The Private Lending In The Pearl River Delta Has Reached Tens Of Billions Of &Nbsp; It May Threaten National Financial Security.

"Nowadays, enterprises are in a state of darkness and are not half dead. The gross profit rate is barely maintained at around 5%.

With the continuous tightening of social mobility, many small and medium-sized enterprises in the Pearl River Delta region

Experts believe that some SMEs are unable to obtain financing from conventional channels, to some extent, spawned the private grey lending market.

Compared with the risk - risking Wenzhou enterprises, the Pearl River Delta region is relatively cautious, and the industry thinks that the overall risk is controllable.

However, it is worth paying attention to the spread of private financing risks in some areas to the banking system, and the increase of private financing legal disputes in some areas. It is necessary to alert the "underground money flow" to systemic risk and even to threaten the national financial security.

"Money shortage" spawned grey private lending market

Yang Hao, a private owner engaged in building materials business, told reporters that his company needed less than 1 million yuan of financing every time. It often started immediately when the order arrived, and the demand for financing was very high. Although many banks had opened up special services for small and medium-sized enterprises, the competition was still fierce, so they had to queue up.

"I can't wait to raise funds through private channels."

Yang Hao said.

Guangzhou Yuda enterprise group is a company engaged in real estate related business. It is said that there are several high-end projects in Guangzhou, Chongqing and Chengdu.

But reporters found in the survey that the company has rarely engaged in the real estate industry in recent years, claiming that the upcoming property in Guangzhou has not been seen.

So what does the enterprise rely on to maintain its daily operation?

Yuda Group official said, "raw material prices, labor costs doubled, sluice limit, heavier tax burden......"

The gross profit rate of a hard year is 10%, but if you lend money, the monthly interest rate is between 2% and 8%. If you are in a hurry to get across the bridge and know the bottom, you can receive more than 10% monthly interest.

Those who have money around are lending money. "

No collateral, 3 to 5 days loan, flexible turnover...

In 2011, the increasingly difficult situation of SMEs financing difficulties provided a huge demand for private credit market.

Guangzhou Xingde small loan company's salesperson said that if the collateral is secured, the monthly interest rate of the loan is 2.5% to 3%.

If there is no collateral loan, the monthly interest rate is 6.8% to 10%.

The expansion of the grey private lending market is not limited to the Yangtze River Delta and the Pearl River Delta region. Many small and medium-sized enterprises in central and western regions are turning to "grey financing" because of various needs.

Sun Lijian, vice president of School of economics, Fudan University believes that now is the era of "money shortage" and "money flow" coexist.

On the one hand, the development of the real economy needs a lot of financial support, but under the tight monetary policy, the small and medium-sized enterprises are facing financing difficulties, but on the other hand, the huge volume of private capital is seeking a way out.

According to the Research Report on "private capital and real estate development" jointly issued by the Ministry of housing and Policy Research Center and Gao and capital, the scale of China's private capital is far beyond the industry's expectation. Wenzhou's private capital is about 500000000000 Yuan, Shanxi has one trillion yuan, and Ordos is about 200000000000 yuan.

During the interview of the 110th China Import and export commodities fair, many export enterprises were faced with a lot of trouble in the face of financing difficulties.

Zhao Xu, deputy general manager of Qinghai Ming Shun Industrial Co., Ltd., said that after confirming the order, enterprises need to pay 30% of the loan in advance to start production. The export orders are large and the time limit is strict. If the delivery can not be delivered on time, the enterprise will bear huge compensation.

At this time, if the funds are in trouble, the financing link is not smooth. The problem is quite serious.

"Insurance, I am used to getting loans from familiar channels, partly from small loan companies, partly from industry lending, with a monthly interest rate of 6%."

Zhao Xi said.

Chen Wenqing, director of Wuhan Lome furniture and building materials Co., Ltd., said that for small and medium-sized enterprises, it is no longer usual to find small loan companies or industry to borrow and tide over difficulties when they are in urgent need of financing.

In his view, private lending is not a new topic. Only recently, the continued tightening of liquidity has raised the threshold for SMEs to raise funds through regular channels such as banks. This has created opportunities for the private lending market, which has led to the repeated rise in the cost of private financing.

According to industry experts, SMEs have become the main borrowers of private financing, such as the private lending of SMEs in a small Pearl River Delta city, accounting for 70% of the total private lending.

Recently, due to tighter regulation, the demand for private financing of real estate developers, especially small and medium-sized real estate, has risen significantly. For example, a Real Estate Company will spend 3 yuan on monthly interest to raise 80 million yuan for temporary turnover.

