美元债扑街，不少房企CFO忙坏

为了便于大家了解融信的最新情况和管理层的想法，同时尽可能消除各类小道消息造成的噪音，与大家分享公司一些真实情况如下：

1、合约销售：前9个月已经累计实现超1220亿、逾年度目标76%。四季度将推货超600亿，含上海85亿、杭州143亿（含部分杭州第一批集中拍地项目），完成销售目标已近在咫尺。

2、新增拿地：公司三季度仅拿地27亿（权益），平均楼面价7113元/平方米，四季度将继续保持审慎的态度。

3、债务到期：四季度信用债到期仅有1.5亿美金美元债、15亿人民币公司债。公司没有任何未披露私募债券，报表已充分反映公司实际负债情况。

4、资金能力：非受限资金200多亿+高效跨境资金池（最快隔天、最晚一周）+集团统管资金调度。

5、三条红线：预计年底继续维持全部达标，净负债率、有息负债规模将进一步下降。

6、境外评级：评级预期落地，已无利空催化剂。

7、二级维护：节前连续回购票面800万美金美元债、今年累计回购8250万美金，表明公司对于二级维护的态度一贯坚定。

行业逆风，大家一起同舟共济，坚持找到属于我们共同的光。

Good evening, here is message from CFO XXX: 

My friends,Don’t panic. it is not the end of the world. I would like to give you more financial and business updates：

1、October contracted sales is so far so good and it is on the right track.

2、 we expect to utilize less than 25% of sales proceeds on land bank acquisition vs original budget of 35-40%. Such practice will release an extra free cash of RMB10b for refinancing activities or general working capital.

3、 we now have a total cash balance of RMB43b and we decide to keep a special basket of US1b for offshore refinancing activities. The special basket monies can be transferred to HK in a week! Zhenro is well equipped for this turmoil.

4、Zhenro has NO unlisted private bonds. All bonds are listed and can be found on BBG.

5、 expected total debt as of Dec will be decreased and even much lower than 2021 interim. Cash to ST debt is at least 2times.

6、Discussed with rating agencies and no negative action is noted.

7、we are focusing to sell our completed and almost fully completed inventories so that the respective cash proceeds will not be grouped under restricted cash by local government. The total amount is approx RMB20b.

Closing remark: we are on the same boat and we will go to the final destination together. Take care.

各位投资者、分析师朋友，大家早上好。

在过去的三天里，中资美元债市场经历了巨大的波动，行业的信用受到了前所未有的挑战，谣言在各处肆意传播传播，有的无中生有，有的空穴来风，市场信心变得极其敏感和脆弱。所以在这里，公司对于投资者比较关心的一些传言进行澄清和说明，并就当前市场下公司的经营情况向大家做一个汇报，便于大家及时理解公司最新状况：

1、抖音视频传公司“郑州阳光城二期处于停工状态，房屋无限期交房”，实际情况为项目并未停工，郑州由于受到突发的水灾及疫情影响，该项目原定合同交付日期为2021年12月31日，现经地方政府同意，延迟至2022年5月份前交付，公司已通过函件等方式告知客户。后客户与销售人员在案场因口角引发冲突，销售人员一时激动说出不合适言语，确实非常不应该。后续公司会加强对于案场销售人员的教育和管理。

2、另多个抖音视频以相同文案传“某20强闽系房企华北区域项目全部停工”，并暗指公司。截止目前，华北地区（京津冀、山西）总项目货值占集团总货值6.8%左右，公司在该地区所有项目施工进度正常，其中北京京悦府、国誉未来悦、天津北辰翡丽公园等项目在国庆期间的案场到访以及认购情况再创新高，总体运营状况一切如期推进，我们欢迎投资者前往项目案场实地进行考察。

3、网传“公司表外信托获得展期”，公司在此声明，这是不实信息。根据深交所上市指引及民法典规定，公司所有对外负债担保都应通过上市公司有权机构（即股东大会）授权决议并公告，否则无效，上市公司所有应披露的对于合联营项目公司的担保都已披露，公司从未进行所谓“表外私募债”方式进行融资。同时，信托贷款的信托计划面对的投资者主要为高净值自然人，一旦展期需要获得全体投资者同意，并非传言所言可以由信托公司单方面决定是否展期。

