text stringlengths 225 2.29k |
|---|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
PART III
Item 10.
Directors, Executive Officers and Corporate Governance
59
Item 11.
Executive Compensation
62
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
64
Item 13.
Certain Relationships and Related Transactions, and Director Independence
66
Item 14.
Principal Accountant Fees and Services
66
PART IV
Item 15.
Exhibits and Financial Statement Schedules
67
Item 16.
Form 10-K Summary
69
SIGNATURES
70
FORWARD-LOOKING STATEMENTS
This annual report on Form 10-K (the “Report”)
and other reports (collectively the “Filings”) filed by the registrant from time to time with the Securities and Exchange
Commission (the “SEC”) contain or may contain forward looking statements and information that are based upon beliefs of, and
information currently available to, the registrant’s management as well as estimates and assumptions made by the registrant’s
management. When used in the filings the words “anticipate,” “believe,” “estimate,” “expect,”
“future,” “intend,” “plan” or the negative of these terms and similar expressions as they relate
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
with the Securities and Exchange
Commission (the “SEC”) contain or may contain forward looking statements and information that are based upon beliefs of, and
information currently available to, the registrant’s management as well as estimates and assumptions made by the registrant’s
management. When used in the filings the words “anticipate,” “believe,” “estimate,” “expect,”
“future,” “intend,” “plan” or the negative of these terms and similar expressions as they relate to
the registrant or the registrant’s management identify forward looking statements. Such statements reflect the current view of the
registrant with respect to future events and are subject to risks, uncertainties, assumptions and other factors (including the risks contained
in the section of this Report entitled “Risk Factors”) relating to the registrant’s industry, the registrant’s
operations and results of operations and any businesses that may be acquired by the registrant. Should one or more of these risks or uncertainties
materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed,
estimated, expected, intended or planned.
Although the registrant believes that the expectations
reflected in the forward looking statements are reasonable, the registrant cannot guarantee future
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
entitled “Risk Factors”) relating to the registrant’s industry, the registrant’s
operations and results of operations and any businesses that may be acquired by the registrant. Should one or more of these risks or uncertainties
materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed,
estimated, expected, intended or planned.
Although the registrant believes that the expectations
reflected in the forward looking statements are reasonable, the registrant cannot guarantee future results, levels of activity, performance
or achievements. Except as required by applicable law, including the securities laws of the United States, the registrant does not intend
to update any of the forward-looking statements to conform these statements to actual results. The following discussion should be read
in conjunction with the registrant’s financial statements and the related notes thereto included in this Report.
In this Report, “we,” “our,”
“us,” “Green Giant Inc. or the “Company” sometimes refers collectively to Green Giant Inc. and its subsidiaries
and affiliated companies.
ii
PART I
ITEM 1. BUSINESS
Our Organization
Green Giant Inc. (formerly China HGS Real Estate Inc., the “Company”
or “GGE,”
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
in conjunction with the registrant’s financial statements and the related notes thereto included in this Report.
In this Report, “we,” “our,”
“us,” “Green Giant Inc. or the “Company” sometimes refers collectively to Green Giant Inc. and its subsidiaries
and affiliated companies.
ii
PART I
ITEM 1. BUSINESS
Our Organization
Green Giant Inc. (formerly China HGS Real Estate Inc., the “Company”
or “GGE,” “we”, “our”, “us”), is a corporation organized under the laws of the State of
Florida.
China HGS Investment Inc. is a Delaware corporation
and owns 100% of the equity interest in Shaanxi HGS Management and Consulting Co., Ltd. (“Shaanxi HGS”), a wholly owned
foreign entity incorporated under the laws of the People’s Republic of China (“PRC” or “China”).
GGE does not conduct any substantive operations
of its own. Instead, through its subsidiary, Shaanxi HGS, it entered into certain exclusive contractual agreements with Shaanxi Guangsha
Investment and Development Group Co., Ltd. (“Guangsha”). Pursuant to these agreements, Shaanxi HGS is
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
. (“Shaanxi HGS”), a wholly owned
foreign entity incorporated under the laws of the People’s Republic of China (“PRC” or “China”).
GGE does not conduct any substantive operations
of its own. Instead, through its subsidiary, Shaanxi HGS, it entered into certain exclusive contractual agreements with Shaanxi Guangsha
Investment and Development Group Co., Ltd. (“Guangsha”). Pursuant to these agreements, Shaanxi HGS is obligated to absorb
a majority of the risk of loss from Guangsha’s activities and entitles Shaanxi HGS to receive a majority of Guangsha’s expected
residual returns. In addition, Guangsha’s shareholders have pledged their equity interest in Guangsha to Shaanxi HGS, irrevocably
granted Shaanxi HGS an exclusive option to purchase, to the extent permitted under PRC Law, all or part of the equity interests in Guangsha
and agreed to entrust all the rights to exercise their voting power to the person(s) appointed by Shaanxi HGS.
Our Company engages in real estate development,
primarily in the construction and sale of residential apartments, car parks and commercial properties.
Guangsha was organized in
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
xi HGS, irrevocably
granted Shaanxi HGS an exclusive option to purchase, to the extent permitted under PRC Law, all or part of the equity interests in Guangsha
and agreed to entrust all the rights to exercise their voting power to the person(s) appointed by Shaanxi HGS.
Our Company engages in real estate development,
primarily in the construction and sale of residential apartments, car parks and commercial properties.
Guangsha was organized in August 1995 as
a limited liability company under the laws of the PRC. Guangsha is headquartered in the city of Hanzhong, Shaanxi Province. Guangsha is
engaged in developing large scale and high quality commercial and residential projects, including multi-layer apartment buildings, sub-high-rise
apartment buildings, high-rise apartment buildings, and office buildings.
On November 29, 2021, Green Giant Ltd. was incorporated
in Delaware.
Green Giant Energy Texas Inc. was incorporated
in Texas on October 3, 2022 which is a wholly owned subsidiary of Green Giant Ltd.
Green Giant International Limited (Hong Kong)
was incorporated in Hong Kong on December 9, 2021 as a wholly owned subsidiary of Green Giant Ltd
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
-layer apartment buildings, sub-high-rise
apartment buildings, high-rise apartment buildings, and office buildings.
On November 29, 2021, Green Giant Ltd. was incorporated
in Delaware.
Green Giant Energy Texas Inc. was incorporated
in Texas on October 3, 2022 which is a wholly owned subsidiary of Green Giant Ltd.
Green Giant International Limited (Hong Kong)
was incorporated in Hong Kong on December 9, 2021 as a wholly owned subsidiary of Green Giant Ltd.
Our corporate structure as of September 30, 2022
is set forth below:
Business Overview
Our Company engages in real estate development,
primarily in the construction and sale of residential apartments, car parks and commercial properties. We conduct all of our business
in mainland China. Shaanxi Guangsha Investment and Development Group Co., Ltd., or Guangsha, was founded by Mr. Xiaojun Zhu, and commenced
operations in 1995 in Hanzhong, a prefecture-level city in Shaanxi Province.
Currently, we are operating in Hanzhong, a prefecture-level
city in Shaanxi Province, and Yang County, a county in Hanzhong. Our management has been focused on expanding our business in Tier
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
China. Shaanxi Guangsha Investment and Development Group Co., Ltd., or Guangsha, was founded by Mr. Xiaojun Zhu, and commenced
operations in 1995 in Hanzhong, a prefecture-level city in Shaanxi Province.
Currently, we are operating in Hanzhong, a prefecture-level
city in Shaanxi Province, and Yang County, a county in Hanzhong. Our management has been focused on expanding our business in Tier 3 and
Tier 4 cities and counties in China that we strategically select based on population and urbanization growth rates, general economic conditions
and growth rates, income and purchasing power of resident consumers, anticipated demand for private residential properties, availability
of future land supply and land prices, and governmental urban planning and development policies. Initially, these Tier 3 and Tier 4 cities
and counties will be located in the Shaanxi province, China. We utilize a standardized and scalable model that emphasizes rapid asset
turnover, efficient capital management and strict cost control. We plan to expand into strategically selected Tier 3 and Tier 4 cities
and counties with real estate development potential in Shaanxi Province, and expect to benefit from rising demand for residential housing
as
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
prices, and governmental urban planning and development policies. Initially, these Tier 3 and Tier 4 cities
and counties will be located in the Shaanxi province, China. We utilize a standardized and scalable model that emphasizes rapid asset
turnover, efficient capital management and strict cost control. We plan to expand into strategically selected Tier 3 and Tier 4 cities
and counties with real estate development potential in Shaanxi Province, and expect to benefit from rising demand for residential housing
as a result of increasing income levels of consumers and growing populations in these cities and counties due to urbanization.
In September 2020, the Company started land leveling
and construction process for the Oriental Garden Phase II and Liangzhou Mansion real estate properties in the Liangzhou Road related projects.
Green Giant Inc. started the construction of the Liangzhou Road related projects, which consist of residential buildings, office buildings
and a commercial plaza, after the approval by the local government of the road. Upon completion, the Liangzhou Road related projects will
become a new city center of Hanzhong city.
Green Giant Inc. is transforming itself from legacy
business to a new energy corporation and has appointed a CEO in USA subsidiary to lead and operate the new business venture.
Real Estate
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
related projects.
Green Giant Inc. started the construction of the Liangzhou Road related projects, which consist of residential buildings, office buildings
and a commercial plaza, after the approval by the local government of the road. Upon completion, the Liangzhou Road related projects will
become a new city center of Hanzhong city.
Green Giant Inc. is transforming itself from legacy
business to a new energy corporation and has appointed a CEO in USA subsidiary to lead and operate the new business venture.
Real Estate Industry Overview
During the volatile real estate market, the Company
has been capitalizing on its inherent strengths and market opportunities in Tier 3 and Tier 4 cities and counties to deliver value for
our shareholders. We feel confident and also competent to take on every challenge and grasp every opportunity during market consolidation.
We expect to provide rapid response to the market on the basis of our projected business plans together with a flexible approach in seizing
market opportunities; strict investment standards and prudent attitude towards investment opportunities, and appropriate replenishment
of quality land resources in existing regions to realize value within the Tier 3 and Tier 4 cities and counties in Western China.
Company Positioning
Green Giant Inc. is headquartered in Hanzhong in the
southwestern part of the Shaanxi
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
every opportunity during market consolidation.
We expect to provide rapid response to the market on the basis of our projected business plans together with a flexible approach in seizing
market opportunities; strict investment standards and prudent attitude towards investment opportunities, and appropriate replenishment
of quality land resources in existing regions to realize value within the Tier 3 and Tier 4 cities and counties in Western China.
Company Positioning
Green Giant Inc. is headquartered in Hanzhong in the
southwestern part of the Shaanxi province, in the center of the Hanzhong Basin, on the Han River, near the Sichuan border. According to
the China City Statistical Yearbook, Hanzhong had a population of about 3.8 million.
Hanzhong is a key transportation hub connecting
China’s Middle Economic zone and Western Economic Zone. The travel time from Xi’an, the provincial capital of Shaanxi province,
to Hanzhong takes less than 2 hours. The airport in Hanzhong was completed and put into service in 2014. The airport handled approximately
650,000 passengers and 2,200 tons of cargo on annual basis. Xicheng, a high-speed railway between Chengdu, the provincial capital of
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
is a key transportation hub connecting
China’s Middle Economic zone and Western Economic Zone. The travel time from Xi’an, the provincial capital of Shaanxi province,
to Hanzhong takes less than 2 hours. The airport in Hanzhong was completed and put into service in 2014. The airport handled approximately
650,000 passengers and 2,200 tons of cargo on annual basis. Xicheng, a high-speed railway between Chengdu, the provincial capital of Sichuan
province, and Xi’an with a major stop in Hanzhong was completed in 2017. It takes 1.5 hours from Hanzhong to Xi’an and 2.5
hours from Hanzhong to Chengdu. The railway passenger’s volume was around 6 million in 2020.
In accordance with Hanzhong Government’s
2020 annual report, Hanzhong’s GDP reached RMB 159.3 billion (approximately $24.0 billion) by 2020 calendar year, representing a
2.9% increase from 2019 calendar year. Residents’ annual disposable income for 2020 calendar year was RMB34,417 (equivalent to $5,331),
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
The railway passenger’s volume was around 6 million in 2020.
