<p>破產開發商的清算人正在尋找買家收購其物業管理部門恒大物業，幾家公司據報道對此表示了興趣。</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>關鍵要點：</strong></h4>
<ul>
<li>根據媒體報道，廣東省旅遊控股和 PAG 已表示有意競標破產開發商恒大的物業管理部門。</li>
<li>恒大物業最新財務數據顯示，其可能無法收回高達 30 億元的應收賬款，其中大部分來自正在清算的母公司。</li>
</ul>
<p>房地產開發商 <strong>中國恒大集團</strong> 已被下令清算，但由於其大部分資產位於複雜的中國市場，該過程進展緩慢。然而，恒大物業服務集團有限公司（6666.HK）的情況則更為簡單，該公司在香港上市，可能以現有形式出售。此外，物業管理部門仍然具有一定價值，這使得清算人專注於尋找潛在買家。</p>
<p>恒大的清算人在 1 月份邀請感興趣的各方對物業管理部門進行盡職調查，並要求他們在月底前提交提案，恒大物業 <strong>上個月宣佈</strong>。</p>
<p>在公告發布後，多個潛在買家的名字開始流傳，包括中信資本旗下的信達資本，以及競爭對手物業管理公司如 <strong>中國海外物業</strong>（2669.HK）、<strong>華潤萬象城</strong>（1209.HK）、<strong>保利物業服務</strong>（6049.HK）、<strong>越秀服務</strong>（6626.HK）、<strong>招商物業運營與服務</strong>（001914.SZ）和 <strong>萬物雲</strong>（2602.HK）等。</p>
<h4><strong>公司否認</strong></h4>
<p>中國海外物業和華潤萬象城立即否認了這些傳聞。前者表示對此事沒有具體細節，而後者則直接駁斥了這些傳聞為不實。其他各方沒有回應。但考慮到當前中國房地產市場的疲軟狀態，大多數公司並不處於理想的收購位置。此外，恒大物業本身面臨眾多問題，規模龐大，這意味着其競爭對手的收購可能會很困難。</p>
<p>最近出現的另外兩個候選者是私募股權公司 PAG 和廣東省旅遊控股，它們與清算人進行了接觸，根據 <strong>上週的一份報告</strong>。一些人懷疑廣東旅遊可能是之前報道中提到的某家國有企業，正在關注恒大物業。恒大物業和廣東旅遊均位於南中國廣東省的省會廣州。</p>
<p>PAG 專注於亞太地區，管理資產超過 550 億美元。它因在大連萬達商業管理公司（房地產巨頭萬達的物業管理部門）的投資而在中國廣為人知。廣東旅遊由廣東省政府擁有，專注於旅遊和景區運營。其資產包括廣東中國旅行社，以及位於廣州的白天鵝酒店、白雲酒店和亞洲國際酒店。雙方均拒絕對對恒大物業的潛在興趣發表評論。</p>
<h4><strong>母公司拖累</strong></h4>
<p>任何收購嘗試面臨的最大問題源於恒大物業的失敗母公司，該公司揹負着數十億美元的債務。根據其最新的 <strong>中期報告</strong>，截至去年 6 月，恒大物業持有 58.8 億元（約合 8.47 億美元）的應收賬款。但對其收回所有款項能力的不確定性導致物業管理公司在此期間計提了 30.4 億元的減值損失，其中約 22 億元與其對中國恒大的風險敞口有關。</p>
<p>與此同時，正在清算的中國恒大仍然需要其物業管理部門為其基礎房地產資產提供服務，儘管許多資產仍然空置且未完成。物業管理公司在去年上半年為提供此類服務產生了約 2.28 億元的費用，儘管它未能收回付款。</p>
<p>除了削弱物業管理公司的財務狀況外，中國恒大的清算還削弱了恒大物業在爭取新的物業管理合同方面的競爭力。這體現在其在招標和投標提交、新客户獲取和與現有客户續約談判等活動中的有效性下降，削弱了公司的品牌和定價能力。</p>
<p>更糟糕的是，中國恒大過去常常向新買家提供多年物業費用豁免以促進銷售，剝奪了其物業管理部門一個重要的收入來源。這意味着恒大物業現在必須將這些豁免費用作為成本吸收。它也可能嘗試從業主那裏追回部分款項，儘管這些豁免是有據可查且經過認證的，這意味着恒大物業通過該渠道獲得的款項可能不多。</p>
<p>中國恒大此前還通過恒大物業平台直接向業主銷售由其自身業務支持的財富管理產品。這些產品中的絕大多數已經違約或變為不良資產。由於中國恒大否認對這些違約的責任，財富管理產品的持有者已將追回資金的努力指向恒大物業。</p>
<p>許多不利因素，主要與其清算母公司相關，也削弱了恒大物業從其管理的日益擔憂的業主中收取管理費的能力。這使得其應收賬款呈上升趨勢，回款週期變得更長，進一步給公司的現金流和流動性帶來壓力。</p>
<h4><strong>穩定的運營，可控的債務</strong></h4>
