<p>一位前合作伙伴因一项并不重大但仍可能引发连锁反应的未偿债务请求对雅居乐进行清算。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17084723/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_17-12-2025_164436_thebambooworks.com1_-1024x680.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="680" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17084723/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_17-12-2025_164436_thebambooworks.com1_-1024x680.jpeg"/></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>雅居乐集团在香港面临前合作伙伴美高梅国际发展旗下子公司提出的清算申请</li>
<li>该房地产开发商在今年前 11 个月的每平方米平均售价同比暴跌 32%，降至 9,113 元</li>
</ul>
<p>李世达</p>
<p>未能实现的 “文化旅游梦想” 可能迅速变成负担沉重的雅居乐集团控股有限公司（3383.HK）的噩梦。上周二，因市场关于公司状况的传言，该开发商的股价在盘中交易中暴跌近 20%。雅居乐当晚披露其一位债权人正在寻求对公司的清算，进一步打击了本已脆弱的市场信心。</p>
<p>根据其 <strong>公告</strong>，美高梅（中山）商业管理因未支付总计 1859 万美元和 223 万元人民币（31.7 万美元）的账单向香港高等法院申请雅居乐清算。法院已安排于 2 月 25 日举行首次听证会。</p>
<p>这笔约 1900 万美元的债务与雅居乐的总负债相比微不足道，与许多中国房地产开发商目前面临的巨额债务相比也显得微小。然而，投资者仍然感到不安，因为在此案中债权人是美高梅国际（0200.HK），这是一家澳门的持牌赌场运营商，也是雅居乐曾经被誉为 “强强联合” 的文化旅游合作伙伴。</p>
<p>这项合作始于 2021 年 6 月，当时雅居乐与美高梅共同收购了位于中山市翠亨新区的一块约 504,000 平方米的大型综合用地，交易金额为 38.2 亿元人民币。他们计划将该地块开发为一个投资额达 100 亿元人民币的文化旅游中心，包含主题公园、五星级酒店、购物中心、医疗美容中心和豪华公寓。</p>
<h4><strong>项目解体</strong></h4>
<p>根据原协议，美高梅负责开发主题公园，而雅居乐则负责其他部分。雅居乐应出资约 56.5 亿元人民币，美高梅至少出资 4 亿元人民币。雅居乐后来未能履行其义务，并于 2022 年 7 月发出终止通知。尽管双方在 2023 年达成了解散协议，但雅居乐最终未能按时支付和解款项，促使美高梅采取法律行动。</p>
<p>雅居乐在公告中表示 “强烈反对” 该申请，并将继续与其海外债权人进行接洽，试图谈判一项全面的债务重组协议。</p>
<p>雅居乐的流动性危机与其在中国文化旅游项目上的巨额投资直接相关。在过去十年中，该公司重金押注于 “综合文化旅游综合体” 模式，包括中山的项目。这类项目需要大量投资，开发周期长，回报期慢。与简单的住宅开发相比，它们的现金流显著较弱，使开发商面临更大的财务压力。</p>
<p>在今年上半年，雅居乐的收入同比暴跌 35.8%，降至 135.7 亿元人民币，而其亏损收窄 17%，降至 80.3 亿元人民币。底线的改善主要源于公司采取的一次性措施，包括出售其调味品业务、出售其在 A-Living Smart City Services（3319.HK）中的部分股份、裁员约 6000 名员工以及削减运营费用。尽管这些措施帮助改善了底线，但并未表明其在中国疲软房地产市场中的核心业务有任何根本性的恢复。</p>
<h4><strong>价格暴跌</strong></h4>
<p>中国疲软的房地产市场对雅居乐或其他曾在繁荣时期蓬勃发展的开发商几乎没有支持。该公司在今年前 11 个月的累计预售额同比下降约 45%，降至 80.8 亿元人民币。尽管这比一年前的 64.8% 的下滑有所改善，但仍标志着连续第二年大幅收缩。该公司在今年前 11 个月的销售面积下降约 20%，降至 886,000 平方米。</p>
<p>与此同时，雅居乐的平均售价在 11 个月期间同比暴跌约 32%，降至每平方米 9,113 元，降幅远高于一年前的 10.2%。下降速度加快反映出开发商为推动销售而进行的价格大幅削减，因为他们面临着减少库存的巨大压力。然而，销售量仍在下降，表明这种降价措施的效果有限。</p>
<p>雅居乐的财务报表显示出公司当前面临的结构性风险。截至 6 月底，其总负债为 1500 亿元人民币，较 2024 年底的 1552 亿元略有下降。但这些负债的结构保持不变。其一年内到期的短期借款仍高达 378.7 亿元，远超仅有的 30.9 亿元现金。这使得公司现金缓冲极为薄弱，足以覆盖不到 10% 的短期债务。</p>
<p>在资产方面，雅居乐仍持有约 2962 万平方米的土地储备，平均成本仅为每平方米 2338 元，理论上提供了一定的变现潜力。但部分土地储备已被用作债务抵押，限制了这一潜力。反映这一点的是，其在海南清水湾开发的三块地块已被税务机关以约 15.6 亿元的保留价拍卖，以偿还公司的税务债务。雅居乐还在与地方政府谈判，计划回售部分已完成的商业物业。</p>
<p>过去一年，公司并没有闲着。它获得了总计 149.2 亿元的贷款延期，收回了超过 12 亿元的高风险应收款，剥离了非核心资产并削减了成本。然而，这些措施只是为公司争取了时间，而美高梅的法律行动则表明债权人的耐心正在耗尽。</p>
<p>点燃债务炸弹往往只需一根火柴。雅居乐在九月份表示，计划在年底前与其离岸债权人达成初步重组协议，已经落后于原定的第三季度目标。由于离岸债务重组没有进展，而美高梅现在采取新的法律步骤，其他中国合作伙伴和债权人可能会采取类似行动，从而引发多米诺效应。这种连锁反应可能迅速加速，为公司的债务解决过程注入更多不确定性。</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

雅居乐集团

<p>雅居乐集团面临来自前合作伙伴美高梅国际发展的一项清算申请，涉及 1900 万美元的债务。该申请在香港提交，突显了雅居乐在下滑的房地产市场中的财务困境。雅居乐在今年上半年的收入下降了 35.8%，其负债仍然很高。公司的文化旅游项目，包括与美高梅的失败合作，导致了其流动性问题。雅居乐反对该申请，并正在与债权人进行债务重组谈判</p>

<p><em>A former partner has requested Agile's liquidation over an outstanding debt that isn't substantial, but could still trigger a chain reaction</em></p>
