Henan Province, a number of properties under the name of the real estate is caught in the stoppage of the storm, at the same Time, the name of the real estate and the high price of land acquisition. The Mingmen Real Estate incident has sparked concern among netizens, who have warned to be careful of buying a term house that is caught in the risk of rotting.
As reported by Red Star Capital Bureau on March 18, recently, many owners of Mingmen Tianjing in Zhengzhou, Henan Province, complained in Tencent News that they bought apartments developed by Mingmen Real Estate in September 2019, and as a result, the project has now been in a state of suspension, fearing that the project is rotten, while the developer has been shirking its responsibilities in the face of their complaints. Some owners have provided site photos and videos showing that the Mingmen Tianjing project has been suspended for more than a year, and there is no movement to resume work.
The personages of Mingmen Real Estate said to Red Star Capital Bureau on March 17 that the company’s capital chain has encountered certain difficulties, resulting in the suspension of the Mingmen Tianjing project is true, and has been a long time, and is currently making preparations to resume work.
On January 15, Zhengzhou Mingmen Cuiyuan Xiching Yuan project issued its third late delivery notice, which was originally decided to be delivered on July 30, 2021, but now it is delayed until March 31, 2022.
Because of the capital chain problem of Mingmen Real Estate, in October 2020, Zhejiang real estate enterprise Jiayuan International announced to take over two projects of Mingmen Orange State and Mingmen Cuiyuan, both of which have been exposed to the news of stopping work and late delivery.
In addition to Zhengzhou, Mingmen Real Estate located in Zhumadian Mingmen Scenery City Square also has problems such as unexplained delays in delivery.
In addition, Mingmen Real Estate was also taken to court by its employees due to long-term salary arrears, and the court eventually ruled against Mingmen Real Estate, which had to pay the employees’ salaries and economic compensation. Mingmen Real Estate itself was also caught in the equity freeze, debt default, liquidity crisis, the actual controller was restricted from high consumption and many other problems.
According to the official website of Mingmen Real Estate, the company was founded in 1998 in Nanyang, Henan Province, with a registered capital of RMB 160 million and a first-class national real estate development qualification. In 2018, Mingmen Real Estate successfully ranked among the “Top 100 Chinese Real Estate Development Enterprises”.
Such a real estate enterprise with tens of billions of assets has come to this point, which is related to its high leverage, high debt and high turnover mode in development. A large part of the funds supporting Mingmen Real Estate comes from trusts.
According to incomplete statistics of Red Star Capital Bureau, Mingmen Real Estate has cooperated with Zhongrong Trust, Everbright Trust, Huatai Securities, Sichuan Trust, Bairui Trust and other institutions. Take Zhong Rong Trust behind Zhengzhou Mingmen Cuiyuan and Beijing Trust behind Mingmen Ziyuan.
Mingmen Cuiyuan project taken by Mingmen Real Estate in 2016 with 2 billion, the trust plan amounted to 2 billion, Mingmen Real Estate subscribed the sub-share of the trust plan with 588 million debts, and the remaining 1.412 billion was obtained through the subscription of small and medium investors. The debt issuer, Zhongrong Trust, holds 100% of the shares, and after Mingmen Real Estate repays the funds, Zhongrong will gradually transfer the shares it holds to Mingmen Real Estate.
In the operation of a number of other projects in Mingmen also mostly in accordance with this model to promote, the trust company holds more than 90% of the shares of the project company has become a common phenomenon, and even holdings up to 100%.
But with the trust tightening and re-tightening in recent years and become more and more heavy. After entering 2020, trusts have become even more heavily hit by mines. Public data show that from January to October 2020, the amount of defaulted Gold in the field of real estate trusts exceeded 40 billion yuan.
The famous real estate in the similar to the main line of “bright shares and real debt”, but also use equity pledge financing. The sky-eye search App shows that at present, Mingmen Real Estate involves as many as 42 equity pledges. The creditors, in addition to a number of trust companies and cooperative real estate enterprises, also include a number of banks such as Centaline Bank.
However, despite the repeated rumors that the capital chain was under pressure and even the news that the company was “insolvent and filed for bankruptcy”, Mingmen Real Estate was still frantically grabbing land in the land auction and old reform market until 2020.
According to statistics, in September 2020, a number of projects have fallen into the suspension of the famous door real estate, just a week has been in Henan Pingdingshan, Zhengzhou, three pieces of land, the total amount of 1.328 billion yuan of concessions. No money to build houses, but the money to grab land, the famous door real estate is therefore questioned.
In this regard, some netizens reminded people not to buy term houses. The netizen “fish dragon” said: “the important thing to say three times, do not buy the term house! Do not buy a house! Do not buy a house! To buy a house is to bet your Life on the conscience of the developer! The ‘rotten tide’ has arrived, and now there are more than 2,000 rotten buildings in Xi’an, more than 300 rotten buildings in Nanyang, and at least a few dozen rotten buildings even in the center of Guangzhou, which have pitted countless people!”
“A little bit of a drop” said: “Now the risk of rotten end of the phase house is getting bigger and bigger. Many people think that the new house (that is, the term house) is cheap, in fact, the agent involved in selling new houses, deliberately raise the listing price of the surrounding second-hand houses, and even put up some false listings with ridiculously high prices, and then sell the right hand through the left hand to create false transactions and transaction prices, so that people think that the new house (that is, the term house) is cheap, deceive people to buy the term house, to developers empty-handed!”
Netizen “Adada” said, “Pre-sale is a pit, cancel the pre-sale system to prevent deception!”
Recent Comments