Two Tianjin Developers Detained

Executives at two Tianjin developers have been detained by police. Bank and trusts are checking their exposure. Google Translates one firm's name as Goldman Sachs, since the Chinese characters are the same, but it is not Goldman Sachs. This is a developing story, not much is known at the moment, but it was among the top headlines in the real estate section.

天津两开发商高管全被控制 银行遇到大麻烦
A spread of the Internet, "Banking Bureau of Tianjin financial regulation prompts book "for the real estate industry," Risk Danian "add footnotes.

This "prompt book" distributed "all banks within its jurisdiction, Tianjin Trust International Co., Ltd. and Northern Trust Corporation." The text says: Recently, Tianjin Goldman Sachs Real Estate Development Company Limited (hereinafter referred to as "Tianjin Goldman Sachs") and all executives Tianjin Grand View Real Estate Development Co., Ltd. ("Tianjin Grand View") is relevant control; company's actual control of per capita To ZHAO Jin, the development projects are " waterfront Ginza [ News Price apartment Review ] "and" the door of the building. "

"Prompt book" requirements for the prevention and control risk and ensure safety of the banking assets and maintain financial order and stability, banking financial institutions should immediately organize the investigation related projects.

Tianjin, one person close to the Banking Bureau of the 21st Century Business Herald reporter confirmed the authenticity of the letter. Northern Trust, a trust manager, said the company projects the receipt of this letter and the investigation conducted, involving projects which have not yet found; Tianjin Trust Office official said that the need to respond to the confirmation after business sectors.

"Tianjin Goldman" in its official website describes: Business coverage Tianjin, Nanjing , Jinan, Hangzhou , Tangshan and other eastern coastal cities, as of 2012, the country has about 1.38 million square meters of completed projects, projects under construction about five million square meters . In addition to "prompt book" mentioned items, the company as well as Tianjin Excellence Repulse [ News Price apartment review ], Jinan Marriott International, Excellence Times Square in Jinan, Jinan-based centers and other projects. 21st Century Business Herald reporter through public information retrieval, yet found Capital Trust scheme associated with these projects.

"There is no collective trust, does not mean that there is no single trust." South China a trust industry analysis, "but often do not trust a single rigid honor, the pressure does not trust banks more trouble."

As the number of bank loans to get involved, there is still the outside world can not know. Goldman from Tianjin, Tianjin Grand View's business registration information see its shareholding structure using the affiliates' ring float "mode, there may be to obtain bank loans.

According to the national enterprise credit information publicity system, Tianjin Goldman Sachs was founded in 2006 by the "Shandong-based Prudential Real Estate Development Co., Ltd." (hereinafter referred to as the "Shandong-based Prudential") and the British Virgin Islands-registered company "Manho Real Estate Agency" holdings, Both were funded $ 3,040,000, $ 2,750,000, is a foreign-invested companies.

Grand View is a shareholder of Tianjin, Shandong and Tianjin Cheng-based Goldman Sachs, were invested 16,365,000 yuan, 13,635,000 yuan, is "ownership chain" the lowest level.

Shandong Cheng base of corporate-owned enterprises, the sole shareholder of Nanjing Taihe Real Estate Development Co., Ltd. (hereinafter referred to as the "Nanjing Taihe"), amount 180 million yuan. Both are legal representative "Hang Ning."

So far, the shareholding structure of these affiliates have no specific place. But the data also show that industry and commerce, Nanjing Taihe as chain "topmost" of the company, but with "the bottom" of Tianjin Driveway form a closed loop - Tianjin, Nanjing Taihe SCENEWAY only funders. As for the capital contribution of time, there was no marked publicity system.

Allbright Law Firm senior partner Xu Biao said that this holding structure are rare. "I can think of usefulness, that the same funds can be registered over the project company, saving capital." Capital is the key to real estate financing, the China Banking Regulatory Commission proposed development loan requirements, the provisions of the project on the company's own funds shall not be less than 30%.

"Ring ownership" structure, the ability to increase their investment with a fund layers and thus magnify capital? Have lawyers said theoretically feasible, but the case Tianjin Goldman is "foreign investment company", funding cycle policy barriers exist .

Nor panorama above "float ring": Legal Representative Terry Tianjin Real Estate Development Co., Ltd., also known as Zhao Jin, whose shareholders are Hong Kong company "hundreds Reid Real Estate"; The company had a real estate project will be transferred to Tianjin interstellar real estate development Ltd., which is controlled by the Shandong-based Prudential.

Ring holdings and offshore companies come and go, its financing structure adds a bit of mystery. 21st Century Business Herald will continue to monitor the progress of the case.

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