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Hengda liquidation, what game is China’s real estate facing?

The following article is based on Bottom Line Thinking, by Lu Ming

Bottom line thinking.

Observer network commentary column

Luming

Political letter financial practitioner, freelance writer

At the moment, any disturbance in Chinese real estate will not lack an audience.

In the beginning of 2024, the news of a "Hong Kong High Court order for China Evergrande to be liquidated" caused heated debate in the market. The debate was about how much assets could be liquidated and whether the liquidation was the best for Evergrande’s creditors. The Hong Kong Special Administrative Region government and the Chinese mainland High Court signed the "Minutes of the Talks on Mutual Recognition and Assistance in Bankruptcy Proceedings between the Mainland and the Hong Kong Special Administrative Region Courts" and the "Opinions on Launching the Pilot Work on Recognition and Assistance in Bankruptcy Proceedings in the Hong Kong Special Administrative Region" issued by the High Court, which seemed to block the impact of the liquidation order on Evergrande’s assets and business in the mainland.

In just two days, rumors of "Country Garden creditors applying for liquidation" spread like wildfire, and the creditors of real estate companies flared up. Although Country Garden refuted the rumors on February 1, the haze of "being liquidated" still hangs over Chinese real estate companies. On February 16, Longguang Group announced that the Hong Kong High Court had ordered the liquidation petition to be withdrawn; this was because Longguang Group had agreed on a workout plan with the creditor group of US dollar bonds and its advisers a month ago.

However, by the end of February, Country Garden was in the news again. Ever Credit Limited filed a winding-up petition against Country Garden in the Hong Kong High Court on February 27, involving about 1.60 billion Hong Kong dollars of outstanding loans. Country Garden’s latest response said that it firmly opposes the winding-up petition and will seek legal advice, take all necessary actions, and actively and properly defend with the advisory team.

Whether to choose to liquidate, continue to believe, or lie flat, deserves careful consideration by real estate company creditors. Although many people are eagerly looking forward to the stability and recovery of the real estate market, the market is still dead; such "calm" cannot help but wonder: Has the real estate industry become a thing of the past?

Yesterday, China Evergrande, today’s debt is "constant"

The "Evergrande myth" came to an end last September when Xu Jiayin, chairperson of Evergrande’s board, was taken into coercive measures on suspicion of illegal crimes.

Since then, the news about Hengda has continued to appear in the coverage, mainly about the progress of the property, the listed company’s valuation decline and suspension, workout and asset sale, until January 29 this year, Hengda creditors postponed the seventh liquidation petition hearing expired.

But during this period, the public seems to have "forgotten" Evergrande. Rather than "disappointment", it is better to call it "rational". Rationally view the evolution of Evergrande’s events, rationally think about the present and future of the property market, rationally respond to variables that appear at any time, and strive to solve practical problems related to themselves.

Figure 1 is a concise map of the business empire created by Xu Jiayin and his wife, which is controlled by China Evergrande Group (abbreviation: China Evergrande, stock code: 03333.HK), Evergrande Property Group Co., Ltd. (abbreviation: Evergrande Property, stock code: 06666.HK), China Evergrande New Energy Group Co., Ltd. (abbreviation: Evergrande Automobile, stock code: 00708.HK) and Evergrande Real Estate Group Co., Ltd. (abbreviation: Evergrande Real Estate).

Figure 1 (Source of information: According to the query information of Enterprise Early Warning)

China Evergrande is registered in the Cayman Islands, Evergrande Property and Evergrande Auto are registered in Hong Kong, and Evergrande Group and Evergrande Real Estate are both registered in Shenzhen. Evergrande Group is the main commercial entity of China Evergrande except real estate business, covering high-tech, finance, Internet, modern agriculture, health industry, education technology, think tanks, sports, amusement parks, restaurants, hotels and other sectors.

According to the 2023 interim report of China Evergrande and its subsidiary Evergrande Real Estate, Evergrande Group’s consolidated caliber total assets are 1.743997 trillion yuan, consolidated caliber liabilities are 2.3882 trillion yuan, and consolidated caliber owner’s equity is -644.203 billion yuan, which is seriously insolvent. Consolidated caliber interest-bearing debt [Interest-bearing debt includes senior notes, corporate bonds, convertible bonds, bank loans and trusts and other non-standard financing.] The total amount is 624.765 billion yuan, and Evergrande Real Estate accounts for about 70.87%, which is 442.754 billion yuan.

Among them, the amount of interest-bearing debt denominated in US dollars and Hong Kong dollars is equivalent to RMB 157.896 billion yuan and 6.239 billion yuan respectively, accounting for 26.37% of the total interest-bearing debt of Evergrande Group. There are 14 Chinese dollar bonds, totaling 19.5454 billion yuan: 10 Chinese Evergrande headquarters, totaling 14.3104 billion yuan; 4 Hengda real estate, totaling 5.2314 billion yuan.

