Billions of dollars in karate East Oct Credit Risk Suspense

In just 7 years, the "Space trek" accident of the Shenzhen Eastern Oct Co., Ltd. (hereinafter referred to as the eastern Oct) 260 million Yuan capital from the bank to finance more than 12 billion yuan, the know-how lies in the large shareholder Oct A (000069.SZ) credit guarantee support.　　Today, the eastern Oct, which has occurred in Shing, still has outstanding bank credits totaling 1 billion yuan. The history of the rise of property developers is the transmission history of bank credit.　　The sustainability of the new deal is the key to house-price adjustment and property developers ' return to rationality, especially when some real estate bosses begin to say that the "housing market has gone trough".　　Unknown credit risk a financial institution's internal credit report shows that the eastern Oct "did not participate in the annual examination of the loan card, there is unknown credit risk." Not only that, the eastern Oct has two bank loan Shing occurred, respectively, on April 24, 2009, July 3, 2010. "However, the eastern Oct later returned the interest, and the current Shing balance has been cleared," said a credit person in Shenzhen State Bank. But it can still be seen in its corporate credit records.　　In addition, the eastern Oct also has a "customs violation" of the matter was registered, the matter occurred in 2008, the specific violations are not known. In fact, the bank expressed concern about the eastern Oct after a "Space trek" security accident on June 29.　　Due to the subsequent impact of the unknown, bank loans naturally caused concern. As of August 23, the eastern Oct in Shenzhen area has outstanding loans 7, the balance of 590 million yuan, the outstanding Letter of Guarantee 3, the balance of 38.46 million yuan, the outstanding letter of Credit 7, the balance of 11.77 million U.S. dollars, outstanding acceptance 368, the balance 242 million yuan.　　The above credit balance is about 1 billion yuan. Obviously, this is not the whole of the eastern Oct loan.　　The Eastern Oct internal earnings show that its short-term borrowings in 2009 amounted to $1.57 billion, a long-term loan of $810 million, and a bill payable of $142 million, totalling about 2.5 billion yuan, which has decreased compared with 2008. What worries the credit person more is the asset-liability ratio of the eastern Oct. Eastern Oct 2009 total assets of 6.75 billion yuan, the total liabilities of 5.578 billion yuan, the asset-liability ratio of 82.64%.　　In the 2008-year asset-liability ratio is as high as 83.78%. In terms of liquidity ratios, the current liquidity of 2009 was $1.602 billion, with a current debt of 4.768 billion yuan and a liquidity ratio of 0.34, indicating that the ability to repay short-term borrowing was already low and that there might be a long term borrowing problem.　　As far as net profit is concerned, the net profit of eastern Oct 2008 is 264 million Yuan, 2009 is 195 million yuan. Let credit people also worried about the eastern Oct 100% holding shareholder, Oct a status. According to the OCT A2010 Annual report, the ratio of its assets to liabilities rose from 62.7% in the beginning of the year to 67.9%, and the net debt rate soared to 84.9%. In addition, Oct A is currently onlyOne by one of the first half of 2010 cash far below short-term loans, Goldman Sachs and other institutions expect the growth of Oct less than the same industry, the debt rate will rise to 110%.　　Oct is now a worrying situation, from the early optimism of the bank, the commercial banks for the eastern Oct to provide tens of billions of credit, the latter "tourism + real Estate" model of the Rose. According to the incomplete statistics of commercial banks, each commercial bank in less than 7 years time to the eastern Oct issued a total of about 10 billion yuan of credit. As of August 23, the eastern Oct has closed the loan 168, the total amount of 8.665 billion yuan, has closed the letter of guarantee 39, equivalent to 260 million yuan, has closed the letter of credit 27, equivalent to 130 million yuan total, the acceptance of the bill 1425, total 1.152 billion yuan.　　The above four categories total about 10.2 billion yuan. In eastern Oct, the predecessor of the Shenzhen Oct Three Continents Investment Co., Ltd. (hereinafter referred to as the three continents Investment) was established on July 31, 2003, only a registered capital of 260 million yuan (investment of 205 million yuan), and this is still based on the overseas Chinese city of the three continents to invest 75 million yuan interest-free loans into equity investment. At this time, Oct has just won the eastern three continents in Shenzhen, 7.2 square kilometers of the right to operate, and put forward a investment of 253.5 billion Yuan Hao speech.　　Before this, the overseas Chinese town of Changsha, Qufu expansion has failed successively.　　Tens of 7 of billions of dollars in the development of financial maneuvers from where? Obviously, the key to access to huge sums of money is bank loans, but the three continents were only project operation companies, the loan qualifications are insufficient. To this end, Oct (50%), Oct investment (shareholding 45%), Qiushi investment (shareholding 5%) of the three major shareholders to take equity ratio to provide security, so that three continents to invest as soon as possible to obtain bank loans.　　