Another Chinese Developer In Trouble As Debt Collectors Swarm Stalled Project

Coastal Greenland Limited, symbol 1124 on the Hong Kong market, is caught up in a massive development called 世润. Creditors have gone to court in Shenzhen to collect debts on the shuttered project.


Economic Observer Online reporter Wu KIU as coastal homes (01124.HK), the controlling shareholder, the coast is now mired International Holdings' debt collection door. "

Economic Observer Online reporter learned exclusively, October 29 in the afternoon, have set aside a few people go to the central area of ​​Futian District, Shenzhen Fu Three 路诺德 financial center on the 38th floor, the requirements to recover the debt. Currently, there are hundreds of people joined the debt collection team.

This stems from World Run (Shenzhen) Co., Ltd. Liquor heavy losses, the emergence of vendors, members, employees of collective debt collection situation. They go to collect debts of the land, it is the company's World Run registration is coastal International Holdings Limited office space.

World Run Red Ho, general manager of the company said that the coastal side of the world before the big run company's shareholders, "but now he has been stripped opened there." At present, the police involved in investigating the case, there are relevant personnel to the police station for investigation.

Reporters call several days along the coast and coastal homes International chairman Jiang Ming, his phone has been shut down. Until November 20 evening, Jiang Ming was contacted. He told reporters that he in foreign countries, has been commissioned by the coastal homes executive director Wang Hongmei deal with it.

Hundred people dunning

With the debt collection staff flocked to October 30, the international pull down the coast sluice gates on the 38th floor of two, and sent six points and keep the security gate outside of the gates. In addition, more than the inside of the security guard at the gates gates. In case of a stranger, etc., not to enter. This is about the same in Hong Kong stocks listed company on the 38th floor of the coastal homeland security office.

Sun Tao Qi told reporters that he is world-run company's suppliers, who are owed more than 20,000 yuan of air conditioning payment. April this year, the Sun Road, Shenzhen City Jia Qi three six five air conditioning service company project manager for the World Run companies to install air conditioning, according to the contract, was supposed to be repaid within three days after the installation is complete, but the money has been outstanding so far.

Until the landlord to lock the door after World Run Company, Sun Road Sarkozy and other personnel discovered the problem.

World-run company since hundreds of million of rent owed to the landlord, the landlord is to lock the door. "Employees see the lock, get their own wages, very worried, they immediately called us and said the money owed before, hurried to Dunning." Sun Tao Qi said.

October 30, the World-run company seal announcement that the World Run due to poor management, resulting in heavy losses. "Since November 3, the company will send someone to separately contact with suppliers, negotiate with suppliers to resolve related issues."

Meanwhile, the announcement also noted how the red flag to stop the implementation of World Run general manager duties. Since October 30, the "World-run company no longer confer any powers and duties of how Red handle corporate matters, what are the red flag of future behavior is an individual act, nothing to do with the company."

Involved in the case, and more than the world-run company, and Shenzhen enjoy luxury space Moet County Restaurant Management Limited (hereinafter referred to as "Moet & County Club"), Shenzhen Culture Communication Co., wine sea future. These three companies are located in Shenzhen office space Tairan Building, sixth floor.

Today, hundreds of members of Moet county clubs require a membership fee to recover. October 29 afternoon, members of the International Miss Zhu went to the coastal location Noble Center on the 38th floor to have a say, "there is now a lot of people, I now go to the police station, which is two days will be busy this matter and I am also a victim."

Before, He served as general manager of the Red Moet county clubs. Moet & County Club is not simply dedicated to wine sales, but for the love of wine culture in high-end customers with a business communication, resources, as well as an excellent platform for the exchange of information matching, to build high-end 100 000 entrepreneurs exchange rings.

"Since November 3, the company will send someone with you prior to contact members, in a fair, just, legitimate and reasonable principle, be resolved through consultation with you and members of related issues." This is a gun club door Moet notice posted content, on October 30 sealed.

The notice also mentioned that "Research by the company, general manager of the company in view of what the red flag during the tenure of poor management, not entirely due to the general manager duties and obligations, resulting in heavy losses the company, decided to immediately stop the implementation of the company, general manager of Ho flag duties. "

With heavy losses, Moet county club employees were owed wages. Currently, there are 56 staff complaints Moet county clubs wage arrears in September. Reporters learned that the Shenzhen Municipal Bureau of Human Resources involved in the investigation, require Moet County Club on October 31 sent to labor inspection team for questioning investigation.