It can be seen that Evergrande (hereinafter referred to as "Evergrande" to refer to the enterprise group composed of China Evergrande and its subsidiaries) has a relatively low proportion of overseas debt, and mainly uses indirect financing methods.

Evergrande has a debt of 2.40 trillion yuan, of which interest-bearing debt is only a quarter. Other liabilities mainly include: payments due to suppliers (including real estate and trading businesses, etc.), accounting for about a quarter; advance payments from home buyers, accounting for about a quarter; payables from third-party lending, partners’ upfront investment, acquisition of land use rights and project company equity, accounting for about one-eighth; and deferred income tax liabilities, accounting for about one-eighth.

The "Updated Announcement on Hengda Real Estate Involving Major Litigation and Failure to Liquidate Due Debts" released on December 29, 2023 shows that as of the end of November 2023, Hengda Real Estate had involved a total of approximately 316.391 billion yuan in unliquidated due debts, and a total of approximately 205.537 billion yuan in overdue commercial tickets.

The above data is only financing data. Payments due to suppliers, partners’ upfront investment, and other payables are scattered among thousands of pending lawsuits and cases of dishonest enforcers. The balance of prepaid house purchases by house buyers is slowly reduced along with the "guaranteed buildings" one by one.

Domestic debt "is not debt", foreign debt will "kill"

Figure 2 shows the change curve of relevant indicators drawn by the author according to the statistics of the State Administration of Foreign Exchange’s "China’s External Debt, National Economy and Foreign Exchange Earnings, 1985-2022".

From the graph, it can be seen that the growth rate curve of external debt balance and the growth rate curve of foreign exchange income have the same trend; the GDP growth rate curve has a strong correlation with the debt ratio curve, and both are relatively flat.

According to the data of the State Administration of Foreign Exchange, in 2001, China’s foreign exchange income was 299.40 billion US dollars, and the balance of foreign debt was 203.30 billion US dollars. Before 2001, the annual foreign exchange income was slightly higher than the balance of foreign debt. After 2001, thanks to China’s accession to the WTO, the annual foreign exchange income and the balance of foreign debt quickly widened. By 2022, China’s foreign exchange income 3.5552 trillion US dollars, and the balance of foreign debt 2.74656 trillion US dollars.

The rapid growth of foreign debt and foreign exports is the best example of China’s export-oriented economy in the past 20 years. The perfect match between the debt ratio and the GDP growth rate further confirms the good effect of using foreign debt to promote economic growth.

Figure 2 (Note: 1. Debt ratio refers to the ratio of the balance of foreign debt at the end of the year to the GDP of the year; 2. Foreign exchange income refers to the export income of goods and services on the basis of the balance of payments.)

Figure 3 shows the stock amount of Chinese dollar bonds issued by enterprises in various industries and the relevant statistics. Among them, financial enterprises issued the most, followed by real estate enterprises.

As of February 21, 2024, the balance of US dollar bonds issued by real estate enterprises was 57.542 billion US dollars, a decrease of 31.49% from the US $83.993 billion at the end of 2022. It is expected that the repayment tide of US dollar bonds of real estate enterprises will continue. Since 2023, the number of new US dollar bonds issued by real estate enterprises has dropped to single digits. In addition to leading real estate enterprises such as Shanghai Jinmao, Yuexiu Real Estate, Wanda Commercial, and Swire Real Estate, only a few urban investment companies with real estate as their main business are left.

Figure 3 (Data source: Enterprise Early Warning)

According to Evergrande’s interest-bearing debt structure data, its foreign debt accounts for less than 30%. But it can be said that it is precisely because of this small amount of foreign debt that Evergrande has been "guillotined".

Why are Hengda’s domestic debt creditors, including home buyers, suppliers, partners, and Financial Institution Group, willing to give Xu Jiayin and Hengda some time, while foreign creditors are impatient and even want to take advantage of the fire? Not to mention that there are very few left after the liquidation of Hengda, even if according to the order of debt repayment, foreign creditors are not preferred.

Perhaps it is because foreign creditors handle economic affairs strictly in accordance with the concept of "rule of law" and business habits; perhaps it is because domestic creditors have a more accurate grasp of the current economic environment and economic situation, and optimistic expectations dominate; perhaps some people take the opportunity to short Chinese real estate and play arbitrage games… At present, there is not enough evidence to verify the above speculation.

But there is one point that deserves the attention of domestic enterprises, that is, they must reasonably and moderately borrow foreign debt for production and operation based on the needs of the enterprise’s operation, and at the same time deal with creditors in accordance with the market economy system and rules. For the content of reasonable and moderate borrowing, readers can refer to the author’s previous article "Private enterprises lack money, what else is missing?" on the relevant discussion of "the advantages and disadvantages of equity financing and debt financing".

