Another new wave of lending crisis has occurred in the private industrial and commercial sector in Zhejiang. This time the explosion occurred in Hangzhou.
In Hangzhou, 600 well-known private enterprises have recently signed a letter to the Zhejiang Provincial Government for emergency assistance, urging the government to help them overcome the difficulties faced by banks in attracting loans and lending.
"Indeed there are 600 enterprises in Hangzhou jointly written report to our Finance Office here." July 16, the staff of Zhejiang Financial Office confirmed the news to the newspaper reporters, but refused to give further details.
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According to a person from the Hangzhou Furniture Association, the newspaper said that among the 600 private enterprises participating in the joint letter, there are many industry leaders, well-known enterprises and China's top 500 enterprises, such as one of the strongest enterprises in the domestic transmission and distribution industry. The brand group, the leading company in the furniture industry, Jiayi Group, and the leading company in the domestic wood-based panel industry, Rongshi Group. "Many member companies of our furniture association also participated in the joint name." The person said.
It is reported that the incident was triggered by the large banks collecting loans from Zhejiang private enterprises. July is the time when the bank's loan repayment period is relatively concentrated. Urge loan enormous pressure along UNPROFOR mutual insurance network spread between private enterprises in Zhejiang, triggering a chain of enterprise funds a large area of crisis.
This is another wave of capital chain storms encountered by Zhejiang private enterprises since the outbreak of the private usury crisis in Wenzhou in the summer and autumn of 2011.
Private enterprise joint letter to Zhejiang Financial Office
It is understood that the appeals of the 600 companies participating in the joint letter are mainly two points:
First, I hope that the Zhejiang Provincial Government will jointly establish a coordination group with the Provincial Economic and Information Committee, the Provincial Financial Office, the Provincial Banking Regulatory Bureau, and the government's Office of Stability and Stability at all levels to focus on the crisis of the private enterprise's capital chain caused by bank loans. Dispose of.
Second, I hope that the Zhejiang Provincial Government will coordinate the bank to temporarily stop collecting loans, and will temporarily release the recently collected loans to relevant enterprises for the time being, to give the enterprises a time to breathe and deal with the crisis. I hope that the government will coordinate with the banks and strive for the next three years. Do not reduce the loan amount of related companies.
The two triggers that triggered the crisis were:
First, Yu Zhongjiang, the chairman of Zhongjiang Holdings, was unable to repay the loan sharks and the capital chain was broken. On June 14, he was arrested by the Hangzhou police for allegedly illegally absorbing public deposits. Dozens of entities and related assets, creditor's rights and debts are being verified by law, and the preliminary statistics on the amount are billions of yuan.
Second, the branch of Tianzhu Construction Co., Ltd. was involved in illegal fund-raising. The manager of the Jiangsu Branch of Tianzhu Construction, which was registered in Dongyang, was filed by the court in December 2011 for alleged illegal fund-raising. All the accounts and real estates of Tianzhu Construction were successively frozen and sealed by the court.
The leading company of Hangzhou furniture industry, Jiayi Group, is a mutual insurance enterprise built by Tianzhu. Its Xinzhou Furniture guarantees the construction of Bank of China’s loan of 100 million yuan. Therefore, Jiayi Group was listed by the bank as a key “concern†list. In January of this year, the Bank of China collected loans, and other banks also stepped up the pace of collecting loans. The group received a total of 115 million yuan from 8 banks, which suddenly fell into a dilemma.
Since then, along the chain of guarantees between enterprises, the bank's collection storm has been gradually extended.
Affected by Jiayi, in early March, Zhejiang Rongyue Industry Group was charged 30 million yuan by Bank of Beijing.
On March 26, the Tiger Group was affected by the factual industry's collection and loan, and its own problems caused by the acquisition, was collected by Huaxia Bank for 40 million yuan, and on March 27, it was collected by the Bank of China for 40 million yuan.
In April, the enterprises in the downstream guarantee circle of the Tiger Group continued to receive loans. The Zhengbang Hydropower in the mutual protection chain has received 45 million yuan from four banks in just 45 days since April.
According to a report by the reporter of the Xiaoshan District Government's Bank-Enterprise Coordination Meeting, only 6 large groups in the mutual insurance circle of Jiayi Group were involved, involving more than 30 enterprises, and the total amount of mutual insurance was 418 million yuan. The assets were 5.517 billion yuan.
The Jiayi Group phenomenon is not an isolated case. The Hangzhou Furniture Industry Association’s emergency report submitted to Hangzhou’s top management shows that the credit crisis triggered by Tianzhu’s construction involves 23 financial institutions such as Bank of China and China Construction Bank, and the associated debt exceeds 10 billion yuan. Nearly 100 affiliated companies.
In this context, private enterprises have been calling for help from the government.
A person from the Hangzhou Furniture Association revealed that the joint letter was not organized at first. After the Spring Festival this year, Hangzhou's Xiaoshan District, Yuyao District, Gongshu District and other district-level governments have received letters from some well-known private enterprises in their jurisdiction. Later, some industry associations also wrote a letter of help to the government. For example, the Hangzhou Furniture Association submitted an urgent report on the credit crisis of the furniture industry in Hangzhou, and submitted it to Hangzhou Municipal Party Committee Secretary Huang Kunming and Mayor Shao Zhanwei.
After receiving the company's help, Xiaoshan, Yuyao and other district governments organized a number of coordination meetings in March and April to convene enterprises in the fields of furniture and other related banks in 13 jurisdictions.
