Three Trees Announces Evergrande’s 51.37 Million Yuan Bills Overdue

In an announcement issued by Three Trees, it was mentioned that many developers including China Evergrande Group had overdue notes, among which the amount of overdue notes of Evergrande reached 51.370600 yuan.

That night, Sankeshu issued the “Response Report on the Feedback of Sankeshu Coatings Co., Ltd. 2021 Non-public Issuance Application Documents (Revised Draft)” and responded to the CSRC regarding its “planned non-public issuance of 3.7 billion yuan in funds” Feedback from the meeting.

In the “Company’s provision for bad debts for overdue bills receivable” section, Sankeshu stated that in the first quarter of 2021, due to the difficulty of capital turnover of individual large real estate developers, the company’s bills receivable became overdue. As of the end of March 2021 , The overdue amount of the company’s bills receivable totaled 53.6372 million yuan. Among them, China Evergrande’s overdue bills amounted to 51,370,600 yuan, and the repayment amount of 2,251,200 yuan as of May 31, 2021, China Evergrande’s overdue bills accounted for 95.77% of its total overdue bills; China Fortune Fortune’s overdue bills amounted to 1,484,400 yuan, As of May 31, 2021, the repayment amount is 600,000 yuan.

Three trees said that during the reporting period, the overdue status of the company’s bills receivable was concentrated in March 2021, with a total overdue amount of RMB 51,097.2 million, accounting for 95.26% of the total overdue amount. As of the end of May 2021, the company has successfully recovered some of the above overdue bills, with a cumulative repayment amount of RMB 3,933,400, and the remaining overdue bills are still in the process of recourse.

Regarding the overdue payment of China Evergrande, on the evening of the 29th, Evergrande told The Paper (www.thepaepr.cn) that the bill had already been redeemed this month. Evergrande’s response did not specify when the bill will be redeemed this month.

At 23:00 on the 29th, The Paper contacted Zhu Qifeng, Vice President and Chief Financial Officer of Three Trees, and Zhu Qifeng also replied that the bills were redeemed in June this year, but they did not specify the specific time for redemption. Zhu Qifeng did not respond to why this announcement was issued in the case of bill redemption.

Evergrande Group issued a statement on its official website on June 7, responding to the unpaid Evergrande commercial ticket. The Evergrande Group stated that the group attaches great importance to and arranges the redemption of a small number of commercial bills in individual project companies that have not been redeemed in time. At the same time, Evergrande Group also stated that, at present, the production and operation of Evergrande Group are normal. In the past 25 years since its establishment, there has been no case of late payment of loan interest and overdue principal return.

Official information shows that Sankeshu was founded in 2002. The company’s business includes interior and exterior wall coatings, waterproofing, thermal insulation, flooring, auxiliary materials and construction. In 2016, Sankeshu was listed on the Shanghai Stock Exchange and listed on the A-share main board. Headquartered in Putian City, Fujian Province, Sankeshu has established centers in Shanghai, Guangzhou, and Beijing, and has 13 production bases under construction in Fujian, Sichuan, Henan, Tianjin, Anhui, Hebei, Guangdong, Hubei, and Jiangsu. It has become a wholly-owned and controlled enterprise group of 29 companies.

As of the close of the 29th, Three Trees reported 182.6 yuan per share, an increase of 1.46%, and a total market value of 68.7 billion yuan.