Handan Developers Try to Repay Debts With Homes

In Credit Bubble Collapses in Handan; Arrests Made; Developers Repaying Suppliers With Property, reports said that developers were repaying suppliers with property.

The latest news is that developers debt repayment plan is swap debt for property, but the creditors are balking because, among other reasons, the properties are unfinished. In one case lenders can turn their debt into an advance payment on a home an receive a 4% discount........not too enticing. Most lenders want their money back.

邯郸多家企业拟用房源偿债 官方表态要盘活项目

Handan housing crisis continue to simmer, spread to more developers. September 18, Hebei Yongxin Real Estate posted a notice that no refund since the date, because the company involved in the Handan real estate crisis.

Currently, Handan City, official data showed initial Mopai participation of civil raising housing prices involving an amount of up to 9.3 billion yuan. According to several informed sources Handan, if coupled with the recent burst of housing prices, Handan real estate private funds involved exceeded 10 billion yuan.

Involved in private lending Handan housing prices are facing financial difficulties and debt repayment pressures, while also actively respond to formulate solutions to repay the loan.

Recently, the "Daily Economic News" reporter found that the repayment plan developed in several housing prices are mentioned with listings mortgage arrears, but the creditor does not accept multiple projects such programs, which worried the project unfinished is an important reason.

Reporters learned from informed sources, the current situation in Hebei Handan government has dispatched a task force investigation of local property market.

Housing prices in many developing solutions

Handan crisis began to spread to the local real estate property market, many sales center sale, not only to participate in the financing of private housing prices faced a run, some investment companies are also involved.

There are local investors to the "Daily Economic News" reporter, said, Handan City Jinli Tai Investment Co., Ltd. (hereinafter referred to as Jinli Tai Company) are also involved in private lending, the creditor can not expire principal payment. Statistics show that Jin Litai company was founded in 2011 with registered capital of 10 million yuan, offers a variety of investment finance for SMEs, residents, and financing services.

Since Golden Century Real Estate, Zhuo Feng real estate "on foot", the redemption of the principal requirements for the people, more than housing prices have stopped refund business. A creditor on behalf of the integrity of the building project in Hebei Yongxin, said earlier this year several hundred thousand dollars into the integrity of the building also stopped payment of interest and payment of funds, raising a total of 800 million yuan building civil integrity. Integrity of the building project in August 8, 2013 start, with a total construction area of ​​about 50,000 square meters, a total of 27 layers.

After the stop payment, Hebei Yongxin posted above announcement said, "I hope you understand the company's situation." Notice also mentioned that August will be considered by the bank loan interest rate of interest after the principal, "October 2014 - February 2015 will be the company to resolve the crisis, from March 2015 to start repaying the principal." This Investors participating in the financing of the company believes that the real estate companies suspected of breach of contract, not to mention the interest on the principal amount of time to reclaim the foreseeable future.

Other involved in Handan housing crisis housing prices, tend to use the listing to repay debt.

Wei Thai real estate sales centers in addressing market posted a financing announcement, the company is now all the listings are not selling mortgage investment funds, according to the company announced customer availability and prices table into a mortgage. Choose from the date of the announcement 10 days to housing customers, enjoy 9.6% discount, buyers can apply for conversion to prepayment of principal and interest can be converted to buyers together prepayment listing expires customer is not selected, only the principal can also be converted .

Notice that "the principal and interest for existing customers has expired total amount as a refund, after settlement of deferred return of principal payments in accordance with the PBOC benchmark lending interest rates on September 30 .2014 refund 50% interest, in October the 31st refund of 50% .2014 interest began refunded principal, the monthly rebate, to May 31, 2015 a 20% refund of the principal. "

For this announcement, there are investment real estate projects Wei Thai investors that want only to repay the principal, do not want the house. "Daily Economic News" reporter found that, for a number of housing prices announced by housing repayment plan, raising the masses want to go back to the principal, real estate prices and the future trend of their concerns, but housing prices in developing solutions When, often based on price even higher than the price-making. In addition, because these projects have been shut down, there is a risk unfinished.

Local officials said the project should certainly enliven

July this year had "run away" in Cambridge real estate, which is currently the site has not yet started. September 15, Cambridge real estate company issued a financing program for solving the problem, said the view of the company's assets were seized Great Wall of China Assets Limited and the municipal government, the company capital is particularly difficult, "the company now began to register in order to arrange room sources to the contract price, the market price to buy the property transferred by the company, as appropriate, be rewarded, those who signed within the specified time, reward 5000 yuan per household. "

For the repayment of debt with listings, creditors are not recognized, they said, had signed a contract with Cambridge real estate lending, and did not say to the listings, but have their own house, but now the whole project stopped, the latter also need a lot of construction investment .

"Daily Economic News" reporter Lake mansion in Cambridge real estate project to see that the majority of the body has been completed, there are still two buildings foundations. Cambridge real estate investor and the original contract is signed with the two buildings as collateral, investors questioned because announcement did not mention what the houses, "as if uncompleted houses, I do not know until when. "

Some investors said that the current housing prices in the housing repayment plan developed, the published price by developers to develop, the price of some items are difficult to measure, and even a lot of real estate prices higher than the surrounding with lots of price, developers have borrowed Machine shill too.

Recently, CP real estate and creditors representatives of several rounds of negotiations, which is their debt by listing the main strategy. Investors representative at the grand presentation, talk about the price of real estate Chia 8,000 yuan / square meter, but now Handan no price so high office, but only a maximum price of surrounding office 5300 yuan / square meter. "The price is too high, originally said to be submitted by the end of 2015, and now lay still do not know when covered."

According to the contract signed when the loan funds, the borrower listings by Chia Nextron project as collateral, and agreed maturity can not repay the loan if the lender, the lender is entitled to deal with the collateral. Reporters from the agreement when an investor lends money with real estate sign to see Chia, Chia Tai Nextron housing project No. 2612, with an area 181 square meters, priced at 5000 yuan, the total price of more than 900,000 yuan.

"Daily Economic News" reporter to interview Chia estate creditors CEO 尹国兴 identity, the other confirms the fact that lack of funds the project on the phone.

Because developers funding strand breaks, many projects have been shut down for several months, if not sustained financial support, the project will be further unfinished. Recently, there were reports that the involvement of local bankers and financial situation in Handan City Coordination said, "Our government convened, also proposed a new round of bank credit policy support."

Handan local officials have said, whether it is the original developer or a new developer, is to make sure the project revitalize. The introduction of foreign investors to become the primary means of local government to solve the Golden Century real estate company crisis.

"Daily Economic News" reporter learned from informed sources, the current situation to the Hebei provincial government has dispatched a task force investigation Handan local property market.

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