"However, we found that some corporate banks outside the jurisdiction, the decision-making power of the head office outside the region, must be coordinated at the provincial level to be truly effective." The aforementioned Hangzhou Furniture Association said.
As a result, the appeals of 600 companies that had issued help-seeking were summed up to form a report and submitted to the Zhejiang Provincial Financial Office.
Explosive "mutual insurance and joint warranty" gunpowder barrel
This is a domino disaster caused by credit guarantees.
Joint guarantee, also known as “mutual insuranceâ€, refers to mutual guarantees, that is, the equal guarantees for the other party between the enterprises, and the joint and several liability for repayment when the other party does not pay. Mutual protection between Zhejiang enterprises is very common, and there are more “union insuranceâ€, that is, three or more enterprises form a guarantee consortium, and all members bear joint and several liabilities for the loan of any one of them.
"A company with 50 million assets has at least 3 guarantee companies, and even more than 10 companies." A company executive who was implicated in the storm said.
A person from Hangzhou Furniture Association who has participated in the coordination of banks and enterprises revealed that the entire UNPROFOR circle is divided into four levels according to the pre-issuance.
In the joint insurance crisis circle where Tianzhu is built as the origin, Jiayi Group and Huazhou Group are in the first-level circle. In this circle of mutual insurance, each “infection point†enterprise forms a circle. Among them, the company with mutual insurance relationship with the two companies has a mutual insurance relationship with 10 companies.
This forms a four-level guarantee circle.
Scorpio Construction is in the state of litigation account and asset freeze. Huazhou Group and Tianzhu Construction have a total guarantee of 90 million yuan, and Tianzhu Construction has a total guarantee of 100 million yuan for Huazhou Group. The actual controller of Huayu Group, the superior group company of Huazhou, belonged to Yao Ronghua. As a result, after being collected by the bank, the banks with the original bank credit of 650 million yuan began to wait and see.
The members of the secondary mutual insurance circle with Huazhou Group as the origin include Rongye Industry, Goldman Sachs Group, Zhejiang Zhongye Holdings and its affiliated companies, and Zhejiang Zhengjian Group Construction Co., Ltd.
Huazhou Group has a total guarantee of 30 million yuan for Rongshi Group, and Rongshi Group has a total guarantee of 98 million yuan for Huazhou Group. Huazhou is 40 million yuan for each of the Goldman Sachs Group's mutual insurance. The amount of mutual insurance loans between Huazhou and Zhongye Holdings is also 40 million yuan.
The total assets of the enterprises in Zhejiang are 1.1 billion yuan, and the annual sales income is 1.5 billion yuan. Huazhou Group guarantees 57.10 million yuan for Zhejiang Zhengjian, and Zhejiang Zhengjian guarantees 150 million yuan for Huazhou Group.
With the second-level guarantee circle members, the facts industry is the "infection point" and has derived five circles. For example, Hangzhou Dongxin Wood, Hangzhou Boyang Furniture, Zhejiang Jiulong Holding Group, Zhejiang Tiger Group , Zhejiang New Century Pipeline, etc.
Boyang Furniture and Hangzhou Kangshun Trade are mutually protected with Zhejiang Jiulong Holdings .
The mutual insurance unit with Zhejiang Boyang Furniture is Zhejiang Jingrui Office Furniture and Zhejiang Maishang Industrial.
"This kind of hierarchical crisis expansion will not be diminished because of the closeness of the closeness." A staff member in charge of the loan in the Hangzhou Bank of Zhejiang Province said.
“It is very likely that these joint insurance circles will spread across regions.†A Zhejiang business owner who was involved in the mutual insurance crisis believes that once his company is dragged down by UNPROFOR, the corporate capital chain that invests in Jiangsu will definitely have to Implicated in.
To this end, the Hangzhou Furniture Association is currently in the emergency report to Hangzhou, proposed to reorganize the assets of Jiayi Group and Xinzhou Group in the first-tier mutual insurance circle enterprises, and set up the first firewall to prevent the spread of the crisis.
The crisis under the storm
Although local governments at various levels have repeatedly called for a bank-enterprise coordination meeting, banks have their own business logic, which means that the crisis is difficult to see in the short term.
"This kind of mutual protection is in the tight and tight monetary policy, and banks promote their own business and the financing characteristics of SMEs." A senior state-owned bank executive in Zhejiang introduced that this is not only a unique phenomenon in Zhejiang, but also because of Zhejiang. It is a large private province, and this model is more popular, accounting for 60% to 70% of the total financing ratio of enterprises.
Under this pattern, banks have formed a relatively deteriorating cycle: corporate financing is difficult, banks are reluctant to lend, which has led companies to reluctant to repay loans, and the bank's non-performing loan ratio has risen.
“In fact, since October last year, the non-performing loan ratio of some banks has started to rise. Since the beginning of this year, Zhejiang’s banking sector’s NPL ratio has risen overall. At the beginning of the year, the province’s banking non-performing rate was about 0.93%, which is probably rising. 0.5 percentage points." A person from the Zhejiang Provincial Financial Office revealed.
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The rising non-performing loan ratio triggered the bank’s anxiety, followed by a tough wave of collections, which eventually formed a closed vicious circle until the crisis broke out. “The bad debt rate of bank growth has made our risk control awareness stronger. Collection is inevitable.†A staff member in charge of the above-mentioned construction bank in Hangzhou, Zhejiang, told reporters.
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