<p>破产开发商的清算人正在寻找买家收购其物业管理部门恒大物业，几家公司据报道对此表示了兴趣。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/09083133/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_9-2-2026_102258_thebambooworks.com_-1024x673.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/09083133/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_9-2-2026_102258_thebambooworks.com_-1024x673.jpeg"/></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>根据媒体报道，广东省旅游控股和 PAG 已表示有意竞标破产开发商恒大的物业管理部门。</li>
<li>恒大物业最新财务数据显示，其可能无法收回高达 30 亿元的应收账款，其中大部分来自正在清算的母公司。</li>
</ul>
<p>房地产开发商 <strong>中国恒大集团</strong> 已被下令清算，但由于其大部分资产位于复杂的中国市场，该过程进展缓慢。然而，恒大物业服务集团有限公司（6666.HK）的情况则更为简单，该公司在香港上市，可能以现有形式出售。此外，物业管理部门仍然具有一定价值，这使得清算人专注于寻找潜在买家。</p>
<p>恒大的清算人在 1 月份邀请感兴趣的各方对物业管理部门进行尽职调查，并要求他们在月底前提交提案，恒大物业 <strong>上个月宣布</strong>。</p>
<p>在公告发布后，多个潜在买家的名字开始流传，包括中信资本旗下的信达资本，以及竞争对手物业管理公司如 <strong>中国海外物业</strong>（2669.HK）、<strong>华润万象城</strong>（1209.HK）、<strong>保利物业服务</strong>（6049.HK）、<strong>越秀服务</strong>（6626.HK）、<strong>招商物业运营与服务</strong>（001914.SZ）和 <strong>万物云</strong>（2602.HK）等。</p>
<h4><strong>公司否认</strong></h4>
<p>中国海外物业和华润万象城立即否认了这些传闻。前者表示对此事没有具体细节，而后者则直接驳斥了这些传闻为不实。其他各方没有回应。但考虑到当前中国房地产市场的疲软状态，大多数公司并不处于理想的收购位置。此外，恒大物业本身面临众多问题，规模庞大，这意味着其竞争对手的收购可能会很困难。</p>
<p>最近出现的另外两个候选者是私募股权公司 PAG 和广东省旅游控股，它们与清算人进行了接触，根据 <strong>上周的一份报告</strong>。一些人怀疑广东旅游可能是之前报道中提到的某家国有企业，正在关注恒大物业。恒大物业和广东旅游均位于南中国广东省的省会广州。</p>
<p>PAG 专注于亚太地区，管理资产超过 550 亿美元。它因在大连万达商业管理公司（房地产巨头万达的物业管理部门）的投资而在中国广为人知。广东旅游由广东省政府拥有，专注于旅游和景区运营。其资产包括广东中国旅行社，以及位于广州的白天鹅酒店、白云酒店和亚洲国际酒店。双方均拒绝对对恒大物业的潜在兴趣发表评论。</p>
<h4><strong>母公司拖累</strong></h4>
<p>任何收购尝试面临的最大问题源于恒大物业的失败母公司，该公司背负着数十亿美元的债务。根据其最新的 <strong>中期报告</strong>，截至去年 6 月，恒大物业持有 58.8 亿元（约合 8.47 亿美元）的应收账款。但对其收回所有款项能力的不确定性导致物业管理公司在此期间计提了 30.4 亿元的减值损失，其中约 22 亿元与其对中国恒大的风险敞口有关。</p>
<p>与此同时，正在清算的中国恒大仍然需要其物业管理部门为其基础房地产资产提供服务，尽管许多资产仍然空置且未完成。物业管理公司在去年上半年为提供此类服务产生了约 2.28 亿元的费用，尽管它未能收回付款。</p>
<p>除了削弱物业管理公司的财务状况外，中国恒大的清算还削弱了恒大物业在争取新的物业管理合同方面的竞争力。这体现在其在招标和投标提交、新客户获取和与现有客户续约谈判等活动中的有效性下降，削弱了公司的品牌和定价能力。</p>
<p>更糟糕的是，中国恒大过去常常向新买家提供多年物业费用豁免以促进销售，剥夺了其物业管理部门一个重要的收入来源。这意味着恒大物业现在必须将这些豁免费用作为成本吸收。它也可能尝试从业主那里追回部分款项，尽管这些豁免是有据可查且经过认证的，这意味着恒大物业通过该渠道获得的款项可能不多。</p>
<p>中国恒大此前还通过恒大物业平台直接向业主销售由其自身业务支持的财富管理产品。这些产品中的绝大多数已经违约或变为不良资产。由于中国恒大否认对这些违约的责任，财富管理产品的持有者已将追回资金的努力指向恒大物业。</p>
<p>许多不利因素，主要与其清算母公司相关，也削弱了恒大物业从其管理的日益担忧的业主中收取管理费的能力。这使得其应收账款呈上升趋势，回款周期变得更长，进一步给公司的现金流和流动性带来压力。</p>
<h4><strong>稳定的运营，可控的债务</strong></h4>
<p>尽管面临诸多挑战，恒大物业自身的核心运营看起来相对稳健。去年上半年，其收入同比增长 6.9%，达到 66.5 亿元，而利润则相对温和地下降了 5.6%，降至 4.72 亿元。最新报告期的毛利率为 18%，净利率为 7.4%。与中国海外物业的 17% 毛利率和 6% 净利率，以及同一时期 Onewo 的 13% 毛利率和 4.6% 净利率相比，这些数字显得相当强劲。</p>
<p>恒大物业曾代表其母公司支付了 134 亿元的担保款，尽管这笔钱随后被没收。但该物业管理公司已经在其财务记录中完全注销了该金额。截至去年年中，恒大物业拥有 27.8 亿元现金，并报告没有利息负担的银行借款。</p>
<p>尽管截至去年年中其净流动负债为 5.18 亿元，但公司的独立审计师表示，恒大物业在实施各种措施以增强流动性后，应该能够继续作为一个持续经营的实体。现在，公司的收购者如果是资金雄厚的买家，可能会进一步恢复市场信心，增强恒大物业在新所有权下重生的机会。</p>
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恒大物业

广发中证全指金融地产ETF

