Shanghai Developer in Financial Trouble

A developer building a project in Shanghai's Jiading district has stopped work due to financial difficulties. Several banks are involved and the courts have already taken action against the firm.

This firm is also involved with projects in Hangzhou that are in trouble, and one of those projects owes money to the Apocalypse 308 trust, which comes due on October 30. (Not the first Apocalypse to run into trouble.) The stories closes with an informed source saying when that day comes, we'll get a glimpse at who is swimming naked.

上海一开发商资金链断裂 浦发等多家银行“深陷其中”
Property sustained cold shock waves have spread to most firm's first-tier cities housing prices.

"We have this project can be described as troubled, and now the company has broken capital chain, the boss is going all out to shareholders to raise funds in order to ride out the storm." Recently, faced with dozens of emotional owners, Shanghai Jiading Wyatt United International Plaza [ News Price apartment review ] on behalf of the project developer to make a case statement.

Developers of the project is Shanghai Yue Hop Investment Limited ("Yue Hop Investment"). These developers representative acknowledged that the project was forced to shut down this year on June 1 and delayed submitted six months. Another evidence, including Shanghai Pudong Development Bank, including a number of financial institutions "trapped."

Crisis or more than that. Informed sources, the legal representative for the Wyatt home together with Dillon, the actual control of up to more than a dozen affiliated companies, a large number of mutual guarantees exist between these companies, mutual lending relationship. In addition, because "lawsuits," Wyatt with international plaza construction in Shanghai Minhang District People's Court has been, Xuhui District People's Court, etc. have been seized.

Been a number of court seized assets

"Safe haven; world transformation, only I lose money." This is the combined sales of advertising Wyatt International Plaza played. The project is located in Shanghai's Jiading District, Cao district by a Class A office , three LOFT apartments , an integrated commercial building, with a total construction area of 220,000 square meters.

Owners told reporters that its purchase of the listings were supposed to be submitted at the end of last year, but with the submitted date approached, he did not wait for the long-awaited house, but it was postponed received notification submitted to the developer sent.

After that, the developers promise to pay a certain percentage of owners of late fees, and will be able to verbally submitted by the end of 2014, home owners and Wyatt together for the first time "conflict" barely come to an end. However, with the project on June 1 sudden stoppage, the crisis finally broke.

Online real estate, Hyatt International Plaza get together in October 2012 debut sale permit, total units to 1177 units, 1077 units for units sold, has registered a total of 60 sets of copy number, the total number of contracts for the 261 revoked. But " First Financial Daily "reporter found in the survey, the data behind the full strange.

On a weekend meeting of owners and developers to communicate, a person in charge of the project sales company owners, said: "online real estate data really is not accurate salable area of ​​the project is 156,000 square meters. , 50,000 square meters of LOFT left unsold 24,000 square meters, 25,000 square meters office building as well as unsold; business a total of over 80,000 square meters, and has sold a part of the 22,000 square meters leased to Wal-Mart intends to Now there are about 46,000 square meters unsold. "

Obviously, this basically sold out on the surface of the items actually still a lot of unsold listings. The informed sources, there is a lot in this project "false true net signed financing" phenomenon, the data show that online real estate listings has been signed, but in fact these houses are mortgaged to the creditor in disguise, the developer is obliged at the appointed time Redemption listings.

Another data does not meet the common sense is that this project has been registered only 60 sets of copy number, accounting for only 5.57% of the number of sets sold. A buyers said early last year he bought a set of Hyatt Plaza with international listings, but his property is still not a "pre-sale registration."

The project sales company official said, because all have done in the construction mortgage, the mortgagee only mortgages are removed, in order to apply for pre-sale registration listings. "It is indeed very embarrassing, was closed because of construction in progress, so no way to pre-sale registration and can not withdraw from the contract."

Data "First Financial Daily" reporters obtained shows Wyatt with international plaza under construction in Minhang District People's Court has been the name of the official seal to the preservation of property, while also being Xuhui District People's Court in the name of waiting to perform the desired seal . This means that, before the developers will fill the hole in funding, the project has been allowed to continue to sell.

The source said, in the construction of the project was closed down mainly due to debt disputes Wyatt fit between home and led to a number of banks.

