I heard that one of the real estate projects of Zhonggeng Real Estate, Xiangwan Project, has operational difficulties and is difficult to deliver to the owner.
It is reported that Zhonggeng Xianghai World is located in Langqi Island, Mawei District, and is divided into 3 plots for development, with a total of 504 acres. Among them, Zhonggeng Xianghai Bay (record name: Xiangshan Bay City) is the third phase of Zhonggeng Xianghai World.
The land was acquired by Chengkai Zhonggeng in August 2016 and opened with a certificate in 2019. Partial ** contracts provide for delivery on June 1, 2021.
However, some netizens reported that they bought a commercial house in the third phase of the Zhonggeng Xiangwan (record name: Xiangshan Bay City) project in November 2019, and have not delivered the house so far.
According to the Mawei District Housing and Urban-Rural Development Bureau, Zhonggeng Real Estate has overdue delivery of Xiangshan Bay City due to insufficient funds.
According to the official website, Zhonggeng Group was founded in 1997 and has total assets of more than 120 billion yuan. At present, it has formed four core business sectors of real estate, industrial parks, first-class chain and financial investment, and is a large-scale comprehensive group company with domestic and foreign investment background, nationwide, whole industry chain.
In addition to the real estate sector, Zhonggeng also masters: a listed companyOriental Silver Star（sh600753）；Two financial institutions——Zhong Geng**(Public Offering**).Shenda Investment(Private placement**) a number of hotels;A roaming city commercial complex;Rongguang Industrial Park, Global Creative Center, City Concept, Intelligent Manufacturing Bureau and other industrial parks, as well as a park investment service platform "Banban.com"...
Everyone is a Fujian real estate company, and the early Shimao Real Estate, CIFI Real Estate, Baolong Real Estate, Sunshine City and other real estate companies have been listed.
Zhonggeng Real Estate is naturally unwilling to be left behind, and also wants to go public and open up financing channels.
Since 2009, Zhonggeng Real Estate has been seeking to go public.
It's a pity that it backfired, Zhonggeng was unable to go public for a long time, and like Helenbergh Real Estate, although it introduced many financial and financing executives with banking backgrounds, it was unable to achieve its long-cherished wish.
On the contrary, there is an endless stream of listings of other real estate companies, such as Rongxin China, Tahoe Real Estate, etc.
In order to be able to go public and solve the company's financing and financial problems, Zhonggeng Real Estate has recruited many senior executives from the banking system to join.
Huang Haixiong:He has been engaged in real estate finance for 22 years, and has worked in Fujian ProvinceChina Construction BankPresident of Fuzhou Chengbei and Chengdong Sub-branches, in charge of real estate finance business. Later, he joined Zhonggeng Group as the executive president, and his core work was to be responsible for the company's listing.
Tong Wentao:Served in ChinaChina Construction BankSenior positions and general managers of various departments of Fujian Branch, President of secondary branches, and Deputy General Manager of Credit Approval Department and Asset Management Business Center of China Construction Bank Head Office. He first served as Group Chief Executive Officer of Fusheng International. Later, he joined Zhonggeng Group and served as the president of real estate, focusing on financing.
Cao Yanbin:Graduated from Xiamen University, majoring in finance. He served from 2008 to 2017China CITIC BankPresident of Fuzhou Branch;In 2017, he joined Zhonggeng Real Estate as the vice president of the company.
Zhou Min:After graduating with a bachelor's degree, he worked in the company from 1982 to 2005China Construction BankFujian Branch (specific position unknown), and later served as vice president of Zhonggeng Group.
Shi Chunlan:Bachelor's degree, accountant, everAgricultural Bank of ChinaVice President of Ganjingzi Sub-branch of Dalian Branch, President of Lushun Sub-branch, Member of the Investment Committee of Dalian Port Group, Deputy Chief Economist, General Manager of Dalian Port Group Finance Company. Later, he served as the vice president of Zhonggeng Group.
Mr. YuFrom 2001 to 201, he served as Account Manager, General Manager of Business Department, Chief Representative of Fuzhou Representative Office, and President of Bank of East Asia, Xiamen BranchFrom 2016 to 2017China CITIC BankPresident of Xiamen Branch;At the end of 2017, he joined Zhonggeng Group as the general manager of the group's capital center.