华宝中证800地产ETF

华夏中证全指房地产ETF

房地产ETF

南方中证全指房地产ETF

<p>恒大物业正在寻求买家收购其物业管理部门，广东省旅游控股和 PAG 等公司对此表现出兴趣。清算人正专注于潜在买家，因为恒大物业面临财务挑战，包括 30 亿元的无法收回债务。其母公司中国恒大集团的清算使情况更加复杂，影响了恒大物业获得新合同和维护品牌的能力。尽管面临这些挑战，物业管理部门仍然具有一定的价值，因此正在寻找买家</p>

<p><em>Liquidators of the failed developer are seeking buyers for its property management arm, Evergrande Property, with several companies reportedly showing interest</em></p>
<div class="lb-trans"><p>破产开发商的清算人正在寻找买家收购其物业管理部门恒大物业，几家公司据报道对此表示了兴趣。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/09083133/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_9-2-2026_102258_thebambooworks.com_-1024x673.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/09083133/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_9-2-2026_102258_thebambooworks.com_-1024x673.jpeg"/></p>
<h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Guangdong Provincial Tourism Holdings and PAG have expressed interest in bidding for the property management arm of failed developer Evergrande, according to media reports</li>
<li>Evergrande Property's latest financials revealed it was owed as much as 3 billion yuan it may not be able to collect, much of that from its parent, which is being liquidated</li>
</ul>
<div class="lb-trans"><ul>
<li>根据媒体报道，广东省旅游控股和 PAG 已表示有意竞标破产开发商恒大的物业管理部门。</li>
<li>恒大物业最新财务数据显示，其可能无法收回高达 30 亿元的应收账款，其中大部分来自正在清算的母公司。</li>
</ul>
</div><p>Real estate developer <strong>China Evergrande Group</strong> has been ordered into liquidation, but that process has been slow because most of its assets are in the complex China market. But the situation is more straightforward for Evergrande's property management arm, <strong>Evergrande Property Services Group Ltd.</strong> (6666.HK), which is listed in Hong Kong and could be sold off in its existing form. What's more, the property management arm still holds some value, leading the liquidators to focus on finding potential buyers.</p>
<div class="lb-trans"><p>房地产开发商 <strong>中国恒大集团</strong> 已被下令清算，但由于其大部分资产位于复杂的中国市场，该过程进展缓慢。然而，恒大物业服务集团有限公司（6666.HK）的情况则更为简单，该公司在香港上市，可能以现有形式出售。此外，物业管理部门仍然具有一定价值，这使得清算人专注于寻找潜在买家。</p>
</div><p>Evergrande's liquidators invited interested parties to conduct due diligence on the property management arm in January, and asked them to submit proposals by the end of the month, Evergrande Property <strong>announced</strong> last month.</p>
<div class="lb-trans"><p>恒大的清算人在 1 月份邀请感兴趣的各方对物业管理部门进行尽职调查，并要求他们在月底前提交提案，恒大物业 <strong>上个月宣布</strong>。</p>
</div><p>Following the announcement, several potential buyer names began to circulate, including Citic Capital affiliate Trustar Capital, as well as rival property management firms like <strong>China Overseas Property</strong> (2669.HK), <strong>China Resources Mixc</strong> (1209.HK), <strong>Poly Property Services</strong> (6049.HK), <strong>Yuexiu Services</strong> (6626.HK), <strong>China Merchants Property Operation &amp; Service</strong> (001914.SZ) and <strong>Onewo</strong> (2602.HK), to name a few.</p>
