旭辉与平安各取所需天津、宁波项目股权互换背后

观点新媒体2025-12-30

观点网赶在2025年的最后一个礼拜天，旭辉控股一口气公布了两项公告。一方面，旭辉对外宣布了境外债务重组的最新进展：选定2025年12月29日为重组生效日期，实施前提是达成或根据计划第13.2条豁免所有重组条件。资料显示，旭辉境外债务重组涉及本息总额约81亿美元（约合567亿元人民币），通过债转股、本金削减等方式预计将削减债务约人民币380亿元，化债比例达67%。另一方面，旭辉附属公司“北京旭辉”、...

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Behind the equity swap of Tianjin and Ningbo projects","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82318":0.6,"601318":0.6,"HPAD.SI":0.6,"PAImain":0.6,"02318":0.9,"03145":0.6,"PNGAY":0.6},"content_text":"观点网赶在2025年的最后一个礼拜天，旭辉控股一口气公布了两项公告。一方面，旭辉对外宣布了境外债务重组的最新进展：选定2025年12月29日为重组生效日期，实施前提是达成或根据计划第13.2条豁免所有重组条件。资料显示，旭辉境外债务重组涉及本息总额约81亿美元（约合567亿元人民币），通过债转股、本金削减等方式预计将削减债务约人民币380亿元，化债比例达67%。另一方面，旭辉附属公司“北京旭辉”、“宁波旭辉”与中国平安附属公司“深圳盛钧”签订股权转让协议，涉及天津和新100%股权及宁波海曙兴礼50%股权的置换事项。根据协议，北京旭辉向深圳盛钧出售天津和新100%股权，总代价为3.02亿元；同时，深圳盛钧向宁波旭辉出售宁波海曙兴礼50%股权，总代价亦为3.02亿元。因此，深圳盛钧就出售事项应付代价与宁波旭辉就收购事项应付代价抵销。附属公司股权置换背后，实际上是两个开发项目的股权置换。进一步看，北京旭辉的出售标的“天津和新”持有天津兴际59.96%股权，而天津兴际持有天津兴卓全部股权，后者持有及开发天津天碱项目。出售事项完成后，北京旭辉不再持有天津和新任何股权，天津天碱项目也将由深圳盛钧持有100%股权。宁波旭辉的收购目标“宁波海曙兴礼”原由宁波旭辉及深圳盛钧分别持有50%股权，其持有宁波海曙兴勇50%股权，而宁波海曙兴勇拥有宁波卓隆全部股权，后者持有及开发宁波慈溪项目。交易事项达成后，宁波旭辉将持有宁波海曙兴礼100%股权，该公司财务状况将并入旭辉综合财务报表，宁波慈溪项目也将完完整整地被宁波旭辉收入囊中。估值方面，天津和新全部股东权益评估价值3.00亿元；宁波海曙兴礼全部股东权益评估价值6.23亿元，50%股权则对应3.12亿元。而旭辉与中国平安选择将两项出售与收购事项应付代价进行抵销，旭辉在公告中表示，预期就出售事项录得亏损约1132.1万元。但拉开股权交易代价这层厚帘就会发现，在境外债务重组取得最新进展的紧要关头，旭辉并没有在这笔交易上吃亏，中国平安也没有做亏本生意，二者实际上是各取所需。仍是从交易标的出发，天津和新受评估资产账面价值为8.98亿元，经评估价值为8.53亿元，其中投资评估减值为4470.90万元，减值率为4.98%；负债的账面价值为5.53亿元；净资产的账面价值为3.45亿元，经评估价值为3.00亿元，减值率为12.96%。而宁波海曙兴礼评估资产账面价值为11.85亿元，经评估价值为8.19亿元，其中投资评估减值为3.66亿元，减值率为30.89%；负债的账面价值为1.95亿元；净资产的账面价值为9.90亿元，经评估价值为6.24亿元，减值率为36.98%。数据来源：企业公告、观点指数整理此外，天津和新近两年分别录得税后净亏损2366.7万元和净利润1948.7万元，截至今年第三季度的综合资产总值及资产净值分别约为16.85亿元及8.85亿元；宁波海曙兴礼近两年分别录得税后净亏损2446.5万元和净利润7489.8万元，截至今年第三季度的综合资产总值及资产净值分别约为8.12亿元及6.04亿元。对旭辉来说，在这笔交易中，收购的公司在评估价值、利润规模上都要优于出售的公司，而交易对价相互抵销使其占得一定优势。开发项目上，天津天碱项目位于天津，城镇住宅用地总面积约8.99万平方米，总建筑面积约为34.27万平方米。该项目包含五期住宅小区，其中四期已竣工交付，第五期工程待展开施工。宁波慈溪项目位于浙江宁波，城镇住宅用地总面积约为8.47万平方米，总建筑面积约为16.95万平方米，有关项目已竣工及交付。可见，旭辉出售的天津项目仍有施工和交付需求，需要投入资金支撑后期开发，但收购的宁波项目已经交付。旭辉也在公告中提到，该笔交易有助于其优化资源配置，集中投入重点发展区域的项目，从而提升流动性。另一边，于中国平安而言，具体到交易内容上，获得了天津项目100%股权，后续待第五期工程开发完成，所产生的利润等资产增值也都归中国平安所有。除此之外，还需留意的便是中国平安与旭辉本身之间的“悲欢离合”。2017年7月，中国平安以19.07亿港元代价增持旭辉5.45亿股股份，增持完成后，其合计拥有旭辉约7.45亿股股份，占其已发行股本的10.12%，一跃成为旭辉当时第二大股东。之后几年，中国平安对旭辉的持股进行了几次小调整，基本上是其作为财务投资者进行的常规仓位调整。但在2022年底，旭辉发生债务违约，中国平安彻底清仓了旭辉股份，两家企业就此在资本市场上断联。如今，旭辉境外债务重组完成，中国平安与其置换项目股权，且不说受益多少，总基调仍是有助于厘清双方之间的历史关联交易。免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2595322607","isCrawlerRequest":true}

旭辉与平安各取所需 天津、宁波项目股权互换背后

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旭辉与平安各取所需天津、宁波项目股权互换背后