Huaxia Happiness: 22.348 billion yuan in trust debt has been settled, with 1.652 billion yuan remaining unclaimed.

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Guandian Network: On March 27, 华夏幸福基业股份有限公司 released an announcement on the implementation progress of its material asset disposal and related-party transaction.

According to the announcement, to落实 the execution of the《Debt Restructuring Plan》, 华夏幸福 established a self-beneficial property trust plan using 华夏幸福 (固安) Information Consulting Service Co., Ltd. as the settlor and the initial beneficiary. The trust is based on 100% equity interests of 誉诺金（固安）信息咨询服务有限公司 valued at RMB 1,000,000 held by 固安 Information Consulting, and a debt of RMB 25.584 billion in total comprising the debts held by 固安 Information Consulting related to 誉诺金 and its 11 target project companies. The plan is also intended to use the trust plan beneficiary rights to offset financial debtors’ “exchange-for-offset” type financial creditor claims totaling no more than RMB 24.001 billion.

On November 21, 2023, the asset pooling and establishment of the trust had been completed. Pursuant to the《Trust Deed》,《Equity Transfer Agreement》 and《Debt Transfer Agreement》 signed between 固安 Information Consulting Service Co., Ltd. as the settlor and initial beneficiary and China Construction Bank Trust Co., Ltd., the 100% equity interest in 誉诺金 and the debts totaling approximately RMB 25.584 billion held by 誉诺金 and the target project companies were delivered to China Construction Bank Trust on November 20, 2023.

The announcement shows that the counterparties to this transaction include domestic and overseas bondholders who have adopted the《Debt Restructuring Plan》 through means such as voting by the bondholders’ meeting and rulings by the court, as well as financial creditors who have signed the《Debt Restructuring Agreement》. 华夏幸福 or its designated entity has sent written notifications to all of the above transaction counterparties, corresponding to the trust debt-offset amount of RMB 24.001 billion.

As of the date of disclosure in this announcement, the total amount of transactions in which the《Trust Beneficiary Rights Transfer Agreement》 has been signed or, under the《Debt Restructuring Agreement》, the trust debt-offset transactions have been fully implemented amounts to RMB 22.348 billion. The registration for the beneficiary change of the relevant trust beneficiary rights in the trust company is still in progress.

As of the date of disclosure in this announcement, there remain RMB 1.652 billion worth of trust beneficiary rights that have not yet been collected.

华夏幸福 states that the company has received the《Decision of the Intermediate People’s Court of Langfang City, Hebei Province》(《2025》Ji 10 Po Shen 62) issued by the Intermediate People’s Court of Langfang City, Hebei Province. The decision approves the company’s pre-reorganization and, according to law, designates the 华夏幸福 judicial reorganization and liquidation group to serve as the temporary administrator during the company’s pre-reorganization period. The company will actively cooperate with the court and the temporary administrator to carry out the pre-reorganization work according to law. Under the supervision of the temporary administrator, it will properly handle the debt-offset work related to the remaining RMB 1.652 billion worth of trust beneficiary rights, fulfill information disclosure obligations, and, according to law, protect the lawful rights and interests of all parties.

Disclaimer: The content and data in this article have been compiled by Guandian based on publicly available information and do not constitute investment advice. Please verify before using.

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