<div class="lb-trans"><p>一位前合作伙伴因一项并不重大但仍可能引发连锁反应的未偿债务请求对雅居乐进行清算。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17084723/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_17-12-2025_164436_thebambooworks.com1_-1024x680.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17084723/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_17-12-2025_164436_thebambooworks.com1_-1024x680.jpeg"/></p>
<h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Agile Group is facing a liquidation petition filed against it in Hong Kong by a subsidiary of former partner Melco International Development</li>
<li>The property developer's average selling price per square meter plunged 32% year-on-year to 9,113 yuan in the first 11 months of this year</li>
</ul>
<div class="lb-trans"><ul>
<li>雅居乐集团在香港面临前合作伙伴美高梅国际发展旗下子公司提出的清算申请</li>
<li>该房地产开发商在今年前 11 个月的每平方米平均售价同比暴跌 32%，降至 9,113 元</li>
</ul>
</div><p>Lee Shih Ta</p>
<div class="lb-trans"><p>李世达</p>
</div><p>An unfulfilled &#34;cultural tourism dream&#34; could be quickly becoming a nightmare for the debt-heavy <strong>Agile Group Holdings Ltd.</strong> (3383.HK). The developer's shares plummeted nearly 20% in intraday trade last Tuesday amid a flurry of market rumors about the company's welfare. Agile disclosed that evening that one of its creditors was seeking to liquidate the company, further battering already fragile market confidence.</p>
<div class="lb-trans"><p>未能实现的 “文化旅游梦想” 可能迅速变成负担沉重的雅居乐集团控股有限公司（3383.HK）的噩梦。上周二，因市场关于公司状况的传言，该开发商的股价在盘中交易中暴跌近 20%。雅居乐当晚披露其一位债权人正在寻求对公司的清算，进一步打击了本已脆弱的市场信心。</p>
</div><p>According to its <strong>announcement</strong>, Melco (Zhongshan) Business Management filed a petition for Agile's liquidation with the Hong Kong High Court for failure to pay bills totaling $18.59 million and $2.23 million yuan ($317,000). The court has scheduled the first hearing in the case for Feb. 25.</p>
<div class="lb-trans"><p>根据其 <strong>公告</strong>，美高梅（中山）商业管理因未支付总计 1859 万美元和 223 万元人民币（31.7 万美元）的账单向香港高等法院申请雅居乐清算。法院已安排于 2 月 25 日举行首次听证会。</p>
</div><p>The debt, equal to about $19 million, is a drop in the bucket compared to Agile's total liabilities, and is also tiny compared to the huge sums that many Chinese property developers are currently struggling to pay their creditors. Still, investors are alarmed that the creditor in this case is Melco International (0200.HK), one of Macao's licensed casino operators and Agile's former cultural tourism partner in what was previously hailed as a &#34;powerhouse alliance.&#34;</p>
<div class="lb-trans"><p>这笔约 1900 万美元的债务与雅居乐的总负债相比微不足道，与许多中国房地产开发商目前面临的巨额债务相比也显得微小。然而，投资者仍然感到不安，因为在此案中债权人是美高梅国际（0200.HK），这是一家澳门的持牌赌场运营商，也是雅居乐曾经被誉为 “强强联合” 的文化旅游合作伙伴。</p>
</div><p>The partnership dates back to June 2021, when Agile and Melco jointly acquired a large mixed-use site spanning about 504,000 square meters in the Cuiheng New District of the city of Zhongshan, just across the border from Macao, for 3.82 billion yuan. They planned to develop the site as a 10 billion yuan cultural tourism hub featuring a theme park, five-star hotel, shopping mall, medical aesthetics center and luxury apartments.</p>
<div class="lb-trans"><p>这项合作始于 2021 年 6 月，当时雅居乐与美高梅共同收购了位于中山市翠亨新区的一块约 504,000 平方米的大型综合用地，交易金额为 38.2 亿元人民币。他们计划将该地块开发为一个投资额达 100 亿元人民币的文化旅游中心，包含主题公园、五星级酒店、购物中心、医疗美容中心和豪华公寓。</p>
</div><h4><strong>Project unravels</strong></h4>
<div class="lb-trans"><h4><strong>项目解体</strong></h4>