<div class="lb-trans"><p>在公告发布后，多个潜在买家的名字开始流传，包括中信资本旗下的信达资本，以及竞争对手物业管理公司如 <strong>中国海外物业</strong>（2669.HK）、<strong>华润万象城</strong>（1209.HK）、<strong>保利物业服务</strong>（6049.HK）、<strong>越秀服务</strong>（6626.HK）、<strong>招商物业运营与服务</strong>（001914.SZ）和 <strong>万物云</strong>（2602.HK）等。</p>
</div><h4><strong>Company denials</strong></h4>
<div class="lb-trans"><h4><strong>公司否认</strong></h4>
</div><p>China Overseas Property and China Resources Mixc immediately denied the rumors. The former said only that it had no specific details on the matter, while the latter directly refuted the rumors as untrue. The other parties did not respond. But most are hardly in ideal position for such acquisitions, given the current weak state of China's real estate market. On top of that, Evergrande Property itself is fraught with numerous problems and is quite large, meaning an acquisition by one of its rivals could be difficult.</p>
<div class="lb-trans"><p>中国海外物业和华润万象城立即否认了这些传闻。前者表示对此事没有具体细节，而后者则直接驳斥了这些传闻为不实。其他各方没有回应。但考虑到当前中国房地产市场的疲软状态，大多数公司并不处于理想的收购位置。此外，恒大物业本身面临众多问题，规模庞大，这意味着其竞争对手的收购可能会很困难。</p>
</div><p>Two other candidates to recently emerge, which are less hamstrung by ties to the property market, are private equity company PAG and Guangdong Provincial Tourism, which are both engaging with the liquidators, according to <strong>a report last week</strong> in Caixin. Some suspect Guangdong Tourism could be the bidder cited in previous reports that said a certain state-owned enterprise in Guangdong was eyeing Evergrande Property. Both Evergrande Property and Guangdong Tourism are based in Guangzhou, capital of South China's Guangdong province.</p>
<div class="lb-trans"><p>最近出现的另外两个候选者是私募股权公司 PAG 和广东省旅游控股，它们与清算人进行了接触，根据 <strong>上周的一份报告</strong>。一些人怀疑广东旅游可能是之前报道中提到的某家国有企业，正在关注恒大物业。恒大物业和广东旅游均位于南中国广东省的省会广州。</p>
</div><p>PAG focuses on the Asia-Pacific region, with more than $55 billion in assets under management. It is widely known in China for its investment in Dalian Wanda Commercial Management, the property management arm of real estate major Wanda. Guangdong Tourism is owned by the Guangdong provincial government, focusing on tourism and scenic spot operations. Its assets include Guangdong China Travel Services, as well as the White Swan Hotel, Baiyun Hotel, and Asia International Hotel, all in Guangzhou. Both parties declined to comment on potential interest in Evergrande Property.</p>
<div class="lb-trans"><p>PAG 专注于亚太地区，管理资产超过 550 亿美元。它因在大连万达商业管理公司（房地产巨头万达的物业管理部门）的投资而在中国广为人知。广东旅游由广东省政府拥有，专注于旅游和景区运营。其资产包括广东中国旅行社，以及位于广州的白天鹅酒店、白云酒店和亚洲国际酒店。双方均拒绝对对恒大物业的潜在兴趣发表评论。</p>
</div><h4><strong>Parental drag</strong></h4>
<div class="lb-trans"><h4><strong>母公司拖累</strong></h4>
