GT Online: Floods and CCP Virus in Henan Worsened the Financial Situation of Central China Group

Written by Potato

Proofread by April on Earth

Source: Sina

According to a report from Sina on September 9, 2021, Henan Central China Group submitted a report to the Henan Provincial Government on the major risks and crisis of the enterprise and requested help and rescue.

The report says that Henan recently suffered successive floods and the CCP virus which have imposed great impact and caused the Group’s economic losses of more than 5 billion yuan. Central China Group was founded in 1992, has been a major taxpayer in Henan, and four of its companies have been listed on the Hong Kong stock market.

Financial staff revealed that the Group is not currently losing money, but local governments owe a lot of money to the Group and have not been paid back, in addition to the floods disaster and the epidemic, the impact on the business is significant.

Central China Real Estate, as an important listed company of the Group, has seen an increase in revenue but without profit, just relying on “borrowing the new to pay for the old” to keep the company running. What’s more, the growth rate of property sales has slowed down in the past two years, which is also more difficult for the Group to collect payments.

Obviously, Central China Group is facing huge financial difficulties and it has no choice but to reach the government for help.

CCP virus and man-made floods killed many normal Chinese people in Henan province, also make many local companies difficult to survive.

Source:  https://finance.sina.com.cn/stock/s/2021-09-10/doc-iktzscyx3336891.shtml

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