Recently Yahoo News on-line reported the following:
China’s $138 Billion Shadow Bank Spirals at Terrible Time
for Xi (2/2)
Bloomberg News
(continue)
The Founder
The firm’s founder, Xie Zhikun, died of a heart attack in
2021, just as pandemic lockdowns slowed China’s economy and sparked volatile markets.
While his replacement, Liu Yang, vowed to keep the company’s focus on
industrial and asset management businesses, the economic slowdown and the
property-market slump have weighed on its operations.
Xie made a fortune in the 1980s through a printing factory,
before expanding into distressed assets including real estate, China Real
Estate Business reported Aug. 12. Deals in Beijing alone in recent years by the
firm include the 3.3 billion yuan office tower, a 1.7 billion yuan project
managed by Shimao Group Holdings Ltd., and an office building that was once the
headquarters of Jia Yueting’s conglomerate, according to the report.
Even as rival firms
sought to pare risks, Zhongzhi and its affiliates, especially Zhongrong,
provided financing to troubled developers, snapping up assets from companies
including Kaisa Group Holdings Ltd. and Shenzhen Wongtee International
Enterprise Co. Zhongrong issued more than 10 trust products for the now
defaulted China Evergrande Group between 2014 and 2016. The percentage of real
estate trust assets at Zhongrong more than doubled to 18% in 2020 from 6.6% in
2017, according to the newspaper.
Unverified
Letter
In one unverified letter being circulated, a wealth manager
at Zhongzhi apologized to his clients, saying the group’s wealth arms have
delayed payments on all products since mid July. The incident involves more
than 150,000 clients with outstanding investments totaling 230 billion yuan,
according to the letter.
Nearly half of the funds raised by Zhongrong were funneled
to its parent or affiliated units, one of the people familiar with the task
force said.
Beijing’s long battle against the excesses of the trust
sector may now be coming to a head, analysts say.
“The window guidance has been discouraging any and everyone
who was involved in kind of a trust business, wealth business, in terms of
selling real estate backed bonds,” Hsu said. “Maybe the last of this ugly
episode has come to an end.”
Translation
（繼續）
創始人
該公司創始人謝志坤於 2021 年因心髒病去世，當時正值病毒大流行封鎖導致中國經濟放緩並引發市場動盪。 儘管他的繼任者劉洋誓言將繼續將公司的重點放在工業和資產管理業務上，但經濟放緩和房地產市場低迷對其運營造成了壓力。
據《中國房地產商報》8 月12 日報導，謝先生在20
世紀80
年代通過一家印刷廠發了大財，之後又涉足房地產等不良資產。近年來，該公司僅在北京的交易就包括價值33 億元人民幣的辦公樓、一個由世茂集團控股有限公司管理價值17 億元人民幣的項目, 據報道以及曾經是賈躍亭集團總部的辦公樓。
在房地產市場低迷和謝先生去世後，其中許多項目陷入了困境。
儘管競爭對手尋求降低風險，中植及其關聯公司，尤其是中融，仍向陷入困境的開發商提供融資，搶購佳兆業集團控股有限公司和深圳皇庭國際實業有限公司等公司的資產。中融在2014年至2016年間為已有違約中国恒大集团發行了10餘種信託產品。據報紙報導，中融房地產信託資產的比例從2017年的6.6%增加了一倍多，至2020年的18%。
在預期的房地產復甦未能實現後，這些房地產投資已經惡化。 上個月，中國房屋銷售出現一年來最大跌幅，抑制了碧桂園等開發商的收入。碧桂園本月未能向債券持有人支付息票，導致其股票和債券大幅下跌。
未經證實的信件
中融幾乎沒有向公眾透露其情況，不過該公司表示，它知道社交媒體上流傳著偽造的信件聲稱該公司無法再運營。 根據其網站上的一份聲明，該公司已向當局举報了這些信件。
在一封流傳著未經證實的信函中，中植的一名理財經理向其客戶道歉，稱自
7 月中旬以來，該集團的理財部門已推遲所有產品的付款。 信函稱，該事件涉及超過15萬名客戶，未償還投資總額達2,300億元人民幣。
一位熟悉該工作組的人士表示，中融籌集的資金中近一半都流向了其母公司或下屬單位。
分析人士表示，北京方面與信託業過度行為的長期鬥爭現在可能已經到了緊要關頭。
Hsu 說： “窗口指導一直讓所有參與信託業務、財富業務、銷售由房地產支持債券的人感到沮喪。”; “也許這個醜陋的事件最後一頁已經去到盡头。”
So, Zhongzhi Enterprise Group Co.
grew to become a financial conglomerate with more than 1 trillion yuan ($138
billion) under its management. Now it risks becoming the latest Chinese
financial giant to fail. I am interested in knowing how the government will
deal with the present financial crisis.
Note:
Window guidance or informal guidance (窗口指導), is
an informal policy instrument used to regulate the supply of credit in an
industry or sector. Window guidance typically involves the use of benevolent
compulsion in order to regulate the supply of credit as a way to achieve policy
targets. Window guidance involves the use of monetary policy instruments
including lending quotas as an informal way to subsidize or regulate the volume
of credit in an industry or financial sector. Window guidance is often
criticized for causing inefficient capital allocation as well as being a form
of central planning. (Wikipedia)
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