A deputy general manager of Hyatt together buyers admitted: "payment of the loan for the project is the development of Shanghai Pudong Development Bank, Shanghai Pudong Development Bank and now the company is still owed more than two million." Jiading District Real Estate information issued by the Registrar, International Plaza, part of a total Wyatt In the mortgage artificial construction Minhang Branch of Shanghai Pudong Development Bank, the amount of debt of 2.4 billion. Another data showed that China Construction Bank (quotes, interrogation), there are different forms of debtor-creditor relationship between the Bank of Ningbo (quotes, interrogation) and Wyatt together buyers.

"This project can be described as troubled." The deputy general manager, said, "About 300 million needed to 4 billion of funds, the project can be completed, if we can have money coming in, it can be submitted is expected to end."

Arm to survive

Banyan together in adversity helpless four home help, but the property market downturn coupled with the creditors 'chase', let this self-salvation seemed quite difficult.

"After the company capital chain broke, and we're talking about a central enterprise mergers and acquisitions, Hongkou District has two projects ready to transfer, Hangzhou project will promptly if there is support for the back section of the project." Yue, deputy general manager for the above together buyers owners said, "We are doing everything possible to finance the project hopes to continue, but to be honest, now Hangzhou property market is very sluggish, and the central enterprises mergers and acquisitions, transfer and other matters Hongkou project there is a big variable."

The mouth of the Hangzhou project developers Yuan Hao Jiang era center [ News Price apartment review ], this project build by Hangzhou Hao Yuan Property Co., Ltd. (hereinafter referred to as "Hao Yuan Properties"). According to information obtained by reporters, the shareholder structure Hao Yuan Tang from home for Shanghai Industrial Development Co., Ltd. ("Shanghai from Tang") accounted for 50% of the shares, the Haining Bai Investment Management Limited (hereinafter referred to as "the Haining Bai") accounted for 25% of the shares, Jiaxing long beads Investment Management Limited (hereinafter referred to as "long Jiaxing Pearl") accounted for 25% of the shares.

According to archives Shanghai Industry and Commerce Bureau issued, the shareholder structure of Shanghai Yue Hop Investment Whales Investment Management Limited holds 76% stake in Haining Bai holds the remaining 24% stake. This means that the common shareholders Haining Bai Hao Yuan Yue together buyers and home ownership. In addition, business data also show that the Haining Bai Yue together with the legal representative of the same home, the same as with Dillon.

Obviously, the shareholder structure has indicated the existence of countless ties between Shanghai and Jiading River Project Project Hangzhou. Informed sources told reporters: "At present, the project developer tried Days sales outstanding for Shanghai, Hangzhou Jiading project 'blood', but in fact, sales of Hangzhou project is not ideal."

Hangzhou transparent network, as of yesterday, the center of the river into the Internet era of 1134 total units pre-sold units have been pre-sold units for 328 units. Informed sources, the project also exists "false true net signed financing" situation. Wyatt together buyers above the deputy general manager also admitted that the real sales Hangzhou project than online data reflected worse.

Reporters also noted that the River Center and Times Square are happy together closely with the International Aviation Trust. October 30, 2012, Jiang era center project [ News Price apartment Review ] introduced in the Air Trust, AVIC Trust - Apocalypse 308 Hao Yuan Properties Structured Capital Trust scheme was officially established (issued in three phases), Wyatt Hop Investment , Shanghai guarantees from the Tang, Bai Haining, Jiaxing long beads for the project.

Aviation Trust Fund Management recently released report shows that the trust plans Paid trust funds 690 million yuan, 180 million yuan will be used to acquire the trustee from Shanghai Tang Hao held a 50% stake Yuan Properties; 10 million yuan for the Shanghai Tang released from working capital loans; 500 million yuan Hao Yuan Properties for payment to the trust loans, Hao Yuan Jiang era for the subsequent development of the project funding; addition, business information, AVIC Trust Corporation has also invested 130 million million, about 54% stake held by the Haining Bai.

Informed sources told reporters: "Apocalypse No. 308, the first phase of the Trust Scheme will expire October 30, 2014, when the 'who is swimming naked' or a glance."

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