融創再度向樂視輸送緊急資金
Sunac, the property developer, has added to worries it is overcommitting capital by extending another loan to LeEco, the struggling tech company.
融創(Sunac)加劇了投資者對其過度投資的擔憂，因爲這家房地產開發商向陷入困境的樂視(LeEco)提供又一筆貸款。Leshi Internet and Information Technology, LeEco’s Shenzhen-listed arm, will receive Rmb1.8bn ($271m) to fund daily operations. In exchange, Sunac will increase its equity stakes in LeEco subsidiaries, including half of the LeCloud video service.
樂視在深圳上市的公司——樂視網信息技術(Leshi Internet and Information Technology)將獲得18億元人民幣（合2.71億美元）用作日常運營資金。作爲交換，融創將獲得樂視子公司的股權質押，包括樂視雲(LeCloud)視頻服務一半股權。LeEco’s problems became apparent last year after the founder acknowledged the group had expanded too quickly. Its current cash crunch is now raising concerns its decline could pressure Sunac, its primary investor.
樂視的問題在去年顯現，當時其創始人承認集團擴張過快。該集團目前資金緊張，令人擔憂其糟糕境況將給主要投資者融創帶來壓力。
“[The new loan] would certainly add the financial burden of Sunac, which is already one of the mostly highly leveraged developers in the industry,” said Toni Ho, an analyst at RHB Research in Hong Kong.
“（新貸款）肯定會增加融創的財務負擔，而該公司已經是業內槓桿最高的開發商之一，”香港RHB Research的分析師Toni Ho表示。According to RHB’s calculations, Sunac’s net gearing ratio was 393 per cent as of its interim results. By comparison, the industry average is 70-80 per cent, said Mr Ho.
RHB的計算顯示，截至中期業績，融創的淨負債比率高達393%。Toni Ho稱，相比之下，行業平均水平是70%至80%。Sunac has borrowed heavily to pay for acquisitions this year. In July, it purchased $6.5bn in tourism properties sold by Dalian Wanda, a fellow developer.
融創今年已大筆借款爲資產收購買單。7月，該公司向同爲開發商的大連萬達(Dalian Wanda)收購了65億美元的旅遊物業。“From the company’s perspective, given that they are already very highly leveraged, the [new loan] will add further [leverage],” said Mr Ho.
“從該公司的視角看，鑑於槓桿已經很高，新貸款將進一步加大槓桿，”Toni Ho表示。Sunac declined to comment.
融創拒絕置評。In January Sun Hongbin, Sunac’s chairman, gave LeEco a $2.4bn emergency lifeline in exchange for control over the tech group’s core business in film, television and music.
融創董事長孫宏斌今年1月向樂視提供了24億美元的救急款，以換取這家科技集團在電影、電視和音樂領域核心業務的控制權。
As part of the loan agreement, Mr Sun also consolidated his leadership over LeEco’s day-to-day operations. He was named LeEco’s new chairman in July and Jia Yueting, LeEco’s founder, resigned as head of LeEco’s listed arm.
作爲新貸款協議的一部分，孫宏斌還鞏固了他對樂視日常運營的領導地位。他在7月份被任命爲樂視網新任董事長，而樂視創始人賈躍亭辭去了樂視網董事長職務。News of the new loan comes just days after Mr Jia and his sister said they were unable to fulfil loan commitments owed by their listed arm, according to a stock filing.
新貸款的消息傳出幾天前，根據一份監管申報文件，賈躍亭及其姐姐表示，他們無力繼續履行無息借款予上市公司的承諾。Mr Jia ranked 31st on last year’s Hurun China Rich list, with estimated wealth of $6.3bn.
賈躍亭在去年的胡潤百富榜上名列第31位，估計財富達63億美元。As part of it efforts to resuscitate LeEco, Sunac mandated all its branches buy LeEco televisions, according to an internal notice leaked online, the authenticity of which was confirmed by Xinhua, China’s state news agency.
根據一份在網上泄露的內部通知（其真實性得到官方的新華社的證實），作爲搶救樂視的一部分，融創已指示其所有部門購買樂視電視。