"Underground money flow" brings new unstable factors

The financing cost of "usury" is high and high. It puts forward a very high demand for the profitability of enterprises. Any link will accelerate the breakup of capital chain and increase the risk of bankruptcy and bankruptcy.

The capital chain of over indebted enterprises is easy to break, and even produces the chain effect of enterprise failure.

In an interview, the reporter learned that a spectacle manufacturing enterprise appeared a breach of contract after borrowing 500 thousand yuan from the pawn shop in the name of the owner of the enterprise. The pawn shop found that the enterprise had borrowed tens of millions of yuan through private financing channels through the court's closure of the enterprise building, and all of them failed to return it on time.

Private lending can temporarily alleviate the tense situation of corporate finance, but the high interest rate of private lending has gone to a frenzy. At present, the annual interest rate is more than 50% of the principal.

Insiders warned that the new unstable factors caused by "underground money flow" should be paid attention to.

With the attraction of "high yield and high return", savings funds begin to flow to the field of private financing, forming a huge "underground money flow". Liquidity risk management is more difficult.

Data show that in the first five months of this year, the growth rates of deposits in various cities in the Pearl River Delta have declined to varying degrees.

Insiders remind that because the interest rate of private loans is higher, borrowers will give priority to paying back private loans, or even misappropriating bank loans, which will affect the safety of bank credit funds.

For many ordinary people, the boundary between private financing and illegal fund-raising is not so clear.

In the first five months of this year, the number of cases involving private lending disputes was increased by two in a city in the Pearl River Delta, representing an increase of about 20% over the previous year.

Disputes arising from private financing are on the rise, bringing new instability to social management.

According to the insiders, in such cases of private lending disputes, creditors are mostly ordinary people, and the funds they lend are years of savings. When borrowing can not be withdrawn, their dissatisfaction will easily lead to instability.

It is noteworthy that some of the funds for private financing are "mercenary" and flow to the industry to reduce the effectiveness of national macroeconomic policies.

Enterprises that belong to the national macro-control industry often resort to private financing after they refuse to apply for bank credit.

For example, labor intensive industries, overcapacity industries, high energy consuming enterprises and small and medium-sized real estate enterprises frequently engage in private financing. Risks are accumulating, and the intensity of national macroeconomic regulation and control has been affected.

Not long ago, the leaders of the Central Committee demanded that we should crack down on illegal financial activities at present, focusing on illegal fund-raising and market pyramid schemes, effectively maintaining the order of the financial market, and keeping the bottom line of systematic and regional financial risks.

Industry experts say that for a long time, the problem of financing has been plaguing many small and medium-sized enterprises. Frequent usury cases have attracted the attention of the central authorities.

The main body of private lending is ordinary people, and the risk spread of financial system is very terrible. But if we take shock therapy, the breakup of capital chain will cause serious economic shocks, which may not only cause a blow to the economy, but also lead to financial safety.

From a long-term perspective, the state should take measures to combine the measures of dredging and blocking to guide the development of financial market.

Analysis called the Pearl River Delta "risk controllable"

The problem of private lending in the Pearl River Delta region is a matter of concern after the phenomenon of "running away" in Wenzhou's small and medium-sized enterprises.

A number of people interviewed by reporters said that the overall situation of private lending in the Pearl River Delta is not as serious as that in Jiangsu and Zhejiang provinces, and overall risk is controllable.

Xie Hong, Secretary General of Guangdong SME Development Association, said that the business style of businessmen in the Pearl River Delta tended to be "steady and conservative", that is, how much money to do and how to expand outside the main business, and the usury phenomenon is not serious.

When faced with financing difficulties, many enterprises will choose to shrink the scale of operations and wait for the opportunity.

Unless there are very attractive projects, enterprises will not easily seek high private lending channels.

Chen Yong, a strategist at Huatai Securities, said that compared with the enterprises in Jiangsu and Zhejiang provinces, the Pearl River Delta business expansion is relatively cautious, and endogenous financing is relatively common.

There is a structural difference between SMEs' demand for capital.

Part of Dongguan's small and medium-sized enterprises have a large amount of capital surplus, while other small and medium-sized enterprises need funds based on expansion strategy or maintaining their daily operations.

Therefore, SMEs generally lack of funds in the local situation is not very serious.

"Recently, the capital surplus side has increased investment in financial assets. The main way of investment is to buy shares in banks or non-governmental financial institutions, invest in private placement, or purchase mineral resources in the field or even abroad.

And the demand side of the fund relieved the financial crisis by stopping the expansion plan and adjusting the scale of production.

Chen Yong said.