We must not handle and treat foreign affairs with the concept and style of handling domestic debts, that is, "politicization of economic issues". The political structure must be necessary, but it can only be used as a means of backing the bottom line, and it should not be overused, so as not to cause "discredit" and cause pessimistic expectations. Borrowing foreign debt involves a wide range of aspects. The State Administration of Foreign Exchange, the National Development and Reform Commission, and the Ministry of Commerce of China and other departments will participate in the guidance to varying degrees according to the amount and purpose of borrowing foreign debt. Rashly imposing administrative intervention is not only contrary to commercial credit, but also will damage the image of our country’s socialist market economic system and cause a series of adverse reactions.

External debt is sensitive to factors such as exchange rates, interest rates and geopolitics, and the variables are large. A little carelessness will trigger the liquidity risk of the borrower, which will cause a debt crisis and disrupt the rhythm of production and operation. If the industry risk is superimposed, the borrower will fall into the abyss, just like Evergrande.

Will Hengda’s liquidation be followed?

The liquidation of China Evergrande is the end for Xu Jiayin and his business empire. But is this wave of liquidation just beginning for China’s real estate industry?

The following table is based on the announcements of some well-known real estate enterprises and their related parties. It is not difficult to find that there are not a few real estate enterprises that have been liquidated by creditors of overseas debts. The first liquidation petition is concentrated in 2022, and the first application for liquidation of individual real estate enterprises occurs in 2023 and 2024.

Judging from the judgments of the Hong Kong High Court and the Grand Court of the Cayman Islands on the winding-up petition, there are four orders: dismissal, adjournment, revocation, and enforcement. Each order is issued prudently, and is based on the actual situation of the real estate enterprise, the feasibility of the workout, and the approval of creditors. The legal details are left to legal experts to interpret, which will not be covered in this article for the time being.

Table 1 (Note: The above information is collated according to the announcements of each company, and the relevant date is the announcement date or the content of the excerpted announcement.)

However, one thing worth noting is that whether the company chooses to lie down or save itself determines the sooner or later the liquidation petition will be executed. Among the real estate companies that have been liquidated, Sunshine City is undoubtedly the flattest. The first application for liquidation was executed without even a trace of struggle. How can we talk about self-rescue, let alone sincerity?

Sony Holdings was liquidated in December 2022, and the Stock Exchange cancelled its status as a superior company on April 13, 2023. The progress and details of its liquidation cannot be obtained through public channels for the time being. Jiayuan International was liquidated in May 2023, and the liquidation work is still in progress, during which the stock continued to be suspended.

According to the "Latest Information on the Group’s Business Operations and Proposed Restructuring" released by Jiayuan International on January 30, 2024, it is time-consuming and laborious to sort out its domestic and foreign debts. Not only does the liquidation require financial support from creditors, but the remaining rights and interests cannot be fully protected when the restructuring is completed. The following is an excerpt of the original text:

"The Liquidator believes that the proposed protective action may be an arrangement made by the onshore creditors and/or the local government to facilitate the completion and delivery of the housing project and/or the segregated protection of the value of the Qingdao Real Estate Development Project…. As of the date of this announcement, the outstanding principal amount (excluding any accrued interest) payable to the Lender by Cheung Yuen Properties (an indirect wholly-owned subsidiary in Macau) under the financing agreement is approximately HK $3.20 billion. As a result of the appointment of the Receiver, the Group no longer has any power or authority to dispose of Bright Ocean shares and all assets of Bright Ocean, including the interest in Xiangyuan Real Estate…. On January 19, 2024, Guangyuan Mining (an indirect wholly-owned subsidiary in Cambodia) received a reminder notice from CITIC Xinhui to repay its debts totaling US $129,620,620.35 by January 26, 2024, otherwise CITIC Xinhui indicated that further legal action may be taken against Guangyuan Mining…. It is expected that the impact of the above-mentioned development of the company’s domestic and overseas operations will result in a significant decrease in the net asset value of the Group compared to the net asset value disclosed in the recently published consolidated statement of financial position as at June 30, 2022…. There is no doubt that in the absence of sufficient funds, it will not be possible to Achieving a successful restructuring… The liquidator seeks the continued support of all the company’s creditors and their patience throughout the process. "

Looking back at Hengda, the company and its executives, as well as the actual controller Xu Jiayin, have been actively communicating with creditors, local governments and people from all walks of life. Sorting out Hengda’s announcements and related information reports, most of them are workout progress, property protection, and asset sale. It can be seen that Hengda has not been lying flat, and it is Hengda’s full sincerity and active self-rescue actions that have repeatedly postponed the liquidation petition.

So, is it because of a series of events such as Xu Jiayin’s technical divorce, filing for bankruptcy protection in the United States, and being forced to take coercive measures that creditors have lost patience and confidence, accelerating the arrival of liquidation? The author believes that it is not unrelated, but it should be mostly rational. After creditors have a deep understanding of Evergrande, they have combined the real estate industry, domestic economy, and international environment to make a comprehensive evaluation of "the lesser of two evils".

Petitioning for liquidation is not an end, but a means for creditors to fight for their rights and interests. It is a helpless move to negotiate fruitlessly. Whether foreign creditors of other real estate companies will petition for liquidation one after another depends on whether real estate companies really want to be liquidated.