So many executives in the banking system have also failed to make Zhonggeng Real Estate realize its dream. After the thunderstorm in Zhonggeng, everyone left one after another.
Real estate companies seem to have a soft spot for China Construction Bank and like to poach talents in this banking system.
Huang Qisen, the boss of Tahoe Group, worked at China Construction Bank, and then recruited the former general manager of the institutional business department of China Construction BankHuang XiHe served as the executive vice president of the company and the former president of Fuzhou Chengbei Branch of China Construction BankLin WenhuaVice President of the Company.
Other real estate companies also like CCB, such as Country Garden's chief financial officer and vice presidentWu Bijun, used to work in Hubei Branch of China Construction Bank;Vanke'sGood luck with nine winsHe worked in Shenzhen Branch of China Construction Bank and successively served as Vice President of Futian Branch, General Manager of Credit Department, General Manager of Corporate Department, and Vice President of Futian Branch.
Although so many executives from the banking system were found, they still could not save the terminally ill Zhonggeng Group.
The main problem of Zhonggeng's thunderstorm is:
1. The industrial land acquisition method is huge, and the amount of capital invested is huge. For example, in 2019, many of the parcels of land acquired by Zhonggeng in Wenzhou, Dalian, Xi'an, and Shanghai were industrial land acquisitions, and the total investment of the project was 528700 million yuan, 34.8 billion yuan has been invested, and there are 180 millionThere is a funding gap of 400 million.
2. Its profitability is very weak. The 2019 annual report shows that the company's operating income is 1024.6 billion yuan, a year-on-year decrease of 193%, the company's net profit fell 85% to 29.6 billion.
3. Acquisition of Oriental Silver Star at a high premium. Zhonggeng Real Estate with 5603 yuan of shares, with a total consideration of 21500 million yuan, 3837440,000 shares, accounting for 2998% equity. The unit price of the transaction was 51% higher than the market price of Oriental Silver Star at that time. As reported by **: Oriental Silver Star only has a "shell" of value, and the other contributions to Zhonggeng Real Estate are not large. Belong to buying a loneliness.
As a former employee of Zhonggeng said: Zhonggeng did not take the high turnover route, but was more like an opportunistic investor. I like to cooperate with state-owned enterprises, and cooperate with state-owned enterprises to obtain high-quality projects, reduce financing costs, and obtain higher profits. Many state-owned enterprises have strict audits, relatively conservative operations, slow turnover, and due to the low proportion of equity in the project, the profits available to Zhonggeng Group are very limited, and it cannot form a large-scale effective layout.
In short, Zhonggeng Group is caused by improper investment strategy. It belongs to the current situation that is both, wanted, and created.
For example, in order to enter the Dalian market, I dug it upHuikai
Hui Kai graduated from the Department of Civil Engineering of Dalian Institute of Technology in 1987, majoring in port and waterway engineeringHe has successively served as Deputy Commander of Yingkou Port Construction Headquarters of Liaoning Province, Manager of Port Construction and Development Corporation of Port Authority, Deputy Director and Secretary of the Party Leadership Group of Port Authority, Deputy Secretary and District Mayor of Lushunkou District Committee of Dalian City, Director of Dalian Development and Reform Commission, Secretary of the Party Committee and Chairman of Dalian Port Group.
In order to engage in hotels and businesses, they were dug upPackage
Bao Wen: Graduated from Sichuan University in 1991 with a bachelor's degree in engineering1991-1995 Engineer of Beijing Nonferrous Metallurgical Design and Research Institute;1996-2007 Deputy General Manager of China International Trust & Investment Co., LtdFrom 2008 to 2017, Wanda Group successively served as Deputy General Manager of the Hotel Project Department of Wanda Hotel Construction Company, Beijing Wanda Pullman, Qingdao Wanda Le Méridien, Vice President of Wanda Cinema Line and General Manager of Project Construction Center.
The big guys were poached, but because of problems at the company level, they didn't do a good job in the end.
Diversification is not something that can be easily developed.
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