<p>儘管面臨諸多挑戰，恒大物業自身的核心運營看起來相對穩健。去年上半年，其收入同比增長 6.9%，達到 66.5 億元，而利潤則相對温和地下降了 5.6%，降至 4.72 億元。最新報告期的毛利率為 18%，淨利率為 7.4%。與中國海外物業的 17% 毛利率和 6% 淨利率，以及同一時期 Onewo 的 13% 毛利率和 4.6% 淨利率相比，這些數字顯得相當強勁。</p>
<p>恒大物業曾代表其母公司支付了 134 億元的擔保款，儘管這筆錢隨後被沒收。但該物業管理公司已經在其財務記錄中完全註銷了該金額。截至去年年中，恒大物業擁有 27.8 億元現金，並報告沒有利息負擔的銀行借款。</p>
<p>儘管截至去年年中其淨流動負債為 5.18 億元，但公司的獨立審計師表示，恒大物業在實施各種措施以增強流動性後，應該能夠繼續作為一個持續經營的實體。現在，公司的收購者如果是資金雄厚的買家，可能會進一步恢復市場信心，增強恒大物業在新所有權下重生的機會。</p>
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恆大物業

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南方中證全指房地產ETF

<p>恒大物業正在尋求買家收購其物業管理部門，廣東省旅遊控股和 PAG 等公司對此表現出興趣。清算人正專注於潛在買家，因為恒大物業面臨財務挑戰，包括 30 億元的無法收回債務。其母公司中國恒大集團的清算使情況更加複雜，影響了恒大物業獲得新合同和維護品牌的能力。儘管面臨這些挑戰，物業管理部門仍然具有一定的價值，因此正在尋找買家</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>破產開發商的清算人正在尋找買家收購其物業管理部門恒大物業，幾家公司據報道對此表示了興趣。</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>關鍵要點：</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>根據媒體報道，廣東省旅遊控股和 PAG 已表示有意競標破產開發商恒大的物業管理部門。</li>
<li>恒大物業最新財務數據顯示，其可能無法收回高達 30 億元的應收賬款，其中大部分來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>房地產開發商 <strong>中國恒大集團</strong> 已被下令清算，但由於其大部分資產位於複雜的中國市場，該過程進展緩慢。然而，恒大物業服務集團有限公司（6666.HK）的情況則更為簡單，該公司在香港上市，可能以現有形式出售。此外，物業管理部門仍然具有一定價值，這使得清算人專注於尋找潛在買家。</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 月份邀請感興趣的各方對物業管理部門進行盡職調查，並要求他們在月底前提交提案，恒大物業 <strong>上個月宣佈</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>在公告發布後，多個潛在買家的名字開始流傳，包括中信資本旗下的信達資本，以及競爭對手物業管理公司如 <strong>中國海外物業</strong>（2669.HK）、<strong>華潤萬象城</strong>（1209.HK）、<strong>保利物業服務</strong>（6049.HK）、<strong>越秀服務</strong>（6626.HK）、<strong>招商物業運營與服務</strong>（001914.SZ）和 <strong>萬物雲</strong>（2602.HK）等。</p>
</div><h4><strong>Company denials</strong></h4>
<div class="lb-trans"><h4><strong>公司否認</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>中國海外物業和華潤萬象城立即否認了這些傳聞。前者表示對此事沒有具體細節，而後者則直接駁斥了這些傳聞為不實。其他各方沒有回應。但考慮到當前中國房地產市場的疲軟狀態，大多數公司並不處於理想的收購位置。此外，恒大物業本身面臨眾多問題，規模龐大，這意味着其競爭對手的收購可能會很困難。</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>最近出現的另外兩個候選者是私募股權公司 PAG 和廣東省旅遊控股，它們與清算人進行了接觸，根據 <strong>上週的一份報告</strong>。一些人懷疑廣東旅遊可能是之前報道中提到的某家國有企業，正在關注恒大物業。