In accordance with Hanzhong Government’s
2020 annual report, Hanzhong’s GDP reached RMB 159.3 billion (approximately $24.0 billion) by 2020 calendar year, representing a
2.9% increase from 2019 calendar year. Residents’ annual disposable income for 2020 calendar year was RMB34,417 (equivalent to $5,331),
representing a 4.8% increase as compared to 2019 calendar year.
Many Tier 3 and Tier 4 cities and counties in
China provide a major source of migration workers (the “Migration Workers”)for the Tier 1 and Tier 2 cities in China. Income
from migration workers is becoming a significant factor in supporting the hometown economy. Migration workers are not permanent residents
in the the Tier 1 and Tier 2 cities and travel back to their home towns during the national holidays. Based on Hanzhong Government’s
2020 annual report, the number of Hanzhong’s migration workers reached approximately 893,000 as of December 31, 2020 (2019 –
865,000).
On November 11
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
China. Income
from migration workers is becoming a significant factor in supporting the hometown economy. Migration workers are not permanent residents
in the the Tier 1 and Tier 2 cities and travel back to their home towns during the national holidays. Based on Hanzhong Government’s
2020 annual report, the number of Hanzhong’s migration workers reached approximately 893,000 as of December 31, 2020 (2019 –
865,000).
On November 11, 2022 the People’s Bank of China and the China
Banking and Insurance Regulatory Commission issued “Yin Fa [2022] No. 254 “Notice on Supporting the Stable and Healthy Development
of the Real Estate Market” to support the stable and healthy development of the real estate market. The details are as follows:
A. Keeping real estate financing stable and order
1). Stabilize the issuance of real estate development
loans.
Adhere to the “two unswerving”, and
treat all types of real estate enterprises such as state-owned and private enterprises equally. Encourage financial institutions to focus
on supporting the steady development of real estate enterprises with sound governance, focus on their main business and good qualifications.
Financial institutions should reasonably distinguish
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
of the real estate market. The details are as follows:
A. Keeping real estate financing stable and order
1). Stabilize the issuance of real estate development
loans.
Adhere to the “two unswerving”, and
treat all types of real estate enterprises such as state-owned and private enterprises equally. Encourage financial institutions to focus
on supporting the steady development of real estate enterprises with sound governance, focus on their main business and good qualifications.
Financial institutions should reasonably distinguish
the risks of project subsidiaries from the risks of group holding companies, and meet the reasonable financing needs of real estate projects
in accordance with the principle of marketization on the premise of ensuring the safety of creditor’s rights and the closed operation
of funds. Support the project host bank and the syndicated loan model, strengthen the management of the whole process of loan approval,
issuance and recovery, and effectively ensure the safety of funds.
2). Support the reasonable needs of individual
housing loans.
Reasonably determine the down payment ratio of
local personal housing loans and the lower limit of the loan interest rate policy to support rigid and improved housing demand.
Financial institutions are encouraged to reasonably
determine the specific down payment ratio and interest rate level for individual housing loans based on
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
bank and the syndicated loan model, strengthen the management of the whole process of loan approval,
issuance and recovery, and effectively ensure the safety of funds.
2). Support the reasonable needs of individual
housing loans.
Reasonably determine the down payment ratio of
local personal housing loans and the lower limit of the loan interest rate policy to support rigid and improved housing demand.
Financial institutions are encouraged to reasonably
determine the specific down payment ratio and interest rate level for individual housing loans based on the lower limit of urban policies
in light of their own business conditions, customer risk status and credit conditions, etc.
3). Stabilize the credit supply of construction
enterprises.
4). Support the reasonable extension of existing
financing such as development loans and trust loans
For real estate enterprise development loans,
trust loans and other existing financing, on the premise of ensuring the safety of creditor’s rights, financial institutions and real
estate enterprises are encouraged to negotiate independently based on commercial principles, and actively support through the extension
of existing loans, adjustment of repayment arrangements, etc., to promote the completion of the project deliver.
From the date of issuance of the notice, those
due within the next six months may be allowed to extend for one more year beyond the original
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
For real estate enterprise development loans,
trust loans and other existing financing, on the premise of ensuring the safety of creditor’s rights, financial institutions and real
estate enterprises are encouraged to negotiate independently based on commercial principles, and actively support through the extension
of existing loans, adjustment of repayment arrangements, etc., to promote the completion of the project deliver.
From the date of issuance of the notice, those
due within the next six months may be allowed to extend for one more year beyond the original regulations, and the loan classification
may not be adjusted, and the loan classification submitted to the credit reporting system should be consistent with it.
5). Keep bond stable, and support high-quality
real estate enterprises to issue bond. Promote professional credit enhancement agencies to provide credit enhancement support for bond
issuance of real estate enterprises with overall financial health and short-term difficulties.
Encourage bond issuers to communicate with holders
in advance and make arrangements for borrowing bonds to redeem funds. If it is really difficult to make payment on time, reasonable arrangements
such as extension and replacement shall be made through negotiation to proactively resolve risks.
6). Maintain stable financing of asset management
products such as trusts.
B. Actively do a good job in “delivery guarantee
building
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
support for bond
issuance of real estate enterprises with overall financial health and short-term difficulties.
Encourage bond issuers to communicate with holders
in advance and make arrangements for borrowing bonds to redeem funds. If it is really difficult to make payment on time, reasonable arrangements
such as extension and replacement shall be made through negotiation to proactively resolve risks.
6). Maintain stable financing of asset management
products such as trusts.
B. Actively do a good job in “delivery guarantee
building” financial services
7). Support development policy banks to provide
special loans for “delivery guarantee building”.
Support China Development Bank and Agricultural
Development Bank in accordance with relevant policy arrangements and requirements. In accordance with the laws and regulations, the special
insurance payment for “delivery guarantee building” is issued to the borrowers who have been reviewed and filed in an efficient
and orderly manner, which is closed and dedicated. It is specially used to support the accelerated construction and delivery of overdue
and difficult-to-deliver residential projects that have been sold.
8). Encourage financial institutions to provide
supporting financing support.
Encourage financial institutions, especially the
main financing commercial banks of the project personal housing loans or the syndicates they lead to form, in accordance with the principles
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
building” is issued to the borrowers who have been reviewed and filed in an efficient
and orderly manner, which is closed and dedicated. It is specially used to support the accelerated construction and delivery of overdue
and difficult-to-deliver residential projects that have been sold.
8). Encourage financial institutions to provide
supporting financing support.
Encourage financial institutions, especially the
main financing commercial banks of the project personal housing loans or the syndicates they lead to form, in accordance with the principles
of marketization and the rule of law, to provide new supporting financing support for special loan support projects, and promote the resolution
of unfinished personal housing loan risks.
For the sale of the remaining value of goods,
the project can be reviewed at the same time for special loans and new supporting financing, and the sales of the remaining value of goods
cannot cover both the special loan and the new supporting financing, but it has been clarified that the new supporting financing and special
financing The loan matching mechanism arranges and implements the project of the source of repayment, and encourages financial institutions
to actively provide new matching financing support under the premise of commercial voluntary.
The subject of the newly added supporting financing
should be consistent with the subject of the implementation of the special loan-supported project
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
new supporting financing, and the sales of the remaining value of goods
cannot cover both the special loan and the new supporting financing, but it has been clarified that the new supporting financing and special
financing The loan matching mechanism arranges and implements the project of the source of repayment, and encourages financial institutions
to actively provide new matching financing support under the premise of commercial voluntary.
The subject of the newly added supporting financing
should be consistent with the subject of the implementation of the special loan-supported project. The existing assets and liabilities
of the project should be audited and evaluated by a qualified institution organized by the local government, and an implementation plan
of “one building one policy” has been formulated. Commercial banks with the “special loan supporting financing”
sub-section can be newly established under the real estate development loan for statistics and management. In principle, the supporting
financing should not exceed the period of the corresponding special loan. For a maximum period of no more than 3 years, the project sales
receipts shall be transferred to a special project account opened with the main financing commercial bank or other commercial banks, and
the special project account shall be jointly managed by the commercial bank that provides additional financing. It is clearly stated that
in accordance with the principle
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
newly established under the real estate development loan for statistics and management. In principle, the supporting
financing should not exceed the period of the corresponding special loan. For a maximum period of no more than 3 years, the project sales
receipts shall be transferred to a special project account opened with the main financing commercial bank or other commercial banks, and
the special project account shall be jointly managed by the commercial bank that provides additional financing. It is clearly stated that
in accordance with the principle of “last-in, first-out”, the sales receipts of the remaining value of the project should be
given priority to repay the newly-added supporting financing and special loans.
For commercial banks, in accordance with the requirements
of this notice, within half a year from the date of issuance of this notice, the supporting financing issued to special fund-supported
projects shall not be reduced in risk classification during the loan period; The main body management is not good for the newly issued
supporting financing, and the relevant institutions and personnel have done their due diligence. Liability is waived.C. Actively cooperate
with trapped real estate enterprises to deal with the risk disposal
9). Provide financial support for M&A of real
estate projects.
Encourage commercial banks to carry out M&A
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
issuance of this notice, the supporting financing issued to special fund-supported
projects shall not be reduced in risk classification during the loan period; The main body management is not good for the newly issued
supporting financing, and the relevant institutions and personnel have done their due diligence. Liability is waived.C. Actively cooperate
with trapped real estate enterprises to deal with the risk disposal
9). Provide financial support for M&A of real
estate projects.
Encourage commercial banks to carry out M&A
loan business for real estate projects in a stable and orderly manner, and focus on supporting high-quality real estate enterprises to
merge and acquire projects of distressed real estate enterprises.
Encourage financial asset management companies
and local asset management companies (hereinafter collectively referred to as asset management companies) to use their experience and
capabilities in non-performing asset management and risk management, and jointly negotiate risk resolution models with local governments,
commercial banks, and real estate companies, and promote accelerate asset disposal.
10) Actively
explore market-oriented support methods.For some projects that have entered judicial reorganization, financial institutions can
assist in promoting project resumption and delivery by one enterprise and one policy according to the principles of independent
decision-making, risk-taking, and self-responsibility
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
companies) to use their experience and
capabilities in non-performing asset management and risk management, and jointly negotiate risk resolution models with local governments,
commercial banks, and real estate companies, and promote accelerate asset disposal.
10) Actively
explore market-oriented support methods.For some projects that have entered judicial reorganization, financial institutions can
assist in promoting project resumption and delivery by one enterprise and one policy according to the principles of independent
decision-making, risk-taking, and self-responsibility for profits and losses.
Encourage asset management companies to participate
in project disposal by acting as bankruptcy administrators, reorganization investors, etc., and support qualified financial institutions
to prudently explore the establishment of funds and other methods to resolve the risks of distressed real estate enterprises in accordance
with laws and regulations, and support project completion and delivery.
D. Legally protect the legitimate rights and interests
of housing finance consumers
11). Encourage independent negotiation and extension
of principal and interest repayment in accordance with the law.
For individuals who have lost their source of
income due to hospitalization or isolation due to the epidemic, or who have lost their income due to the closure of business due to the
epidemic, as well as personal housing loans due to changes
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
accordance
with laws and regulations, and support project completion and delivery.
D. Legally protect the legitimate rights and interests
of housing finance consumers
11). Encourage independent negotiation and extension
of principal and interest repayment in accordance with the law.
For individuals who have lost their source of
income due to hospitalization or isolation due to the epidemic, or who have lost their income due to the closure of business due to the
epidemic, as well as personal housing loans due to changes or cancellations of housing purchase contracts, financial institutions can
follow the market-based approach. Based on the principle of rule of law, negotiate with the buyers independently, and make adjustments
such as postponement and extension.
For malicious evasion of financial debts, they
will be dealt with in accordance with laws and regulations to maintain a good market order.
12). Effectively protect the personal credit investigation
rights of deferred loans.
If the repayment arrangement of the personal housing
loan has been adjusted, the financial institution shall submit the credit record according to the new repayment arrangement; if the judgment
or ruling of the people’s court determines that the adjustment should be made, the financial institution shall adjust the credit record
and submit it according to the effective judgment or ruling of the people’s
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
with in accordance with laws and regulations to maintain a good market order.
