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重磅!世茂系信托正式宣告违约

Heavy! Shimao Trust officially declared breach of contract

新浪財經 ·  Jan 6, 2022 04:52

Original title: heavy! Shimao Trust officially declared breach of contract!

Guide: Shimao at the forefront of the wind and waves, the trust is officially declared to be in breach of contract! Chinatrust official website disclosed: Chengyi No. 11 pooled fund trust plan, in view of the fact that the counterparty of this trust plan failed to fulfill the obligation to make up the difference in time and in full at the time stipulated in the contract, there has been a substantial breach of contract.

(Shanghai Trust Circle)

Shimao Trust officially declared breach of contract!

In 2020, Zhongcheng Trust Chengyi No. 11 Collective Fund Trust Plan was formally established on September 25, 2020. As of the date of this interim announcement, the existing scale of the trust scheme is 645 million yuan, and the remaining trust period is expected to be no more than 3 months.

In view of the fact that the counterparty of this trust plan fails to fulfill the obligation to make up the difference in full and in time at the time stipulated in the contract, there has been a substantial breach of contract.

Since the beginning of this year, there have been frequent reports of trust "default" incidents in Shimao. It was previously reported that Lujiazui trust products were overdue, but they were later denied by Lujiazui Trust, but this Zhongcheng Trust incident was hammered.

Breach of contract

According to the agreement of No. 2020JH0407CB01 "balance compensation Agreement" and No. 2020JH0407HZ01BC02 "Supplementary Agreement II of Cooperation Agreement", 15 months from the date of establishment of this trust scheme, the joint balance supplement obligor, Shanghai Lianyi Building Materials Co., Ltd., and Foshan Demao Real Estate Development Co., Ltd. (project company), are collectively referred to as the balance supplement obligors in Shanghai Fengyi Building Materials Co., Ltd. and Foshan Demao Real Estate Development Co., Ltd. The cumulative amount of the realization reserve paid to the trustee shall not be less than 65% of the transfer price of the equity income right of the subject matter actually paid by the trustee, that is, as of December 25, 2021, the balance making-up obligor shall pay 910 million yuan of the cash reserve to the trustee, but by the expiration of the appeal period, the cumulative amount of the cash reserve received by the trustee is only 608 million yuan, and 302 million yuan has not been received. The obligation to make up the difference fails to fulfill the obligation of making up the difference in full and in time.

Guarantor: Shanghai Shimao Construction Co., Ltd. (Shimao Construction) also failed to fulfill its guarantee obligations in time, and the counterparty has substantially violated the agreement of the transaction documents.

After a substantial breach of contract by the counterparty, the trustee, in accordance with articles 9, paragraph 2, 13, paragraph 2, and 7, 8, paragraph 1 of the contract Agreement, and in accordance with the relevant agreement on the guarantee contract, sent a "notice of advance payment" to the parties to the transaction on December 27, 2021. It is announced that the performance period for the payment of all remaining cash reserve by Shanghai Lianyi Building Materials and Project Company shall be advanced to the expiration of December 27th, 2021, and Shanghai Lianyi Building Materials and Project Company shall immediately pay the full remaining cash reserve of 792 million yuan to the trustee.

As of the date of this announcement (January 6, 2022), Prudential Trust has only received 147 million yuan of cash reserve and the corresponding period reserve, and the remaining 645 million yuan of cash reserve and corresponding period reserve has not yet been received.

The follow-up measures to be taken by Zhongcheng Trust

Prudential Trust will continue to track the operation of the project company, pay attention to the changes in counterparty risks, strengthen communication with counterparties, and urge counterparties to fulfill their obligations to pay reserves.

At the same time, according to the actual situation of the project company, Zhongcheng Trust will take all necessary measures, including applying for sealing up and disposing of the collateral and litigation, to effectively safeguard the safety of the trust property and the interests of the beneficiaries.

Shimao Construction: downgraded to AA+

United Credit announced that it decided to downgrade the main credit rating of Shanghai Shimao Construction Co., Ltd. from AAA to AA+, and adjust its outlook to negative.

Shimao 01, 19 Shimao 03, 19 Shimao 04, 20 Shimao 02, 20 Shimao 03, 20 Shimao 04, 20 Shimao 03, 20 Shimao 04, 20 Shimao 06, downgraded to negative from AAA to AA+,.

Joint Credit is concerned that the price of domestic corporate bonds issued by companies has fallen sharply recently, and under the background of tight financing policies in the industry and reduced risk appetite of financial institutions, the fluctuation of bond prices in the corporate capital market is not conducive to subsequent refinancing.

At the same time, the downward sales of the real estate market put pressure on the company's sales payback, weakening the company's operating cash flow, coupled with the strict supervision of pre-sale funds, the scale of monetary funds that the company can use to repay debt declined rapidly.

According to the operating data announced by the company's shareholder Shimao Group Holdings Co., Ltd. (hereinafter referred to as "Shimao Group"), Shimao Group's monthly contract sales from July to November 2021 decreased significantly compared with the same period last year, and the superimposed refinancing channels continued to shrink. The pressure on the company's liquidity management will continue to increase; although the company is relieving liquidity pressure through measures such as asset disposal, its progress is uncertain.

Trust companies under PICC

On December 9, the Beijing Banking and Insurance Supervision Bureau issued the approval reply on Li Zhuyong's post qualification of Zhongcheng Trust Co., Ltd. to approve the qualifications of the director and chairman of Li Zhuyong Zhongcheng Trust Co., Ltd.

In 2021, the president of China Prudential Trust also changed. In September, an Guoyong, the new president of China Prudential Trust, was approved. An Guoyong was the vice president of PICC Asset Management Co., Ltd.

The Shanghai trust circle is concerned that the new president and chairman of China Prudential Trust are appointed by China people's Insurance Group.

Shanghai trust industry insiders said: this time, after the change of chairman and president of China Prudential Trust, it also means that China people's Insurance Group has substantial control of China Prudential Trust.

In fact, before 2018, although Prudential Trust was controlled by the major shareholder PICC Group, its right of personnel appointment has not been reversed. At first, Zhongcheng Trust was called China Coal Trust, and the financial relationship was vested in the Ministry of Finance. The personnel power was initially managed by the Ministry of Coal. Later, the Ministry of Coal was withdrawn, and the renamed right to appoint cadres of the Trust was placed under the jurisdiction of the Banking Regulatory Commission in the three meetings of the Central Prudential Trust.

In the end, although the PICC Group controlled the stake in the trust, it was out of reach of the personnel appointment of the trust company.

Until June 2018, the personnel relations organized by Zhongcheng Trust Company were managed by the party committee of China people's Insurance Group.

Of course, it is not a bad thing for China people's Insurance Group to substantially control China Prudential Trust. After all, it is easy to enjoy the cool under the big tree.

Niu Jie, the former chairman, has been working in the trust field for more than 30 years. In 2014, he came to China Prudential Trust from the CBRC and served as general manager and chairman successively.

During his tenure, the real estate business of China Prudential Trust continued to expand. In 2015, the real estate trust assets were only 15.853 billion yuan, accounting for 7.13%; in 2020, the real estate trust assets reached 81.878 billion yuan, accounting for 39.42%, ranking first.

By the end of 2020, the total operating income of Zhongcheng Trust was 2.823 billion yuan and the net profit was 1.111 billion yuan (merger caliber).

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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