For domestic creditors, it seems that the option of applying for liquidation is missing, but it is actually abandoning the forced negotiation measure of "breaking the jar". After all, the problems currently encountered by real estate enterprises are similar. It is not so much a debt crisis caused by excessive debt, but an inevitable outcome of the industry’s risk clearing.

Thousands of sails pass by the side of the sunken boat

According to the above-mentioned cases of several real estate companies that have been ordered to be liquidated by the Hong Kong High Court or overseas courts, Evergrande’s liquidation will take a long time. After all, Evergrande’s volume is very large, involving a lot of business and a wide range of regions. Moreover, the task of protecting the property in China is still arduous, and litigation and enforcement have yet to be realized. Recently, Sean, CEO of Evergrande Group, said that the management and operation system of domestic and foreign subsidiaries of Evergrande Group and other independent legal entities remains unchanged, and key tasks such as protecting the property are steadily promoted.

Standing at the current point, Evergrande’s liquidation has caused the market to feel the "cold spring", and foreign creditors have launched a wave of "counterattack" in response to the cold snap – on February 16, 2024, Hongyang Real Estate (1996.HK) issued an announcement, and Bank of New York Mellon London Branch submitted a liquidation petition to the Hong Kong High Court, involving financial obligations of not less than 228,500,000 US dollars, which has not yet entered the hearing.

Other foreign real estate creditors are also waiting for an opportunity. What are they waiting for? Presumably not to petition for liquidation. Maybe it is waiting for the company to cut meat and sell assets cheaply; maybe it is aiming at the opportunity of bottom fishing and preemptively occupying land; of course, it may also be purely to rip off. But these actions are beyond reproach in the end. As for the market, compliance can be done.

The market is rational, and all parties are pursuing maximum profits. Only by withstanding the test of liquidation can we proceed steadily and far in the next real estate cycle.

Infographic/Dongfang IC

Can real estate become a breakthrough for economic boost again?

Since November last year, the People’s Bank of China and other eight departments jointly issued the "Notice on Strengthening Financial Support Measures to Help the Development and Growth of the Private Economy", real estate enterprises have received financing support from commercial banks and other Financial Institutions Groups to varying degrees.

It is reported that as of February 20, 214 cities in 29 provinces across the country have established a real estate financing coordination mechanism, and put forward a "whitelist" of real estate projects that can be supported by financing in batches and pushed to commercial banks, involving a total of 5349 projects; 162 projects in 57 cities have received bank financing for a total of 29.43 billion yuan, an increase of 11.30 billion yuan compared with before the Spring Festival holiday.

There are many opinions that at this stage, for real estate enterprises, they should first focus on the resolution of their own debt crisis. Get cash flow through high-quality asset disposal, and the strong man will break his wrist; or through other business sectors, or even the real estate sector compensated by the actual controller’s private assets, seek balance… The above-mentioned debt schemes are correct, but they cannot solve the fundamental hematopoietic problem. Short-sighted solutions to problems will not only dampen the enthusiasm of creditors, but also dampen the enthusiasm of a large number of enterprise managers.

Housing enterprises self-rescue blood, Financial Institution Group blood transfusion, is a top priority, help boost market confidence. However, the real estate enterprise debt high this drawback, in the process of rapid development of the real estate industry, eventually led to the debt crisis. Therefore, the solution should also be found in the continued development.

Since the beginning of this year, many first-tier and super-first-tier cities have relaxed their residential purchase restrictions. At the same time, monetary policy has also been actively implemented: on January 24, the People’s Bank of China announced that the deposit reserve ratio of the Financial Institution Group will be reduced by 0.5 percentage points from February 5, 2024 (excluding the Financial Institution Group that has implemented the 5% deposit reserve ratio); on February 20, the People’s Bank of China authorized the National Interbank Offered Center to announce the loan market quotation rate (LPR): The market quotation rate (LPR) for loans with a maturity of more than five years was reduced from 4.20% to 3.95%, a decrease of 25 basis points from the previous value.

Zhang Xu, an analyst at Everbright Securities, said, "This is not only the first LPR decline since August 2023, but also the first time since May 2022 that the LPR decline formed by the active compression of the MLF (medium-term lending facility) interest rate remains unchanged. It is also the largest single decline since the LPR reform, and it is a single decline that far exceeds market expectations… It will help support the stable and healthy development of the real estate market."

All eyes are on the real estate market, and most of the good news has been given. Can the real estate industry become the engine of stable economic growth in the "post-epidemic era"?

Pessimists are right, optimists move forward. With the implementation of monetary policy, debt risk will be transferred from the real estate industry to the commercial banking sector, and to a certain extent, it will be borne by the residential sector. It is necessary to pay attention to the local risks exposed in the process of risk transfer, such as the risk of excessive bad debt ratio of small and medium-sized banks. AMC institutions may be able to cover it to a certain extent.