12). Effectively protect the personal credit investigation
rights of deferred loans.
If the repayment arrangement of the personal housing
loan has been adjusted, the financial institution shall submit the credit record according to the new repayment arrangement; if the judgment
or ruling of the people’s court determines that the adjustment should be made, the financial institution shall adjust the credit record
and submit it according to the effective judgment or ruling of the people’s court which has been reported to be adjusted.
E. Phased adjustment of some financial management
policies
13). Extending the transition period of the real
estate loan concentration management policy.
For banking financial institutions that cannot
meet the requirements of real estate loan concentration management as scheduled due to objective reasons such as the epidemic, the transition
period will be reasonably extended based on the actual situation and objective assessment.
14). Periodically optimize the M&A financing
policy for real estate projects.
Relevant financial institutions should make good
use of the phased real estate financial management policies issued by the People’s Bank of China and the China Banking and Insurance Regulatory
Commission, which are applicable to major commercial banks and national financial asset management companies, and accelerate the marketization
of real
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
scheduled due to objective reasons such as the epidemic, the transition
period will be reasonably extended based on the actual situation and objective assessment.
14). Periodically optimize the M&A financing
policy for real estate projects.
Relevant financial institutions should make good
use of the phased real estate financial management policies issued by the People’s Bank of China and the China Banking and Insurance Regulatory
Commission, which are applicable to major commercial banks and national financial asset management companies, and accelerate the marketization
of real estate risks.
F. Increase financial support for housing leasing
15). Optimize housing leasing credit services.
16). Broaden diversified financing channels in
the housing leasing market.
Support housing rental and sales enterprises to
issue credit bonds and guaranteed bonds and other direct financing products, which are specially used for the construction and operation
of rental housing, and Gupin Commercial Bank issues financial bonds to support housing rental to raise funds to increase housing rental
development and construction loans and business operations. Loans were provided, and the pilot program of real estate investment trusts
(REITs) was steadily promoted.
On November 14, 2022 China Banking and Insurance Regulatory Commission,
the Ministry of Housing and Urban-Rural Development and the Central Bank issued the “Notice on the Relevant Work
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
are specially used for the construction and operation
of rental housing, and Gupin Commercial Bank issues financial bonds to support housing rental to raise funds to increase housing rental
development and construction loans and business operations. Loans were provided, and the pilot program of real estate investment trusts
(REITs) was steadily promoted.
On November 14, 2022 China Banking and Insurance Regulatory Commission,
the Ministry of Housing and Urban-Rural Development and the Central Bank issued the “Notice on the Relevant Work of Commercial Banks
Issuing letters of Guarantee to Replace the Pre-sale Supervision Funds” (the “Pre-sale Supervision Funds Notice”). Commercial
banks’ house related credit business is expected to expand. The “Financial Support for Real Estate Notice” issued sixteen
measures to generate power at both supply and demand ends, it further clarifies the support policies for housing credit. Many policies
have been implemented at the document system level for the first time, or will push banks to increase their support for the real estate
market. It is expected to modify the conservative attitude of commercial banks to intervene in the development loan market and support
the reasonable demand for individual housing loans.
1)
The existing debt financing of real estate enterprises shall be reasonably extended. Reasonable extension
arr
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
generate power at both supply and demand ends, it further clarifies the support policies for housing credit. Many policies
have been implemented at the document system level for the first time, or will push banks to increase their support for the real estate
market. It is expected to modify the conservative attitude of commercial banks to intervene in the development loan market and support
the reasonable demand for individual housing loans.
1)
The existing debt financing of real estate enterprises shall be reasonably extended. Reasonable extension
arrangements will be made for the existing financing such as real estate development loans and trust loans, with an additional extension
of one year for those due in the next six months, and the credit rating will not be downgraded or credit information will not be changed.
The “Financial Support for Real Estate Notice” is the first time to mention the support policy for trust loans, which may
help banks to enhance the risk appetite of house related businesses, especially private real estate enterprises.
2)
Extend the transition period of the real estate concentration management policy arrangement. For the real
estate concentration management requirements of banking financial institutions established by the end of 2020 that cannot meet the standards
as scheduled due to the epidemic and other reasons, the transition period can be reasonably extended based on
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Support for Real Estate Notice” is the first time to mention the support policy for trust loans, which may
help banks to enhance the risk appetite of house related businesses, especially private real estate enterprises.
2)
Extend the transition period of the real estate concentration management policy arrangement. For the real
estate concentration management requirements of banking financial institutions established by the end of 2020 that cannot meet the standards
as scheduled due to the epidemic and other reasons, the transition period can be reasonably extended based on the actual situation through
objective assessment. The phased “relaxation” of management requirements will help banks to participate in the real estate credit
market in a reasonable manner based on the actual situation.
3)
Emphasis on doing a good job to provide financial services for “delivery guarantee building”. Supporting the State Development bank, the Agricultural Development Bank and other institutions to provide special loans for real estate enterprises to “delivery guarantee building” and providing supporting financing for special loans projects, will further resolve the risks of individual housing loans that are not yet delivered.
4)
Add exemption clause to relieve worries. If the participation in the newly issued supporting financing
of the delivery guarantee building is bad, the relevant institutions and personnel shall perform their duties and be exempted from liability,
which will boost
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
guarantee building”. Supporting the State Development bank, the Agricultural Development Bank and other institutions to provide special loans for real estate enterprises to “delivery guarantee building” and providing supporting financing for special loans projects, will further resolve the risks of individual housing loans that are not yet delivered.
4)
Add exemption clause to relieve worries. If the participation in the newly issued supporting financing
of the delivery guarantee building is bad, the relevant institutions and personnel shall perform their duties and be exempted from liability,
which will boost the initiative of the relevant institutions to participate in such projects. With the introduction of the policy of replacing
pre-sale supervision funds with letters of guarantee, real estate enterprises are facing significate liquidity benefits. According to
the “Notice on Pre-sale Supervision Funds”, high-quality real estate enterprises can apply to banks for a letter of guarantee
to replace the pre-sale supervision funds, which is a significant benefit to the short-term liquidity of real estate. According to the
regulatory requirements, the replacement funds of real estate enterprises are given priority to use for project construction and repayment
of debts due. On the one hand, the replacement funds can directly relieve the liquidity pressure of real estate enterprises and improve
the cash flow of enterprises; On the other hand, it is good for
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
estate enterprises can apply to banks for a letter of guarantee
to replace the pre-sale supervision funds, which is a significant benefit to the short-term liquidity of real estate. According to the
regulatory requirements, the replacement funds of real estate enterprises are given priority to use for project construction and repayment
of debts due. On the one hand, the replacement funds can directly relieve the liquidity pressure of real estate enterprises and improve
the cash flow of enterprises; On the other hand, it is good for real estate enterprises to activate the pre-sale funds to complete the
project delivery, promote the “delivery guarantee building” in an orderly manner, strengthen the signal “stability maintenance”
in the real estate market, and promote the recovery of the sales side, so as to substantially improve the debt repayment ability of real
estate enterprises, especially private real estate enterprises, and the risks of banks involved in real estate can be mitigated.
The upper limit of the replacement quota and the
term of the letter of guarantee are clearly stipulated, and the bank risk is guaranteed. According to the “Notice on Pre-sale Supervision
Funds”, the replacement amount of the real estate enterprise shall not exceed 30% of the amount of funds required to ensure the
completion and delivery of
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
the debt repayment ability of real
estate enterprises, especially private real estate enterprises, and the risks of banks involved in real estate can be mitigated.
The upper limit of the replacement quota and the
term of the letter of guarantee are clearly stipulated, and the bank risk is guaranteed. According to the “Notice on Pre-sale Supervision
Funds”, the replacement amount of the real estate enterprise shall not exceed 30% of the amount of funds required to ensure the
completion and delivery of the project in the supervision account. At the same time, the term of the letter of guarantee shall be matched
with the project construction period to ensure that the replacement funds are used for the project construction. At the regulatory level,
there are clear provisions on the quota for the replacement of real estate enterprises and the term of the letter of guarantee, which
not only improves the utilisation efficiency of the use of pre-sale supervision funds, but also ensures the capital safety to the greatest
extent and reduces the credit risk of banks.
The target market of the Company is in Western
China. Green Giant Inc. continues to focus on Tier 3 and Tier 4 cities and counties in acquiring sizable quality land reserves at low cost
in a flexible and diversified manner. There has been an increasing
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
of real estate enterprises and the term of the letter of guarantee, which
not only improves the utilisation efficiency of the use of pre-sale supervision funds, but also ensures the capital safety to the greatest
extent and reduces the credit risk of banks.
The target market of the Company is in Western
China. Green Giant Inc. continues to focus on Tier 3 and Tier 4 cities and counties in acquiring sizable quality land reserves at low cost
in a flexible and diversified manner. There has been an increasing demand for high quality residential housing, largely driven by the
“Go West” policy and accelerated urbanization. Many buyers in Tier 3 and Tier 4 cities and counties are first time home buyers.
In order to mitigate default risk, the Company generally requires from its homebuyer customers a deposit in the range of 30%-50% of the
purchase price, which is higher than the percentage required by the government for the mortgage down payment.
Green Giant Inc. received the National Grade-I real-estate development qualification
granted by the Ministry of Housing and Urban-Rural Development of the People’s Republic of China (“MOHURD”) on October 12,
2011. Green Giant Inc. is not required to renew the National Grade-I real-estate development qualification after it
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
customers a deposit in the range of 30%-50% of the
purchase price, which is higher than the percentage required by the government for the mortgage down payment.
Green Giant Inc. received the National Grade-I real-estate development qualification
granted by the Ministry of Housing and Urban-Rural Development of the People’s Republic of China (“MOHURD”) on October 12,
2011. Green Giant Inc. is not required to renew the National Grade-I real-estate development qualification after it passed
the initial qualification application set out by the MOHURD. The Grade-I real-estate development qualification is the highest qualification
for real-estate developers in China and requires meeting several strict criteria, including:
a. Registered capital of at least RMB 50 million
(approximately $7.3 million);
b. At least five years of experience in real estate
development and operations;
c. The completion of construction of a total over
300,000 square meters. of ground floor area (GFA) within the last three years and, in the most recent year, developed real estate projects
of at least 150,000 square meters; and
d. The completed real estate projects have no
quality issues in each of the past five years
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
(approximately $7.3 million);
b. At least five years of experience in real estate
development and operations;
c. The completion of construction of a total over
300,000 square meters. of ground floor area (GFA) within the last three years and, in the most recent year, developed real estate projects
of at least 150,000 square meters; and
d. The completed real estate projects have no
quality issues in each of the past five years; and an established, comprehensive quality control and guarantee system.
The National Grade-I real-estate development qualification
provides significant opportunities for the Company to expand its operations beyond Shaanxi province into new regional real estate markets
in China. Without the National Grade-I real-estate development qualification, a real estate developer shall not develop a real estate
property in other cities or provinces in China. Green Giant Inc. is not required to periodically renew the National Grade-I real-estate development
qualification after the Company passed the initial qualification application set out by the MOHURD.
Looking ahead, the Company will continue to focus
on developing high quality and large scale real estate projects in the suburban areas of Tier 3 and Tier 4 cities and counties with promising
economic growth potential.
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
development qualification, a real estate developer shall not develop a real estate
property in other cities or provinces in China. Green Giant Inc. is not required to periodically renew the National Grade-I real-estate development
qualification after the Company passed the initial qualification application set out by the MOHURD.
Looking ahead, the Company will continue to focus
on developing high quality and large scale real estate projects in the suburban areas of Tier 3 and Tier 4 cities and counties with promising
economic growth potential. Leveraging on its unique competitive strengths, and under the direction and guidance of the government’s
macro policies, the Company expects to further replicate its successful business model into new high growth regions through strategic
selection of project locations, a short project development schedule characterized by fast asset turnover and excellent execution ability,
as well as innovative product offering closely in line with market demand. Green Giant Inc. aims at becoming a leading large-scale residential
property developer in Western China and a well-recognized brand name.
Pre-Sales and Sales
In the PRC, real estate developers are allowed
to begin to market properties before construction is completed. Like other developers, we pre-sell properties prior to completion of construction.
