This year has been exposed to the payment crisis of the number of trust projects, the amount of at least 3 billion yuan, although the ultimate rescue, but walking on the brink of payment is always a dangerous thing
The AVIC Trust, Tiankai No. 340 Trust plan, which appeared the redemption risk, ended up in safe redemption。
The reporter of Investor Daily sent an interview outline to AVIC Trust to understand the specific source of the payment funds and the measures AVIC Trust took to ensure the payment when the Liyang Star City project was suspended six months ago, but did not receive a response from AVIC Trust as of press time。
Although there is no risk, this year has frequently exploded the trust product payment crisis, but also caused people to discuss whether trust products can break the rigid payment, and how to break the rigid payment。
Payment of the storm
The main character of the payment storm is a real estate trust product named Tiankai 340, which is divided into two phases。Among them, the first phase was established on February 6, 2013, with a period of two years, raising 600 million yuan。The second phase was established on April 17, 2013, raising 200 million yuan with a yield of 9%-9 percent.5%。The term is 18 months, and the expiration date is October 17。
The capital is invested in the development and construction of A1, A2 and A3 plots of Kunming Liyang Star City Phase II Project under Kunming Xishan Land and Housing Development Experience Group Co., LTD。
As the guarantor of the project, Yunnan Tin Group appears to be quite strong: it has two listed companies, respectively, Tin Stock (000960, stock bar) listed on the Shenzhen Stock Exchange and Guiyan Platinum (600459, stock bar) listed on the Shanghai Stock Exchange.。
The source of repayment is the sales receipts of Liyang Star City Project and the business income of Yunxi Real Estate and other sectors of Yunxi Group。And the later project sales collection was obviously hindered, the Kunming Liyang Star City phase II, which was scheduled to be handed over on September 30, the construction of the real estate has been stopped six months ago。Several owners took turns waiting in the office of Yunnan Tin Real Estate Development and Management Co., LTD., the major shareholder of the project, in early October, and no one came forward。It is also revealed that in addition to not being able to hand over the housing on time, the developer still owes the construction side more than 500 million yuan。
On October 12, Yunxi Real Estate issued an announcement admitting that the project had encountered obstacles, and the affected AVIC Trust was placed in the vortex of public opinion。The announcement said: Liyang Star City Phase II project due to various reasons is currently temporarily suspended, failed to deliver on schedule, and deeply worried, in recent months, it has negotiated with the relevant parties, hoping to maximize the protection of the legitimate rights and interests of the relevant parties。
On October 15, AVIC Trust said in a media interview that Tiankai 340 would be paid in full。Subsequently, AVIC Trust said in an announcement on October 17 that as of the date of issuance of the announcement, that is, October 17, 2014, the trustee has liquidated the "AVIC Trust.?The trust principal and interest of the next phase of Kunming Liyang Star City Trust Loan Pool Fund Trust Plan, Tianqi No. 340, totals 2.In accordance with the trust contract, the trustee will fully distribute the expected trust benefits to the trust beneficiaries of the second phase of the trust unit within 5 working days after the expiration。The payment storm came to an end。
Avic Trust said in an interview with the media that the funds due to redeem the Tianqi 340 trust plan all came from the project and the guarantor。
Repeated payment crises
Tiankai 340 is not the only payment storm that has occurred at AVIC Trust, and similar cases have occurred many times before。For example, in the Apocalypse series, Tianqi 182 and Tianfu 26 are also financing real estate companies。
Apocalypse 182 Trust Plan is for the name of the "Shusbell" housing enterprise financing, raising capital 3.500 million yuan, which is used for the proceeds from the transfer of 43% of Qingdao International Golf held by Qingdao Andu Trading。
The trust plan failed to repay the arrears due to the breakdown of the capital chain between Qingdao Andu Trading and Schusbell, and finally auctioned 43% of the shares of Qingdao International Golf Club Co., Ltd. to solve the payment crisis。
It is worth mentioning that although Shusbell has the status of a foreign enterprise, it is not a large real estate company。Many of the company's projects are half-closed or in a state of limbo。But it is the small property company that has received financing from a number of trust companies, including Citic Trust, New Times Trust and Kunlun Trust。
The "Tianfu 26 pooled Fund Trust Plan" adopts a portfolio investment and capital pool operation mode and was originally scheduled to be redeemed on March 19, 2014。On March 25, Industrial University Capital (600857, stock) issued an announcement revealing that its investment of 10 million yuan to buy the AVIC Trust product has not been fully paid, so that the payment problem surfaced。Avic Trust immediately responded urgently on March 27, saying that it would fully repay the principal and corresponding earnings of ICBC Capital before April 2 at the latest。Finally, the trust plans to pay out safely by successfully locating the "receiver"。
Short-term rigid payment is difficult to break
Avic Trust is not an isolated case, this year has been exposed to the payment crisis of the number of trust projects, the amount of at least 3 billion yuan。At the beginning of this year, the payment crisis of the mineral trust project between China Credit Trust and Jilin Trust caused the trust industry to discuss whether the trust industry should break the rigid payment, what is the resistance to breaking the rigid payment, and how to break the rigid payment。
For the problem of breaking the obstacle of rigid payment to the trust industry, an insider of a trust company in the north told the Investor newspaper reporter: "The Trust Law stipulates that if the trust company manages trust products in good faith in accordance with the principle of maximizing manpower, there is no management responsibility after the problem occurs, otherwise it will bear the responsibility for management derelism.。”
However, she also mentioned that because this responsibility is difficult to define clearly, for example, the trust company has done due diligence on a project, and also made a mortgage and the procedures performed by the bank are completely consistent, whether it can prove due diligence？From the current situation, the people do not recognize that they can find the problems of your trust company no matter what the circumstances, because the trust company that has problems with the project must not be particularly clear in the investigation, or the trust company did not find the problem in the later management process。
Breaking rigid payments is unlikely any time soon，The trust company insider said，Simply relying on trust companies to break the rigid payment is of little practical significance，Trust companies are also because the due diligence management of trust products in recent years has not appeared any problems，Maintain a good reputation for trust products，Customers will be more loyal and their satisfaction will be higher and higher。If a company breaks the rigid payment, it will affect the credibility of the entire industry。The impact is even greater for trust companies that do not implement rigid payouts, at least investors are likely to stop buying the products of this trust company and buy the products of other trusts。
