Shanghai Zhong FA Is Deeply Involved In The Capital Whirlpool Clothing City Project.

< p > > affected by < a href= "http://sjfzxm.com//business/ >" Shanghai < /a > clothing city project, the real controller of China Technology Technology (600520, stock bar) has broken the capital chain in the beginning of May this year, thus triggering the problem of the capital chain of the whole China Electric Group and some guarantee enterprises, and affecting dozens of companies and external guarantee enterprises of China Development Group and more than 30000 employees.

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< p > the news from inside the enterprise shows that the number of loans made by China Development Group in Shanghai only reached 1 billion 670 million yuan, and now it has been involved in many lawsuits.

In the short period of two months after the Spring Festival this year, the number of loans drawn by some banks has reached more than 200 million yuan, resulting in the final breakup of the capital chain of China Development Group, which has resulted in a huge number of downtime construction projects, and a large number of direct and mutual insurance companies are on the verge of bankruptcy.

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< p > internal sources revealed that the main reason for the current financial difficulties of Shanghai Zhong FA electric group is not the result of the main pmission and distribution industry of China Electric Power Group. It is the Shanghai garment city project that it took over in 2005. Under the condition of no output income, it had to raise funds through multi-channel financing to maintain and operate the project, and dragged down the whole China Electric Group.

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< p > the original sponsor of the Shanghai garment city project was a businessman from Zhejiang Yongkang who acquired 613 mu in Fengjing town, Jinshan District City, Shanghai in 2001.

The project started construction in 2002 and adopted the small proprietor participation mode. It agreed to issue certificates of production to small owners from 2003 to 2004. After the promulgation of relevant national laws and regulations, this mode could not be implemented as originally designed.

Since 2004, the capital chain of the project has broken into a serious predicament, and the project can not be paid, and has gradually evolved into a social problem.

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In the early days of P, in early 2005, the Shanghai Zhejiang chamber of commerce took the lead in coordination. The China Development Group took over the Shanghai garment city with great risk, and then raised funds through various channels to save the project effectively and put an end to thousands of property disputes and unstable events of small owners.

However, due to its huge volume, the project left behind many historical problems.

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< p > according to people familiar with the matter, the China Development Group has invested more than 1 billion 530 million yuan in the project in the past ten years. However, the project has so far had no output. Due to the difficulties in the loan of Shanghai Garment City, its operation and promotion funds are mainly loans from the China Development Group and its subordinate production enterprises in the form of mobile capital loans, thus seriously dragging the development of the group.

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< p > Shanghai clothing city is located in the border area of Jiangsu, Zhejiang and Jiangsu, adjacent to Fengjing ancient town and Shanghai Hangzhou Expressway. The land resource advantage is very obvious.

People familiar with the situation pointed out that under the present circumstances, if the China electric group can smoothly modify the land and increase the floor area ratio, it will be possible to revitalize the land assets of Shanghai's clothing cities and repay the debts of the banks.

Subsequently, the project will be stripped to develop the power pmission and distribution manufacturing industry, and is expected to continue on the road of healthy development.

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In the face of such a serious debt crisis in Shanghai and the involvement of many banks in Shanghai, the Shanghai Banking Regulatory Bureau convened the Shanghai Banking Association, the Shanghai Federation of industry and commerce, the Zhejiang Provincial Office of Shanghai, the Shanghai Zhejiang chamber of Commerce and Shanghai all over Shanghai in May 16th and May 28th to convene a communication and coordination meeting between the Shanghai enterprises (chambers of Commerce) Federation, the China Development Group and some guarantee enterprises. The meeting held that the real assets value of the group was almost the same as that of the enterprise liabilities. The chairman of the group was more active in dealing with the P and found no intention to evade bank debts and other behaviors.

At the same time, the Group believes that China development group can continue to support, but it needs a certain degree of asset liability "downsizing" to consolidate security and reduce exposure to maintain the normal operation of the main business.

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"P > < a href=" http://sjfzxm.com/news/index_h.asp "> < < /a >, in the face of difficulties, the China Development Group actively launched its own rescue, set up an emergency team to ensure the main business of power pmission and distribution, and make decisions on disposing non main assets. At the same time, all shareholders of the China Development Group tied all their assets to the bank for collateral, and borrowed money from their relatives and friends to help themselves in the production and ensure the stability of the workforce.

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The P > Bulletin shows that in May 10th, China hair group will hold a 90% stake in Tongling's three best electronics (Group) and pfer them to Shanghai Hong Wang Asset Management Co and Tongling Tianyuan equity investment group.

China hair holding group will also pfer the 10% equity interest to Shanghai Hong Wang Asset Management Co.

Tongling San Jia Electronics (Group) is the largest shareholder of 600520.SH. As of the end of the first quarter of 2014, its shareholding ratio was 23.95%.

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< p > < a href= > http://sjfzxm.com/news/index_cj.as > pfer > /a > to repay debts.

From May 2013 to May 2014, Chung FA electric (Group) accumulated a loan of 285 million yuan to Shanghai Hong Wang Asset Management Co and failed to pay all its debts after maturity.

The pfer of shares involved a total of 102 million 900 thousand yuan.

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