Jiangsu Jintan Foreign Housing Enterprise Bankruptcy auction doubts

Hegauchao Water has a day to retire, when the retreat, the truth will be solved.　　In Jintan, Jiangsu Province, a seemingly ordinary residential project-Miramar apartment, behind the developers because of the failure to pay due debt and bankruptcy, bankruptcy liquidation process in the previous "Gray curtain."　　This ordinary small city of a total of 539 sets of houses in the ordinary residential district, only 101 sets of property for small owners to buy, the other up to 438 sets of housing bulk or by institutional investors in bulk purchase, or due to the various types of debt developers to offset to various creditors.　　Even if the small owners, who do not consider buying 101 of the listings, also have investors, the community's investment (machine) ratio exceeds 80%.　　According to the detailed information of our correspondent, the sales peak of the community is a hot 2007, while the local government ordered bankruptcy at the end of 2009, the asset auction in May this year.　　To some extent, the bankruptcy liquidation has become the beginning of a new round of disputes over the complex creditor's rights and debts. In addition to small owners, investment (aircraft) and creditors, the beautiful Wah apartment project suffered "Waterloo" may also include the local government.　　A person familiar with the matter told the reporter that the project's land transfer payment has not yet been paid.　　Foreign-owned housing enterprises empty Gloves white Wolf?　　Beautiful Wah apartment developers for the Jintan Gold Real Estate Development Co., Ltd. (hereinafter referred to as "Austrian gold Real Estate"), the information obtained by this newspaper, the company's chairman for Feng Yongjun, Thai nationality.　　June 8, 2010, a "Jintan Austrian Gold Real Estate Development Co., Ltd. Bankruptcy document" declared Arcanite real estate bankruptcy. According to the bankruptcy document, the debtor of the real estate application for bankruptcy liquidation case, the Court of Jintan on December 4, 2009, after the decision was accepted by law, composed of a collegial panel for trial.　　It was found that the debtor of the Austrian gold real estate on January 11, 2005 by Aoya International Investment (Hong Kong) Limited funded by the establishment, and often the state municipal administration for Industry and Commerce approved the registration of wholly foreign-owned enterprises. For reasons of bankruptcy, the instrument said: June 2006, Arcanite Real estate development Jintan Beautiful Wah apartment, because of poor management, high interest financing, and its associated enterprises for development needs, occupy Austrian gold real estate funds up to 60 million yuan, resulting in the company's capital chain rupture, the development of the beautiful China apartments can not be delivered on schedule,　　and cannot repay the debts due. By the Jintan Golden Trust accounting firm Audit, as at November 30, 2009 Jintan Gold Real Estate Development Co., Ltd. the total amount of assets of 196694095.86 yuan, the total liabilities of 215091532.81 Yuan, the owner of the equity-18397436.95 yuan.　　The debtor Jintan Gold Real Estate Development Co., Ltd. due to poor management, can not discharge due debt, and the assets are not sufficient to discharge all debts, fully equipped with the "PRC Enterprise Bankruptcy Law," the provisions of the first paragraph of the conditions, shall be declared bankruptcy liquidation. Accordingly, the Jintan court on April 30, 2010 to declare the debtor Jintan Gold real EstateDevelopment Co., Ltd. Bankruptcy liquidation. "Through bankruptcy liquidation found that arcanite real estate in recent years to develop the Miramar apartment project, not only almost staged an ' empty gloves white Wolf ', even the project company has been playing the role of financing machines."　　said the person. Creditors who emerged from bankruptcy are not hard to find, the hole in Arcanite real estate is very big. A number of Miramar apartments have not been sold normally and are used to offset the debt. For example, 15 sets of commercial housing to the Zhejiang Guotai Construction Engineering Co., Ltd.; another 68 sets have been registered in Huzhou Sun Giuying name, Arcanite Real Estate long-term arrears of the latter debt whippany up to 26.5 million yuan, the final Austrian gold real estate sales to Sun Giuying has been registered 68 sets of commercial housing money (　　According to the contract of 1800 yuan unit price according to the agreed construction area valuation, not according to actual delivery of housing area valuation, to offset the debt of 16288452 yuan.　　In order to achieve rapid sales, withdrawal of funds, Arcanite real estate frequently used in bulk sales to institutional investors, such as the 99 sets of commercial housing sold to the Shanghai Zhushan Trading Company.　　After the bankruptcy settlement dispute in the Arcanite real estate implementation of forced bankruptcy, Jintan set up a liquidation group, the related assets auction. May 4, 2010, the liquidation group commissioned by the Changzhou Zhongtian Auction Co., Ltd. released "Jintan Austrian Gold Real Estate Development Co., Ltd. Bankruptcy property Auction Notice", scheduled to be auctioned on May 19, 2010, the 324 residential housing construction (not fully completed),　　Construction area of 48765.75 square meters, as well as state-owned commercial and residential land use right area of 6248 square meters.　　