China's Baoan sale assets refuse payment by buyer default

Every reporter Xu Jinmin a year ago announced will be a sale of three assets, not expected a year later still trading. China Baoan (000009, closing price of 10.33 Yuan) disclosed today, the company intends to Wuhan Heng an 100% equity stake of 600 million yuan transfer to Jarred and other three parties. The daily economic news reporter noted that this is the second time that China Baoan has transferred the asset, because its first assignment has suffered a buyer's default.　　Similar events were staged last year, either because the company refused to pay in installments. 600 million yuan to sell again Wuhan Heng AN/China Baoan today announcement, September 22, the company and its subsidiaries in Wuhan Baoan and Jarred, Guang Hong Real estate, Xin Hua Logistics signed the agreement on equity transfer. Three companies are to be let Wuhan Heng an 100% of the equity, by allowance for 600 million yuan, including the transfer of shares of 540 million yuan, as well as the transferee of Wuhan Heng on the repayment of the company's 57.409 million yuan arrears. After the transaction is completed, it is expected to generate about 450 million yuan in revenue.　　As of September 24, the company has received 570 million yuan equity transfer. Data show that Wuhan Heng Ann was founded in September 28, 2001, registered capital of 60 million yuan, China Baoan, Wuhan Baoan each holding its 90%, 10% of the equity. As of June 30, 2013, Wuhan Heng ' an total assets of 120 million yuan, net assets of 57.009 million yuan, no sales revenue in the first half of this year, net profit is-982,000 yuan.　　China Baoan has commissioned Hubei Public union to Wuhan Heng Ann Evaluation, net assets value of 510 million yuan. Wuhan Heng Ann does not have the income, why still so valuable?　　Originally the company in Wuhan Huangbei District Panlongcheng has two pieces of land, a total area of 400,100 square meters, book value of 115 million yuan, the premium mainly from the land appreciation.　　"Before the goods" led to default/This is not the first China Baoan transfer Wuhan Heng Ann. "Daily economic news" Reporter noted that this April, China Baoan has announced the Wuhan Heng an 100% equity transfer to Hubei Wanji, Hubei Kanazawa, the transfer price is 600 million yuan.　　Not expected, the acquirer finally paid only 60 million yuan deposit and 6 million yuan equity transfer, constitute a default, the transaction was canceled at the end of August this year. Similar defaults were staged last year. Last August, China Baoan announced the Shanghai Baoan Enterprise, Shanghai Baoan Hotel, Shanghai Baoan properties of all the shares transferred to your Ling industry, the transfer price of 800 million yuan, including the transfer and compensation for the arrears of two parts.　　However, within the stipulated period of time, the company does not pay in full, and after consultation, increase the soufun as the assignee, the transaction will be completed. Last May, China Baoan had planned to sell the shares of Hainan Wenan and the four companies in one year respectively, and the total price was set at 1.62 billion yuan. To date, only the disposal of Shanghai assets has been completed.　　It was this accident that led to the postponement of the sale of the property plan in Baoan, China. Why do buyers repeatedly default? "Daily economic news" reporter noted that most of China Baoan require the assignee "before the goods", the payment periodOr 1 months, or 3 months. To raise such huge sums of cash in such a short period of time is indeed a bit embarrassing for the recipient.