</div><p>The biggest problem facing any acquisition attempt stems from Evergrande Property's failed parent, which was crushed under billions of dollars in debt. Evergrande Property held 5.88 billion yuan ($847 million) in trade receivables as of last June, according to its latest <strong>midyear report</strong> from last year. But uncertainty about its ability to collect all of that led the property manager to take an impairment charge of 3.04 billion yuan during the period, with about 2.2 billion yuan of that tied to its exposure to China Evergrande.</p>
<div class="lb-trans"><p>任何收购尝试面临的最大问题源于恒大物业的失败母公司，该公司背负着数十亿美元的债务。根据其最新的 <strong>中期报告</strong>，截至去年 6 月，恒大物业持有 58.8 亿元（约合 8.47 亿美元）的应收账款。但对其收回所有款项能力的不确定性导致物业管理公司在此期间计提了 30.4 亿元的减值损失，其中约 22 亿元与其对中国恒大的风险敞口有关。</p>
</div><p>At the same time, the liquidating China Evergrande continues to require services from its property management arm for its underlying real estate assets, even though many of those assets remain vacant and uncompleted. The property manager incurred about 228 million yuan in expenses to provide such services in the first half of last year, even though it has been unable to collect payment.</p>
<div class="lb-trans"><p>与此同时，正在清算的中国恒大仍然需要其物业管理部门为其基础房地产资产提供服务，尽管许多资产仍然空置且未完成。物业管理公司在去年上半年为提供此类服务产生了约 2.28 亿元的费用，尽管它未能收回付款。</p>
</div><p>Beyond undermining the property manager's finances, the liquidation of China Evergrande has also eroded Evergrande Property's positioning when it comes to competing for new property management contracts. This shows up in its waning effectiveness in activities like bid solicitation and tender submissions, new customer acquisition initiatives and renewal negotiations with existing clients, undermining the company's brand and pricing power.</p>
<div class="lb-trans"><p>除了削弱物业管理公司的财务状况外，中国恒大的清算还削弱了恒大物业在争取新的物业管理合同方面的竞争力。这体现在其在招标和投标提交、新客户获取和与现有客户续约谈判等活动中的有效性下降，削弱了公司的品牌和定价能力。</p>
</div><p>Compounding the situation, China Evergrande often offered multi-year property fee waivers to new buyers in the past to boost sales, depriving its property management arm of an important income source. That means Evergrande Property must now absorb those waived fees as a cost. It could also attempt to recover some of the money from property owners, though those waivers are well documented and authenticated, meaning Evergrande Property is unlikely to get much money through that channel.</p>
<div class="lb-trans"><p>更糟糕的是，中国恒大过去常常向新买家提供多年物业费用豁免以促进销售，剥夺了其物业管理部门一个重要的收入来源。这意味着恒大物业现在必须将这些豁免费用作为成本吸收。它也可能尝试从业主那里追回部分款项，尽管这些豁免是有据可查且经过认证的，这意味着恒大物业通过该渠道获得的款项可能不多。</p>
</div><p>China Evergrande also previously sold wealth management products backed by its own business directly to property owners through the Evergrande Property platform. The vast majority of those products have since defaulted or become non-performing. And with China Evergrande disavowing liability for those defaults, owners of the wealth management products have directed attempts to reclaim their money towards Evergrande Property.</p>