恒大物業和廣東旅遊均位於南中國廣東省的省會廣州。</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 專注於亞太地區，管理資產超過 550 億美元。它因在大連萬達商業管理公司（房地產巨頭萬達的物業管理部門）的投資而在中國廣為人知。廣東旅遊由廣東省政府擁有，專注於旅遊和景區運營。其資產包括廣東中國旅行社，以及位於廣州的白天鵝酒店、白雲酒店和亞洲國際酒店。雙方均拒絕對對恒大物業的潛在興趣發表評論。</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>任何收購嘗試面臨的最大問題源於恒大物業的失敗母公司，該公司揹負着數十億美元的債務。根據其最新的 <strong>中期報告</strong>，截至去年 6 月，恒大物業持有 58.8 億元（約合 8.47 億美元）的應收賬款。但對其收回所有款項能力的不確定性導致物業管理公司在此期間計提了 30.4 億元的減值損失，其中約 22 億元與其對中國恒大的風險敞口有關。</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>與此同時，正在清算的中國恒大仍然需要其物業管理部門為其基礎房地產資產提供服務，儘管許多資產仍然空置且未完成。物業管理公司在去年上半年為提供此類服務產生了約 2.28 億元的費用，儘管它未能收回付款。</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>除了削弱物業管理公司的財務狀況外，中國恒大的清算還削弱了恒大物業在爭取新的物業管理合同方面的競爭力。這體現在其在招標和投標提交、新客户獲取和與現有客户續約談判等活動中的有效性下降，削弱了公司的品牌和定價能力。</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，中國恒大過去常常向新買家提供多年物業費用豁免以促進銷售，剝奪了其物業管理部門一個重要的收入來源。這意味着恒大物業現在必須將這些豁免費用作為成本吸收。它也可能嘗試從業主那裏追回部分款項，儘管這些豁免是有據可查且經過認證的，這意味着恒大物業通過該渠道獲得的款項可能不多。</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>中國恒大此前還通過恒大物業平台直接向業主銷售由其自身業務支持的財富管理產品。這些產品中的絕大多數已經違約或變為不良資產。由於中國恒大否認對這些違約的責任，財富管理產品的持有者已將追回資金的努力指向恒大物業。</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>許多不利因素，主要與其清算母公司相關，也削弱了恒大物業從其管理的日益擔憂的業主中收取管理費的能力。這使得其應收賬款呈上升趨勢，回款週期變得更長，進一步給公司的現金流和流動性帶來壓力。</p>
</div><h4><strong>Stable operations, manageable debt</strong></h4>
<div class="lb-trans"><h4><strong>穩定的運營，可控的債務</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>儘管面臨諸多挑戰，恒大物業自身的核心運營看起來相對穩健。去年上半年，其收入同比增長 6.9%，達到 66.5 億元，而利潤則相對温和地下降了 5.6%，降至 4.72 億元。最新報告期的毛利率為 18%，淨利率為 7.4%。與中國海外物業的 17% 毛利率和 6% 淨利率，以及同一時期 Onewo 的 13% 毛利率和 4.6% 淨利率相比，這些數字顯得相當強勁。</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>恒大物業曾代表其母公司支付了 134 億元的擔保款，儘管這筆錢隨後被沒收。但該物業管理公司已經在其財務記錄中完全註銷了該金額。截至去年年中，恒大物業擁有 27.8 億元現金，並報告沒有利息負擔的銀行借款。</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>儘管截至去年年中其淨流動負債為 5.18 億元，但公司的獨立審計師表示，恒大物業在實施各種措施以增強流動性後，應該能夠繼續作為一個持續經營的實體。現在，公司的收購者如果是資金雄厚的買家，可能會進一步恢復市場信心，增強恒大物業在新所有權下重生的機會。</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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恒大物業：是燙手山芋還是炙手可熱的資產？