Under PRC pre-sales regulations, property developers must satisfy specific conditions before properties under construction
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
excellent execution ability,
as well as innovative product offering closely in line with market demand. Green Giant Inc. aims at becoming a leading large-scale residential
property developer in Western China and a well-recognized brand name.
Pre-Sales and Sales
In the PRC, real estate developers are allowed
to begin to market properties before construction is completed. Like other developers, we pre-sell properties prior to completion of construction.
Under PRC pre-sales regulations, property developers must satisfy specific conditions before properties under construction can be pre-sold.
These mandatory conditions include:
the land premium must have been paid in full;
the land use rights certificate, the construction site planning permit, the construction work planning
permit and the construction permit must have been obtained;
at least 25% of the total project development cost must have been incurred;
the progress and the expected completion and delivery date of the construction must be fixed;
the pre-sale permit must have been obtained; and
the completion of certain milestones in the construction processes must be specified by the local government
authorities.
These mandatory conditions are designed to require
a certain level of capital expenditure and substantial progress in project construction before the commencement of pre-sales. Generally,
the local governments also require developers and property purchasers to have standard pre-sale contracts prepared
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
project development cost must have been incurred;
the progress and the expected completion and delivery date of the construction must be fixed;
the pre-sale permit must have been obtained; and
the completion of certain milestones in the construction processes must be specified by the local government
authorities.
These mandatory conditions are designed to require
a certain level of capital expenditure and substantial progress in project construction before the commencement of pre-sales. Generally,
the local governments also require developers and property purchasers to have standard pre-sale contracts prepared under the auspices
of the government. Developers are required to file all pre-sale contracts with local land bureaus and real estate administrations after
entering into such contracts.
After-Sale Services and Delivery
We assist customers in arranging for and providing
information related to financing. We also assist our customers in various title registration procedures related to their properties, and
we have set up an ownership certificate team to assist purchasers to obtain their property ownership certificates. We offer various communication
channels to customers to facilitate customer feedback collection. We also cooperate with property management companies that manage our
properties and ancillary facilities, to handle customer feedback.
We endeavor to deliver the units to our customers
on a timely basis. We closely monitor the progress of construction of our property projects and conduct pre
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
We also assist our customers in various title registration procedures related to their properties, and
we have set up an ownership certificate team to assist purchasers to obtain their property ownership certificates. We offer various communication
channels to customers to facilitate customer feedback collection. We also cooperate with property management companies that manage our
properties and ancillary facilities, to handle customer feedback.
We endeavor to deliver the units to our customers
on a timely basis. We closely monitor the progress of construction of our property projects and conduct pre-delivery property inspections
to ensure timely delivery. The time frame for delivery is set out in the sale and purchase agreements entered into with our customers,
and we are subject to penalty payments to the purchasers for any delay in delivery caused by us. Green Giant Inc. has never incurred any delay
penalties. Once a property development has been completed, has passed the requisite government inspections and is ready for delivery,
we will notify our customers and hand over keys and possession of the properties.
Marketing and Distribution Channel
We maintain a marketing and sales force for our development projects,
which at September 30, 2022 consisted of 38 employees specializing in marketing and sales. We also train and use outside real estate agents
to market and increase the public awareness of our projects, and spread the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
penalties. Once a property development has been completed, has passed the requisite government inspections and is ready for delivery,
we will notify our customers and hand over keys and possession of the properties.
Marketing and Distribution Channel
We maintain a marketing and sales force for our development projects,
which at September 30, 2022 consisted of 38 employees specializing in marketing and sales. We also train and use outside real estate agents
to market and increase the public awareness of our projects, and spread the acceptance and influence of our brand. However, our marketing
and sales are primarily conducted by our own sales force because we believe our own dedicated sales representatives are better motivated
to serve our customers as well as to control our property pricing and selling expenses.
Our marketing and sales team develops the appropriate
advertising and selling plan for each project. We develop public awareness through marketing and advertising as well as referrals from
customers. We utilize a customer relationship management system to track customer profiles, which helps us to forecast future customer
requirements and general demand for our projects. This allows us to have real-time information on the status of individual customer transactions
as well as available inventory by project, which enables us to better anticipate the preferences of current and future customers.
We use various advertising media to
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
the appropriate
advertising and selling plan for each project. We develop public awareness through marketing and advertising as well as referrals from
customers. We utilize a customer relationship management system to track customer profiles, which helps us to forecast future customer
requirements and general demand for our projects. This allows us to have real-time information on the status of individual customer transactions
as well as available inventory by project, which enables us to better anticipate the preferences of current and future customers.
We use various advertising media to market our
developments and enhance our brand name, including newspapers, magazines, television, radio, e-marketing and outdoor billboards. We also
participate in real estate exhibitions.
We have also developed a strong relationship with
local institutional purchasers and governments. Green Giant Inc. has entered into various significant residential-apartment group-purchase
agreements with local government and institutional purchasers.
A typical real estate property sales transaction
usually consists of three steps. First, the customer pays a deposit to the Company. Within a week, after paying the deposit, the customer
will sign a purchase contract with us and make a down payment to us in cash. After making the down payment, the customer arranges for
a mortgage loan for the balance of the purchase price. Once the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
has entered into various significant residential-apartment group-purchase
agreements with local government and institutional purchasers.
A typical real estate property sales transaction
usually consists of three steps. First, the customer pays a deposit to the Company. Within a week, after paying the deposit, the customer
will sign a purchase contract with us and make a down payment to us in cash. After making the down payment, the customer arranges for
a mortgage loan for the balance of the purchase price. Once the loan is approved, the mortgage loan proceeds are paid to us directly by
the bank. Finally, we deliver the property to the customer. Legal title, as evidenced by a property ownership certificate issued by local
land and construction bureaus, will be delivered to the customer.
For customers purchasing properties with mortgage
financing, under current PRC laws, their minimum down payment is 30% of the total purchase price for the purchase of the first self-use
residential unit with total GFA of 90 square meters (about 970 square feet) or more on all existing units and those yet to be completed,
and a down payment of 20% on the first residential units for self-use with total GFA of under 90 square meters. In order to mitigate
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
customers purchasing properties with mortgage
financing, under current PRC laws, their minimum down payment is 30% of the total purchase price for the purchase of the first self-use
residential unit with total GFA of 90 square meters (about 970 square feet) or more on all existing units and those yet to be completed,
and a down payment of 20% on the first residential units for self-use with total GFA of under 90 square meters. In order to mitigate the
default risk, the Company requires from its homebuyer customers deposits ranging from 30% - 50% of the purchase price, which is higher
than the percentage required by the government for the mortgage down payment.
Like most real estate companies in China, we generally
provide guarantees to mortgagee banks in respect of the mortgage loans provided to the purchasers of our properties up until completion
of the registration of the mortgage with the relevant mortgage registration authorities. As of September 30, 2022, the Company had security
deposits for these guarantees of approximately $3.0 million. Guarantees for mortgages on residential properties are typically discharged
when the individual property ownership certificates are issued. In our experience, the issuance of the individual property ownership certificates
typically
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
provide guarantees to mortgagee banks in respect of the mortgage loans provided to the purchasers of our properties up until completion
of the registration of the mortgage with the relevant mortgage registration authorities. As of September 30, 2022, the Company had security
deposits for these guarantees of approximately $3.0 million. Guarantees for mortgages on residential properties are typically discharged
when the individual property ownership certificates are issued. In our experience, the issuance of the individual property ownership certificates
typically takes six to twelve months, so our mortgage guarantees typically remain outstanding for up to twelve months after we deliver
the underlying property.
Our Property Development Operations
We have a systematic and standardized process
of project development, which we implement through several well-defined phases. One critically significant portion of our process is the
land acquisition process, which is segmented into three stages: (i) opportunity identification, (ii) initial planning and budgeting,
and (iii) land use rights acquisition. The following diagram sets forth the key stages of our property development process.
LAND ACQUISITION PROCESS
Project
planning and
design
Project
construction
and
Management
Pre-sale, sale
and marketing
After-sale
and delivery
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
of our process is the
land acquisition process, which is segmented into three stages: (i) opportunity identification, (ii) initial planning and budgeting,
and (iii) land use rights acquisition. The following diagram sets forth the key stages of our property development process.
LAND ACQUISITION PROCESS
Project
planning and
design
Project
construction
and
Management
Pre-sale, sale
and marketing
After-sale
and delivery
Opportunity Identification
Initial Planning
Land Acquisition
Strategic planning
Feasibility study
Financial assessment
Outsource architectural and engineering design
Outsource
construction
Pre-sale
Delivery
Geographic and market analysis
Preliminary design
Internal approval
Design management
Construction
supervision
Marketing
Feedback collection
Project evaluation
Bidding process
Arrange financing
Quality control
Advertising
Completion inspection
Landscaping
and fixture installation
Our Projects
Overview
We develop the following three types of real estate
projects, which may be developed in one or more phases:
multi-layer apartment buildings, which are typically six stories or less;
sub-high-rise apartment buildings, which are typically seven to 11 stories; and
high-rise apartment buildings, which
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Construction
supervision
Marketing
Feedback collection
Project evaluation
Bidding process
Arrange financing
Quality control
Advertising
Completion inspection
Landscaping
and fixture installation
Our Projects
Overview
We develop the following three types of real estate
projects, which may be developed in one or more phases:
multi-layer apartment buildings, which are typically six stories or less;
sub-high-rise apartment buildings, which are typically seven to 11 stories; and
high-rise apartment buildings, which are typically 12 to 33 stories.
At any one time, our projects (or phases of our
projects) are in one of the following three stages:
completed projects, meaning properties for which construction has been completed;
properties under construction, meaning properties for which construction permits have been obtained but construction has not been
completed; and
properties under planning, meaning properties for which we have entered into land grant contracts and are in the process of obtaining
the required permits to begin construction.
Our main projects located in Hanzhong City are:
Mingzhu Beiyuan, Oriental Pearl Garden and Liangzhou Road related projects. In Yang County, our project is Yangzhou Pearl Garden
and Yangzhou Palace. Most projects are being developed in multiple phases.
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
been obtained but construction has not been
completed; and
properties under planning, meaning properties for which we have entered into land grant contracts and are in the process of obtaining
the required permits to begin construction.
Our main projects located in Hanzhong City are:
Mingzhu Beiyuan, Oriental Pearl Garden and Liangzhou Road related projects. In Yang County, our project is Yangzhou Pearl Garden
and Yangzhou Palace. Most projects are being developed in multiple phases.
Real Estate Projects located in Hanzhong City
Mingzhu Garden - Mingzhu Beiyuan
This project is located in the southwest part of Hanzhong City. The
Phase I project includes two high-rise residential buildings with commercial shops located on the first floor with unsold GFA of Nil square
meters as of September 30, 2020. The Phase II Mingzhu Beiyuan project includes 17 high-rise residential buildings with GFA of 358,058
square meters. Green Giant Inc. started construction in the third quarter of fiscal 2012 and completed the construction in the last quarter
of fiscal 2015. As of September 30, 2022, the unsold GFA was 78,677
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
first floor with unsold GFA of Nil square
meters as of September 30, 2020. The Phase II Mingzhu Beiyuan project includes 17 high-rise residential buildings with GFA of 358,058
square meters. Green Giant Inc. started construction in the third quarter of fiscal 2012 and completed the construction in the last quarter
of fiscal 2015. As of September 30, 2022, the unsold GFA was 78,677 square meters; un-allocated costs was $20,672,000.
Oriental Pearl Garden
This project is located in the downtown of Hanzhong City. The
Company started construction in the third quarter of fiscal 2012. It consists of 12 high-rise residential buildings with commercial shops
on the first and second floors with GFA of approximately 275,014 square meters. The project was fully completed in fiscal 2016. As of
September 30, 2022, the unsold GFA was 53,506 square meters; un-allocated costs was $17,425,514.
Real Estate Projects located in Yang County
Yangzhou Pearl Garden
Yangzhou Pearl Garden mainly consists of multi-layer residential buildings
and sub-high
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
-rise residential buildings with commercial shops
on the first and second floors with GFA of approximately 275,014 square meters. The project was fully completed in fiscal 2016. As of
September 30, 2022, the unsold GFA was 53,506 square meters; un-allocated costs was $17,425,514.