</div><p>Under the original agreement, Melco was responsible for developing the theme park, while Agile would handle the rest. Agile was to contribute about 5.65 billion yuan and Melco at least 400 million yuan. Agile later failed to meet its obligations and issued a termination notice in July 2022. While the parties reached a dissolution agreement in 2023, Agile ultimately defaulted on the settlement payments, prompting Melco's pursuit of legal action.</p>
<div class="lb-trans"><p>根据原协议，美高梅负责开发主题公园，而雅居乐则负责其他部分。雅居乐应出资约 56.5 亿元人民币，美高梅至少出资 4 亿元人民币。雅居乐后来未能履行其义务，并于 2022 年 7 月发出终止通知。尽管双方在 2023 年达成了解散协议，但雅居乐最终未能按时支付和解款项，促使美高梅采取法律行动。</p>
</div><p>Agile stated in its announcement that it &#34;strongly opposes&#34; the petition and will continue engaging with its offshore creditors, with whom it is trying to negotiate a comprehensive debt restructuring agreement.</p>
<div class="lb-trans"><p>雅居乐在公告中表示 “强烈反对” 该申请，并将继续与其海外债权人进行接洽，试图谈判一项全面的债务重组协议。</p>
</div><p>Agile's liquidity crunch is directly tied to its massive investments in cultural tourism projects in China. Over the past decade, the company bet heavily on an &#34;integrated cultural tourism complex&#34; model that includes projects like the one in Zhongshan. Such projects demand hefty investment, have long development cycles and slow payback periods. They also generate significantly weaker cash flow than simpler residential developments, putting developers under greater financial strain.</p>
<div class="lb-trans"><p>雅居乐的流动性危机与其在中国文化旅游项目上的巨额投资直接相关。在过去十年中，该公司重金押注于 “综合文化旅游综合体” 模式，包括中山的项目。这类项目需要大量投资，开发周期长，回报期慢。与简单的住宅开发相比，它们的现金流显著较弱，使开发商面临更大的财务压力。</p>
</div><p>In the first half of this year, Agile's revenue tumbled 35.8% year-on-year to 13.57 billion yuan, while its loss narrowed 17% to 8.03 billion yuan. The bottom-line improvement stemmed largely from one-time measures taken by the company, including selling its condiments business, selling part of its stake in A-Living Smart City Services (3319.HK), laying off roughly 6,000 employees and cutting operating expenses. While such steps helped its bottom line, they don't signal any fundamental recovery in its core business in China's struggling property market.</p>
<div class="lb-trans"><p>在今年上半年，雅居乐的收入同比暴跌 35.8%，降至 135.7 亿元人民币，而其亏损收窄 17%，降至 80.3 亿元人民币。底线的改善主要源于公司采取的一次性措施，包括出售其调味品业务、出售其在 A-Living Smart City Services（3319.HK）中的部分股份、裁员约 6000 名员工以及削减运营费用。尽管这些措施帮助改善了底线，但并未表明其在中国疲软房地产市场中的核心业务有任何根本性的恢复。</p>
</div><h4><strong>Plunging prices</strong></h4>
<div class="lb-trans"><h4><strong>价格暴跌</strong></h4>
</div><p>China's sluggish property market is offering little support for Agile or the many other developers that once thrived when things were booming. The company's cumulative presales for the first 11 months of the year sank about 45% year-on-year to 8.08 billion yuan. Though that represents an improvement from the 64.8% slide a year earlier, it still marks a second consecutive year of steep contraction. The company's sales area in the first 11 months of this year fell by about 20% to 886,000 square meters.</p>
<div class="lb-trans"><p>中国疲软的房地产市场对雅居乐或其他曾在繁荣时期蓬勃发展的开发商几乎没有支持。该公司在今年前 11 个月的累计预售额同比下降约 45%，降至 80.8 亿元人民币。尽管这比一年前的 64.8% 的下滑有所改善，但仍标志着连续第二年大幅收缩。该公司在今年前 11 个月的销售面积下降约 20%，降至 886,000 平方米。</p>