In addition, fiscal policy should be more active. Advancing the construction of affordable housing, "dual-use" public infrastructure, and "three major projects" for the renovation of urban villages can help the real estate market stabilize and recover, and real estate enterprises can achieve appropriate replenishment. In the future, whether the development of housing rental market and commodity housing market can shine greatly depends on whether the macro economy can continue to improve.

Source | Bottom line thinking

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Press conference | Raising the basic pension for retirees of enterprises and urban residents

Recently, the Press Office of Rushan Municipal People’s Government held a press conference on the adjustment of the basic pension for retirees. The relevant person in charge of the Municipal Social Insurance Center introduced the relevant situation and answered questions from reporters.

In 2021, Rushan City raised the basic pension for retirees of enterprises and urban residents in the city according to the unified arrangements of the higher authorities. Among them, the standard of basic pension for urban residents has been raised from 154 yuan per person per month to 162 yuan. The adjustment of enterprise basic pension adopts the method of combining quota adjustment, hook adjustment and appropriate tilt.

Quota adjustment

65 yuan’s pension will be increased every month.

Hook adjustment

Increase the pension according to the following two parts:

1. Determine the monthly increase according to 1.2% of my basic pension in December 2020.

2, enterprise retirees adjusted according to the payment period. According to my payment period, determine the monthly increase, among which, for the part below 15 years (inclusive), 1 yuan will be increased every month for every full year; For the part of more than 16 years to 25 years, the 1.3 yuan will be increased every month for every full year; For the part of more than 26 years to 35 years, the 1.6 yuan will be increased every month for every full year; For the part of more than 36 years to 45 years, the 1.9 yuan will be increased every month for every full year; For the part that has been over 46 years, 2.2 yuan will be added every month for every full year. The payment period includes the deemed payment period, excluding the additional years converted from special types of work; If the payment period is less than 1 year, it shall be calculated as 1 year.

Appropriate inclination

1. Before December 31, 2020, for retirees who have reached the age of 70 and under 75 (calculated by the date of birth confirmed by the regulations when going through retirement procedures, the same below), who have reached the age of 75 and under 80, and who have reached the age of 80, the pensions of 15 yuan, 30 yuan and 60 yuan will be increased respectively per person per month.

2. During the period from January 1 to December 31, 2020, the number of enterprise retirees who reach the age of 70, 75 and 80 (excluding the one-time payment of the insured by the enterprise) will increase in 290 yuan, 190 yuan and 360 yuan respectively per person per month, and the one-time payment of the insured by the enterprise will increase in 70 yuan, 60 yuan and 120 yuan respectively per person per month.

In 2021, there were more than 80,000 enterprise retirees who adjusted the basic pension in Rushan City, and the monthly average pension was increased by 129 yuan, and the basic pension for enterprise retirees was reissued by 63.06 million yuan; The basic old-age pension for urban residents has been raised by 5%, and the average treatment level has reached 198 yuan per person per month, with a replacement amount of 890,000 yuan. At present, all of them have been paid in place.

ask a question

Qustions

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Answers

Q1

In recent years, the treatment of retirees is improving every year, and many flexible employees also want to participate in the endowment insurance for enterprise employees. How do flexible employees pay for insurance? How is the base and proportion of paying endowment insurance premium stipulated?

Flexible employees can voluntarily apply for insurance payment. Flexible employees who are under 60 years of age and under 50 years of age can apply for insurance registration at Windows 2 and 3 of Area C on the second floor of Rushan Citizen Service Center with their ID cards or temporary residence permits, and can pay after registration.

Individual industrial and commercial households and flexible employees who participate in enterprise endowment insurance in their personal capacity, the amount of their pension insurance premiums shall be determined by multiplying the payment base stipulated by the state and the province by the payment ratio.

The current regulations are as follows: the payment base can be selected between 60% and 300% of the average salary of employees in full-caliber urban units in this province, and the payment ratio is 20%; Among them, 8% is credited to personal account and 12% to overall fund. For example, the payment in 2021 can be selected in the range of 3746 yuan to 18726 yuan. If the base of 3746 yuan is selected, the insurance premium to be paid in 2021 is 3746×20%×12=8990.40 yuan. There is 3746×8%×12=3596.16 yuan in personal account, which can be inherited.

When the insured persons who participate in the basic old-age insurance for enterprise employees as flexible employees reach retirement age (men over 60 years old and women over 55 years old), if the accumulated payment period is over 15 years, the pension will be paid according to the regulations. Among them: female flexible employees who have been employed in a flexible way and continue to pay endowment insurance premiums after the termination or termination of labor relations with the original enterprise after the enterprise has paid the insurance premium for 10 years, their retirement age is still 50 years old. If the female flexible employment insured payer has been employed in the enterprise for 10 years, his retirement age will still be 50 years old.

Q2

What should I do if employees reach the statutory retirement age and the payment period is less than 15 years?

According to the regulations, if the employees of an enterprise have paid the fees at the statutory retirement age for less than 15 years, they can extend the payment to 15 years. "Social Insurance Law" before the implementation of the insured, extended payment after 5 years is still less than 15 years, you can pay a one-time payment to 15 years.

