In the past two months, the off-stage game between Shimao and the organization has never stopped. Now, with the publication of two papers, the contradiction has become public.
On the evening of October 6th, 65438/kloc-0, China Credit Trust issued a temporary product announcement in official website, claiming that Shanghai Shimao Construction Co., Ltd. (hereinafter referred to as "Shimao Construction"), the guarantor of the trust plan, failed to fulfill its guarantee obligations in time and had substantially breached the contract. Therefore, China Credit Trust requires Shimao to repay the loan in advance.
Shimao Construction responded quickly the next day, saying that the company had not defaulted on its debts in the open market, and the related matters of China Credit Trust Financing would not trigger the accelerated repayment of debts in the open market.
People close to Shimao Group said that at present, the Group is still communicating with China Credit Trust on the trust, but China Credit Trust has a tough attitude after changing coaches and has not let go of the extension and repayment in batches.
Many investors linked the contradiction between Shimao and China Credit Trust to the previous loan dispute between Guangfa Bank and Evergrande. They believe that the current run of financial institutions' confidence in housing enterprises is likely to produce a "butterfly effect".
Here, I still want to mention the words of Zhu Jiusheng, president of Vanke, either sinking the ship collectively or going ashore collectively.
The trust amount that makes the contradiction between China Credit Trust and Shimao public is not too much.
In the announcement, Zhongxin Trustee stated that as of February 25th, 2002165438, as debtors with the same balance, Shanghai Qian Yi Building Materials Co., Ltd. (hereinafter referred to as "Shanghai Qian Yi") and Foshan Demao Real Estate Development Co., Ltd. (hereinafter referred to as "Foshan Demao") should pay the trustee the accumulated amount of cash reserves.
As of February 25th, 20021,12, the actual payment made by the obligor of * * * is only 608 million yuan, and 302 million yuan has not been received.
The above two debtors, Shanghai Qian Yi and Foshan Demao * * *, are subsidiaries of Shimao.
Subsequently, according to the contract guarantee agreement, CITIC Trust sent the Notice of Advance Payment to all parties to the transaction on February 27th, 20021year, announcing that the performance period for Shanghai Qiyi and the project company to pay all the remaining cash reserves would expire earlier than February 27th, 20021year.
As of June 6th, 65438+, China Credit Trust only received 65438+47 million yuan in cash reserve and the same period reserve, and the remaining 645 million yuan in cash reserve and the same period reserve have not been received.
In other words, according to the contract, Shimao should pay 302 million yuan on February 25 last year. Due to the failure to pay on time, the advance payment of other funds was accelerated.
Shimao Construction further explained this at 65438+1October 8. Shimao said that the 302 million yuan mentioned in the announcement of China Credit Trust should be paid by Qian Yi on February 25th, 2002165438 (the holiday will be postponed to February 27th). According to the previous communication between the two parties, Qian Yi has repaid RMB 654.38+0.47 billion, leaving RMB 654.38+0.55 billion outstanding. The company and the project company must bear the guarantee liability as agreed.
Meanwhile, according to the agreement, Qian Yi should repay 490 million yuan on March 25th, 2022. This makes the total amount of funds to be repaid in Qian Yi 645 million yuan.
Shimao Construction said that as the main source of repayment, the projects are still being sold one after another and continue to raise repayment funds.
There is nothing wrong with China Credit Trust, but now Shimao is at a critical moment to resolve the liquidity dilemma. What creditors should do is more favorable, and there may be more room for mediation.
A trustee believes that China Chengxin Trust is really tough in this trust plan with Shimao. The main problem of breach of trust plan is the insufficient value of collateral, which triggered the early breach clause. In the past, the two sides negotiated a satisfactory plan privately, and this contradiction was rarely made public.
According to the trustee's analysis, the real estate company will mortgage the company under construction of a project to the trust company, and the trust company needs to cooperate to release the pledge at the beginning of the pre-sale. However, after the pledge is released, the collateral of the trust company is gone, and the real estate company will be required to transfer funds to the trust company account to repay the trust funds.
According to the enterprise information, Foshan Demao is owned by Guangzhou Changsheng Investment Co., Ltd. 100%. At present, the project company is in the pledge state, and Sino-Singapore Trust is the pledgee.
"In the past, real estate companies could allocate funds for centralized repayment, or repay in batches according to the progress of buying a house. However, at present, the allocation of funds of real estate companies is not as good as in previous years, and the supervision of pre-sale funds has been strengthened. Neither of these practices can be used. " The above-mentioned trustee said that after the money for selling the house enters the supervision account, the first thing is to repay the funds such as the project payment, and the repayment of the loan by financial institutions is behind.
In this case, some institutions choose to take the lead.
Therefore, it is time to test the confidence of financial institutions in housing enterprises. I believe that the housing enterprises can survive, and the extension will be carried out in stages. Those with insufficient confidence will ask for early repayment, which is safe.
What worries investors more is that if there is no proper solution between CITIC Trust and Shimao this time, will other institutions follow suit?
However, Shimao's recent series of measures are positive and positive.
Just before the contradiction with China Credit Trust was made public, on June 4, 65438, Shimao Construction just completed the payment of the supply chain ABS with the issuance scale of165438+600 million yuan, and the ABS maturity date was June 65438 +20221October 4. Previously, Shimao also raised funds through rights issue financing and selling assets inventory.
On the afternoon of October 7th, 65438/KLOC-0, Shanghai Shimao Investment Management Co., Ltd., a wholly-owned subsidiary of Shimao Construction, also pledged 7.06% of Shimao's shares to Ningbo Shang Tong Bank Co., Ltd. Shanghai Branch, with a market value of about 890 million yuan.
Shimao Co., Ltd. said that although the company faces certain liquidity pressure in the current market environment, it will unswervingly take active measures to increase sales, payment collection and asset disposal, and the company will continue to systematically strengthen communication with investors.