Investors poured into the government to collect debts, and this incident triggered the intensification of the 100 billion "universal system" real estate crisis.
In the context of investors pouring into the government to collect debts, a 100 billion scale "Wanxiang" real estate crisis has aroused widespread attention. Investors' anxiety filled the air, and they expressed strong dissatisfaction with the "Wanxiang" real estate project, demanding that it solve the debt problem as soon as possible. At the same time, in the face of the surging crowd of debt collectors, the real estate business of the "Wanxiang Department" fell into chaos. The well-planned development project was brought to a standstill, employees panicked, and the company's financial situation deteriorated. The former glory of this 100-billion-scale real estate giant has become a thing of the past, and it has been replaced by an unprecedented crisis. If these problems are not properly solved, then the "universal system" may face a catastrophe, and its brand influence will also be severely hit.
However, Wanxiang Trust has stopped interest on a number of products. According to the 21st Century Business Herald, "Zhengxin 215" has been suspended for many months, and the transaction object of this product is the western section of the No. 11 road in Duyun Economic Development Zone of Guizhou Qingshuijiang Urban Investment Group, with a fund-raising scale of 108.4 billion yuan;The ground floor of "Real Estate No. 1043" is the second phase of Kaisa's Dongdaihe Qiyuetai project, which has also stopped paying interest.
It is worth noting that among the many trust companies, Wanxiang Trust is one of the few institutions that insists on a heavy position in real estate. In the "Wang Yonggang era", the scale of Wanxiang Trust increased rapidly to 4276.4 billion yuan;In the past few years, although its scale has declined year by year, it still accounts for 58% of the trust investment ratio by the end of 2022.
According to incomplete statistics, Wanxiang Trust's trust plan is mainly invested in real estate companies such as Evergrande, Country Garden, Greentown, Bluetown, China SCE, Xiangsheng Holdings, Blu-ray Development, Kaisa, Rongxin Group, China Aoyuan, Redco Group, and Rongan Real Estate.
With the thunderstorm of many real estate companies, Wanxiang Trust has started a lawsuit with Evergrande, Kaisa, Jinke, etc., and its performance has been affected. As of the end of 2022, Wanxiang Trust's assets under management fell to 892500 million yuan, down 40 million year-on-year6%。
However, this situation has been alleviated in the recent past. Minsheng Life Insurance Co., Ltd. with 157.3 billion yuan to subscribe to Wanxiang Trust 2801% equity and became its second shareholder. Minsheng Life Insurance was originally jointly established by Lu Guanqiu, New Hope Liu Yonghao and others, and after several rounds of transfer, Lu Weiding won 4384% of the shares are firmly in the position of the largest shareholder. However, the development of Minsheng Life Insurance in recent years has not been satisfactory, with both performance and asset scale declining.
In addition, while Wanxiang Trust insists on heavy real estate, the "Wanxiang Department's" own real estate development platform, Shunfa Hengye, is obsessed with abandoning houses. In the process of the company's transformation from real estate to wind power energy, although the proportion of revenue from wind power business has increased, real estate and property management still occupy an important proportion of revenue. As of the first half of 2023, the company's real estate and property management business accounted for 47% of its revenue again, while wind power revenue was 30.3 billion yuan, down 5 percent year-on-year16%。
According to relevant reports, the news that Wanxiang 123, a new energy lithium battery platform under the "Wanxiang System", may be acquired by Wanxiang Qianchao and Shunfa Hengye is circulating in the market, but both listed companies have denied this.
With regard to the long-standing questioning of the way in which the "Wanxiang system" obtained funds, it has been reported that the member companies of the "Wanxiang system" have deposited large sums of money in the Wanxiang Finance Company, and whether the funds have been appropriated by major shareholders. Only four listed companies have a total deposit of more than 11 billion yuan in Wanxiang Finance. However, these funds are scarcely used.
Although listed companies insist that deposits and withdrawals are completely autonomous, which can reduce the company's operating costs, improve capital operation capabilities, and reduce financing costs and financing risks, there are still doubts in the market. Money went**?This is a question worth pondering.
As a number of investors reported to the Zhejiang Supervision Bureau of the State Administration of Financial Supervision and Administration that the two products of Wanxiang Trust, "Health Education No. 2" and "Health Education No. 4", could not be paid as scheduled, the market's attention to the real estate crisis of the "Wanxiang system" and the operation mode of Wanxiang financial capital valve also continued to heat up. Will this mysterious old money faction detonate a crisis because of this?What does the future hold?Phoenix will continue to pay attention to the development of this event.