<div class="lb-trans"><p>中国恒大此前还通过恒大物业平台直接向业主销售由其自身业务支持的财富管理产品。这些产品中的绝大多数已经违约或变为不良资产。由于中国恒大否认对这些违约的责任，财富管理产品的持有者已将追回资金的努力指向恒大物业。</p>
</div><p>The many factors working against it, mostly related to its liquidating parent, have also weakened Evergrande Property's ability to collect management fees from a growing segment of increasingly worried homeowners at properties it manages. That's put its trade receivables on an upward trajectory, with collection cycles growing longer, further pressuring the company's cash flow and liquidity.</p>
<div class="lb-trans"><p>许多不利因素，主要与其清算母公司相关，也削弱了恒大物业从其管理的日益担忧的业主中收取管理费的能力。这使得其应收账款呈上升趋势，回款周期变得更长，进一步给公司的现金流和流动性带来压力。</p>
</div><h4><strong>Stable operations, manageable debt</strong></h4>
<div class="lb-trans"><h4><strong>稳定的运营，可控的债务</strong></h4>
</div><p>Despite its many challenges, Evergrande Property's own core operations look relatively solid. Its revenue rose 6.9% year-on-year in the first half of last year to 6.65 billion yuan, while its profit fell by a relatively mild 5.6% to 472 million yuan. Its gross profit margin for the latest reporting period stood at 18%, and its net margin was 7.4%. Such figures look strong compared with China Overseas Property's 17% gross margin and 6% net margin, and Onewo's 13% gross margin and 4.6% net margin during the same period.</p>
<div class="lb-trans"><p>尽管面临诸多挑战，恒大物业自身的核心运营看起来相对稳健。去年上半年，其收入同比增长 6.9%，达到 66.5 亿元，而利润则相对温和地下降了 5.6%，降至 4.72 亿元。最新报告期的毛利率为 18%，净利率为 7.4%。与中国海外物业的 17% 毛利率和 6% 净利率，以及同一时期 Onewo 的 13% 毛利率和 4.6% 净利率相比，这些数字显得相当强劲。</p>
</div><p>Evergrande Property once made a 13.4 billion yuan guaranty payment on behalf of its parent, although that money was subsequently forfeited. But the property manager has already completely written off the amount in its financial records. As of the middle of last year, Evergrande Property had 2.78 billion yuan in cash and reported zero interest-bearing bank borrowings.</p>
<div class="lb-trans"><p>恒大物业曾代表其母公司支付了 134 亿元的担保款，尽管这笔钱随后被没收。但该物业管理公司已经在其财务记录中完全注销了该金额。截至去年年中，恒大物业拥有 27.8 亿元现金，并报告没有利息负担的银行借款。</p>
</div><p>Despite its 518 million yuan in net current liabilities at the middle of last year, the company's independent auditors said Evergrande Property should be able to continue as a going concern after implementing various measures to bolster its liquidity. Now, the company's acquisition by a deep-pocketed buyer could further restore market confidence, firming Evergrande Property's chances for a rebirth under new ownership.</p>
<div class="lb-trans"><p>尽管截至去年年中其净流动负债为 5.18 亿元，但公司的独立审计师表示，恒大物业在实施各种措施以增强流动性后，应该能够继续作为一个持续经营的实体。现在，公司的收购者如果是资金雄厚的买家，可能会进一步恢复市场信心，增强恒大物业在新所有权下重生的机会。</p>
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</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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恒大物业：是烫手山芋还是炙手可热的资产？