2014-08-15

Several Trusts Exposed to ¥10 Billion Bankruptcy in Anhui

From 21st Century Business Herald. A failed real estate project in Anhui leaves behind more than ¥10 billion in debt with multiple trusts exposed. Creditors are already taking legal action to secure their rights after the developer declared bankruptcy. At one point another firm was prepared to step in and take over, but it could not determine the company's liabilities and backed out. Now begins the court's take of unraveling who owes what to whom.

阳光半岛百亿项目烂尾 多家信托身陷危机
Sun Peninsula project is located in Shou County, Anhui ongoing registration of claims.

Both a historical and cultural city, but also a veteran of the national poverty counties in Anhui, started in September 2010, an investment amounting to tens of billions, including the super five-star hotel, Cultural Square, style commercial street, clubs, cultural arts theater and business Cultural Tourism officially launched residential real estate projects. One side is quite inspirational in Anhui color developer, while the flood of funds from various quarters to bring this town a fantastic vision of the future.

After a lapse of four years, fanatical tide.

"Shanghai Greenland Construction (Group), Shou apply Xinqiao International Industrial Park Administrative Committee of Anhui Sunshine Peninsula Cultural Development Company Limited (hereinafter: Sunshine Peninsula company) bankruptcy liquidation, the current Court has delegated the Dabie Mountain in Anhui Law Firm is responsible for claims person responsible for the registration matters. "August 14, Shou County, Anhui Province, a local debt cleanup project responsible Sunshine Peninsula told the 21st Century Business Herald reporter billion project latest trends.

According to information obtained from a number of newspaper reporters informed sources, the sun Peninsula project still in the early stages of bankruptcy, the debt involved has reached billions of magnitude.

"A number of trust involved, mostly as a single trust, collective trust has done a deal." Recently, the Beijing an agency sources. It is also for this reason that trust crisis news caught few outsiders know.

With further investigation this reporter, the event is one after another surfaced.

People from Shou County, Anhui sources, "Resources Trust, iron, and many other great cause, and a new era of trust has completed registration of claims, pending the results. Because it involves a lot of owners, decoration companies, equipment rental companies and a series of creditors registration very jumbled, and therefore have to wait for the subsequent liquidation of progress. "On the same day, the news get many people involved in the sun Peninsula Trust confirmed.

Shou County, Anhui Sunshine Peninsula project is a sample of the domestic real estate industry, the development of second and third tier cities, the present situation reflects the underlying real estate market and investment and financing markets.

Sunshine Peninsula crisis involves much trust

Behind the Sunshine Peninsula Wuhu City in the Real Estate Development Co., Ltd. (later renamed Anhui Real Estate Development Group Co., Ltd. and Anhui pioneered in Real Estate Development Group Co., Ltd., hereinafter referred to Anhui Union), the actual control of the Holy Shencan Zhi Zhai thick Kennedy, in Anhui is a quite inspirational story of local entrepreneurs. The development of the high visibility of Wuhu Sunshine Peninsula (peninsula term follow-up of the sun

Head refers ShouXian Sunshine Peninsula project), Ma On Shan International City, Canada bilingual school, Huaibei Dijiu providential good park.

Sunshine Peninsula led the company into bankruptcy liquidation, may be interested in investing in the most recent negotiations with the relevant parties fail.

According to the reporter know, a real estate company in Henan had to negotiate early acquisitions Sunshine Peninsula project, but eventually the debt situation of the sun because they can not estimate the peninsula behind the project, this cooperation aborted. News from ShouXian Xinqiao International Industrial Park Administrative Committee confirmed once more the developers had visited ShouXian merger and acquisition negotiations, but failed miserably.

Subsequently, the construction side Shanghai Sunshine peninsula green building project is located ShouXian Xinqiao International Industrial Park Administrative Committee, as well as part of the project (Group) apply sun peninsula bankruptcy liquidation, the application eventually won the support of the court, the debt clean-up work Dabie Mountain in Anhui Province by the court commissioned law firm.

According to (2014) No. 00001 Shoumin break this reporter received word, from November 2011 to February 2013, Shanghai Greenland Construction Group signed with the Sunshine Peninsula "Peninsula Hotel, Newbridge Sunshine Project Agreement" project progress paragraph 155 million yuan, 105 million yuan in arrears. During 2012, the company received ShouXian Newbridge Sunshine Peninsula Industrial Park, five parcels of land, a total of 25 million yuan non-payment of land transfer, as of June 18, 2014 liquidated 13 million yuan.

With the bankruptcy and liquidation Sunshine Peninsula project, a direct result of painstaking efforts of Anhui Zhai thick holy United crisis. Dishonest debtor Network has announced the list of the country's Supreme People's Court, Anhui Union has impressively. With further fermentation events debt problems of the project also open a Pandora's box.

Currently circulating in Shou County, Anhui folk saying yes, the project's total debt reached 20 billion yuan, but a responsible person Sunshine Peninsula's debt problems are confirmed, it has been reached several billion level, where both banks , decoration companies, construction companies and owners, but also trust companies and other financial institutions, non-silver.

Only the reporter from multiple news sources have clear information display, Resources Trust, iron, and three other cause, and a new era of trust has yet to withdraw trust plans still need to wait for the debt settlement to be addressed.

"Local governments are coordinating the parties to develop solutions." Statement from the family trust company sources confirmed.

Currently full suspension Sunshine Peninsula project, Shou County, Anhui has sent nine local working group responsible for the bankruptcy liquidation, and project management. If there is no disk access funding party intervention, follow-up, including all types of credit institutions, as well as other types of debt principal repayment is clearly going to be a tug of war.