Real Estate Projects located in Yang County
Yangzhou Pearl Garden
Yangzhou Pearl Garden mainly consists of multi-layer residential buildings
and sub-high-rise residential buildings with commercial shops on the first floors. As of September 30, 2021, the remaining unsold GFA
of Phase I of Yangzhou Pearl Garden, which includes multi-layer residential buildings, commercial units, sub-high-rise and high-rise residential
buildings was a total GFA of Nil square meters. Yangzhou Pearl Garden Phase II consists of five high-rise residential buildings and one
multi-layer residential building, with a total GFA of 67,991 square meters. The construction was completed in fiscal 2015. As of September
30, 2022, the unsold GFA of Yangzhou Pearl Garden Phase II was 10,545 square meters; un-allocated costs was $2,039,912.
Yangzhou Palace
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
ings was a total GFA of Nil square meters. Yangzhou Pearl Garden Phase II consists of five high-rise residential buildings and one
multi-layer residential building, with a total GFA of 67,991 square meters. The construction was completed in fiscal 2015. As of September
30, 2022, the unsold GFA of Yangzhou Pearl Garden Phase II was 10,545 square meters; un-allocated costs was $2,039,912.
Yangzhou Palace
Green Giant Inc. is currently constructing 9 high-rise residential buildings
and 16 sub-high-rise residential and multi-layer residential buildings with total GFA of 297,059 square meters in Yangzhou Palace located
in Yang County. The construction started in the fourth quarter of fiscal 2013 and was completed during the year ended September 30, 2021.
Green Giant Inc. received the pre-sale license on September 1, 2016 and started to promote and sell the property in November 2016.
As of September 30, 2022, the remaining unsold GFA of Yangzhou Palace, which includes multi-layer residential buildings, commercial units,
sub-high-rise and high-rise residential buildings was a total GFA of 87,989 square meters; un-
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2013 and was completed during the year ended September 30, 2021.
Green Giant Inc. received the pre-sale license on September 1, 2016 and started to promote and sell the property in November 2016.
As of September 30, 2022, the remaining unsold GFA of Yangzhou Palace, which includes multi-layer residential buildings, commercial units,
sub-high-rise and high-rise residential buildings was a total GFA of 87,989 square meters; un-allocated costs was $34,635,104.
10
The following table sets forth our real estate
projects in the year ended September 30, 2022:
Unsold GFA as
GFA sold / disposed
of September 30,
Project Name
Location
Type of Buildings
during the year
2022
Mingzhu Garden
(Mingzhu Beiyuan) Phase II
Hanzhong City
High-rise residential
1,138
78,677
Oriental Pearl Garden
Hanzhong City
High-rise residential
363
53,506
Yangzhou Pearl Garden Phase II
Yang County
High-rise residential
10,545
Yangzhou Palace
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
,
Project Name
Location
Type of Buildings
during the year
2022
Mingzhu Garden
(Mingzhu Beiyuan) Phase II
Hanzhong City
High-rise residential
1,138
78,677
Oriental Pearl Garden
Hanzhong City
High-rise residential
363
53,506
Yangzhou Pearl Garden Phase II
Yang County
High-rise residential
10,545
Yangzhou Palace
Yang County
High-rise residential
14,681
87,989
Total
16,182
230,717
(1)
The amounts for “total GFA” in this table are the
amounts of total saleable gross floor area and are derived on the following basis:
for properties that are sold, the stated GFA is based on sales contracts relating to such property;
for unsold properties that are completed, the stated GFA is calculated based on the detailed construction blueprint and the calculation
method approved by the PRC government for saleable GFA, after necessary adjustments; and
for properties that are under planning, the stated GFA is based on the land grant contract and our internal projections.
Suppliers
Land Bank
In China, the
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
the following basis:
for properties that are sold, the stated GFA is based on sales contracts relating to such property;
for unsold properties that are completed, the stated GFA is calculated based on the detailed construction blueprint and the calculation
method approved by the PRC government for saleable GFA, after necessary adjustments; and
for properties that are under planning, the stated GFA is based on the land grant contract and our internal projections.
Suppliers
Land Bank
In China, the supply of land is controlled by
the government. Since the early 2000s, the real estate industry in China has been transitioning from an arranged system controlled
by the PRC government to a more market-oriented system. At present, although the Chinese government still owns all urban land in China,
land use rights with terms of up to 70 years can be granted to, owned or leased by, private individuals and companies.
Land - under planning and development
In May 2011, the Company entered into a development agreement
with the local government. Pursuant to the agreement, the Company will prepay the development cost of approximately $16.8 million (RMB
119,700,000) and the Company has the right to acquire the land use rights
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
urban land in China,
land use rights with terms of up to 70 years can be granted to, owned or leased by, private individuals and companies.
Land - under planning and development
In May 2011, the Company entered into a development agreement
with the local government. Pursuant to the agreement, the Company will prepay the development cost of approximately $16.8 million (RMB
119,700,000) and the Company has the right to acquire the land use rights through public bidding. The prepaid development cost will be
deducted from the final purchase price of the land use rights. As of September 30, 2022, a deposit of approximately $2.2 million was paid
by the Company (2021- $2.0 million). The local government is still in a slow process of re-zoning the property. Green Giant Inc. expects to
make payment of the remaining development cost based on the government’s current work progress.
All land transactions are required to be reported
to and authorized by the local Bureau of Land and Natural Resources. With respect to real estate project design and construction services,
the Company typically selects the lowest-cost provider based on quality selected through an open bidding process. Such service providers
are numerous in China
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
.0 million). The local government is still in a slow process of re-zoning the property. Green Giant Inc. expects to
make payment of the remaining development cost based on the government’s current work progress.
All land transactions are required to be reported
to and authorized by the local Bureau of Land and Natural Resources. With respect to real estate project design and construction services,
the Company typically selects the lowest-cost provider based on quality selected through an open bidding process. Such service providers
are numerous in China and the Company foresees no difficulties in securing alternative sources of services as needed.
Other Suppliers
Green Giant Inc. uses various suppliers in the construction
of its projects. For the year ended September 30, 2022 and 2021, no suppliers accounted for more than 10% of the total project expenditures
11
Competition
The real estate industry in China is highly competitive. In the Tier
3 and Tier 4 cities and counties that we focus on, the markets are relatively more fragmented than in the Tier 1 or Tier 2 cities. We
compete primarily with regional property developers and an increasing number of large national property developers who have also started
to enter these markets. Competitive factors include the geographical location of the projects, the types of products
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
10% of the total project expenditures
11
Competition
The real estate industry in China is highly competitive. In the Tier
3 and Tier 4 cities and counties that we focus on, the markets are relatively more fragmented than in the Tier 1 or Tier 2 cities. We
compete primarily with regional property developers and an increasing number of large national property developers who have also started
to enter these markets. Competitive factors include the geographical location of the projects, the types of products offered, brand recognition,
price, designing and quality. In the regional markets in which we operate, our major competitors include regional real estate developers
Wanbang Real Estate Development Co. Ltd. (“Wanbang”), Jingtai Real Estate Development Co. Ltd. (“Jingtai”) and
Shaanxi Fenghui Real Estate Development Co. Ltd. (“Fenghui”) as well as other national real estate developers such as Evergrande
Real Estate Group (“Evergrande”) who have also started their projects in these local markets.
Nationally, there are numerous national real estate
developers that have real estate projects across China. There are many housing and land development companies listed on the Shanghai and
Shenzhen Stock Exchanges. However, such companies
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
ingtai”) and
Shaanxi Fenghui Real Estate Development Co. Ltd. (“Fenghui”) as well as other national real estate developers such as Evergrande
Real Estate Group (“Evergrande”) who have also started their projects in these local markets.
Nationally, there are numerous national real estate
developers that have real estate projects across China. There are many housing and land development companies listed on the Shanghai and
Shenzhen Stock Exchanges. However, such companies usually undertake large scale projects and are unlikely to compete with the Company
for business as the Company targets small to medium sized projects in Tier 3 and Tier 4 cities and counties.
In the regional market, the Company’s only
direct competitor with meaningful market share in the market is Wanbang. This company generally undertakes medium and small scale projects
and focuses on development of commercial real estate properties, such as hotels and shopping centers.
Competitive Strength:
We believe the following strengths allow us to
compete effectively:
Well Positioned to Capture Opportunities in
Tier 3 and Tier 4 Cities and Counties.
With the increase in consumer disposable income
and urbanization rates, a growing middle-income consumer market has emerged driving demand for affordable and high quality housing in
many cities
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
is Wanbang. This company generally undertakes medium and small scale projects
and focuses on development of commercial real estate properties, such as hotels and shopping centers.
Competitive Strength:
We believe the following strengths allow us to
compete effectively:
Well Positioned to Capture Opportunities in
Tier 3 and Tier 4 Cities and Counties.
With the increase in consumer disposable income
and urbanization rates, a growing middle-income consumer market has emerged driving demand for affordable and high quality housing in
many cities across northwest China. We focus on building large communities of modern, mid-sized residential properties for this market
segment and have accumulated substantial knowledge and experience about the residential preferences and demands of mid-income customers.
We believe we can leverage our experience to capture the growth opportunities in the markets.
Standardized and Scalable Business Model.
Our business model focuses on a standardized property
development process designed for rapid asset turnover. We break up the overall process into well-defined stages and closely monitor costs
and development schedules through each stage. These stages include (i) identifying land, (ii) pre-planning and budgeting, (iii) land
acquisition, (iv) detailed project design, (v) construction management, (vi) pre-sales
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Standardized and Scalable Business Model.
Our business model focuses on a standardized property
development process designed for rapid asset turnover. We break up the overall process into well-defined stages and closely monitor costs
and development schedules through each stage. These stages include (i) identifying land, (ii) pre-planning and budgeting, (iii) land
acquisition, (iv) detailed project design, (v) construction management, (vi) pre-sales, sales and (vii) after-sale
services. We commence pre-planning and budgeting prior to the land acquisition, which enables us to acquire land at costs that meet our
pre-set investment targeted returns and to quickly begin the development process upon acquisition. Our enterprise resource planning enables
us to collect and analyze information on a real-time basis throughout the entire property development process. We utilize our customer
relationship management system to track customer profiles and sales to forecast future individual preferences and market demand.
Experienced Management Team Supported by Trained
and Motivated Workforce.
Our management and workforce are well-trained
and motivated. Employees receive on-going training in their areas of specialization at our head office in Hanzhong.
Guangsha is also an “AAA Enterprise
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
resource planning enables
us to collect and analyze information on a real-time basis throughout the entire property development process. We utilize our customer
relationship management system to track customer profiles and sales to forecast future individual preferences and market demand.
Experienced Management Team Supported by Trained
and Motivated Workforce.
Our management and workforce are well-trained
and motivated. Employees receive on-going training in their areas of specialization at our head office in Hanzhong.
Guangsha is also an “AAA Enterprise in Shaanxi
Construction Industry” as recognized by the Credit Association of Agricultural Bank of China, Shaanxi Branch.
12
Strategies
Our goal is to become the leading residential
property developer focused on China’s Tier 3 and Tier 4 cities and counties by implementing the following strategies:
Continue Expanding in Selected Tier 3 and Tier
4 Cities. We believe that Tier 3 and Tier 4 cities and counties present development opportunities that are well suited for our scalable
business model of rapid asset turnover. Furthermore, Tier 3 and Tier 4 cities and counties currently tend to be in an early stage of market
maturity and have fewer large national developers. We believe that the fragmented market and relative abundance of land supply in Tier
3 and
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
implementing the following strategies:
Continue Expanding in Selected Tier 3 and Tier
4 Cities. We believe that Tier 3 and Tier 4 cities and counties present development opportunities that are well suited for our scalable
business model of rapid asset turnover. Furthermore, Tier 3 and Tier 4 cities and counties currently tend to be in an early stage of market
maturity and have fewer large national developers. We believe that the fragmented market and relative abundance of land supply in Tier
3 and Tier 4 cities, as compared to Tier 1 and Tier 2 cities, offer more opportunities for us to generate attractive margins. And we also
believe that our experience affords us the opportunity to emerge as a leading developer in these markets. In the near future, we plan
to enter into other Tier 3 and Tier 4 cities that have:
Increasing urbanization rates and population growth;
High economic growth and increasing individual income; and
Sustainable land supply for future developments.