Q3

Excuse me, under what circumstances can I repay the endowment insurance for enterprise employees? How to pay back?

If the employer and the employee have not insured or paid the old-age insurance premium during the labor (personnel) relationship, they can pay the old-age insurance premium for the period that they have not insured or paid. The specific policies shall be implemented in accordance with the Notice of Shandong Provincial Department of Human Resources and Social Security on Improving the Payment Policy for Employees’ Basic Endowment Insurance (Lu Ren She Gui [2019] No.13).

To pay back as an employee of the unit, the unit shall submit a written application and go through the formalities of paying back in the social insurance agency where the unit is insured; When applying for overdue payment, the following materials should be provided: ID card and original file of the payer, salary income credentials and other original materials corresponding to the reasons for overdue payment. Among them, if the one-time payment exceeds three years, legal documents issued by administrative departments such as people’s courts, auditing departments, labor inspection or labor and personnel dispute arbitration committees shall be provided.

The state clearly stipulates that people who are over the retirement age and do not meet the requirements shall not be included in the basic old-age insurance for employees by means of one-time payment. At the same time, it is stipulated that individual industrial and commercial households without employees and all kinds of flexible employees are not allowed to increase the payment period by making up the payment afterwards.

Q4

Recently, Shandong Province announced the upper and lower limits of the social security payment base. According to the requirements, who needs to pay the base difference and how to pay it?

According to the relevant data calculated by the provincial statistics department, the average salary of employees in full-caliber urban units in the province in 2020 was 74,906 yuan, with an average of 6,242 yuan per month. In 2021, the upper limit of employee social security payment base was 18,726 yuan, and the lower limit was 3,746 yuan. According to the regulations of the province, if the monthly payment base of employees at the beginning of the year was less than 3,746 yuan, it should be repaid according to 3,746 yuan.

Among them, the individual make-up part of the employees who are on-the-job and change their work units is withheld and remitted by the current unit to complete the make-up business, and the individual does not pay the make-up fee; The social security relationship has been transferred to the new insured place, died for some reason, went abroad and other accounts have been settled, and individuals do not make up the difference.

Individuals who need to make up the difference mainly include those who have stopped paying after leaving the company and flexible employees (including those who have gone through retirement procedures). The amount and data of personal makeup are automatically generated by the social security system, and the time for personal makeup payment is until December 2021.

Those who pay fees when the enterprise leaves the company need to bring their ID cards to the tax window in Zone D on the second floor of the Citizen Service Center to pay the fees.

Flexible employees can make up the difference through the WeChat applet "Shandong Tax and Social Security Payment" and Alipay "Citizen Center-Social Security-Social Security Payment-Flexible Employment-Special Payment", or they can take their ID cards to the tax window in Zone D on the second floor of the Citizen Service Center for payment.

Original title: "Press Conference | Raising the basic pension for retirees of enterprises and urban residents"

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Changjiang, Hainan: kapok comes in spring

  "It’s different in the south, middle and spring, and the city is full of kapok." At present, it’s a good time to enjoy kapok in Changjiang, Hainan.

  Changjiang River, known as the "hometown of kapok", is one of the areas where kapok is concentrated. 2-mdash per year; In March, the landscapes of Baoshan Village Kapok Terrace, Paian Village Kapok Railway and Changhua River Kapok Red in Changjiang River formed Hainan’s unique beauty of stepping into the spring. When kapok bloomed, it was the first time when rice was planted, which vividly showed the freehand brushwork picture of "spring ploughing in the flowering season" and formed kapok unique to Asia — Paddy field farming system.
Every year, during the flowering season of kapok in Changjiang, painters and tourists from all over the country also come here.

Tesla investors’ day talks about the concept of "three self" products defined by automobile robots

At Tesla’s first investor day, Musk once again made a surprising statement: "Tesla cars are robots on wheels, and no one and no company can approach Tesla’s level in real-world AI." As soon as this was said, the two major topics of AI and robotics once again triggered industry discussions.
At the beginning of 2023, other new forces, such as ideals, also said that they should build systematic capabilities around AI robots. "Intelligent electric vehicles with autonomous driving will also become the earliest artificial intelligence robots."
From the perspective of the whole automobile industry, it is the concentration that first puts forward the advanced concept of "automobile robot". As early as the beginning of its establishment in 2021, Jidu took "automobile robot" as its product positioning, and automobile robot has also become another product masterpiece under the Geely SEA framework.
Objectively speaking, Musk’s statement made the world see the tremendous changes that AI technology has brought to the automobile industry, and also strengthened the development trend of "robot" of automobiles.

"Automobile robot" conforms to the future development trend, and "three self" is the basic attribute.

"No AI, no intelligence" has become the consensus of the automobile industry. In the past, fossil energy was the core power source of automobiles in the era of fuel vehicles 1.0, and electric vehicles 2.0 were driven by electricity. In the current era of smart cars 3.0, the underlying driving force came from AI technology.

