<p>一位前合作伙伴因一項並不重大但仍可能引發連鎖反應的未償債務請求對雅居樂進行清算。</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>關鍵要點：</strong></h4>
<ul>
<li>雅居樂集團在香港面臨前合作伙伴美高梅國際發展旗下子公司提出的清算申請</li>
<li>該房地產開發商在今年前 11 個月的每平方米平均售價同比暴跌 32%，降至 9,113 元</li>
</ul>
<p>李世達</p>
<p>未能實現的 “文化旅遊夢想” 可能迅速變成負擔沉重的雅居樂集團控股有限公司（3383.HK）的噩夢。上週二，因市場關於公司狀況的傳言，該開發商的股價在盤中交易中暴跌近 20%。雅居樂當晚披露其一位債權人正在尋求對公司的清算，進一步打擊了本已脆弱的市場信心。</p>
<p>根據其 <strong>公告</strong>，美高梅（中山）商業管理因未支付總計 1859 萬美元和 223 萬元人民幣（31.7 萬美元）的賬單向香港高等法院申請雅居樂清算。法院已安排於 2 月 25 日舉行首次聽證會。</p>
<p>這筆約 1900 萬美元的債務與雅居樂的總負債相比微不足道，與許多中國房地產開發商目前面臨的鉅額債務相比也顯得微小。然而，投資者仍然感到不安，因為在此案中債權人是美高梅國際（0200.HK），這是一家澳門的持牌賭場運營商，也是雅居樂曾經被譽為 “強強聯合” 的文化旅遊合作伙伴。</p>
<p>這項合作始於 2021 年 6 月，當時雅居樂與美高梅共同收購了位於中山市翠亨新區的一塊約 504,000 平方米的大型綜合用地，交易金額為 38.2 億元人民幣。他們計劃將該地塊開發為一個投資額達 100 億元人民幣的文化旅遊中心，包含主題公園、五星級酒店、購物中心、醫療美容中心和豪華公寓。</p>
<h4><strong>項目解體</strong></h4>
<p>根據原協議，美高梅負責開發主題公園，而雅居樂則負責其他部分。雅居樂應出資約 56.5 億元人民幣，美高梅至少出資 4 億元人民幣。雅居樂後來未能履行其義務，並於 2022 年 7 月發出終止通知。儘管雙方在 2023 年達成了解散協議，但雅居樂最終未能按時支付和解款項，促使美高梅採取法律行動。</p>
<p>雅居樂在公告中表示 “強烈反對” 該申請，並將繼續與其海外債權人進行接洽，試圖談判一項全面的債務重組協議。</p>
<p>雅居樂的流動性危機與其在中國文化旅遊項目上的鉅額投資直接相關。在過去十年中，該公司重金押注於 “綜合文化旅遊綜合體” 模式，包括中山的項目。這類項目需要大量投資，開發週期長，回報期慢。與簡單的住宅開發相比，它們的現金流顯著較弱，使開發商面臨更大的財務壓力。</p>
<p>在今年上半年，雅居樂的收入同比暴跌 35.8%，降至 135.7 億元人民幣，而其虧損收窄 17%，降至 80.3 億元人民幣。底線的改善主要源於公司採取的一次性措施，包括出售其調味品業務、出售其在 A-Living Smart City Services（3319.HK）中的部分股份、裁員約 6000 名員工以及削減運營費用。儘管這些措施幫助改善了底線，但並未表明其在中國疲軟房地產市場中的核心業務有任何根本性的恢復。</p>
<h4><strong>價格暴跌</strong></h4>
<p>中國疲軟的房地產市場對雅居樂或其他曾在繁榮時期蓬勃發展的開發商幾乎沒有支持。該公司在今年前 11 個月的累計預售額同比下降約 45%，降至 80.8 億元人民幣。儘管這比一年前的 64.8% 的下滑有所改善，但仍標誌着連續第二年大幅收縮。該公司在今年前 11 個月的銷售面積下降約 20%，降至 886,000 平方米。</p>
<p>與此同時，雅居樂的平均售價在 11 個月期間同比暴跌約 32%，降至每平方米 9,113 元，降幅遠高於一年前的 10.2%。下降速度加快反映出開發商為推動銷售而進行的價格大幅削減，因為他們面臨着減少庫存的巨大壓力。然而，銷售量仍在下降，表明這種降價措施的效果有限。</p>
<p>雅居樂的財務報表顯示出公司當前面臨的結構性風險。截至 6 月底，其總負債為 1500 億元人民幣，較 2024 年底的 1552 億元略有下降。但這些負債的結構保持不變。其一年內到期的短期借款仍高達 378.7 億元，遠超僅有的 30.9 億元現金。這使得公司現金緩衝極為薄弱，足以覆蓋不到 10% 的短期債務。</p>