与此同时，还想跟各位分享一下公司的总体经营情况：

首先，在9月份的销售冲刺业绩中，公司取得单月销售210亿元，同比增长11%，单月回款约165亿，月度回款率78.5%的成绩，全年累计已经完成了1539亿的销售业绩，正努力实现完成年初制定的销售目标，国庆期间我们的销售依然取得不菲的成绩，待数据公布以后我们会第一时间与大家分享；

其次，在公开兑付方面，公司四季度到期的债务情况为：境内公司债15.8亿元，信用类ABS12.7亿元，境外美元债2.5亿美元，总体压力和回款相比并不大，公司已经做好了所有的资金铺排，通过经营性回款以及自有资金进行兑付。其中10月22日到期的境内公开债券“18阳城01”我们将于10月15日前提前将兑付资金归集至监管账户，境外回售的美元债券资金我们将在10月中下旬前陆续通过资金池汇出，目前公司存量跨境资金池额度充裕，且资金出境不存在任何障碍。年初至今，公司已经多次宣布回购境内外债券，彰显公司信心；

再之，公司在四季度的新增投资活动中会继续保持谨慎的态度，继续坚持以收定支，加大回款指标考核，四季度新增在手存量项目的供货目标为450亿，全力确保业绩达成。

最后，我们代表公司管理层向各位投资者转达：目前，行业的前景存在诸多的不确定性，但我们依然相信地产这个行业是最重要的民生行业，所以在每一次调整中，更让我们清晰清楚的去认知这个行业的本质，去一起重塑这个行业的价值观。

我们始终坚信，只要对这个行业的本质有清醒的认知，尊重行业，顺势发展，能在生态中找准定位，和神队友一起成长，就一定能共同分享时间和成长的价值。

没有生而优秀的企业，只有持续养成的信用。公司确实有很多不足的地方，但我们︎‪︎会正视自身的不足，做到足够灵敏，及时纠偏，保持斗志。感谢在此过程中的每一份指点和助力，你们都是阳光城发展过程中不可或缺的力量，我们共同努力和鉴证，谢谢大家！

Dear investors and analysts, good evening. 

各位投资者、分析师朋友们，大家晚上好。

We would like to thank you all for your continuous interest and support of Yuzhou Group (01628.HK),and for your timely communication with us. As the entire domestic real estate high-yield US dollar bond market has been highly volatile recently, we understand your concerns and we are expecting the silver lining same as you. Therefore, we would like to take this opportunity to share with you some financial and business updates of the Company, in the hope that you will have the confidence and continue to support the long-term and stable development of the Company.

由衷感谢大家对禹洲集团（01628.HK）的持续关心和支持，并及时与我们沟通交流。近期整个内房高收益美元债市场波动较大，理解各位心中的担忧，并跟我们一样期待尽快看到曙光，故借此机会将公司最新情况与各位分享，希皇给到大家信心，继续支持公司长期稳健发展∶

1.Yuzhou Group is one of the few domestic real estate companies that never have any commercial bills, internal wealth management or other wealth management products, and the majority shareholders have not sold or pledged a single share since its listing. Yuzhou Group's debt structure is very transparent, with trust loans size continuing to reduce to RMB1,345 million as of 1H2021, which is a relatively low level in the industrv. Also.the average maturity of offshore USdollar bond continues to be optimized to over 3 years.

禹洲集团是内房企业里一家为数不多没有任何的商票、内部理财或其他财富产品的公司，且大股东自上市后没有出售或质押过任何一股股票。禹洲集团的债务结构是极为透明的，截至2021年中期，信托持续减少至人民币13.45亿，为行业较低水平;境外美元债的平均到期年限也在持续优化，超过3年。

2. Debt Maturity: Following the successful redemption of RMB2 billion of domestic corporate bonds last week, the Company has now redeemed all its domestic and offshore debts due in 2021.All of principal and interest were paid on schedule, and some were even transferred to the custodian's account half a month in advance, demonstrating the Group's good liquidity. As of 1H2021, the Company has RMB28.1 billion cash in hand. The cash flow is flexible and sufficient enough to support debts redemption in 2022 and even later.