Like Musk, Xia Yiping, CEO of Jidu, always emphasizes that AI technology is the "soul" when he mentions "car robot". Xia Yiping once said, "The era of smart car 3.0 is the era of automobile robots. The starting point of the era change is that the’ driving right’ of automobiles is transferred from human beings to AI, and AI drives the evolution of automobiles." Concentration also defines the basic attributes of "automobile robot", that is, "free movement, natural communication and self-growth", which has also become the product concept of concentration automobile robot.
Why do you want to divide it like this? This is actually due to the nature that automobile robots are both cars and robots. When a car has the brain of AI, it is no longer just a simple means of transportation, but a "robot" with self-thinking and powerful ability. Therefore, automobile robots must first be able to "move freely" and rely on high-order intelligent driving to drive to where they need to go; Secondly, we should have enough high-level intelligent interaction ability, constantly understand the new needs of users, and complete effective communication and action execution; Finally, it can continue to grow through the learning of big data, understand users more and more, and improve its ability boundary.
From this point of view, "automobile robot" does not have to look like a human body, but whether it has the "three-self" ability. Even if it becomes human, it still can’t escape this underlying logic. Just like Tesla’s humanoid robot, it must be able to walk on its own, communicate smoothly, and learn and evolve continuously.

In addition to the standard demonstration of concentration, have car companies gone out of another new path? At present, not yet.

Whether Tesla said "cars are robots on wheels" or "artificial intelligence robots" that he wanted to build, or even independent brands directly label their products with "car robots", in fact, they are all different expressions of the same logic.

From hardware-led to software-defined, automobile is actually a transfer from automobile attributes to robot attributes. The advancement of intelligence must not be achieved overnight, and it needs a long-term accumulation process. Although everyone is called a "robot", their abilities may differ by a hundred thousand miles.

Compared with Tesla and other followers, Jidu, as the pioneer of new species of automobile robots, has integrated AI genes into the product concept of "three self".

Geely SEA’s vast architecture is fully redundant in terms of space, electricity, intelligence, autonomous driving, safety and performance. Therefore, the centralized automobile robot also has a considerable degree of freedom, which can integrate higher-order intelligent capabilities and further improve the "three-self" level of automobile robots.

Specific to the function, the centralized high-level intelligent driving is empowered by Baidu Apollo’s L4-level automatic driving technology, and one of the core functions, point-to-point navigation assistance PPA, can meet the "free movement" in most daily use scenarios. High-level intelligent interaction is supported by off-line voice, touch, visual recognition and other multi-touch interactions to realize "natural communication" in any scene. Among them, the global off-line voice interaction recognition speed is 500ms, the response speed is within 700ms, and it can be used smoothly even when the network is disconnected. In addition, based on the underlying technical support accumulated by Baidu AI in the past 10 years, Jidu automobile robot can continuously learn and "grow up" according to user behavior habits and driving data.

Although the birth of automobile robot is defined by software, it is equally excellent in mechanical quality. As Jidu automobile robot is another masterpiece of Geely SEA’s vast architecture, it is "of the same ancestry" with Volvo, Polar Star and Lotus in terms of mechanical performance and safety guarantee, and the quality of the whole vehicle is directed at international luxury brands.
In addition, Geely’s manufacturing technology has also reached the international first-class level. For example, Geely Hangzhou Bay Smart Factory integrates advanced manufacturing technologies such as 5G, AI and industrial big data, and the four production workshops are highly automated. As the first batch of "future factories" in Zhejiang Province, Geely Hangzhou Bay Smart Factory has become a "new model" for China’s intellectual creation.

It is conceivable that the product quality of Jidu automobile robot created by Geely’s excellent craftsmanship is worthy of recognition.

In the real version of Iron Man and Jarvis, Jidu automobile robot will take the lead in applying the China version of ChatGPT.

If Jarvis, the smart and reliable AI housekeeper in Iron Man, depicts the ultimate form of artificial intelligence in the future for us. Then, with the gradual maturity of AI empowerment and core technologies, automotive robots are turning Jarvis in the movie into the reality of the automotive industry.
ChatGPT-like application of Baidu Wenxin is a turning point. It can be said that with ChatGPT, AI’s empowerment for the automotive industry has evolved.

As an AI conversation model, ChatGPT has a natural connection with cars, which has the potential imagination to subvert the voice assistant in the intelligent cockpit.

On February 14th this year, Jidu announced that it would integrate the comprehensive capabilities of Baidu Wenxin to create the world’s first large-scale artificial intelligence interactive experience for smart car scenes, so as to support automotive robots to achieve further progress in natural communication. As the first "crab-eating" brand, Jidu’s move has also brought unprecedented changes to smart cars.
The reason why Jiji was able to announce that it was the first to realize the first launch of ChatGPT-like technology is also because the pure-blood automobile robot of Geely SEA has already possessed high-level intelligent capability. A smarter smart car can access more powerful AI capabilities, which is a condition that traditional cars do not have. Simply put, a tractor can’t match a Boeing engine.