We plan to continue to closely monitor our capital
and cash positions and carefully manage our cost for land use rights, construction costs and operating expenses. We believe that we will
be able to use our working capital more efficiently by adhering to prudent cost management, which will help to
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
we plan
to enter into other Tier 3 and Tier 4 cities that have:
Increasing urbanization rates and population growth;
High economic growth and increasing individual income; and
Sustainable land supply for future developments.
We plan to continue to closely monitor our capital
and cash positions and carefully manage our cost for land use rights, construction costs and operating expenses. We believe that we will
be able to use our working capital more efficiently by adhering to prudent cost management, which will help to maintain our profit margins.
When selecting a property project for development, we will continue to follow our established internal evaluation process, including utilizing
the analysis and input of our experienced management team and choosing third-party contractors through a tender process open only to bids
which meet our budgeted costs.
Quality Control
We emphasize quality control to ensure that our
buildings and residential units meet our standards and provide high quality service. We select only experienced design and construction
companies. We, through our contracts with construction contractors, provide customers with warranties covering the building structure
and certain fittings and facilities of our property developments in accordance with the relevant regulations. To ensure construction quality,
our construction contracts contain quality warranties and penalty provisions for poor work quality. In the event of delay or poor work
quality
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
.
Quality Control
We emphasize quality control to ensure that our
buildings and residential units meet our standards and provide high quality service. We select only experienced design and construction
companies. We, through our contracts with construction contractors, provide customers with warranties covering the building structure
and certain fittings and facilities of our property developments in accordance with the relevant regulations. To ensure construction quality,
our construction contracts contain quality warranties and penalty provisions for poor work quality. In the event of delay or poor work
quality, the contractor may be required to pay pre-agreed damages under our construction contracts. Our construction contracts do not
allow our contractors to subcontract or transfer their contractual arrangements with us to third parties. We typically withhold 2% of
the agreed construction fees for two to five years after completion of the construction as security to guarantee quality, which provides
us with assurance for our contractors’ work quality.
Our contractors are also subject to our quality
control procedures, including examination of materials and supplies, on-site inspection and production of progress reports. We require
our contractors to comply with relevant PRC laws and regulations, as well as our own standards and specifications. We set up a profile
for each and every unit constructed and monitor the quality of such unit throughout its construction period until
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
after completion of the construction as security to guarantee quality, which provides
us with assurance for our contractors’ work quality.
Our contractors are also subject to our quality
control procedures, including examination of materials and supplies, on-site inspection and production of progress reports. We require
our contractors to comply with relevant PRC laws and regulations, as well as our own standards and specifications. We set up a profile
for each and every unit constructed and monitor the quality of such unit throughout its construction period until its delivery. We also
employ independent surveyors to supervise the construction progress. In addition, the construction of real estate projects is regularly
inspected and supervised by the PRC governmental authorities.
Environmental Matters
As a developer of property in the PRC, we are
subject to various environmental laws and regulations set by the PRC national, provincial and municipal governments. These include regulations
on air pollution, noise emissions, as well as water and waste discharge. As of September 30, 2022, we have never paid any penalties
associated with the breach of any such laws and regulations. Compliance with existing environmental laws and regulations has not had a
material adverse effect on our financial condition and results of operations, and we do not believe it will have such
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
to various environmental laws and regulations set by the PRC national, provincial and municipal governments. These include regulations
on air pollution, noise emissions, as well as water and waste discharge. As of September 30, 2022, we have never paid any penalties
associated with the breach of any such laws and regulations. Compliance with existing environmental laws and regulations has not had a
material adverse effect on our financial condition and results of operations, and we do not believe it will have such an impact in the
future.
Our projects are normally required to undergo
an environmental impact assessment by government-appointed third parties, and a report of such assessment needs to be submitted to the
relevant environmental authorities in order to obtain their approval before commencing construction.
13
Upon completion of each project, the relevant
environmental authorities inspect the site to ensure the applicable environmental standards have been complied with, and the resulting
report is presented together with other specified documents to the relevant construction administration authorities for their approval
and records. Approval from the environmental authorities on such report is required before we can deliver our completed work to our customers.
As of September 30, 2022, we have not experienced any difficulties in obtaining those approvals for commencement of construction and delivery
of completed projects
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
of each project, the relevant
environmental authorities inspect the site to ensure the applicable environmental standards have been complied with, and the resulting
report is presented together with other specified documents to the relevant construction administration authorities for their approval
and records. Approval from the environmental authorities on such report is required before we can deliver our completed work to our customers.
As of September 30, 2022, we have not experienced any difficulties in obtaining those approvals for commencement of construction and delivery
of completed projects.
Employees
We currently have 90 full-time employees .
Department
Management
15
Accounting Staff
11
Sales and marketing staff
38
Administrative
26
Total
90
Contractual Arrangements between Shaanxi HGS and Guangsha
Due to PRC legal restrictions on foreign ownership,
neither we nor our subsidiaries own any direct equity interest in Guangsha. Instead, we control and receive the economic benefits of Guangsha’s
business operation through a series of contractual arrangements. Shaanxi HGS, Guangsha and the Guangsha shareholders entered into a series
of contractual arrangements, also known as VIE Agreements. The VIE agreements are designed to provide Shaanxi HGS with the power, rights
and obligations
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Due to PRC legal restrictions on foreign ownership,
neither we nor our subsidiaries own any direct equity interest in Guangsha. Instead, we control and receive the economic benefits of Guangsha’s
business operation through a series of contractual arrangements. Shaanxi HGS, Guangsha and the Guangsha shareholders entered into a series
of contractual arrangements, also known as VIE Agreements. The VIE agreements are designed to provide Shaanxi HGS with the power, rights
and obligations equivalent in all material respects to those it would possess as the sole equity holder of Guangsha, including absolute
control rights and the rights to the assets, property and revenue of Guangsha. If Guangsha or the Guangsha’s shareholders fail to
perform their respective obligations under the contractual arrangements, we could be limited in our ability to enforce the contractual
arrangements that give us effective control over Guangsha and its subsidiary. Furthermore, if we are unable to maintain effective control,
we would not be able to continue to consolidate the financial results of our variable interest entity in our financial statements.
Although we took every precaution available to
effectively enforce the contractual and corporate relationship above, these contractual arrangements may still be less effective than
direct ownership and that the Company may incur substantial
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
contractual arrangements, we could be limited in our ability to enforce the contractual
arrangements that give us effective control over Guangsha and its subsidiary. Furthermore, if we are unable to maintain effective control,
we would not be able to continue to consolidate the financial results of our variable interest entity in our financial statements.
Although we took every precaution available to
effectively enforce the contractual and corporate relationship above, these contractual arrangements may still be less effective than
direct ownership and that the Company may incur substantial costs to enforce the terms of the arrangements. For example, our VIE and its
shareholders could breach their contractual arrangements with us by, among other things, failing to conduct their operations in an acceptable
manner or taking other actions that are detrimental to our interests. If we had direct ownership of our VIE, we would be able to exercise
our rights as a shareholder to effect changes in the board of directors of our VIE, which in turn could implement changes, subject to
any applicable fiduciary obligations, at the management and operational level. However, under the current contractual arrangements, we
rely on the performance by our VIE and its shareholders of their obligations under the contracts to exercise control over our VIE. The
shareholders of our
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
we had direct ownership of our VIE, we would be able to exercise
our rights as a shareholder to effect changes in the board of directors of our VIE, which in turn could implement changes, subject to
any applicable fiduciary obligations, at the management and operational level. However, under the current contractual arrangements, we
rely on the performance by our VIE and its shareholders of their obligations under the contracts to exercise control over our VIE. The
shareholders of our consolidated VIE may not act in the best interests of our Company or may not perform their obligations under these
contracts. In addition, failure of our VIE shareholders to perform certain obligations could compel the Company to rely on legal remedies
available under PRC laws, including seeking specific performance or injunctive relief, and claiming damages, which may not be effective.
14
All of these contractual arrangements are governed
by PRC law and provide for the resolution of disputes through arbitration in the PRC. The legal environment in the PRC is not as developed
as in some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit our ability
to enforce these contractual arrangements. In the event we are unable to enforce these
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
performance or injunctive relief, and claiming damages, which may not be effective.
14
All of these contractual arrangements are governed
by PRC law and provide for the resolution of disputes through arbitration in the PRC. The legal environment in the PRC is not as developed
as in some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit our ability
to enforce these contractual arrangements. In the event we are unable to enforce these contractual arrangements, we may not be able to
exert effective control over our operating entities and we may be precluded from operating our business, which would have a material adverse
effect on our financial condition and results of operations. In addition, there is uncertainty as to whether the courts of the Cayman
Islands or the PRC would recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability
provisions of the securities laws of the United States or any state.
Selected Condensed Consolidated Financial Schedule of the Company
and its Subsidiaries and the VIE
The following tables present selected condensed
consolidating financial data of the Company and its subsidiaries and the VIE for the fiscal years ended September 30
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
courts of the Cayman
Islands or the PRC would recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability
provisions of the securities laws of the United States or any state.
Selected Condensed Consolidated Financial Schedule of the Company
and its Subsidiaries and the VIE
The following tables present selected condensed
consolidating financial data of the Company and its subsidiaries and the VIE for the fiscal years ended September 30, 2022 and 2021, and
balance sheet data as of September 30, 2022 and 2021, which have been derived from our consolidated financial statements for those years.
