State Yuan Trust 5 Single Trust Projects Focused On "Thunder" And "City Voted Belief" Where To Put?

"The company's ability to innovate is insufficient, the concentration of political trust cooperation is relatively high, and there is a certain degree of channel business dependence path". I did not expect that, in the 2018 annual report, the trust of Yuan Yuan trust was a prophecy.

Recently, in twenty-first Century, the economic report reporter learned that the "Yuan Yuan, an Ying 201702003 collection fund trust plan", which was invested in the overall development and infrastructure construction of Tuyun Economic Development Zone in Guizhou, was postponed again after the payment was postponed in November 30, 2019.

In addition, the state yuan trust and Guizhou Bijie ("Guo Yuan anying No. 201705032"), Guizhou Anshun ("Guo Yuan anying 201703003"), Guizhou Zunyi ("Guo Yuan anying 201602008") and Shaanxi Hancheng ("Guo Yuan anying 201702045") four other single local government trust projects, also encountered delays.

In the second half of 2019, the 5 yuan local trust projects of the "Yuan Ying series" focused on "thunder strike" in the second half of 2019, of which 4 of the financing parties involved about 550 million yuan in the capital.

The latest news is that in twenty-first Century, the economic news reporter was informed that another product of the "anying series", the "Yuan Yuan, an Ying 201605015" collective trust plan, also issued a letter of inquiry for repayment and allocation scheme to investors on December 12. It was mentioned that "the financing channels of the financing side and the guarantee Party have been narrowed down to the impact of macroeconomic policies, and the debt has been expired before and after the new year's day and the Spring Festival, and the capital turnover has been temporarily difficult". The financiers have "applied for extending the loan period", and have given the adjustment plan, such as "returning 20% of the principal amount of the trust loan and all the interest due at the expiration date of each period, and returning the principal interest 30% and the interest at maturity" three months later.

The trust scheme financing side is Guizhou Shuicheng Economic Development Zone infrastructure Co., Ltd., Shuicheng County Agricultural Investment Co., Ltd. (guarantor) provides joint and several liability, and the loan period is 3 years.

The reporter understands that the product has been expired in stages, but the funds will be postponed after January 6th.

The 2018 annual report revealed that the trust assets of the trust fund were 197 billion 763 million yuan, of which 48.59% (96 billion 93 million yuan) were distributed in the basic industries.

For the above products focused on "thunder", in December 27th, twenty-first Century Economic Times reporter repeatedly called Wei Shichun, vice president of state yuan trust, but no one answered.

In addition, the head of the Information Disclosure Service disclosed by the state yuan Trust annual report has no answer.

5 single trust projects focus on "thunder".

"Guo Yuan anying No. 201702003" was established in the middle of 2017. It was issued in 4 categories, with an annual interest rate of 6.5%-7%. The total amount raised was 93 million 100 thousand yuan. It was used for the Guizhou Qingshui Jiangcheng Investment Group Co., Ltd. (formerly known as "Tuyun Economic Development Zone City investment and Development Co., Ltd."), which is renamed "Qingshui Jiangcheng investment". The loan is mainly used for the overall development and infrastructure construction of Tuyun Economic Development Zone in ABCD.

Public information shows that the company is a wholly state-owned enterprise. It was founded in June 2011 and is the main body of urban construction and operation in Tuyun economic development zone. By the end of 12 in 2016, Tuyun had invested 6 billion 360 million yuan in total assets of Kaesong, with a total liabilities of 3 billion 787 million yuan, net assets of 2 billion 573 million yuan and net profit of 107 million yuan.

In addition, the guarantor is Qiannan state level platform company -- Qiannan Dongsheng Development Co., Ltd., as at the end of 9 2016, the company's total assets were 12 billion 497 million yuan, net assets 10 billion 997 million yuan, and AA level credit.

At that time, the promotional materials showed that the trust scheme's repayment source was "financing income of the Tuyun Economic Development Zone City Investment and Development Co., Ltd.", "the operating income of the guarantor Qiannan Dongsheng Development Co., Ltd.".