Trust suspense iron set

"At present, the willingness of local government debt as quickly as possible to complete the clean-up, in order to facilitate the introduction of the investor then set the project." Shou County, Anhui above local official told the 21st Century Business Herald reporter.

In fact in the previous series of real estate development projects, according to well documented, including the Thai Trust, Dongguan Trust, Jilin Guoyuan Trust and the Trust, are associated with the Anhui and its associates to form a relationship over the Trust financing currently most complete collection of trust has also been honored.

But 21st Century Business Herald understands the multi-confirmation message is displayed, Resources Trust, and other great cause, and a new era in the way the single most trusts are investment trusts are single trust fund plan, while China Railway Trust there is a risk Capital Trust scheme, these products are not complete payment.

Since the registration of claims not yet completed, the follow-up may continue to have trust.

"Project for local key projects, but also the context of local government support, and with urbanization, and therefore investment in this project." A trust company insider told this reporter revealed the intention at the time of investment.

Because Resources Trust, cause and a new era of trust and other trusts involved in a single product, and therefore hard to query publicly available information, but also in debt registration list, also did not disclose the source of funding behind a single trust, "gold master these funds "Are Informed neither was conceivable.

But Railway Trust docking collective trust of the project is quite resistant to ruminate.

Information from the public point of view, there is only one project in Peninsular Railway Trust and sun related companies have not yet expired, for the Ma On Shan Rail Canada Trust bilingual school expansion project Capital Trust scheme. Despite the investment of the project is the subject of another project of Anhui linked, but the collateral held by the land rights of some part of the project Shou County Sunshine Sunshine Peninsula Peninsula companies.

According to the contract, Shou Xinqiao International Industrial Park, an area of ​​about 450 acres of residential land for Investment Canada Limited, Maanshan about repayment of the loan principal and interest to provide collateral.

This collection of trust on July 6, 2012 the establishment of a trust total duration of four years, two years after opening the redemption, the redemption date should now be in the open. However, on August 14, China Railway Trust insiders in response to an interview with this reporter, said demand for financing in accordance with the parties, the product has ended in March 10, 2014 in advance.

According to early repayment of financing parties with money demand, for now, it was just an excuse Railway Trust party.

The data obtained from a number of newspaper reporters third party, did not show Railway Trust and the sun has not yet expired products peninsula still exist, there are other trusts have speculated might be before the crisis, China Railway Trust choose to use their own funds Investors cashing money, and then raise the goal of this product is 200 million yuan.

But the news does not get above Railway Trust insiders confirmed.

"Meat and potatoes" Metamorphosis

The data obtained from a number of newspaper reporters third party, did not show Railway Trust and the sun has not yet expired products peninsula still exist, there are other trusts have speculated might be before the crisis, China Railway Trust choose to use their own funds Investors cashing money, and then raise the goal of this product is 200 million yuan. But the news does not get above Railway Trust insiders confirmed.

Financing side was the trust industry, "meat and potatoes", on the one hand as a large-scale real estate projects in Anhui, Anhui famous party financing real estate business; on the other hand, the sun Peninsula project tourism, cultural and commercial real estate as a whole, there Hefei new airport concepts.

In fact, there are still a number of respondents who later regret, if 2013 is that investment can smoothly, the project could not have come today Sunshine Peninsula fields.

It referred to in the third quarter of 2013, the Group announced the construction spend too 8,000,000,000 51% stake in M ​​& Sunshine Peninsula projects, but for various reasons the merger did not take place. According to informed sources, the construction group too for 500 domestic enterprises, was mutually agreed division of labor: Anhui Union-led project management, the construction group in charge of external financing too.

Trust in accordance with a person's memories of Beijing, said that this cooperation was to attract the attention of a lot of trust institutions.

But as the ultimate failure of this cooperation, enthusiasm investment trusts also will be cold. Previously, there was cooperation between the Union and Anhui and its related parties, such as the launch of Henderson - Canadian Investment Capital Trust scheme Dongguan Trust, to launch the constant day cultural home equity Capital Trust scheme in Thailand trusts, After the expiration of such trust, not a collection of related issuance Trust plans to invest ShouXian Sunshine Peninsula project. However, these trusts are still being coerced which has a single trust, as well as the list of creditors to be more explicit disclosure.

In hindsight, an understanding of Shou County, Anhui Sunshine Peninsula project pointed out that as early as a year ago Anhui parties of capital chain tension, there are many indications that the clues.

Trust Trust set up a collection from the rush of blood transfusion in the United Anhui, the recent establishment of a year is not a collection of trust, this change cause for regret. This is both a blessing trust holders, but for developers, financing cold chain across the board, but also to promote the project liquidation.

Until yesterday, the 21st Century Business Herald reporter linked to the owners of a number of Sunshine Peninsula projects, many of them because has not Nadaofangchanzheng and running around, all kinds of speculation wells still a mixed bag. One rumor that the owners are left with money Zhai thick holy already, but August 7, deputy director of the Bureau of Human Resources and Social Shou County, bankruptcy and liquidation principal spokesman Liang Qun In reply Anhui local media interview, said Zhai has not lost to St. thick, also able to get in touch.

Shattered. Zhai behind thick holy, second and third tier cities is undoubtedly a property from start to glorious, to decline a microcosm of history. If the real estate industry continues to turn cold, tied to a rope on this financial institution will be further exposed to risky assets.

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