SELECTED CONDENSED CONSOLIDATING STATEMENTS
OF INCOME AND COMPREHENSIVE INCOME (LOSS)
For the Year Ended September 30, 2022
The
Consolidated
Company
Subsidiaries
VIE
Eliminations
Total
Revenues
9,577,405
9,577,405
Income from equity method investment
(87,959,503
87,959,503
Net income (loss)
(108,124,682
(65
(87,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
AND COMPREHENSIVE INCOME (LOSS)
For the Year Ended September 30, 2022
The
Consolidated
Company
Subsidiaries
VIE
Eliminations
Total
Revenues
9,577,405
9,577,405
Income from equity method investment
(87,959,503
87,959,503
Net income (loss)
(108,124,682
(65
(87,959,438
87,959,503
(108,124,682
Comprehensive income (loss)
(119,559,356
(65
(99,394,112
99,394,177
(119,559,356
For the Year Ended September 30, 2021
The
Consolidated
Company
Subsidiaries
VIE
Eliminations
Total
Revenues
58,915,239
58,915,239
Income from equity method investment
6,643,438
(6,643,438
Net income (loss)
6,375,438
(12,000
6,387,438
(6,375,438
6,375
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Year Ended September 30, 2021
The
Consolidated
Company
Subsidiaries
VIE
Eliminations
Total
Revenues
58,915,239
58,915,239
Income from equity method investment
6,643,438
(6,643,438
Net income (loss)
6,375,438
(12,000
6,387,438
(6,375,438
6,375,438
Comprehensive income (loss)
15,763,825
(12,000
15,775,825
(15,763,825
15,763,825
15
SELECTED CONDENSED CONSOLIDATING BALANCE SHEETS
As of September 30, 2022
The
Consolidated
Company
Subsidiaries
VIE
Eliminations
Total
Cash
1,074,440
2,000
283,777
1,360,217
Investments in subsidiaries and VIE
94,868,534
(94,868,534
Total assets
123,043,589
(70
280,939,924
(96,596,049
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
of September 30, 2022
The
Consolidated
Company
Subsidiaries
VIE
Eliminations
Total
Cash
1,074,440
2,000
283,777
1,360,217
Investments in subsidiaries and VIE
94,868,534
(94,868,534
Total assets
123,043,589
(70
280,939,924
(96,596,049
307,387,394
Total liabilities
3,597,919
669,765
183,674,040
187,941,724
Total shareholders’ equity
119,445,670
(669,835
97,265,884
(96,596,049
119,445,670
Total liabilities and shareholders’ deficit
123,043,589
(70
280,939,924
(96,596,049
307,387,394
As of September 30, 2021
The
Consolidated
Company
Subsidiaries
VIE
Eliminations
Total
Cash
170,001
170,001
Investments in subsidiaries and VIE
194,262,
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
596,049
119,445,670
Total liabilities and shareholders’ deficit
123,043,589
(70
280,939,924
(96,596,049
307,387,394
As of September 30, 2021
The
Consolidated
Company
Subsidiaries
VIE
Eliminations
Total
Cash
170,001
170,001
Investments in subsidiaries and VIE
194,262,711
(194,262,711
Total assets
194,262,711
371,230
384,629,333
(194,262,711
385,000,563
Total liabilities
3,565,000
1,266,921
189,470,931
194,302,852
Total shareholders’ equity
190,697,711
(895,691
195,158,402
(194,262,711
190,697,711
Total liabilities and shareholders’ deficit
194,262,711
371,230
384,629,333
(194,262,711
385,000,563
SELECTED CONDENSED CONSOLIDATING STATEMENTS
OF CASH FLO
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
189,470,931
194,302,852
Total shareholders’ equity
190,697,711
(895,691
195,158,402
(194,262,711
190,697,711
Total liabilities and shareholders’ deficit
194,262,711
371,230
384,629,333
(194,262,711
385,000,563
SELECTED CONDENSED CONSOLIDATING STATEMENTS
OF CASH FLOWS
For the Year Ended September 30, 2022
The
Consolidated
Company
Subsidiaries
VIE
Eliminations
Total
Net
cash (used in) operating activities
(925,560
2,000
166,053
(757,507
Net
cash provided by investing activities
(26,936,915
(26,936,915
Net
cash used in financing activities
28,936,915
28,936,915
For the Year Ended September 30, 2021
The
Consolidated
Company
Subsidiaries
VIE
Eliminations
Total
Net cash (used in) operating
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
,000
166,053
(757,507
Net
cash provided by investing activities
(26,936,915
(26,936,915
Net
cash used in financing activities
28,936,915
28,936,915
For the Year Ended September 30, 2021
The
Consolidated
Company
Subsidiaries
VIE
Eliminations
Total
Net cash (used in) operating activities
(604,167
(604,167
Net cash provided by investing activities
Net cash used in financing activities
Transfers of Cash to and from Our VIE
Green Giant Inc. is a holding company with no operations of its own. We conduct our operations in China primarily
through our subsidiary and VIE in China. As a result, although other means are available for us to obtain financing at the holding company
level, Green Giant Inc.’s ability to pay dividends to its shareholders and to service any debt it may incur may depend upon dividends
paid by our PRC subsidiaries and license and service fees paid by our PRC consolidated affiliated entities. If any of our subsidiaries
incurs debt on its own in the future, the instruments governing such debt
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
in China primarily
through our subsidiary and VIE in China. As a result, although other means are available for us to obtain financing at the holding company
level, Green Giant Inc.’s ability to pay dividends to its shareholders and to service any debt it may incur may depend upon dividends
paid by our PRC subsidiaries and license and service fees paid by our PRC consolidated affiliated entities. If any of our subsidiaries
incurs debt on its own in the future, the instruments governing such debt may restrict its ability to pay dividends to Green Giant Inc.
In addition, our PRC subsidiary and VIE are required to make appropriations to certain statutory reserve funds, which are not distributable
as cash dividends except in the event of a liquidation of the companies.
16
Current PRC regulations permit our indirect PRC
subsidiaries to pay dividends to HGS Investment only out of their accumulated profits, if any, determined in accordance with Chinese
accounting standards and regulations. In addition, each of our subsidiaries in China is required to set aside at least 10% of its after-tax
profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Each of such entity in
China is also
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Current PRC regulations permit our indirect PRC
subsidiaries to pay dividends to HGS Investment only out of their accumulated profits, if any, determined in accordance with Chinese
accounting standards and regulations. In addition, each of our subsidiaries in China is required to set aside at least 10% of its after-tax
profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Each of such entity in
China is also required to further set aside a portion of its after-tax profits to fund the employee welfare fund, although the amount
to be set aside, if any, is determined at the discretion of its board of directors. Although the statutory reserves can be used, among
other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies,
the reserve funds are not distributable as cash dividends except in the event of liquidation.
The PRC government also imposes controls on the
conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties in
completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits,
if any. Furthermore
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies,
the reserve funds are not distributable as cash dividends except in the event of liquidation.
The PRC government also imposes controls on the
conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties in
completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits,
if any. Furthermore, if our subsidiaries in the PRC incur debt on their own in the future, the instruments governing the debt may restrict
their ability to pay dividends or make other payments. If we or our subsidiaries are unable to receive all of the revenues from our operations
through the current VIE Agreements, we may be unable to pay dividends on our common stock.
Cash dividends, if any, on our common stock will
be paid in U.S. dollars. If we are considered a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders
may be regarded as China-sourced income and as a result may be subject to PRC withholding tax at a rate of up to 10.0%.
In order for us to pay dividends to our shareholders
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
IE Agreements, we may be unable to pay dividends on our common stock.
Cash dividends, if any, on our common stock will
be paid in U.S. dollars. If we are considered a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders
may be regarded as China-sourced income and as a result may be subject to PRC withholding tax at a rate of up to 10.0%.
In order for us to pay dividends to our shareholders,
we will be dependent on payments made from Guangsha to Shaanxi HGS, pursuant to VIE Agreements between them, and the distribution
of such payments to HGS Investment as dividends from Shaanxi HGS. Certain payments from Guangsha to Shaanxi HGS are subject to PRC taxes,
including business taxes and VAT. During the year ended September 30, 2022 and 2021, Guangsha made no payments to Shaanxi HGS. For the
years ended September 30, 2022 and 2021, there was no cash transferred between the Company and Guangsha (our VIE).
PRC Limitation on Overseas Listing and Share
Issuances
Neither we, our subsidiaries nor our
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
anxi HGS are subject to PRC taxes,
including business taxes and VAT. During the year ended September 30, 2022 and 2021, Guangsha made no payments to Shaanxi HGS. For the
years ended September 30, 2022 and 2021, there was no cash transferred between the Company and Guangsha (our VIE).
PRC Limitation on Overseas Listing and Share
Issuances
Neither we, our subsidiaries nor our VIE are currently
required to obtain approval from Chinese authorities, including the China Securities Regulatory Commission, or CSRC, or the Cybersecurity
Administration Committee, or CAC, to list
on U.S. exchanges or issue securities to foreign investors, however, if our VIE, subsidiaries or the holding company were required to
obtain approval in the future and were denied permission from Chinese authorities to list on U.S. exchanges, we will not be able to continue
listing on a U.S. exchange, which would materially affect the interest of investors. It is uncertain when and whether the Company will
be required to obtain permission from the PRC government to list on U.S. exchanges in the future, and even when such permission is obtained,
whether it
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
our VIE, subsidiaries or the holding company were required to
obtain approval in the future and were denied permission from Chinese authorities to list on U.S. exchanges, we will not be able to continue
listing on a U.S. exchange, which would materially affect the interest of investors. It is uncertain when and whether the Company will
be required to obtain permission from the PRC government to list on U.S. exchanges in the future, and even when such permission is obtained,
whether it will be denied or rescinded. Although the Company is currently not required to obtain permission from any of the PRC federal
or local governments to obtain such permission and has not received any denial to list on the U.S. exchange, our operations could be adversely
affected, directly or indirectly, by existing or future laws and regulations relating to its business or industry.
17
ITEM 1A. RISK FACTORS
Risks Relating to Our Business and Industry
Our business is sensitive to China’s
economy and China real estate policies. A downturn in China’s economy and restrictive real estate polices could materially and adversely
affect our revenues and results of operations.
Any slowdown in China’s economic development
might lead to tighter credit markets, increased market
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
or indirectly, by existing or future laws and regulations relating to its business or industry.
17
ITEM 1A. RISK FACTORS
Risks Relating to Our Business and Industry
Our business is sensitive to China’s
economy and China real estate policies. A downturn in China’s economy and restrictive real estate polices could materially and adversely
affect our revenues and results of operations.
Any slowdown in China’s economic development
might lead to tighter credit markets, increased market volatility, sudden drops in business and consumer confidence and dramatic changes
in business and consumer behaviors. The current package of economic support policies is designed to stabilize the economy against slowing
exports. Ongoing government regulatory measures, including the “Ten National Notices” announced in 2010, the “Eight
National Notices” and property tax approved in January 2011, might have an adverse effect on our results of operations and the PRC
property market. In 2022, the overall risk remained in Tier 3 and 4 cities despite initial signs of improvement in sales. In response
to their perceived uncertainty in economic conditions, consumers might delay, reduce or cancel purchases of homes, and our homebuyers
may also defer, reduce or cancel purchases of our units and
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
the “Eight
National Notices” and property tax approved in January 2011, might have an adverse effect on our results of operations and the PRC
property market. In 2022, the overall risk remained in Tier 3 and 4 cities despite initial signs of improvement in sales. In response
to their perceived uncertainty in economic conditions, consumers might delay, reduce or cancel purchases of homes, and our homebuyers
may also defer, reduce or cancel purchases of our units and our results of operations may be materially and adversely affected.
If we are unable to successfully manage our
expansion into other Tier 3 and Tier 4 cities, we will not be able to execute our business plan.
Historically, our business and operations have
been concentrated in Hanzhong City and other surrounding counties. If we are unable to successfully develop and sell projects outside
Hanzhong City, our future growth may be limited and we may not generate adequate returns to cover our investments in these Tier 3 and
Tier 4 cities. In addition, as we expand our operations to Tier 3 and Tier 4 cities with higher land prices, our costs may increase, which
may lead to a decrease in our profit margin.
We require substantial capital
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Hanzhong City and other surrounding counties. If we are unable to successfully develop and sell projects outside
Hanzhong City, our future growth may be limited and we may not generate adequate returns to cover our investments in these Tier 3 and
Tier 4 cities. In addition, as we expand our operations to Tier 3 and Tier 4 cities with higher land prices, our costs may increase, which
may lead to a decrease in our profit margin.
We require substantial capital resources
to fund our land use rights acquisitions and property developments, which may not be available.
Property development is capital intensive. Our
ability to secure sufficient financing for land use rights acquisition and property development depends on a number of factors that are
beyond our control, including market conditions in the capital markets, the PRC economy and the PRC government regulations that affect
the availability and cost of financing for real estate companies.
We may be unable to acquire desired development
sites at commercially reasonable costs.
Our revenue depends on the completion and sale
of our projects, which in turn depends on our ability to acquire development sites. Our land use rights costs are a major component of
our cost of real estate sales and increases in such costs could diminish our gross margin. In China
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
conditions in the capital markets, the PRC economy and the PRC government regulations that affect
the availability and cost of financing for real estate companies.
We may be unable to acquire desired development
sites at commercially reasonable costs.
Our revenue depends on the completion and sale
of our projects, which in turn depends on our ability to acquire development sites. Our land use rights costs are a major component of
our cost of real estate sales and increases in such costs could diminish our gross margin. In China, the PRC government controls the supply
of land and regulates land sales and transfers in the secondary market. As a result, the policies of the PRC government, including those
related to land supply and urban planning, affect our ability to acquire, and our costs of acquiring, land use rights for our projects.
In recent years, the PRC government has introduced various measures attempting to moderate investment in the property market in China.
Although we believe that these measures are generally
targeted at the luxury property market and speculative purchases of land and properties, the PRC government could introduce other measures
in the future that may adversely affect our ability to obtain land for development. We currently acquire our development sites primarily
by bidding for government land. Under current regulations, land use rights
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
, land use rights for our projects.
In recent years, the PRC government has introduced various measures attempting to moderate investment in the property market in China.
Although we believe that these measures are generally
targeted at the luxury property market and speculative purchases of land and properties, the PRC government could introduce other measures
in the future that may adversely affect our ability to obtain land for development. We currently acquire our development sites primarily
by bidding for government land. Under current regulations, land use rights acquired from government authorities for commercial and residential
development purposes must be purchased through a public tender, auction or listing-for-sale. Competition in these bidding processes has
resulted in higher land use rights costs for us. We may also need to acquire land use rights through acquisition, which could increase
our costs. Moreover, the supply of potential development sites in any given city will diminish over time and we may find it increasingly
difficult to identify and acquire attractive development sites at commercially reasonable costs in the future.