However, this product, which should have expired in August 22nd this year, will be extended until November 30th, and the interest rate will be raised to 10%/ from the date of the extension from the date of the start to the actual payment.

So, which part of the problem has gone wrong?

In twenty-first Century, the economic report reporter made a public phone call to the Jiangcheng electric water company.

However, it can be seen that in October 14, 2019 and November 26th, Qingshui Jiangcheng voted respectively by the Shanghai financial court and the intermediate people's Court of Qiannan Buyi and Miao Autonomous Prefecture as the dishonest executors.

According to the investor's "trust fund management report (fourth interim announcement)" of the "Yuan Yuan, an Ying No. 201702003" collective fund trust scheme, the state yuan Trust said, "our company has organized multiple forces to collect and negotiate with the higher level government departments of the financing side. However, due to the influence of the economic environment, the effect of collection is not obvious. Other creditors have made little progress in safeguarding their rights through judicial proceedings.

The above announcement shows that the financing side, the guarantor and the financial work office of Tuyun economic development zone have issued a repayment plan (preliminary plan), which mainly includes "loan interest after overdue payment before December 25, 2019". "From March 25, 2020 to December 25, 2020, a portion of the principal will be paid off on a monthly basis (an average monthly return of 10%). If the land leasing is received, the principal and interest of the trust loan will be repaid in advance," and "coordination and supplement of a state owned enterprise in Qiannan state" will be provided.

Coincidentally, the "Yuan Yuan anying No. 201705032" which was due to expire in January 2020 was announced in advance for extending the repayment period because of the tight financing of the financiers.

"Guo Yuan, an Ying No. 201705032" is divided into 6 categories, ABCDEF, with a target annual yield of 7.6%-7.8% and a total collection of 130 million yuan. The main body of financing is Xinyu Construction Investment Co., Ltd. ("Xinyu construction investment") of Qixing Guan District, Bijie, Guizhou. Trust funds are used to replenish the capital of Xinyu construction and investment. Bijie open source construction investment (Group) Co., Ltd. is jointly and severally liable for it.

According to the consultation letter issued by the state yuan trust in mid November to the relevant investors, the "state yuan, anying 201705032" collective fund trust scheme repayment and allocation scheme shows that "our company continues to collect and fully consult with the financiers, asking them to do everything possible to raise the repayment funds." Now the financing side formally wrote to apply for extending the loan period, and promised to raise repayment funds through active financing and disposal of assets.

At present, Xinyu construction investment has put forward a package solution, for example, "the maturity date of the project, the financing side will repay 30% of the loan amount and the interest due at that time. In May 15, 2020, the financing side will repay the total size of the trust loan 30% and the interest due. In October 15, 2020, the financing side will repay the remaining principal and interest at maturity". In addition, "the new guarantor Bijie Dexi construction and Development Investment Co., Ltd. (issued special bonds, credit rating AA)".

However, whether the above plan will eventually come to the ground remains to be seen.

In addition to "Guo Yuan, an Ying No. 201702003", "Guo Yuan, an Ying 201705032", the financing side is "Guo Yuan an Ying 201703003" of Anshun Traffic Construction Investment Co., Ltd. of Guizhou Province, and the financing side is "Guo Yuan, an Ying No. 201602008" of the state owned assets investment and operation group Co., Ltd., Zunyi, Guizhou.

When the housing leak is on the side of the night rain, the political trust project of the cooperation between the state yuan trust and Hancheng, Shaanxi, should have expired in November of this year.

The "Yuan Yuan trust, an Ying No. 201702045" collective trust scheme was established in November 24, 2017. It issued six trust funds to the development and investment limited liability company (the Yellow River New Area Construction) of the Yellow River New District, Hancheng, Shaanxi in six phases, which amounted to 200 million yuan to supplement the financing flow fund. The guarantor is its parent company, Hancheng city investment (Group) Co., Ltd. (Hancheng city investment).