Who Run the World

Moet county clubs, wine and Sea World Run future (Shenzhen) Co. Ltd. liquor will spearhead coastal international debt collection. This four companies exactly what relationship?

Reporters get the business registration information, Moet county clubs, wine sea are a wholly owned subsidiary of future World Run (Shenzhen) Co., Ltd. liquor. The World Run Wine Co., Ltd. 100% shareholding World Run (Shenzhen) Co., Ltd. liquor.

He told the Economic Observer newspaper reporter red flag, World Run is the largest shareholder of the coastal side. What are the company's official website, said he was "Coastal International Holdings Limited's World Run president."

In this regard, the relevant coastal homes pointed out that "it was stolen on our behalf." He retorted red flag, World Run liquor companies in Hong Kong, he's shareholders coastal international, rather than coastal homes.

In an interview with reporters, Jiang Ming has not denied this, but stressed that coastal homes has commissioned executive director Wang Hongmei deal with it.

It is worth noting that registration World Run (Shenzhen) Co., Ltd. is located in Futian District Liquor Center District, Shenzhen City in the three main financial center 路诺德 38B-9. Here is the international coastal, coastal home office space.

Reporters found that wine sea future, Moet & County Club external mailbox suffix @ coastal.com.cn, just along the coast and coastal homes international domain.

Long before the scandal deep coastal international debt collection days, namely October 27, World Run (Shenzhen) Co., Ltd. The company registered liquor from the 38th floor Noble Center, Futian District, Shenzhen City, moved to Sha Tau Street Riverfront Terra Avenue North Building 6C02.

"He has now been changed out, and now it does not matter to us." Coastal international official said.

He had a red flag foreign reports, Moet county club "coastal billion to build cross-border investment holding landing platform resource integration." Its stated in the advertisement, the World Run coastal Group Holdings subsidiary, is expected to complete the preparations for the listing plan within three years.

Coastal International Holdings holds a 36.58% stake in coastal homes. Back in 2008, coastal homes had hopes backdoor Fenghua shares (600615.SH), its real estate business to reconstruct its structure, to achieve A + H shares. However, this plan ultimately wasted.

Today, this old homes along the coast of Hong Kong-listed housing prices, difficult to rely on the sale of assets to survive. July 28, coastal homes announced that its wholly owned subsidiary, entered into an agreement with Beijing Shanghai coastal violet, Shanghai and Beijing agreed to sell coastal violet agreed to purchase a 25% interest in coastal violet, with a total cost of 95 million yuan.

During this 10 days ago, coastal homes had to sell assets. July 18, coastal homes announcement, a wholly-owned subsidiary of the Company entered into an agreement with Xiamen coastal Shenzhen Yi Tao, Shenzhen coastal sell all the registered share capital Changsha Hongxin, the total cost of 59.2 million yuan.

June 26, Jiang Ming coastal homes in its annual report that "due to fierce competition and fluctuations in the real estate market, property developers will continue to face a challenging environment." 2013 year, coastal homes for HK $ 2.781 billion revenue, up reduced by 25%. Pre-tax profit of HK $ 34 million, dropped 92% year on year.

Today, the debt pressure top coastal homes. Its 2013 annual report noted that bank loans must be repaid within a year was HK $ 340 million, and other loans of HK $ 1.004 billion, totaling 1.344 billion yuan, while the next five years, both debt and amounted to $ 11.5 billion.

Faced with wine sea career, Moet & County Club, World Run's debt crisis, a number of members, suppliers, employees, international travel coast, coastal home office to discuss a statement. Currently, Jiang Ming has commissioned coastal homes executive director Wang Hongmei deal with it.

Reporters learned that the debt is the butt Liao lawyer. "Membership fee, then to red wine to the mortgage. For example, you bought a thousand dollars in dues, after consumption of a remaining balance, we arrived to the appropriate wine to dues, currently this is the way." Liao said the lawyer.

With the World Run to heavy losses in the three years to complete the preparations for the planned listing, now in sight.

No comments:

Post a Comment