We provide guarantees for the mortgage loans
of our customers which expose us to risks of default by our customers.
We pre-sell properties before actual completion
and, in accordance with industry practice, our customers’ mortgage banks require us to guarantee our customers’ mortgage loans.
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
could increase
our costs. Moreover, the supply of potential development sites in any given city will diminish over time and we may find it increasingly
difficult to identify and acquire attractive development sites at commercially reasonable costs in the future.
We provide guarantees for the mortgage loans
of our customers which expose us to risks of default by our customers.
We pre-sell properties before actual completion
and, in accordance with industry practice, our customers’ mortgage banks require us to guarantee our customers’ mortgage loans.
Typically, we provide guarantees to PRC banks with respect to loans procured by the purchasers of our properties for the total mortgage
loan amount until the completion of the registration of the mortgage with the relevant mortgage registration authorities, which generally
occurs within six to twelve months after the purchasers take possession of the relevant properties. In line with what we believe to be
industry practice, we rely on the credit evaluation conducted by mortgagee banks and do not conduct our own independent credit checks
on our customers. The mortgagee banks typically require us to maintain, as restricted cash, 5% to 10% of the mortgage proceeds paid to
us as security for our obligations under such guarantees (the security deposit).
18
If a purchaser defaults on its payment obligations
during
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
the purchasers take possession of the relevant properties. In line with what we believe to be
industry practice, we rely on the credit evaluation conducted by mortgagee banks and do not conduct our own independent credit checks
on our customers. The mortgagee banks typically require us to maintain, as restricted cash, 5% to 10% of the mortgage proceeds paid to
us as security for our obligations under such guarantees (the security deposit).
18
If a purchaser defaults on its payment obligations
during the term of our guarantee, the mortgagee bank may deduct the delinquent mortgage payment from the security deposit. If the delinquent
mortgage payments exceed the security deposit, the banks may require us to pay the excess amount. If multiple purchasers default on their
payment obligations at around the same time, we will be required to make significant payments to the banks to satisfy our guarantee obligations.
If we are unable to resell the properties underlying defaulted mortgages on a timely basis or at prices higher than the amounts of our
guarantees and related expenses, we will suffer financial losses. For the years ended September 30, 2022 and 2021, the Company has not
experienced any delinquent mortgage loans and has not experienced any losses related
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
obligations at around the same time, we will be required to make significant payments to the banks to satisfy our guarantee obligations.
If we are unable to resell the properties underlying defaulted mortgages on a timely basis or at prices higher than the amounts of our
guarantees and related expenses, we will suffer financial losses. For the years ended September 30, 2022 and 2021, the Company has not
experienced any delinquent mortgage loans and has not experienced any losses related to this guarantee. As of September 30, 2022 and 2021,
our outstanding guarantees in respect of our customers’ mortgage loans amounted to approximately $24.87 million and $66 million,
respectively. As of September 30, 2022 and 2021, the amount of security deposits provided for these guarantees was approximately $2.2
million and $3.3 million, respectively, and the Company believes that such reserves are sufficient. Since inception through the release
of this report, the Company has not experienced any delinquent mortgage loans and has not experienced any losses related to these guarantees.
A large portion of our loan portfolio is tied
to the real estate market and we may be negatively impacted by downturns in that market.
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
2021, the amount of security deposits provided for these guarantees was approximately $2.2
million and $3.3 million, respectively, and the Company believes that such reserves are sufficient. Since inception through the release
of this report, the Company has not experienced any delinquent mortgage loans and has not experienced any losses related to these guarantees.
A large portion of our loan portfolio is tied
to the real estate market and we may be negatively impacted by downturns in that market.
As of September 30, 2022, we had large construction
loans payable of approximately $108.37 million . These loans generally have a higher degree of risk than long-term financing of existing
properties because repayment depends on the completion of the project and usually on the sale of the property. In addition, these loans
are often “interest-only loans,” which normally require only the payment of interest accrued prior to maturity. Interest-only
loans carry greater risk than principal and interest loans because no principal is paid prior to maturity. This risk is particularly apparent
during periods of rising interest rates and declining real estate values. If there is a significant decline in the real estate market
due to a material increase in interest rates or for other reasons, many of these
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
the sale of the property. In addition, these loans
are often “interest-only loans,” which normally require only the payment of interest accrued prior to maturity. Interest-only
loans carry greater risk than principal and interest loans because no principal is paid prior to maturity. This risk is particularly apparent
during periods of rising interest rates and declining real estate values. If there is a significant decline in the real estate market
due to a material increase in interest rates or for other reasons, many of these loans could default and result in foreclosure. Moreover,
most of these loans are for projects located in our primary market area. If we are forced to foreclose on a project prior to completion,
we may not be able to recover the entire unpaid portion of the loan or we may be required to fund additional money to complete the project
or hold the property for an indeterminate period of time. Any of these outcomes may result in losses and reduce our earnings.
We rely on third-party contractors.
Substantially all of our project construction
and related work are outsourced to third-party contractors. We are exposed to risks that the performance of our contractors may not meet
our standards or specifications. Negligence or poor work quality by any contractors may result in defects in our buildings or
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
required to fund additional money to complete the project
or hold the property for an indeterminate period of time. Any of these outcomes may result in losses and reduce our earnings.
We rely on third-party contractors.
Substantially all of our project construction
and related work are outsourced to third-party contractors. We are exposed to risks that the performance of our contractors may not meet
our standards or specifications. Negligence or poor work quality by any contractors may result in defects in our buildings or residential
units, which could in turn cause us to suffer financial losses, harm our reputation or expose us to third-party claims. We work with multiple
contractors on different projects and we cannot guarantee that we can effectively monitor their work at all times.
Although our construction and other contracts
contain provisions designed to protect us, we may be unable to successfully enforce these rights and, even if we are able to successfully
enforce these rights, the third-party contractor may not have sufficient financial resources to compensate us. Moreover, the contractors
may undertake projects from other property developers, engage in risky undertakings or encounter financial or other difficulties, such
as supply shortages, labor disputes or work accidents, which may cause delays in the completion of our property projects or increases
in
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
contracts
contain provisions designed to protect us, we may be unable to successfully enforce these rights and, even if we are able to successfully
enforce these rights, the third-party contractor may not have sufficient financial resources to compensate us. Moreover, the contractors
may undertake projects from other property developers, engage in risky undertakings or encounter financial or other difficulties, such
as supply shortages, labor disputes or work accidents, which may cause delays in the completion of our property projects or increases
in our costs.
We may be unable to complete our property developments
on time or at all. The progress and costs for a development project can be adversely affected by many factors, including, without limitation:
delays in obtaining necessary licenses, permits or approvals from government agencies or authorities;
shortages of materials, equipment, contractors and skilled labor;
disputes with our third-party contractors;
failure by our third-party contractors to comply with our designs, specifications or standards;
difficult geological situations or other geotechnical issues; and
onsite labor disputes or work accidents; and natural catastrophes or adverse weather conditions.
Any construction delays, or failure to complete a project according
to our planned specifications or budget, may delay our property sales, which could harm our revenues, cash
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
shortages of materials, equipment, contractors and skilled labor;
disputes with our third-party contractors;
failure by our third-party contractors to comply with our designs, specifications or standards;
difficult geological situations or other geotechnical issues; and
onsite labor disputes or work accidents; and natural catastrophes or adverse weather conditions.
Any construction delays, or failure to complete a project according
to our planned specifications or budget, may delay our property sales, which could harm our revenues, cash flows and our reputation.
19
Changes of laws and regulations with respect
to pre-sales may adversely affect our cash flow position and business performance.
We depend on cash flows from pre-sale of properties
as an important source of funding for our property projects and servicing our indebtedness. Under current PRC laws and regulations, property
developers must fulfill certain conditions before they can commence pre-sale of the relevant properties and may only use pre-sale proceeds
to finance the construction of specific developments (the “Pre-Sale Conditions and Usage”). Changes in laws and regulations
or in their interpretation or the imposition of more stringent Pre-Sale Conditions and Usage could have a material adverse effect on our
cash flow position and business performance.
Our results of operations may fluctuate from
period to period
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
Under current PRC laws and regulations, property
developers must fulfill certain conditions before they can commence pre-sale of the relevant properties and may only use pre-sale proceeds
to finance the construction of specific developments (the “Pre-Sale Conditions and Usage”). Changes in laws and regulations
or in their interpretation or the imposition of more stringent Pre-Sale Conditions and Usage could have a material adverse effect on our
cash flow position and business performance.
Our results of operations may fluctuate from
period to period.
Our results of operations tend to fluctuate from
period to period. The number of properties that we can develop or complete during any particular period is limited due to the substantial
capital required for land acquisition and construction, as well as the lengthy development periods required before positive cash flows
may be generated. In addition, several properties that we have developed or that are under development are large scale and are developed
in multiple phases over the course of one to several years. The selling prices of the residential units in larger scale property developments
tend to change over time, which may impact our sales proceeds and, accordingly, our revenues for any given period.
We rely on our key management members.
We depend on the services provided by key management
members. Competition for management talent is
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
may be generated. In addition, several properties that we have developed or that are under development are large scale and are developed
in multiple phases over the course of one to several years. The selling prices of the residential units in larger scale property developments
tend to change over time, which may impact our sales proceeds and, accordingly, our revenues for any given period.
We rely on our key management members.
We depend on the services provided by key management
members. Competition for management talent is intense in the property development sector. In particular, we are highly dependent on Mr. Neng
Chen, our Chairman and Chief Executive Officer. We do not maintain key employee insurance. In the event that we lose the services of any
key management member, we may be unable to identify and recruit suitable successors in a timely manner or at all, which will adversely
affect our business and operations. Moreover, we need to employ and retain more management personnel to support our expansion into other
Tier 3 and Tier 4 cities and counties. If we cannot attract and retain suitable human resources, especially at the management level, our
business and future growth will be adversely affected.
Increases in the price of raw materials may
increase our cost of sales and reduce our
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
be unable to identify and recruit suitable successors in a timely manner or at all, which will adversely
affect our business and operations. Moreover, we need to employ and retain more management personnel to support our expansion into other
Tier 3 and Tier 4 cities and counties. If we cannot attract and retain suitable human resources, especially at the management level, our
business and future growth will be adversely affected.
Increases in the price of raw materials may
increase our cost of sales and reduce our earnings.
Our third-party contractors are responsible for
procuring almost all of the raw materials used in our project developments. Our construction contracts typically provide for fixed or
capped payments, but the payments are subject to changes in government-suggested steel prices. The increase in steel prices could result
in an increase in our construction costs. In addition, the increases in the price of raw materials, such as cement, concrete blocks and
bricks, in the long run could be passed on to us by our contractors, which will increase our construction costs. Any such cost increase
could reduce our earnings to the extent we are unable to pass these increased costs to our customers.
Any unauthorized use of our brand or trademark
may adversely affect our business.
We own trademarks for “�
|
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Source:
cik:1158420
ticker:GGE
name:Green Giant Inc.
exchange:Nasdaq
filing_type:10-K
Text:
could result
in an increase in our construction costs. In addition, the increases in the price of raw materials, such as cement, concrete blocks and
bricks, in the long run could be passed on to us by our contractors, which will increase our construction costs. Any such cost increase
could reduce our earnings to the extent we are unable to pass these increased costs to our customers.
Any unauthorized use of our brand or trademark
may adversely affect our business.
We own trademarks for “汉中广厦”,
in the form of Chinese characters and our Company logo. We rely on the PRC intellectual property and anti-unfair competition laws and
contractual restrictions to protect brand name and trademarks. We believe our brand, trademarks and other intellectual property rights
are important to our success. Any unauthorized use of our brand, trademarks and other intellectual property rights could harm our competitive
advantages and business. Historically, China has not protected intellectual property rights to the same extent as the United States, and
infringement of intellectual property rights continues to pose a serious risk of doing business in China. Monitoring and preventing unauthorized
use is difficult. The measures we take to protect our intellectual property rights may not be adequate. Furthermore, the application of
|
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.