China's ** newspaper The Dawn trust circle is not calm, and some trust projects are caught in the "battle for safes". It is understood that on the evening of November 28, the "Ruiyin 195" trust plan of Jingu Trust encountered the partner "forcibly taking the safe with the seal and license away from the original storage place by unconventional means", and the management personnel of the seal of Jingu Trust immediately reported to the public security organ for processing. In recent years, similar dramas such as "grabbing official seals" and "grabbing safes" have been staged repeatedly in the trust circle, and similar plots have appeared in many trust companies such as Zhongrong Trust, Xiamen Trust, and CITIC Trust. Let's see the details"Unconventional means".Forcibly take away the safeFirst of all, the "official seal grabbing" disclosed by Jingu Trust to the trustor: the announcement shows that the "Ruiyin 195" trust plan was established on April 29, 2021. As of the date of the announcement, the trust principal balance of the trust plan is 31.2 billion yuan. According to the "Seal Supervision Agreement" signed between Jingu Trust and the co-debtor Xianyang Jiongjing, it appointed on-site personnel as seal management personnel and Xianyang Jiongjing employees to jointly manage Xianyang Jiongjing's seals and licenses, and the seals and licenses were stored in the safe at all times, with Jingu Trust keeping the keys to the safe and Xianyang Jiongjing keeping the safe password. On the evening of November 28, without the consent of the management personnel of the seal of the Jingu Trust, Xianyang Jiongjing took unconventional means to forcibly take the safe deposit box containing the Xianyang Jiongjing seal certificate away from the original storage place. As a result, Jingu Trust lost control of Xianyang Jiongjing's license and lost its condominium foundation. Jingu Trust said that its seal management personnel immediately reported to the public security organs for handling, and at the same time, the company rushed to the scene early in the morning of November 29 to deal with the situation after learning of the situation. In order to prevent Xianyang Jiongjing from replacing the reserved seal or online banking review key of the pre-sale fund supervision account without the consent of the company, Jingu Trust has simultaneously issued a notice letter to the opening bank of the pre-sale fund supervision account, requiring the opening bank not to cooperate with the replacement of the reserved seal or online banking review key without the written consent of Jingu Trust, and shall not close the account. Jingu Trust said that in view of the uncontrolled state of Xianyang Jiongjing's license, if Xianyang Jiongjing signs or issues relevant documents without the company's consent, which affects the opening bank of the trust plan or the pre-sale fund supervision account, and wants to replace the reserved seal or the key of online banking review, it may have an adverse impact on the recovery of the trust plan funds. In this regard, Jingu Trust stated that as a trustee, it has always followed and will continue to fulfill its obligations of honesty, creditworthiness, prudence and effective management, and manage trust affairs in accordance with the principle of maximizing the interests of beneficiaries. However, the trustee may face a variety of risks in the process of managing, using or disposing of the trust property, including but not limited to policy risk and market risk, counterparty operational risk, credit risk and liquidity risk. Involved in Sunac real estate projectsThe product has previously been postponedTianyancha information shows that Xianyang Jiongjing Real Estate, the project party of the "safe deposit box", was established in 2020 and is a member of Tianjin Sunac Real Estate. 
It is understood that the project developed and constructed by Xianyang Jiongjing is the high-speed rail new city project in Xianyang City, Shaanxi Province, and Jingu Trust will supervise the sales funds of the project's dk1, dk3, dk4 and dk5 plot projects. The reporter paid attention to the fact that in October this year, a consumer asked a question in the western network of people's livelihood, saying that "the provident fund loan of Sunac Chenguang No. 1 on Wenxing Road in Xianyang City has been delayed". In this regard, the Xianyang Housing Provident Fund Management Center replied that due to the land mortgage of the project, the developer could not handle the pre-mortgage registration for the loan employees in the Xianyang Real Estate Registration Center, so it could not handle personal loan-related matters. 
In addition, the reporter learned from investors that the trust plan had previously issued an announcement on the extension of the duration of the trust plan. According to the announcement, the trust plans to start the simulated liquidation on March 29, 2023, and the liquidation result is that the VAM failed, and it cannot be terminated at the expiration of the investment duration and pay the corresponding trust benefits to the settlor beneficiaries in full. Jingu Trust said that according to the relevant provisions of the trust deed, the trust plan will be extended. As the trustee, Jingu Trust will actively promote the realization of trust property and the remaining investment principal and income in accordance with the principle of maximizing the interests of the beneficiaries during the extension period. On May 6, 2023, the trust plan received a purchase price of 400 million yuan from Xianyang Jiongjing Real Estate***, and the trust principal balance of the trust plan is 32.7 billion yuan. Subsequently, Jingu Trust will urge Xianyang Jiongjing Real Estate to sell the collateral Chenguang No. 1 project as soon as possible, and urge the project company to allocate the distributable funds on the project company's account in a timely mannerContinue to communicate with the local Housing and Urban-Rural Development Bureau to withdraw part of the regulatory funds for payment under the trust plan. According to public information, Jingu Trust was established in April 1993 and is a non-bank financial institution specializing in trust business under China Cinda, with a registered capital of 2.2 billion yuan. China Cinda holds 9375% equity, the remaining 625% of the shares are held by the China Women's Activity Center. According to the regular report of Jingu Trust, the company achieved an operating income of 88.5 billion yuan, a year-on-year increase of 198%；Achieved a net profit of 13.4 billion yuan, a year-on-year increase of 13%. There are many "grabbing official seals" in the industryThe dramas of "grabbing the official seal" and "grabbing the safe" in the trust circle have been staged repeatedly. In October 2022, the announcement of Zhongrong Trust's related products disclosed that the lock cylinder of the safe jointly kept by Sunac Real Estate Group and Zhongrong Trust was replaced, and more than one billion yuan of funds in the supervision account were transferred. In May this year, there was also a storm of competition for safes between Xiamen Trust and Hong Kong-listed real estate companies Zhenro Real Estate and Zhongliang Holdings. The safe contains the official seal, financial seal, legal person seal, blank check, land use right certificate, work regulation certificate, construction permit and many other important items of the tripartite joint venture company. In August this year, a letter of thanks from CITIC Trust to CITIC Consulting was widely disseminated. It is mentioned that on August 11, a Guiyang project of CITIC Trust in CITIC Consulting was on the way to borrow seals. In the end, CITIC Consulting's on-site staff successfully recaptured the seal box and ensured that the seal was returned to the bank safe. Some industry insiders said that behind the "grabbing the official seal", it is not unrelated to the downturn in the real estate market and the risk exposure of real estate trusts in recent years. There are certain contradictions between real estate enterprises and financial institutions, which in turn leads to frequent anomalies such as "grabbing official seals" and "prying safes". Zeng Gang, director of the Shanghai Finance and Development Laboratory, pointed out in his analysis of the development of China's trust industry in the second quarter of 2023 that real estate trusts were once an important business of trust companies and an important income for trust companies. In recent years, due to regulatory policies and the overall environment of the real estate industry, the proportion of trust funds invested in real estate has been declining. As of the end of June 2023, the balance of trust funds invested in real estate was 105 trillion, down 366.1 billion from the same period last year, a year-on-year decrease of 2587%。Accounting for 668%, down 285 percentage points. Editor: Xiaomo Review: Muyu.