<p>在資產方面，雅居樂仍持有約 2962 萬平方米的土地儲備，平均成本僅為每平方米 2338 元，理論上提供了一定的變現潛力。但部分土地儲備已被用作債務抵押，限制了這一潛力。反映這一點的是，其在海南清水灣開發的三塊地塊已被税務機關以約 15.6 億元的保留價拍賣，以償還公司的税務債務。雅居樂還在與地方政府談判，計劃回售部分已完成的商業物業。</p>
<p>過去一年，公司並沒有閒着。它獲得了總計 149.2 億元的貸款延期，收回了超過 12 億元的高風險應收款，剝離了非核心資產並削減了成本。然而，這些措施只是為公司爭取了時間，而美高梅的法律行動則表明債權人的耐心正在耗盡。</p>
<p>點燃債務炸彈往往只需一根火柴。雅居樂在九月份表示，計劃在年底前與其離岸債權人達成初步重組協議，已經落後於原定的第三季度目標。由於離岸債務重組沒有進展，而美高梅現在採取新的法律步驟，其他中國合作伙伴和債權人可能會採取類似行動，從而引發多米諾效應。這種連鎖反應可能迅速加速，為公司的債務解決過程注入更多不確定性。</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

雅居樂集團

<p>雅居樂集團面臨來自前合作伙伴美高梅國際發展的一項清算申請，涉及 1900 萬美元的債務。該申請在香港提交，突顯了雅居樂在下滑的房地產市場中的財務困境。雅居樂在今年上半年的收入下降了 35.8%，其負債仍然很高。公司的文化旅遊項目，包括與美高梅的失敗合作，導致了其流動性問題。雅居樂反對該申請，並正在與債權人進行債務重組談判</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項並不重大但仍可能引發連鎖反應的未償債務請求對雅居樂進行清算。</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>關鍵要點：</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>雅居樂集團在香港面臨前合作伙伴美高梅國際發展旗下子公司提出的清算申請</li>
<li>該房地產開發商在今年前 11 個月的每平方米平均售價同比暴跌 32%，降至 9,113 元</li>
</ul>
</div><p>Lee Shih Ta</p>
<div class="lb-trans"><p>李世達</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>未能實現的 “文化旅遊夢想” 可能迅速變成負擔沉重的雅居樂集團控股有限公司（3383.HK）的噩夢。上週二，因市場關於公司狀況的傳言，該開發商的股價在盤中交易中暴跌近 20%。雅居樂當晚披露其一位債權人正在尋求對公司的清算，進一步打擊了本已脆弱的市場信心。</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>根據其 <strong>公告</strong>，美高梅（中山）商業管理因未支付總計 1859 萬美元和 223 萬元人民幣（31.7 萬美元）的賬單向香港高等法院申請雅居樂清算。法院已安排於 2 月 25 日舉行首次聽證會。</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>這筆約 1900 萬美元的債務與雅居樂的總負債相比微不足道，與許多中國房地產開發商目前面臨的鉅額債務相比也顯得微小。然而，投資者仍然感到不安，因為在此案中債權人是美高梅國際（0200.HK），這是一家澳門的持牌賭場運營商，也是雅居樂曾經被譽為 “強強聯合” 的文化旅遊合作伙伴。</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>這項合作始於 2021 年 6 月，當時雅居樂與美高梅共同收購了位於中山市翠亨新區的一塊約 504,000 平方米的大型綜合用地，交易金額為 38.2 億元人民幣。他們計劃將該地塊開發為一個投資額達 100 億元人民幣的文化旅遊中心，包含主題公園、五星級酒店、購物中心、醫療美容中心和豪華公寓。</p>
</div><h4><strong>Project unravels</strong></h4>
