Qingdao Real Estate Tycoon Runs From Rumored ￥7 Billion in Debt

Taking the over on Chinese NPLs looks like the way to bet.

青岛女地产大亨姐妹双双跑路 欠贷或超70亿 (Qingdao Tycoon Sister Both Flee May Owe More Than ￥7 Billion)

from April 30 onwards, Qingdao Jun Lihao Holdings Limited (hereinafter referred to as Jun Li Hao) chairman Wang Li has lost contact with the outside world. Multiple news sources confirmed that the woman owns multiple buildings and is real estate tycoon in Qingdao, due to funding strand breaks foot, currently Qiandai at least 12 billion yuan, involving three or more of a number of large state-owned commercial banks and private lending companies and individuals.

Jun Lihao was founded in 1997, the company headquarters is located in Donghai West Century Building, is a steel and faucet private enterprises, owns business clubs and luxury yachts, registered assets of 100 million yuan. In 2006, Wang Li, chairman of the group with more than 2 million dollars to sign it the largest single session Aviation Expo sell sell - a U.S. Mercury luxury yacht. While the yacht is named "Jun Li" sign. It caused a sensation in Qingdao, Wang Li called "nouveau riche."

After turning the main direction of the real estate business, Jun Lihao had four real estate developments in Qingdao, one on Huangdao, one located in the Laoshan District, and one called the Mainland Fragrant Garden. The other two properties are located under the jurisdiction of Qingdao Jimo, called Jun Li Changdao Bay, and the other is not yet opened villas project.

In addition to the mainland Xinyuan district was turned over in April this year, the two projects in Jimo were halted for several days and the specific circumstances of the Huangdao project remains to be seen.

Informed sources say the Jun Li Changdao Bay project may be "the straw that breaks the camel's back." Economic Observer Online reporter learned that the project is located in the spa town of Jimo City, on an area of 600 acres, planning construction area of 150,000 square meters, the project started last year, with the marketing and sales center opening on March 29 this year.

One person from a company who has already lent Jun Lihao two hundred million yuan revealed, Wang Li also borrowed 200 million and has not paid it back. Jun Lihao also owes at least three state-owned banks over ￥1 billion yuan each, while a number of private lending companies and individuals are also deeply involved. At the same time, several companies involved in the project, construction companies, building materials suppliers and workers, are also looking everywhere for Wang Li, seeking to recover hundreds of thousands to millions of yuan in debts.

Informed sources say Jun Lihao currently owes 12 billion yuan. Another source said the figure could reach more than 70 billion yuan. However, these figures have not been officially confirmed.

Currently, Wang Li Hao as well as its legal representative Wang Hong (Wang Li's sister) have lost contact with the outside world for nearly ten days, Qingdao City Housing Authority, the spa town of Jimo City, Laoshan District government departments and relevant departments, say they can not find a trace. Jun Lihao and its related companies phones all go unanswered, the original point of sales offices and corporate offices have also been closed.

Jun Lihao Changdao Bay is a large scale project in Jumo. After learning this, Jimo Public Security department, housing, labor, etc. set up a special working group and have joined the official investigation.