Chinese property to borrow new debt and old debt Union City was exposed to arrears of security wages

Each trainee reporter Gu Ying from Shanghai Daily Economic News (micro-blog) on May 23, reported that China's real estate's Concord City only sold 5 sets in 9 years, and in the case of closed sales office, still in May, Societe Generale Shanghai branch of 650 million yuan loans. The reporter's investigation further found that last year the entire company's maturing debt, almost all by new loans to return. The company was even exposed to the security pay of its property companies due to tight funds. China's real estate listing to date, has issued a number of reasons to abandon its Kunshan, Zhuhai, Beijing, the choice of multiple projects, to a certain extent, also because of financial problems. Last year, the old debt borrowed from the new debt/"daily economic news" through the online real estate survey data obtained by the city, only sold 5 apartments in the Concorde, the total amount of sales is only 7.9376 million yuan. And the company's earnings show that 2012 from the Shanghai area of the property sales revenue is only 628,000 Hong Kong dollars. It is worth noting that more than HK $3.1 billion of bank loans are due to expire this year, but the low sales and the huge loans that are due to expire will not affect the company's borrowing of large amounts of cash through bank mortgages. In addition to successful loans from the Shanghai branch of Societe Generale, the reporter further learned from the Jingan real Estate trading center that Shanghai Jing ' an Concord Real Estate Co., Ltd. (hereinafter referred to as Jingan Concord, a subsidiary of China Real Estate) will Nanjingxilu No. No. 2004 (i.e. Huashan Hotel) and Nanjingxilu No. 2066 (That is, the first phase of the City of Concord), 5 floors, such as collateral, to Minsheng Bank Shanghai Branch loans of 300 million yuan, the period of March 21, 2013 to April 21. The data also pointed out that the Huashan hotel with the rest of the value of more than 110 million property developers of several loan guarantees. The 2012-year report shows that almost all of the company's maturing debt last year was repaid by new borrowings. The company's cash flow statement shows that last year the company borrowed from banks and shareholders borrowed 1.51 billion Hong Kong dollars to meet the maturity of the bank loans and shareholder loans amounted to HK $1.57 billion, and the entire company last year's sales revenue of only 690 million Hong Kong dollars. A large number of bank mortgages have allowed China's property-owned projects in the centre of Shanghai to continue to delay the completion time. The Huashan Hotel in Nanjingxilu is an old Shanghai hotel with a long history, but it has been in business for a long time in recent years. The reporter came to huashan Hotel location, found that its front layer of windows are affixed to the white paper, through the ajar of a door, the reporter a glimpse of empty, and came to the back of the building, see most of the windows have even fallen off. Nearby residents told reporters that the hotel has been closed for many years. Residents of the neighborhood committee told reporters that they also do not know the hotel perennial closure of the specific reasons. Their communication with the developer has been not very smooth, only to contact a person in charge in Shanghai, but generally need to report to the Hong Kong headquarters in order to get feedback. China Real Estate 2007The listed prospectus revealed that the Huashan hotel is scheduled to be repaired in 2008 and that the latest disclosures have been postponed to 2015. Reporters to the scene of the investigation found that the project is still no signs of decoration. Reporters have tried to contact the developers to seek the reasons for the perennial hotel, its headquarters in Hong Kong staff said they will contact reporters, but as at the time of writing has not received a reply. Exposure to security pay/"Daily economic news" reporter in the city of Concord, a project interview found that the three elevators in one of the buildings only one elevator operation, because only on the odd-numbered floors, the two-storey households must also walk a layer. And the door of the building was already missing. A number of security officers on duty in the community told reporters that they had not been paid on time, generally in arrears for a long time before the release of a part. Concord City, a landlord told reporters, because 5 yuan/square meters of property prices too high, the entire property services are not in place, many owners have refused to pay the property. And the whole phase of the project, there are still 2/3 of the housing developers in the hands of the property company is also a wholly owned subsidiary of developers, and only rely on the existing households a total of about 50,000 yuan per month of property costs, he thought is unable to meet the entire property costs. The daily economic news reporter has called the Investor Relations Department of China property in Hong Kong to ask whether the above statement is true. But the latter, after taking down the reporter's phone number, did not respond. The 2012-Year Chinese property report showed that it held only HK $48.771 million in cash and only 460 million of the properties available for sale, and up to HK $3.15 billion in a year. In addition, its investment in property amounted to HK $55.3 billion. To this end, a signed "Hong Kong United Global Investment Planners Dodd" on his microblog, exclaimed, "This property company will not fall?" "In addition, China's real estate listing so far, the announcement of a variety of reasons to abandon its Kunshan, Zhuhai, Beijing, the choice of multiple projects, this may be partly because of funding problems." China's property announcement said it would issue a dollar-denominated priority bill that would be used for its expansion strategy, refinancing and general operating capital use.