Deep National commercial Crystal Island project opened at the beginning of the year hopeless or faced with billions of high interest rates

Deep Country Merchants (000056. SZ) The expected progress of the Crystal Island project was again dashed. Deep China Business in the 2009 annual report made it clear: "The Crystal Island Project will be completed by the end of 2010 investment work, and began in January 2011 official business."　　"But from the current point of view, this is the company blowing out a big bubble."　　December 28, 2010, "Huaxia Times" reporter in the deep state of the Shang Jing Island project site to see, the exposed walls and rebar are exposed to the site, the purple petals of the outer wall glass has become bleak, the northwest side of the original design of the sunken landscape, because the terrain is lower, which has been covered with yellow sewage. "It was this way 3 months ago and there was no progress. It's been shut down for a few days.　　A worker on the construction site said. In order to realize the early opening of the Crystal Island Project, the company has been to the Bohai International trust to borrow 1.3 billion yuan, the annual interest rate of 9.18%, more than half a year's annual interest rate of 15%. The current time has been 5 months, whether to seize the final deadline to the bank to apply for business property loans, so as not to pay high interest, become a deep national business imperative. However, since September, after the completion of the Crystal Island property card, although this work has been carried out, but as of now has not Cheng.　　The funds have already stretched the deep country merchant faces the formidable test. January opened into a bubble has been "the first business", "Shenzhen window" reputation of the deep state business, by the internal control of chaos, equity disputes and other adverse factors, in recent years, the decline in business performance, development near stagnation, only by selling assets to protect the shell.　　At present, the company has only been in the investment period of forestry assets and IA MALL (Crystal Island International Shopping Center) project. 2002, the Shenzhen state merchants formally obtained the land Use rights of the project, but 8 years later, the project is only steel reinforced with cement blank. Reporter at the site asked about the reason for the shutdown, a Shandong worker said: "Inside of the dozens of wall are unqualified, there are empty drums, all to knock over." "In the evening, the shopping malls are already bright lights, escalators have been installed, but the entire inside is still the structure of cement mortar." "Water and electricity in fact long ago, the walls of the plaster is also being made." Anyway now 20 supposedly people, think fast also can't get up. The worker said. When the reporter told him that the company had expected to be officially open in January 2011. He paused, then laughed, "How could this be?" Look at this. Isn't that a joke? I think it's hard for the first half of 2011 years. "When is the Crystal Island really going to open?" Reporter to the identity of investors to call deep state business, securities department Zhao's staff full of frustration to say to reporters: "Before the end of 2010 to complete the investment work is impossible, to open the business is at least after June 2011 things." You know, we just changed big shareholders. "Shen Wu Xiaojin, a representative of the securities business, said frankly," because of the Crystal Island construction layout has a small adjustment, the project progress is lower than expected.　　”Reporters in the deep state business site, Crystal Island investment ads placed on the home page Most prominent position, however, in the inner pages of investment information, new brands and other Information bar is still blank. "At present, the intention to the customer or more, but the Crystal Island positioning high-grade, the requirements of the settled merchant is higher, many are still talking."　　Wu Xiaojin to reporters.　　Funds stretched the project's repeated extension of the island, the deep country's already tight capital chain is tantamount to worse. Public information shows that as of June 30, 2010, the Shenzhen-China commercial development project as collateral to the bank loan amount amounted to 1.139 billion yuan. July 2010, in order to solve the company's Crystal Island project due to large debts, to achieve an early opening of business, the company to the Bohai International Trust loan of 1.3 billion yuan, the loan period of 12 months, within six months of the annual interest rate of 9.18%, more than six months above the annual interest rate of up to 15%. The contract also agreed that, if the loan period, the bank lending benchmark interest rate adjustment will be adjusted accordingly. Since October 2010, the central bank has twice raised the benchmark interest rate on renminbi deposit and lending in the financial institutions, which means that the financing cost of the company will increase. "In terms of the contract, it is true that the adjustment is followed.　　"Wu Xiaojin also confirms the situation. According to the Shenzhen state Merchants 2010, three quarterly bulletin, Crystal Island project Property card has been completed. At present, the loan has 5 months, if more than half a year period, the company will pay more than billions of high interest. "Financing work is still under way, and the bank is also talking about, if the talks will convene a board of directors, will be issued a notice." Wu Xiaojin to reporters. However, a senior practitioner of Shenzhen trust industry told reporters, "The property is currently no rental income, the bank side of the conditions are estimated to be more stringent." But the company can only go to the bank to apply for loans this way. In fact, the funds of deep countries have already been stretched. At the end of 2009, the CPA firm in the audit report that the company's solvency deficiencies, the future continued operational capacity of uncertainty. 2010 1-September, the company's revenue is only 9.72 million yuan, operating activities generated by the cash flow of 670 million yuan, mobile liabilities of 1.6 billion yuan, long-term loans of 35 million yuan. "From the cash flow statement, if 1.358 billion of the inventory cannot be quickly cashed out, it is hard to eliminate the company's tight funding," a researcher told the letter.　　and the "inventory" mentioned in the Deep state Business report refers mainly to the Crystal Island project. In order to resolve the liquidity situation, December 16 deep state-owned subsidiaries of the company, Shenzhen Shen Guo Business Management Co., Ltd. to be held by the Shenzhen Longgang State Enterprise Co., Ltd. Total 40% of the shares to 43 million yuan transfer. "This is tantamount to a drop in the bucket for a deep country. A researcher who did not want to be named said, "even if you get a loan from a bank, it will cost more than 400 million more to finish the construction of nearly 140,000 square meters of Crystal Island." ”