to maintain order, the DHI police station in the community where the park is located sends staff to help each day.

A green customer is responsible for docking customers' staff, and the source of the incident comes from the landlord. During the epidemic period, the green passenger had not resumed work from January 15th to March. Some landlords did not receive the rent transfer, questioned the green guest capital problem, and then proposed to take back the house. In addition, due to the operation of the green guest for 7 years, the part of the house which had signed the contract for 5 years has already expired. Most of the landlords are required to check out, involving furniture, household appliances and other funds.

"There can be no cash left on the company account." The employee said that if the house could not be rented out, the green customers could not receive the rent, nor did they have enough funds to pay the landlord to the landlord for a single time.

According to the previous agreement, green passenger transfers to the landlord once a quarter, and the tenant pays the rent once a month, resulting in a huge cash gap.

"High and low output, long pay short payment, short money long throw is the main problem of green passenger mode." Hu Jinghui, chief economist of Jing Hui think tank, points out that the long rental apartment industry has a low threshold, forming a bad competition, and leading to a company's losses. When the time is poor, the tenant will pay the rent on an annual basis, while the long rental apartment company will pay the monthly rent or quarterly payment to the owner, which will form a capital deposit to expand the scale and risk. The pool of funds has brought about a variety of risks, such as capital encroachment, misappropriation, fraud and so on. This is why many long rental apartments are unsuccessful.

According to people familiar with the matter, the problem of arrears of landlord rent began when green guest listed at the end of October last year. As the listed regulatory authorities had requested the amount of cash in line with the listed companies, green customers left some of their cash on the books and did not transfer them to the landlord in time. But after the listing, they paid one after another and later delayed payment due to the epidemic.

Some landlords were in arrears of rent for four months. Like many parents who rent the apartment before the explosion, the landlord of the green guest will put a notice on the door, asking the tenant to move away as soon as possible or to change the lock directly.

Green guest related staff disclosed that at present the company will give priority to the tenant rental loan and the deposit problem, has already released part of the normal contract. Some landlords asked for a check-out and the tenant did not arrive. The green guest suggested that the tenant should change the house, continue to pay the rent and repay the rent.

Green guest is mainly the sharing mode, a house often has two or three groups of tenants, each group of tenants are not the same, the processing is also cumbersome. Green passenger landlord is also facing a large number of housing problems. Previously, many parent rental companies are facing market competition, and operators are willing to rush to the housing market at high prices. For example, the price of housing comes in to the landlord 4000 yuan / month according to the room full rent, but the rent can only be 3800 yuan / month. A landlord reflects that this is a loss room in the eyes of green guest. Such a house will receive the letter from the landlord.

The paradox of long rental apartment profit model

Green guest also exposed the reality of the huge long lost 2 billion yuan long rental apartment business which has been running for 7 years. Earlier, there was a saying in the industry that it would be a huge debt risk for the green guest not to be listed.

When the listing and financing can not continue to support the expansion mode, the green guest turns to buy the two long rental apartment operators in Chongqing Mancheng and Tianjin youth circles through stock exchange, attempting to realize the two financing in the capital market. With the outbreak of the epidemic, green passenger capital turnover has been dealt a fatal blow, and founder Jin Guangjie has been restricted to high consumption due to lawsuits.

In twenty-first Century, the economic report reporter contacted Jin Guangjie and other green customer management personnel, but the phone did not receive or receive the reply information. Jin Guangjie, who was listed in an interview with the economic report in twenty-first Century, pointed out that the single room model of the long rented apartment is profitable, and the loss is often a non cash loss. For example, the first year rent of an apartment has a profit of 30%. According to the current market estimate, it should be profitable, but the losses caused by four aspects, such as R & D, interest, advertising expenses and accounting standards, are distributed at present. Rental apartments can not be covered. He also stressed that rent loan mode is no problem, enabling usury and other funds to collect housing is easy to cause problems. At that time, Jin Guangjie realized that the market was down, and the vacancy rate of long rental apartments increased. He believed that the operator should agree with the landlord and tenant to undertake the risk responsibility in the process of signing the contract.

Just at the beginning of this year, there were green guest landlords on the Internet, who exposed the green guest's arrears of 3 months' rent, and even asked the landlord to reduce rent.

Green guest has registered many new companies before and after the listing, which is used to sign contracts with various equipment suppliers. One of them is Shanghai ktong Industrial Co., Ltd., with a registered capital of 1 million yuan. The company signed a contract with the cleaning company responsible for green customers, which has not yet paid the about 3000000 yuan cleaning charge of the company in 2019. At present, according to the head of the cleaning company, the service to green guest has been terminated. With tenant feedback, green guest is using his team to do cleaning now. The service effect is not as good as before.

Jianxin housing "debt to equity" aftermath?

According to people familiar with the matter, the relevant departments of the Shanghai municipal government have convened Jin Guangjie to discuss the solution.

In early April, a tenant Xiaowan (a pseudonym) received a text message from the green guest customer service. The content probably was: Green guest and Shanghai Jianxin housing reached a strategic cooperation. From now on, Jianxin housing will provide accommodation services for the apartment providers, and entrust green guest as the management. The cost of tenants' settlement will be settled to Jianxin housing. Before the green guest signed the service contract signed with the tenant, the two sides would not seek responsibility for breach of contract. Before the deposit is transferred from green guest to Jianxin housing. The tenant will be asked to sign up for the new three party agreement by APP. Industry analysts believe that the CCB "debt to equity swap" to solve green guest priority, which is the best result for many parties.

According to the annual report, at present, green customers have established cooperation with 11 financial institutions, including private banks such as Huarui bank and Internet Banking Bank. The annual interest rate is between 4.35% and 8.60%, and the principal is 756 million 700 thousand yuan. By the end of fiscal year 2019, the ratio of rent paid by green guest tenants was 62.6%.

In this regard, Fang Dongfang founder of the whole analysis that the outbreak of green passenger liquidity has been a fatal blow, and now can only turn to the government and banks. In contrast, the CCB was originally a green guest creditor. At that time, the green passenger entered the long rental apartment area, and the green customer reduced the losses in the short run by transferring the housing resources. In fact, the loss of green passengers is still expanding and cash flow is becoming less and less. Charging management fees is also faced with a problem: in the past, a loss of three hundred million or four hundred million a year, after the scale of the reduction, the existing housing and cash flow apartments how to offset losses?

Over the past year, there has been an explosion of operation problems in the long rental apartments, such as Yu, le gal, etc. Hu Jinghui said that the capital operation mode of the long rental apartment industry does not match the nature of the domestic capital market. The industry urgently needs legislative supervision and the establishment of a better industry operation standard.

In the whole, it seems that the decentralized long rental apartment is a dead end from the profit model, and there are serious problems of capital chain, which are related to the blind expansion of enterprises. They achieve capitalization through scale. "High input, high debt, high cost, low yield, no profit, this is the industry status quo, there is no effective solution at present."

Green guest is already in the whirlpool of crisis. Those who are struggling on the edge of the shared rent, the beautiful house, and the Gulfstream, which are specialized in high-end long rental market, are also facing the inability to pay the landlord rent and tenant deposit. How long can they last?

As of the time of issue, the price of green guest was $12.50 / share, and its total market value dropped to US $593 million, which shrank by nearly 3 compared to the market value at the beginning of listing.

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