In twenty-first Century, the economic report reporters inquired about the promotional materials, and found that Hancheng is the first provincial city and sub prefecture level city under the jurisdiction of Shaanxi province. It is known as "Tai Shi Ma Ma's hometown of migration", and the financing agent is the only infrastructure agent in the Yellow River NEW District, Hancheng's key investment and construction area.

As a guarantor, Hancheng city is the largest infrastructure construction comprehensive assets operation platform in Hancheng. Its shareholders are Hancheng state owned Assets Management Bureau (shareholding 86.44%) and state open development fund (holding 13.56%) respectively, and the actual control is Hancheng government.

At present, the the Yellow River New Area Construction and the guarantor side jointly issued the letter of invitation to the state yuan trust to clarify the adjustment of the elements such as the repayment period of the "Yuan Yuan, an Ying, 201702045 trust fund collection plan". It promised to repay 10% (20 million yuan) and all the interest due to the loan principal amount before December 15, 2019, and the remaining 180 million yuan loans were amortized from April 2020 to the end of October 2020, and the loan interest rate after the extension was increased by 2%.

In addition, additional Longmen International Holding Group Limited (wholly owned subsidiary of Hancheng SASAC) provides joint and several liability guarantee.

In December 27th, in twenty-first Century, the economic news reporter sent a call to Hancheng city. A staff member replied, "as far as I know, the relevant leaders of the company and the the Yellow River New District have settled in Anhui Hefei to solve this problem."

Where is the faith of city investment?

Founded in December 20, 2001, it was founded in December 20, 2001 with the registered capital of 3 billion yuan. It is a trust company under the background of local state-owned enterprises, and is trusted by investors with its strong shareholder background.

Among them, the largest shareholder of Anhui state financial holding Refco Group Ltd is a wholly owned subsidiary of the Anhui provincial government, holding 49.68%.

According to the 2018 annual report of the Yuan Yuan trust, as of the end of 2018 12, there were 487 trust projects in the trust fund of the state yuan, and the scale of the trust assets was 197 billion 763 million yuan, of which the total scale of the venture assets was 2 billion 810 million yuan, most of which had been resolved, and 5 of the remaining risk trust projects were about 960 million yuan.

In 2018, the Yuan Yuan trust earned 13 billion 30 million yuan for the trust beneficiary.

It should be pointed out that in the scale of trust assets of less than 200 billion yuan in the trust fund of the state yuan, up to 48.59% (96 billion 93 million yuan) is distributed in the basic industries, compared with 1.29% (2 billion 558 million yuan) of the trust assets invested in real estate.

From the performance point of view, since 2016, the Yuan Yuan trust has been declining 3 times in revenue and net profit in the past two years: revenues in 2016, 2017 and 2018 were about 876 million yuan, 675 million yuan and 578 million yuan, down 27.82%, 22.92% and 14.47%, respectively.

In the first half of 2019, the revenue growth of the Yuan Yuan trust increased 3.5% to 244 million yuan, and net profit rose 10.5% to 171 million yuan over the same period.

However, judging from the industry rankings, according to the trust network evaluation report of the comprehensive strength of the trust company in 2018, the state yuan trust ranked 59, down 2 places compared to 2017, and the risk management ability was 17.22, while the CITIC Trust Management Risk in the first place was 21.45.

"From the source, the default is the financing side, not the trustee, but the national yuan trust has postponed multiple product concentration, and whether it is due diligence and full disclosure of information is more noteworthy." In December 27th, a trust practitioner told the business reporter in twenty-first Century.

In addition, a financial institution also said, "we need to reflect on investors' belief in government platform projects". From the perspective of trust companies, the company believes that it should enhance the ability of risk control. "Has there been any timely disclosure of the financial data of the financing side, tracking the use of its financing funds, and even after the product has been postponed, has there been any corresponding mortgage measures to investigate the responsibility of the guarantor?"