Great Wall Asset Helps Qingdao Textile Enterprises

Core tip: In China, the textile industry has a saying of "going up to the sky". "Qing" refers to Qingdao. However, Qingdao Textile, once brilliant, came to the brink of bankruptcy after entering the 1990s.

Today, as far as Qingfang Lian Holding Group, whose share of spinning and weaving both accounts for more than 90% of the city's total, has 120000 spindles and 620 high-grade shuttleless looms. The shuttleless rate has reached 100%, and the jointless yarn has reached 100%. The equipment of the whole group has reached the world-class level. Qingdao's textile industry has been revitalized.

This change of life and death stems from the involvement of the Great Wall Asset Management Company Jinan Office.

Qingdao Textiles Involved in "Sleeping"

"Seeing Qingdao spin The industry has rows of modern new plants, batches of new equipment and the industry's renewed vitality. We begin to believe that in practice, we have innovated and explored a new asset management model, which has achieved great results in Qingdao. " On June 2, Hu Jianzhong, General Manager of Jinan Office of Urban Asset Management Company, told reporters.

However, four years ago, the Great Wall Asset Company's Jinan Office was never faced with a small problem: whether the Qingdao textile industry, which had already been caught in business difficulties, would further fall into the abyss of bankruptcy or move towards the future of revitalization, largely depends on what kind of treatment ideas Great Wall Company, which accepted this asset package, would adopt. At that time, in the face of complex problems, the Great Wall Asset Jinan Office also had no clever plan in mind spin The industry may be depressed, tens of thousands of employees are in danger of unemployment, and social conflicts will intensify. "

"The reality compels us to assume social responsibility, carry out business innovation, give full play to the company's advantages in wielding the magic cube of capital, and creatively solve problems," Hu Jianzhong told reporters when recalling the dilemma at that time.

What difficulties did the Great Wall Asset Jinan Office face at that time?

Since the 1990s, Qingdao's spin Due to the system, management, market and other reasons, the operating efficiency of enterprises is generally poor. Most of them are in bankruptcy, shutdown or semi shutdown state, and are seriously insolvent. They have completely lost the ability to rely on operating income to repay debts. The once glorious textile industry of Qingdao has fallen into a backwater.

Revitalizing this big industry that once brought great glory to Qingdao has become a serious problem in Qingdao around 2005. After numerous intermediate links, this heavily indebted industrial asset package was transferred to Great Wall Asset Management Company.

Look at some of the key accounts here, and you will be in a cold sweat. It includes almost 40 creditor enterprises of all textile enterprises in Qingdao. The accumulated debt principal is 1.179 billion yuan, and the total debt plus interest is more than 2 billion yuan.

How can this solve the problems related to social development and stability? This dilemma forced Great Wall Asset to find a good strategy for Qingdao Textile to "break the cocoon and regenerate".

Looking for the magic wand of capital operation

As the largest creditor of Qingdao textile system, Great Wall Asset Management Company is under pressure.

What would happen if Qingdao textile enterprises were directly bankrupted according to the general method? Facing the reporter's question, Qi Fangqing, assistant general manager of Great Wall Asset Jinan Office, analyzed that the problem would be very serious. First, Qingdao's textile industry will suffer heavy losses and bear historical responsibility; Second, tens of thousands of workers will face huge survival problems and social instability; Third, the loan principal and interest of RMB 1.2 billion will be lost, the country will be damaged, and the interests of enterprises will be damaged; Fourth, the image of Great Wall Company is damaged, and the society will think that it is unable to solve the complex debt problem and bear social responsibility.

Faced with challenges and responsibilities, the Great Wall Company's Jinan office has entered a level one combat state. They found that the factory land occupied by Qingdao textile enterprises is the only way to break the deadlock. And Qingdao is implementing the policy of "vacating the cage and changing industries" to move enterprises out of urban areas for development. So they quickly put forward the operation mode of "recovering assets according to the actual value of creditor's rights", and the Textile Corporation will use the return policy of land transfer fees and other realizable assets to repay debts in installments.

Hu Jianzhong introduced that this idea, first, can quickly withdraw funds to enable textile enterprises to obtain funds for upgrading equipment and technology, and also can make the operation of Great Wall Assets go deeper, not only saving the industry, but also providing a new asset management model for the development of Great Wall.

Qingdao textile enterprises are reborn

The idea has been found, but the implementation must have a down-to-earth solution. Great Wall Asset Management, which is good at wielding the magic wand of capital management, has set its sights on the solution of "asset management".

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The so-called asset management, Hu Jianzhong said, is the concept of enterprise asset management and urban management. Using the theory of differential land rent, we will fully implement the relocation plan of textile enterprises. We will use the land price difference between urban land and suburban land to solve the employee resettlement, properly meet the capital needs of debt, and create conditions for the revival of Qingdao textile enterprises.

The relocation of Qingdao textile enterprises will free up more than 1000 mu of valuable land in the urban area. After repeated consultations between Great Wall Asset Management Company and Qingdao Textile Corporation, everyone decided to set up Qingdao Liancheng Real Estate Co., Ltd. to develop the land, so as to solve the problem of repaying the foreign debt of Qingdao textile system and obtaining enterprise development funds.

The efficiency of Qingdao Liancheng Real Estate after its establishment is very high. On April 30, 2007, we won the land development project at No. 12 Luoyang Road, and its "Liancheng Garden" project has been successful. Although most of it is resettlement housing and does not make money, it has become the first landmark step for Liancheng Real Estate to enter the real estate industry in Qingdao.

The person in charge of the Qingdao Project Department of Great Wall Assets introduced that although the road of asset management for Qingdao textile enterprises has just started, the recent financial figures show that the original idea is correct, and the recovery of funds and the improvement of asset value are very optimistic. It is gratifying that textile enterprises have received hundreds of millions of yuan of capital, more than 20000 employees will have been properly settled, and a number of debt free and highly skilled textile enterprises have become a new highlight of Qingdao's economic development.

It is understood that at present, the cooperation between Great Wall Company and Qingdao textile enterprises is expected to deepen. Their offices in Jinan also expect to participate in enterprise restructuring through asset replacement, capital injection and other ways with the help of the expansion of the parent company's business, and select promising textile enterprises and existing projects such as Qingdao Liancheng Real Estate Company for listing and cultivation, Through IPO or private placement of resources of existing listed companies, backdoor listing and other ways, Qingdao textile enterprises will be brought to the field of listed companies, and a modern enterprise system will be fundamentally established to achieve mechanism innovation and create a more brilliant future for Qingdao textile enterprises. (Dazhong Daily)