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It was only in the sixth year that Xia Haoyang truly established that the Daxiang Group was his enemy, and felt that he was helpless against this enemy, feeling frustrated that his status as a time traveler was in vain.

But while a group of people at Fat Cat Studio are imagining the new year and continuing to dream of getting rich, Daxiang Group seems to be on the verge of collapse without Xia Haoyang using his brain.

Something happened to Daxiang Group.

Daxiang Group started out as a real estate company and was founded in 1996 by Yin Jiaxu. Over the past 30 years, Daxiang Group has developed a large number of residential properties across China with its low-price and high-return strategy, and has quickly become one of the largest real estate developers.

As of the end of December 2027, Daxiang Group has approximately 12 projects under construction across the country, covering 1300 cities, and has approximately 280 million owners.

However, the rapid development of Daxiang Group is also accompanied by a high debt burden. In order to obtain more land resources and sources of funds, Daxiang Group raised funds from multiple channels such as bank loans, trust funds, corporate bonds and supplier arrears regardless of cost.

According to the financial report, as of the end of December 2027, Daxiang Group's total liabilities reached approximately 12 trillion Chinese national currency, of which approximately 2.4 billion Chinese national currency was due to suppliers and contractors.

Daxiang Group's asset-liability ratio is as high as 160%, far exceeding the industry average.

In addition to the real estate business, Daxiang Group is also involved in many fields such as shipbuilding, ocean freight, new energy vehicles, property management, football clubs, mineral water, dairy products, agricultural products, art song and dance groups, etc., trying to create a diversified business empire.

However, these non-core businesses did not bring considerable revenue and profits to Evergrande Group, but instead increased its operating costs and financial pressure.

For example, in the shipbuilding industry, Yin Jiaxu originally planned to spend 7 million yuan just for fun, but what he didn't expect was that the total investment in 6000 years would reach billion! Even though Daxiang Shipyard has been in existence for ten years, it still relies on Daxiang Group's funds for blood transfusion every year and cannot truly be self-financing, let alone make money.

Of course, if Daxiang Shipyard can continue to infuse blood and keep it strong, it will start to see returns in the next few years and start to make money, and it will continue to make money for decades.

However, Daxiang Group is not so good in the automotive field. Although Daxiang’s new energy vehicles have announced multiple models and ambitious sales targets, they have not actually officially delivered any cars to consumers. And Daxiang Group The investment in new energy vehicles also exceeds 2000 billion!

The rest, whether it is football clubs, mineral water business, or agricultural products, are almost all spending money to lose money and make money. The Daxiang football team has done well. It has won the Chinese League for seven years, but last year the capital chain was cut off. The club couldn't pay wages, various famous players left in the second half of the season, the club went bankrupt, and the team was completely finished.

Daxiang Group's debt problem began to emerge in 2024. As China tightened regulatory policies in the real estate industry, Daxiang Group's sales and cash flow experienced a significant decline.

At the same time, Daxiang is under great pressure in repaying debt and principal and interest. At the same time, its asset recovery rate is also very low. Daxiang used means such as lowering prices and delaying payments to reduce financial pressure, but with little success.

In September 2024, Daxiang Group’s debt problem entered a white-hot stage.

On September 9, Evergrande Group issued an announcement stating that due to tight liquidity, the company may not be able to repay due debts and interest on time, and there is a risk of default.

On September 9, Daxiang Group issued another announcement stating that due to lower-than-expected sales returns, the company failed to pay interest on a private placement bond on time, triggering a cross-default clause that may cause other debts to mature early.

On September 9, Daxiang Automobile, a subsidiary of Daxiang Group, issued an announcement stating that due to the financial problems of the parent company, the company failed to pay suppliers on time, causing some suppliers to suspend or threaten to suspend supply, affecting the company's production. and operations.

Facing the increasingly serious debt problem, Yin Jiaxu of Daxiang Group asked for help everywhere, but failed to make substantial progress.

Daxiang Group once sought assistance from the government, hoping that the state could support its restructuring or allow it to postpone debt repayments, but it did not give a clear response or commitment.

Daxiang Group has also tried to negotiate a debt restructuring plan with creditors, but due to the differences and complexity of the interest demands of all parties, the negotiations have not made a breakthrough.

Daxiang Group also hoped to sell its core assets, such as Daxiang Property and Evergrande Automobile, to raise funds to repay debts. However, due to market environment and valuation issues, these transactions were difficult to complete smoothly.

When a series of problems could not be effectively solved, Yin Jiaxu took risks and used personal relationships, the temptation of money and beauty to illegally obtain large amounts of funds from Hua Xia Bank.

It even caused the president of Huaxia Bank Pengcheng Huaqiangbei to commit suicide by jumping off a building last year!

Although Hua Xia Bank has illegally withdrawn hundreds of billions of Chinese national currency in the past three years, it is still a drop in the bucket for the overall debt of Daxiang Group.

A year ago, I thought the losses in the past three years would be 8000 billion Chinese national dollars. But what I didn’t expect was that the financial statements given a year later showed that Daxiang Group’s total debt had reached 2.4 trillion Chinese national dollars!

The debt problem of Daxiang Group not only had a huge impact on itself, but also had a profound impact on the global economy and finance.

The debt problem of Daxiang Group involves multiple levels and multiple stakeholders:

For ordinary home buyers, Daxiang Group has millions of home buyers waiting for delivery of the homes they purchased. If Daxiang Group goes bankrupt and liquidates, these home buyers may face the risk of not being able to get a house or getting an unfinished house.

This will not only cause them to suffer serious economic losses, but will also cause them psychological pressure. In serious cases, it will cause social unrest and cause mass incidents.

Since ancient times, the stability of the people at the bottom can ensure the stability of the country, and the turmoil in Daxiang will affect millions of families in China at any time.

For suppliers and contractors, Daxiang Group has thousands of suppliers and contractors providing building materials, equipment, labor and other services.

If Daxiang Group cannot pay their goods or project payments on time, these suppliers and contractors will face the risk of broken capital chains and debt defaults.

This will affect their survival and development, and may even trigger a chain reaction in the upstream and downstream industries.