In addition to the loan guarantee, the major shareholder also includes guarantees for the Bank acceptance bill issued by the project section of the theme park projects. According to the overseas Chinese city a earnings and commercial bank statistics show that in 2004, three continents to the bank to apply for a loan limit of 1 billion yuan, the same year to obtain 6 bank loans, totaling 56.5 million yuan.　　This indicates that commercial banks are cautious in facing three continents with a registered capital of only 260 million yuan and uncertain project prospects. 2005, three continents investment credit force.　　Oct that year for the three Chau Investment guarantee amount of 530 million yuan, the fact that the three continents investment 192.5 million yuan loans, 14.3725 million yuan bank acceptance of the bill provided a guarantee, the total amount of 200 million guarantees, accounting for the year of the net assets of the overseas Chinese city 7.85%. Not only that, Oct Group also commissioned the Shenzhen Overseas Chinese city Branch, the Chinese merchants Bank Shenzhen Oct Branch to three continents to grant loans 200 million yuan, 50 million yuan. However, both loans were subsequently extended for 1 years.　　As at the end of 2005, the total investment assets of the three continents surged to $1.181 billion. 2006 is the year of the Non-tradable share reform of OCT, which increased the guarantee limit of three continents to 650 million yuan. The first half of Oct was once again voted for three continents21 A total of 270 million yuan bank loans, 70 million yuan bank acceptance of the bill to provide guarantees, overseas Chinese city and the form of short-term borrowings are thus up to 2.396 billion yuan, a large increase of 137.23%.　　All year 2006, Oct is a total of three continents to invest 413.5 million yuan loans, 97 million Yuan Bank acceptance guarantee (provide a guarantee amount of 48.5 million yuan), the total guarantee amount of 462 million yuan, accounting for the net assets of Oct 15.47%, Overseas Chinese city due to the bill to increase 237.83%. Not only is the bank credit, in January 2006, the three continents and the Shenzhen Financial Bureau agreement agreed by the latter will be central to the loan of Shenzhen government debt 15 million yuan to lend to three continents investment.　　In addition, the three continents investment is also received by the Local government tourism project subsidy of 21.8467 million yuan, received overseas Chinese city investment interest-free loans of 54 million yuan. Is the year, Oct real Estate also for the three continents to invest 1 RMB 30 million bank loans to provide security.　　At the same time, the two sides reached an agreement, from three continents to provide land and funds, from the OCT real estate responsible for the development of sales, the two sides according to the agreed ratio of distribution of profits. 2007, the three continents investment renamed East Oct. Oct is a year to the eastern Oct guarantee limit increased to 800 million yuan, the actual guarantee amount of 440 million yuan, of which bank loans guarantee 410 million yuan, 60 million Yuan Bank note guarantee amount 30 million yuan.　　To the end of 2007, the eastern Oct total assets increased to 4.839 billion yuan, the annual income of 752 million yuan, net profit of 100 million yuan. In the face of real estate regulation in the 2008, the eastern Oct was financed by the entrusted loan method, which received 7 loans from the Overseas Chinese city group, including 50 million yuan, 200 million yuan, 200 million yuan, 250 million yuan and 1 billion yuan.　　Commissioned loans from the hydropower company 26 million yuan, from China's Guangdong nuclear Power group commissioned a loan of 200 million yuan, the corresponding by the Chinese Merchants Bank branch, Overseas Chinese city Branch, Construction Bank Sha Tau Kok branch processing. In the same year, the eastern Oct to the bank to apply for credit line from 1 billion yuan to 1.6 billion yuan, the overseas Chinese city guarantee limit also increased to 1 billion yuan. Moreover, in order to support the development of Oct in the east, Oct A also signed a comprehensive credit contract with 7 banks, such as the Overseas Chinese city branch of the Chinese merchants Bank, and the Overseas Chinese town branch of the CCB, so that subsidiaries such as the eastern Oct can use the loan.　　In the first half of 2008, the eastern Oct used 355 million yuan.　　Is the year, East Oct to ICBC Hi-year sub-branch loans 300 million yuan (3-year period), to ABC loans of 10 million yuan, by the overseas Chinese city investment to provide loan guarantee, and overseas Chinese city to provide 3-year interest-free loans 54 million yuan, another by the OCT to provide bills and letters of credit guarantee amount of 152 million 2009 is the overall listing of Oct, the eastern Chinese city registered capital increased to 700 million yuan, after the reorganization of the OCT on its 100% holdings. Is the year, the OCT to the eastern Oct did not occur loan guarantee, only 16 million yuan letter of credit guarantee. In contrast, Oct has achieved real estate business income of 3.25 billion yuan a year, from the eastern Oct and the Beijing overseas Chinese city, while in 2008 the main income from the eastern Oct. Obviously, at this time the eastern Oct wing has been abundant, no longer need the big shareholder this loan guarantees the crutch. Oct A2010 in the first half of the year 1.09 billion yuan, 495 million Hong Kong dollar guarantee amount, has not seen the eastern Oct figure.