<div class="lb-trans"><h4><strong>項目解體</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>根據原協議，美高梅負責開發主題公園，而雅居樂則負責其他部分。雅居樂應出資約 56.5 億元人民幣，美高梅至少出資 4 億元人民幣。雅居樂後來未能履行其義務，並於 2022 年 7 月發出終止通知。儘管雙方在 2023 年達成了解散協議，但雅居樂最終未能按時支付和解款項，促使美高梅採取法律行動。</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>雅居樂在公告中表示 “強烈反對” 該申請，並將繼續與其海外債權人進行接洽，試圖談判一項全面的債務重組協議。</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>雅居樂的流動性危機與其在中國文化旅遊項目上的鉅額投資直接相關。在過去十年中，該公司重金押注於 “綜合文化旅遊綜合體” 模式，包括中山的項目。這類項目需要大量投資，開發週期長，回報期慢。與簡單的住宅開發相比，它們的現金流顯著較弱，使開發商面臨更大的財務壓力。</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，雅居樂的收入同比暴跌 35.8%，降至 135.7 億元人民幣，而其虧損收窄 17%，降至 80.3 億元人民幣。底線的改善主要源於公司採取的一次性措施，包括出售其調味品業務、出售其在 A-Living Smart City Services（3319.HK）中的部分股份、裁員約 6000 名員工以及削減運營費用。儘管這些措施幫助改善了底線，但並未表明其在中國疲軟房地產市場中的核心業務有任何根本性的恢復。</p>
</div><h4><strong>Plunging prices</strong></h4>
<div class="lb-trans"><h4><strong>價格暴跌</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>中國疲軟的房地產市場對雅居樂或其他曾在繁榮時期蓬勃發展的開發商幾乎沒有支持。該公司在今年前 11 個月的累計預售額同比下降約 45%，降至 80.8 億元人民幣。儘管這比一年前的 64.8% 的下滑有所改善，但仍標誌着連續第二年大幅收縮。該公司在今年前 11 個月的銷售面積下降約 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>與此同時，雅居樂的平均售價在 11 個月期間同比暴跌約 32%，降至每平方米 9,113 元，降幅遠高於一年前的 10.2%。下降速度加快反映出開發商為推動銷售而進行的價格大幅削減，因為他們面臨着減少庫存的巨大壓力。然而，銷售量仍在下降，表明這種降價措施的效果有限。</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>雅居樂的財務報表顯示出公司當前面臨的結構性風險。截至 6 月底，其總負債為 1500 億元人民幣，較 2024 年底的 1552 億元略有下降。但這些負債的結構保持不變。其一年內到期的短期借款仍高達 378.7 億元，遠超僅有的 30.9 億元現金。這使得公司現金緩衝極為薄弱，足以覆蓋不到 10% 的短期債務。</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>在資產方面，雅居樂仍持有約 2962 萬平方米的土地儲備，平均成本僅為每平方米 2338 元，理論上提供了一定的變現潛力。但部分土地儲備已被用作債務抵押，限制了這一潛力。反映這一點的是，其在海南清水灣開發的三塊地塊已被税務機關以約 15.6 億元的保留價拍賣，以償還公司的税務債務。雅居樂還在與地方政府談判，計劃回售部分已完成的商業物業。</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>過去一年，公司並沒有閒着。它獲得了總計 149.2 億元的貸款延期，收回了超過 12 億元的高風險應收款，剝離了非核心資產並削減了成本。然而，這些措施只是為公司爭取了時間，而美高梅的法律行動則表明債權人的耐心正在耗盡。</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>點燃債務炸彈往往只需一根火柴。雅居樂在九月份表示，計劃在年底前與其離岸債權人達成初步重組協議，已經落後於原定的第三季度目標。由於離岸債務重組沒有進展，而美高梅現在採取新的法律步驟，其他中國合作伙伴和債權人可能會採取類似行動，從而引發多米諾效應。這種連鎖反應可能迅速加速，為公司的債務解決過程注入更多不確定性。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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從朋友到對手：雅居樂集團正面臨來自前合作伙伴的日益嚴重的麻煩