Finally, from Yixing's Red Asia (sound) company to more than 60 million yuan low price overall merger bid for the above assets, Red Asia and responsible for the project follow-up construction. "The land assets involved in the evaluation of the value of more than 10 million yuan, measured down, 324 sets of already-capped houses, the average auction price of 1200 yuan/square meters, far lower than the current city of similar listings more than 4000 yuan/square meters of market prices." The person said.　　The current controversy stems from what many creditors call "bizarre" auctions. In the auction announcement, the reporter saw the bidding enterprise's request to include "The bidder must be establishes according to law the real estate Development enterprise, and has 2 level above (including 2 level) the qualification, the specific condition takes the auction notice as the standard".　　Jintan, a county-level city, is one of the few housing companies to meet this demand.　　The controversy has not only been sold in the case of asset-suspected low-priced auctions, but also a larger dispute from the Sun Giuying property of the former creditor (now the prospective owner) of the Austrian gold estate mentioned above. Sun Giuying materials show that in the auction of the 324 sets of properties, including 68 sets of Austrian gold real estate for the sale of the beautiful China apartments. However, according to the Sun to provide the "Jintan room pre-YS0000001" real Estate Notice registration materials, the above 68 sets of the original registration time is October 10, 2009,The final registration time is May 11, 2010. The housing registration book provided by the Jintan Real Estate Management office shows that the time for registration is October 10, 2009.　　Before the Arcanite real estate bust, even before the auction.　　Sun said, that is, in the May 15 before the public auction, in order to maintain its own 68 sets of registered housing rights and interests, Sun Giuying to the auction site and other places such as posting notices, and so on, declaring their rights and interests. "Under the property law 20th: After the registration of the notice, the right to dispose of the real estate without the consent of the registered Obligee without notice shall not have the effect of real right." The measures for the administration of housing registration 68th: After the registration of the notice, without the written consent of the registered Obligee, the Housing registration authority shall not handle the application for registration.　　Sun Giuying to this newspaper, said the auction clearly violated the relevant laws and regulations, and violated its rights.　　The liquidation Group of March 29 this year to Sun Giuying in one of the letter of reply said: Jintan Housing Department issued a certificate, only "Grant registration", but the housing department did not deal with the notice of registration procedures, also did not issue a notice registration certificate. But then, Sun Giuying obtained the notice registration certificate.　　However, immediately after the end of September, the Jintan court decided to request Jintan to revoke the 68 sets of residential housing registration.　　To this end, the Sun Giuying and the bankruptcy liquidation group had a lot of communication between the two sides still at loggerheads. Wang Jianguo on the phone to the newspaper that the 68 sets of housing issues involving Sun, the latest progress is by the Jintan government, is inviting the Changzhou Intermediate People's Court for coordination, but the specific time has not been determined. "Everything needs to be done according to the procedure.　　"Who's Waterloo?"　　The bankruptcy liquidation of foreign-owned housing companies, on the surface, seems to be no winner, but it may not be.　　According to the person said, Arcanite real estate investors are not actually no money, but money is not in Arcanite real estate company accounts, as the bankruptcy document said "its affiliated enterprises for development needs, occupy Austrian gold real estate funds up to 60 million yuan."　　In fact, Feng Yongjun's investment and assets in Jintan are not just the Miramar apartment projects, but also include four-star hotels, commercial office buildings, high-level baths and crocodile farms, and large-area park projects, the source said. "In addition to raising interest rates, these assets are also important reasons for the Feng Yongjun to keep borrowing money," he said. When the beauty of China project financing, has already been the main ceiling, leaving the standard only one step away, this is the key to investors dare to borrow money.　　Sun Giuying admits that the issue of the company's land transfer and registered capital is not what it was able to learn in their capacity.　　Sun said that the land transfer and registered capital is not in place, and the project can be successfully started construction, external sales, the problem is supervision.　　Wang Jianguo said that if the relevant parties think that the rights and interests are violated, can be through the legal means of action to seek solutions. "The Austrian gold real estate upfront financing number is huge, if can invest in the beautiful China apartment itemMore than enough to complete the project, but now the money is occupied.　　The person said. So far, however, the liquidation Group and related parties have not yet investigated the circumstances of the Arcanite real estate's occupied funds and other companies under Feng Yongjun's name.