2015-03-23

Chongqing Real Estate Firm Cannot Repay Private Loans of ¥55 Million

Jin Yu Real Estate, a company with ¥6 billion in sales last year, has some subsidiaries due to ¥55 million in unpaid debt. The firm is paying wages on time, but has hit difficulty after missing its ¥10 billion sales target by ¥4 billion last year.

A failed project is at the heart of the missed debt repayment. Jin Yu developed villa housing and a golf course, with home prices selling at double the local rate.

Data show that the end of December 2013, the Group's total assets Jin Yu 5.596 billion, net assets of 1.379 billion, the debt ratio of 75%. Stock up 3.898 billion. And Jin Yu estate financial situation in 2014 was not made public.
Almost ¥4 billion in inventory, which roughly matches the firm's debt load.

Creditors have taken Jin Yu to court and have frozen ¥55 million in Jin Yu's assets.

Although the amount is small, what's notable about this case is such a small amount of capital cannot be repaid and it happened in Chongqing, a second tier city, but among the top 10 cities in China.

iFeng: 重庆一地产公司股权遭冻结 5500万民间借款无法偿还

No comments:

Post a Comment