As we all know, Jidu is the first car company to introduce Qualcomm 8295 into the cockpit, and it is also the first to localize the AI algorithm, which can ensure the efficient response speed of cockpit interaction even in the scene of poor network environment or even disconnection.

At present, the voice interaction of most car companies can not be separated from the dependence on the network, and there is still a distance from "natural communication".

At present, the pre-embedding of hardware by Jidu automobile robot in advance, coupled with the empowerment of Wen Xin in a word, means that the product concept of "natural communication" will be pushed to a new height.

In the face of new technology, both traditional car companies and new forces are struggling to seize the opportunity to seize the commanding heights of the industry. With the continuous empowerment of AI technology, the application of intelligent interaction not only enhances the brand image and experience, but also accelerates the digital transformation process of the automotive industry, laying the foundation for the advanced automotive robots.
With all parties in the industrial chain, including car companies and Internet giants, the pace from technology research and development to commercialization is unprecedented. Geely SEA’s vast architecture of integrated "automobile robots" is also being imitated by more and more industry partners and gradually "integrated".

Telegraph: The owner of West Ham has no intention of selling the team, and the top management of the team trusts moyers.

Live on March 11th According to the Daily Telegraph, the owner of West Ham has no intention of selling the team, and the top management of the team now trusts moyers.

It is reported that David Sullivan, the owner of West Ham, said that he has no intention of selling the team, which means that moyers’s job is safe at present. At present, West Ham still has 13 games to play in the Premier League, and the fans of the team are still full of hope for West Ham. Although West Ham is currently only 16th in the Premier League standings, they are confident that they can change the current situation.

For a long time, it has been thought that Czech billionaire Clay Tynsky, who owns 27% of the club, will launch the acquisition of West Ham, but if Clay Tynsky wants to launch a comprehensive acquisition, he must obtain the consent of David Sullivan (holding 38.8%) and the family of the deceased co-owner David Gold (holding 25.1%) before starting the acquisition process. Logically speaking, Clay Tynsky is unlikely to make an offer at present, because the current situation of West Ham in the Premier League is still unclear, and if relegated to the Championship, it will obviously affect the value of the club. In addition, even if it is sold, David Sullivan will not sell West Ham at a low price. According to sources, David Sullivan has no intention of selling West Ham, and he has not even considered doing so.

West Ham are currently playing in the UEFA, and they are facing teams with average strength in this level of European war, which is completely different from their opponents in the Premier League. In last week’s UEFA competition, they beat AEK Larnaca 2-0 away, which was their ninth consecutive victory in this competition. If West Ham can win this tournament, it will be the team’s first European trophy since 1965, and more importantly, it will also ensure their qualification for the Europa League next season. However, West Ham’s performance in the Premier League is somewhat disappointing. They have not won in the past eleven away games. Although the fans shouted moyers’s dismissal after West Ham’s 4-0 defeat to Brighton, as far as the current situation is concerned, moyers’s position is still very stable. However, according to relevant media reports, West Ham is currently considering short-term and long-term substitutes to replace moyers, and Nuno Espirito Santo, Benitez and Dych are all considered as potential choices.

Moyers has one year left on his contract with West Ham, and they may end their cooperation with moyers when his contract expires. Last summer, West Ham invested 160 million pounds in the transfer market, which is the third highest transfer expenditure in the Premier League. In addition, West Ham signed Danny Ince in the winter window that year. People hope that West Ham can challenge the qualification of the Champions League instead of struggling to avoid relegation. Moyers’s team has been plagued by injuries this season, and his tactics have been questioned by people. However, the team’s offensive line scored only 23 goals in 25 games, which really made him feel a little overwhelmed. However, West Ham hopes that moyers’s experience will help the team overcome the difficulties and try to win a trophy.

Ramos’s untimely post-match remarks angered the fans (translated from Corriere dello Sport)

After losing to Bayern Munich, Paris Saint-Germain once again fell to the last 16 of the Champions League. This is undoubtedly a heavy mental blow to a club that is determined to be crowned king of Europe. Although the team has a top player like sergio ramos, who has won the Champions League four times, his great experience in the Champions League seems to have brought no effect to the team. The Spanish defender also expressed his disappointment with the team after the game.

The former Real Madrid defender said on his Instagram: "Like your fans, we are deeply disappointed with the result. The team has not yet won the Champions League, and we are still immature in how to deal with the key details. Unfortunately, we failed to achieve an important goal. Although it is very painful, the champion teams all grow up from failure and adversity. We will come back! "

Ps: Ramos is actually telling the truth. Paris Saint-Germain still has many problems and does not have the strength to win the championship for the time being. But after all, the team spent so much money to buy so many stars, but the Champions League record failed to meet expectations, which made many fans psychologically uncomfortable and it was understandable to scold him. In other words, this year’s luck in Paris is really bad. In the group stage, we met Benfica (super this year) and Juventus. After the second qualifying in the group, we drew one of the strongest Bayern.