债务到期∶继上周顺利赎回人民币20亿的境内公司债，至此，公司已经赎回了境内外2021年内到期的所有债务，全部按期还本付息，有的甚至提前半个月转钱到托管人账户，彰显集团良好的流动性。截至2021年中期，公司手上拥有人民币281亿，现金流灵活充裕，足够应对2022年，甚至未来更远期的债务偿还。

3. Secondary market maintenance: The Company has been committed to maintenance of the secondary market. Up to now, the Company has used its own cash to repurchase a total of US$45.5 million of offshore US dollar bonds. Mr.Lam Lung On, the Chairman of Yuzhou Group, has increased shares with 8.3 million company's stocks by his own account. In the future, the Company will continue to open with repurchasing bonds and shares in the public market through the Group, major shareholders and strive to safeguard the interests of all investors.

二级维护∶公司一直致力于对二级市场的维护，截至目前，公司用自有现金累计回购了4550万美元的境外美元债，董事长林龙安先生更是以个人名义累计回购了830万股公司股票。未来，公司对回购继续保持开放态度，会在合适的时机通过集团、大股东个人、员工股份奖励计划等方式在公开市场进行回购，致力维护各大投资者利益。

4.Overall ratings: The Company continues to maintain good communication with overall rting agencies. After the 2021 interim results announcement, the Company's rating remains stable, and the rating agencies have confidence in the Company's development and future plans.

境内外评级∶公司与境内外评级机构持续保持良好沟通，在2021年中期业绩后，评级情况稳定，评级机构均认可公司发展以及对未来规划的信心。

5. Contracted sales: The contracted sales in the first eight months of 2021 reached RMB71.4 billion, up by 9.2% year-on-year. At present, the contracted sales in September is in line with our expectations, and the details will be announced in the next few days. At the same time, the overall saleable resources of Yuzhou Group in the second half of this year is approximately RMB130 billion, which means, the Company will only needs to complete a sell-through rate of 45% to meet the full-year target. So, the Group is very confident to successfully achieve the annual goal.

合约销售∶2021年前8月合约销售达人民币714亿元，同比增加9.2%，目前来看，9月的销售情况同样符合我们的预期，具体数据将在近几天公告。同时，禹洲集团今年下半年整体可售货值约为人民币1，300亿元，只需完成45%的去化便能够完成年度任务，可以说非常有信心圆满完成全年目标。

6.Land acquisition: Yuzhou Group did not acquire new land parcels in the third quarter. In this year, the Company has only acquired four high quality land (two in Suzhou, one in Zhengzhou, and one in the Greater Bay Area) with attributable land cost of approximately RMB2.1 billion and a total saleable resources of approximately RMB11.1 billion,all located in tier-1, tier-2 and quasi-tier-2 cities. In the future, the Company will continue to maintain a prudent attitude in land acquisition and developed steadily.

新增拿地∶公司三季度无新增土地，今年以来，公司仅新增四块优质土地（苏州两块，郑州一块，大湾区一块），权益地价约21亿元，总货值约111亿元，均位于抗风险能力较强的一二线及准二线城市。接下去公司将继续保持审慎的态度拿地，量入为出，稳健前行。

7. Three red lines: On the basis of that both net gearing ratio and cash to short-term debt ratio have up to the standard, through increasing of sales, profit carry-forward and continuous optimization of debt structure, the Company will strive to get the liability-to-asset ratio (excluding advance receipts) to reach the standard by the end of this year and achieve full compliance with the three red lines.

三条红线∶公司将在净负债率和现金短债比都达标的基础上，通过销售的提升、利润结转和债务结构持续优化，力争剔除预收款后的资产负债率将于今年年底达标。