2014-06-19

Hangzhou Department Store on Financial Street Closes Suddenly

A major department store on Hangzhou's financial street, named for the presence of many banks, closed suddenly this week. The owner, Yang Dingguo has disappeared, leaving behind a rumored ¥200 million in debts. He has borrowed from trusts in the past and at least one trust worth ¥50 million is still extant.


杭州中都关门老板失联 传资金链断裂欠2亿
Qingchun Road, Hangzhou, because banks gathered in Hangzhou, which is called the "Street." Just on this bustling streets are well-known department store suddenly closed without any signs.

June 18, both in the department of Zhejiang Qingchun, Linping, Angelina and other places a number of stores all received a "closed" notice, as "closed for whatever reason," and "When will again open ", employees and executives are no more messages. The only way to confirm that the actual control of both Yang Dingguo department has lost the "Contact."

June 19, Deputy Secretary of Commerce Bureau of Yuhang District of Hangzhou Yu country again to the "Daily Economic News" reporter, said its department stores are shut down, is an internal decision in the case of Yang Dingguo lost contact made, the latest news will Unified issued by Yuhang District government.

Notably, the former Yang Dingguo lost contact, has worked for financing by Chang Trust, Jingu Trust, and the Great Wall of China Railway Trust Xinsheng trusts. Reporters noted that the Trust commissioned by the Wall Xinsheng issue, established in a scale of 19 July 2013 for 50 million yuan of real estate trust which is still running.

Mall has closed

June 18, from printing news that both department stores and Yuhang District of Hangzhou Qingchun Linping shop suddenly shut down, the news caused market concern. Immediately, the "Daily Economic News" reporter arrived at the Qingchun Road and Linping in both its two department stores, two stores have been closed, the outside is an "Iron General" locks. Looked from the outside to the inside, the inner glass door is a curtain stopped, it is difficult to see inside the case.

On the 18th night, Yuhang District Government issued the "Group Holdings Ltd. are related note," said, because the company since June 17 has been chairman Yang Dingguo not contact, in order to protect the interests of all parties concerned, the company's decision to make the mall closed.

The parent company of both department stores are located in Yuhang District Holdings North street. 19, at the eastern side of the upstairs hall, appeared three uniformed police, reporters came to ask condition, three were said he is to help maintain order, the specific situation is not clear.

Front desk staff told reporters that the company is currently in the group are not affected, staff continues to work, but now the government has to intervene, the company disclose terms of the message. Reporters noted that the same within a building are both pawn and property are in normal operation.

19, around 2:30 pm, after the gates were originally a department outside the door cargo transport channels, many received the news to pull goods counters merchants gathered here, the staff requirements of the mall tenants turn into the mall up the goods. Asked the reporter approached several businesses, mostly expressed reluctance to say, do not understand the situation.

"Mall should be closed, and now is eager to pull out the goods, payment can end early fall." Merchants who requested anonymity, said that he suddenly closed the mall was "speechless", which means less a business wherever he goes, there are many upfront investment losses.

In addition, many of the department's employees have gathered outside the mall, whether they will go from here, the official does not have a formal reply, "according to the basic wage on the 15th convention has been made, but the pay for performance to drag the end, it does not know how to count the money, when they could get. "one salesperson said he was ready to find another place.

June 19, Deputy Secretary of Yuhang District Bureau of Commerce Yu told reporters that the country again, in addition to the Board of Directors decided in both department stores closed, other businesses are all still continue to operate, latest news published by the Unified Government of Yuhang District. Subsequently, the reporter get the latest news from Yuhang District Government Information Office, said that at present no other news.

"Lost contact" before the money is tight

Yang Dingguo lost to the news immediately triggered much attention, there is anecdotal failed to confirm the news that Yang Dingguo owed 200 million yuan of funds strand breaks, the "Daily Economic News" reporter learned that Yang Dingguo is Yuhang District Chamber of Commerce vice president. June 19, Yuhang District Chamber of Commerce office staff confirmed to reporters, Yang Dingguo has lost contact, "We're more about them."

