Fujian Developer Owes ¥1 Billion in Debt, Cannot Be Reached

Creditors have lost contact with Fujian developer Huang Shuimu. His luxury department store has shuttered following rumors that he had fled surfaced earlier this month. He owes ¥1 billion to private creditors. Not two weeks ago it was Qingdao Real Estate Tycoon Runs From Rumored ¥7 Billion in Debt. In 2011, the epicenter for missing businessmen was Wenzhou, but this year the trend is going national early.

According to sources broke the news to the Economic Observer Online reporter, once known as Fujian Longyan first upscale department store items - Tiancity to elegant department store, suddenly "collapse", businessmen who have Withdraw.

Let Longyan City creditors are even more disturbing is; developer of the project - Longyan City Real Estate Development Co., Ltd. Chairman Huang Tiancheng Mizuki mysterious "lost contact" unaccounted for.

A source told the Economic Observer Online reporter, according to current statistics, yellow Mizuki through private lending, etc., swept away more than 10 billion yuan.

In mid-May, Longyan printing has been rumored yellow Mizuki "volume large sums of money to escape," the message to a certain extent also accelerated the collapse of elegant department store.

"We just guessing he fled abroad because no official finally confirmed, and no one can be found in any of his exit information." Born of creditors named Liang told the Economic Observer Online reporter said that he borrowed Mizuki gave yellow around $ 1 million.

Yellow Mizuki since May 10, is in "lost contact" condition, without any way to contact him, his mansion deserted, luxury cars have also sold. After creditors are informed, "A few years ago, he has joined the Singapore citizenship, some time ago he and his wife have been divorced, this is definitely for the transfer of funds." Liang Chan said.

According to the relevant creditors understood, although two years ago, Huang and his wife had divorced Mizuki, but they live together. Huang Mizuki had bought a house two years ago in Singapore.

May 10, has been reported to the local public security departments creditors, did not attract the attention of the police, have not been timely filed. Finally came the report found that an increasing number of creditors, the local government did not realize the seriousness of the problem, an official involved in the matter.

May 20, Longyan municipal government opened a coordination meeting on the matter and set up emergency response teams to coordinate ensure Tiancity Square normal power supply, water supply. Longyan City Public Security Bureau of Economic Investigation Detachment start on the yellow Mizuki asset verification, inventory, freeze liquidation.

Meanwhile, Longyan municipal alive Ji Tiancheng Plaza office, set up a "credit and debt registries." People come to register, have "sad looking", they are present debt dispute with Fujian Tiancheng Group Chairman Huang Mizuki.

Let Liang raw fear is; nothing he found himself in debt, "There are many millions of rank on the list of creditors, as far as I know, most of them also lent him a 60 million yuan." He said.

Nobody expected the yellow Mizuki will escape. As the real estate sector in Fujian Longyan ringing people, yellow Mizuki operated Tiancity commercial plaza is seen as his "brilliant work."

"In recent years the real estate situation is very good, ah, his business has done so much, we want to lend them money is not easy, as long as he spoke, they usually lend him." Creditors who requested anonymity, said He is now the only hope "lies in the government body."

In addition to private lending, buyers also lost a huge, yellow Mizuki in Longyan developing a "Australian style" real estate project before the project is not completed, has received a $ 100,000 book buyers of gold for each, then "Australian style "project has been suspended, hundreds of pre-gold buyers were also swept away.

According to public information, yellow Mizuki is Changting people in the eyes of the locals, he was quite business savvy.

1990s, yellow Mizuki had worked for some time in the organs and units, after into business, real estate started in Longyan do the first real estate project is "heaven Hills." He himself has in a villa in a villa .

In 2011, the Chamber of Commerce was established changting Silla, yellow Mizuki was elected the first president. In the same year, he was re-elected (the Chamber), vice president of Longyan City Federation.

In order to maintain public image, he mainly daily dress trousers, white shirt based, is also very particular about the basic necessities of life, the family a total of four luxury cars. It creditors understood that yellow Mizuki "lost contact", his four luxury cars, which have also been sold.

Perhaps the cause of the fall yellow Mizuki tier cities in China overall downturn in the real estate industry association exists. From the second half of 2013, Chinese cities have all the cool lines, which allow private lending by banks and as the survival and development of small and medium developers unsustainable patterns, hot land market phenomenon can not continue. According to a data of the Central Plains real estate statistics, including standard four-tier cities cumulative flow rate of 26%.

Related analysts also believe that the current overall risk tier market is very large, especially overstock serious slowdown in new urban population, may lead to the closure of a large number of small and medium real estate companies.

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