</div><p>Meanwhile, Agile's average selling price plunged roughly 32% year-on-year to 9,113 yuan per square meter in the 11-month period, much steeper than the 10.2% decrease a year earlier. The accelerating rate of decline reflects increasingly aggressive price cuts by developers to drive sales as they face intense pressure to reduce their inventory. Still, sales volumes continue to decline, indicating such price cutting is having limited effect.</p>
<div class="lb-trans"><p>与此同时，雅居乐的平均售价在 11 个月期间同比暴跌约 32%，降至每平方米 9,113 元，降幅远高于一年前的 10.2%。下降速度加快反映出开发商为推动销售而进行的价格大幅削减，因为他们面临着减少库存的巨大压力。然而，销售量仍在下降，表明这种降价措施的效果有限。</p>
</div><p>Agile's financial statements show the structural risks the company currently faces. Its total liabilities stood at 150 billion yuan at the end of June, down slightly from 155.2 billion yuan at the end of 2024. But the structure of those liabilities remained the same. Its short-term borrowings maturing within one year remained high at 37.87 billion yuan, dwarfing its cash of only 3.09 billion yuan. That leaves the company with an extremely thin cash buffer, enough to cover less than 10% of its short-term debt.</p>
<div class="lb-trans"><p>雅居乐的财务报表显示出公司当前面临的结构性风险。截至 6 月底，其总负债为 1500 亿元人民币，较 2024 年底的 1552 亿元略有下降。但这些负债的结构保持不变。其一年内到期的短期借款仍高达 378.7 亿元，远超仅有的 30.9 亿元现金。这使得公司现金缓冲极为薄弱，足以覆盖不到 10% 的短期债务。</p>
</div><p>On the asset side, Agile still holds about 29.62 million square meters of land reserves with an average cost of just 2,338 yuan per square meter, theoretically offering some monetization potential. But parts of that land bank are already being used as debt collateral, limiting that potential. Reflecting that, three of its plots at the Hainan Clear Water Bay development were auctioned by tax authorities at a reserve price of about 1.56 billion yuan to settle the company's tax debts. Agile is also negotiating to sell back some of its completed commercial properties to local governments.</p>
<div class="lb-trans"><p>在资产方面，雅居乐仍持有约 2962 万平方米的土地储备，平均成本仅为每平方米 2338 元，理论上提供了一定的变现潜力。但部分土地储备已被用作债务抵押，限制了这一潜力。反映这一点的是，其在海南清水湾开发的三块地块已被税务机关以约 15.6 亿元的保留价拍卖，以偿还公司的税务债务。雅居乐还在与地方政府谈判，计划回售部分已完成的商业物业。</p>
</div><p>The company hasn't been idle over the past year. It secured extensions for a combined 14.92 billion yuan in loans, recovered over 1.2 billion yuan in high-risk receivables, divested non-core assets and slashed its costs. Yet such measures only buy the company time, and Melco's legal action signals that creditor patience is running out.</p>
<div class="lb-trans"><p>过去一年，公司并没有闲着。它获得了总计 149.2 亿元的贷款延期，收回了超过 12 亿元的高风险应收款，剥离了非核心资产并削减了成本。然而，这些措施只是为公司争取了时间，而美高梅的法律行动则表明债权人的耐心正在耗尽。</p>
</div><p>It often takes just a spark to ignite a debt bomb. Agile stated in September it aimed to reach a preliminary restructuring agreement with its offshore creditors by year-end, already behind its original third-quarter target. With no progress in its offshore debt restructuring and Melco now taking a new legal step, other Chinese partners and creditors could take similar actions, setting off a domino effect. Such a chain reaction could rapidly accelerate, injecting even more uncertainty into the company's debt resolution process.</p>
<div class="lb-trans"><p>点燃债务炸弹往往只需一根火柴。雅居乐在九月份表示，计划在年底前与其离岸债权人达成初步重组协议，已经落后于原定的第三季度目标。由于离岸债务重组没有进展，而美高梅现在采取新的法律步骤，其他中国合作伙伴和债权人可能会采取类似行动，从而引发多米诺效应。这种连锁反应可能迅速加速，为公司的债务解决过程注入更多不确定性。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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从朋友到对手：雅居乐集团正面临来自前合作伙伴的日益严重的麻烦