Statistics show that in both its industrial holding group involved in real estate, department stores, hotels, etc., the company's business involves a number of provinces of Zhejiang, Anhui, Jiangxi, Henan, registered capital of 150 million yuan, the legal representative of Yang Dingguo investors including 杨盛寿 and Yang Dingguo two individuals. Chairman and general manager are Yang Dingguo, Yang Shengshou as a director.

In fact, Yang Dingguo lost to the former, it has been more capital chain tension, trust route through several channels of financing. According to "Money Weekly" reported earlier, in February 2011, the Department Store, Chang'an trust by obtaining a sum of 80 million yuan of trust loans, on February 24, 2012 payment due; May 2012, in both the department and Cooperation 70,000,000 issued by the trust scale Jingu Trust, "Which trust products have been liquidated." Jingu Trust customer service personnel said.

Subsequent June 14, 2012, working capital loans are a collection department plans to set up a trust fund, the China Railway Trust is a trust in both the department provided $ 130 million loans for a period of 30 months, the annualized yield level of 8.7 % ~ 11%.

Stores are also involved in the Great Wall Xinsheng trusts. According to the Great Wall of Xinjiang Sheng Trust Co., Ltd. announced that the July 19, 2013, the company commissioned a new issue Sheng · Great Wall of wealth on the 5th Hangzhou Wonderland Loan Capital Trust plans to establish its nature belongs to the real estate trust loans.

Trust in accordance with the plan are home to Castle Lake project has developed 12 prospective mortgage existing homes built to the Great Wall Trust, the Great Wall Trust to provide a 50 million yuan of trust loans for Castle Lake Phase II standard LinQuan flow rhyme tour late landscape segment, green building, for a period of 18 months. Both Holdings Limited and the actual controller Yang Dingguo joint liability guarantee for the trust loans.

Notice that the expected gain of 9.5% per year, starting at 1 million yuan of investment, according to an integral multiple of $ 100,000 increase in interest earnings in the Trust paid semi-annually and principal residual income trusts expire one-time payment.

Wall Xinsheng Trust Company Limited official website revealed that the product is currently in a "running product." Has been set up, normal operation. For Yang Dingguo whether the loss associated impact, as of press time reporter, the company has not yet received a reply.

Yang Dingguo fortune in real estate

Reporters learned that Yang Dingguo 1990 into Linping Yuhang City construction company, served as a technician, final accounts, project manager; 1992 set the country to build hardware and building materials stores as manager; 1994 created Shunda decorating materials Co., general manager;

After operating hardware business, Yang Dingguo enter the hotel industry, hotel VSC was established in 1998, he served as chairman of the board, and the establishment of Hangzhou Shun Cheong Real Estate LLC, chairman and general manager of the year; enter the real estate industry, the development of Linping One town bridge VSC Garden project.

After the first battle of real estate, in August 2002, he founded both Zhejiang Property Investment Limited, General Manager, and was founded in January 2004 in both the Holding Company, he served as chairman, president. Real Estate Group Co., Ltd. Zhejiang are owned holding company named Zhejiang Lin'an are Properties Limited.

According to Hangzhou transparent network shows that the project has developed both Aoyama lake, mainly from 300 to 360 square meters of townhouses and villas from 360 to 500 square meters, currently in the sale price of 6315 yuan / square meter, while the actual The cumulative average transaction price was 7,324 yuan, the sale price is significantly below the historical trading price.

But the data show that in both Aoyama Lake is located in Lin'an City, a quarter of total turnover of 692 sets of apartments, villas and turnover 19. Residential real estate, high-rise residential transaction price 6341.85 yuan / square meter, the average transaction price for the villa 10,087.42 yuan / square meter. From housing turnover situation, the total turnover of the largest apartments, villas hardly move. When are Castle Lake for the development, sales, etc., the reporter called the company, are in no one answered.

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