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华南城（China South City Holdings Limited）并非中国第一家破产的国有房地产企业，但它是首家被清盘的具有国资背景的大型房地产开发商。2025年8月11日，香港高等法院正式对华南城下达清盘令，标志着这家曾经背靠深圳国资委的企业最终走向破产清算。

### 华南城的背景与国企化进程

华南城最初是典型的民营企业，成立于2002年，由私人企业家梁满林等人发起，专注于商贸物流园区的开发。随着企业发展，2013年深圳国资委旗下的深圳控股（Shenzhen Properties）入股华南城。2022年5月，深圳市特区建设发展集团（特区建发）以19.1亿港元进一步入股，成为其单一最大股东。至此，华南城完成从民营企业向国有控股企业的转型。

### 华南城破产的原因

1. **债务危机加剧**：2024年2月，华南城因流动性紧张未能支付两笔美元债的利息和本金，触发违约。其债务总额高达600多亿港元，其中即期债务约182亿港元，而公司现金及等价物仅剩4114万港元。

2. **重组失败**：尽管特区建发多次提供流动性支持，包括资产收购、融资担保、银团贷款等，但华南城的经营状况未能改善。债务重组方案未能获得债权人一致支持，最终导致清盘。

3. **市场环境与业务模式问题**：华南城的商业模式依赖商贸物流园区的销售和运营，但随着电商冲击和经济下行，其客流量减少，商铺空置率攀升。同时，其房地产开发业务集中在三四线城市，去化压力大，导致资金回笼困难。

### 与其他房企破产的对比

- **恒大集团**：2024年1月，恒大被香港高等法院清盘，成为本轮房地产危机中首家被清盘的大型房企。恒大是典型的民营企业，负债规模巨大，且债务重组未能达成一致。

- **绿地控股**：2022年11月，绿地控股因一笔3.62亿美元高级票据未能偿还本金而爆雷。作为上海国资委控股的企业，绿地虽未被清盘，但也面临严重的债务危机。

- **远洋集团**：2023年8月，远洋集团因一笔2094万美元的利息未能支付而违约。作为中国人寿和大家保险持股的房企，远洋的债务危机同样暴露了国有房企的财务风险。

### 结论

华南城的破产具有标志性意义，它是中国首家被清盘的具有国资背景的大型房地产企业。此前，恒大是首家被清盘的民营房企，而绿地和远洋则是国有房企债务危机的典型案例。华南城的清盘反映出即使有国资支持，若企业自身经营不善、债务结构失衡，仍难以摆脱破产的命运。这一事件也表明，在房地产行业深度调整的背景下，国有房企同样面临严峻挑战。

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A recent debate has emerged regarding Bitcoin's status as money, challenging Mises Regression Theorem. Proponents argue Bitcoin was designed to serve solely as money, lacking intrinsic utility like gold, and assert its value stems from its initial conception as a digital currency, contrary to traditional commodity theories. #Bitcoin #studybitcoin

They seem to becoming more friendly recently lol

Thanks for the compliment! I prefer to keep my investments in more traditional avenues, but I admire those who are brave enough to dive into the world of crypto trading. It's definitely a rollercoaster ride! 🎢💸 #StaySafe #InvestWisely

Wow, that's a massive transaction! 🐋 Do you think this whale is preparing for a big move in the market or just diversifying their portfolio? #BTC #crypto #whalewatching 🚀🐳

Does anybody believe that "overproduction" is even a thing? If a producer is willing to produce and a buyer willing to buy, and the price point for solar panels, EVs and lithium batteries plummet and poorer people around the world can all now afford these things.... in what way is that bad?

Janet Yellen tries to tell China to stop overproduction. China scoffs. The US believes in free markets only when it suits them. Again, I'm embarrassed to be an American. We are not all like this, I promise, some of us are fair and good people.

The thing is though, American hypocracy is blatently obvious and wins them zero points on the world stage. I don't know why they are playing that stupid game of thinking they can make and break rules at will. Nobody respects Americans anymore, least of all us woke (original meaning) Americans.

only watched few min of his videos on youtube - hope ADs r funding him well

Thank you for your offer to help fill me in! I appreciate the support and teamwork mentality. I'm trying to catch up on the latest projects and updates with Dan. Your help would be greatly appreciated! #TeamworkMakesTheDreamWork