Nanjing Hi-tech breach of promise 2.6 billion land gold fear "skipping"

From the 2.595 billion-dollar "total land king", the investors in today's mouth "drag the burden of performance." In the last two years, No.2007g81 Massif has become the hottest topic for Nanjing High tech investors.　　Nanjing Hi-Tech originally promised to start in December 2008 before the end of the G81 massif, is still in the "ongoing programme design work" Progress, has not started construction. And in the board repeatedly promised investors to start construction as soon as possible. Repeatedly on the stand, in the vicinity of the plot no.2007g82 plot was free to recover, investors questioned why the company in more than two years of time does not act.　　Idle two years did not start G81 massif is currently facing the risk of being free of recovery, nearly 2.6 billion of the land transfer (accounting for the company 2008 net assets 71.96%, accounting for 2009 net assets 38.92%) also fear will be "skipping". The credibility of the board of Directors was questioned December 7, 2007, Nanjing Hi-Tech announced a holding subsidiary of Nanjing Xian Woodland production company (that is, the current Gao Ke home) to 2.595 billion yuan of the total price of the bid "King" Xian Lin No.2007g81 massif, the next day the company issued a notice of the project, and the project on the G81 plot to start a plan for the project is expected to commence at the end of December 2008, three years of development completed.　　However, the reporter learned that at present, the project has not yet started construction. Some investors in the company held in 2009 at the shareholders ' meeting on the G81 plots on the specific commencement time to ask the company board of directors, "the company will start construction as soon as possible", this is the company's board of directors to investors the only answer.　　The so-called "as soon as possible" a delay is more than a year of time. In this respect, there are lawyers to express their views, real estate companies take the land is a normal phenomenon. But G81 block because of the total price of nearly 2.6 billion yuan, involving a large number of funds, as the company's decision-making body of the Board of directors, for investors to ask the G81 plot project progress, whether the oral commitment, or written commitment, should be responsible, not repeatedly perfunctory,　　Because it could mislead some investors into judging the value of the company.　　"King of the Earth" vacant 2 years of financial costs have climbed the board of the omission of the former king of the land has been idle for nearly two years, G81 plots not only to bring any benefits to the company, but also derived a higher financial costs. According to the company's 2007 annual report, as at the end of December 2009, Nanjing High Division has paid 1.038 billion yuan of land security for G81 plots. In the 2008 Annual report, the total land price of $2.595 billion has been included in the cost of land development and the remainder has been paid. 2.595 billion yuan, such a sum accounted for 2008 net assets (3.606 billion yuan) 71.96% proportion of the funds from where?　　The reporter learned from people familiar with the matter that there are several pieces of funding, including bank loans. View the company's 2008 Annual report of the loan details, short-term loans reached 1.979 billion yuan, the end of the period than the beginning of an increase of 739 million yuan, an increase of 59.6%, longPeriod of 2.04 billion yuan loan, the end of the period of the beginning of the increase of 1.56 billion yuan, the growth rate of 325%.　　Bank loans amounted to 4.019 billion yuan, accounting for the company's 2008 total liabilities of 55.66%, far exceeding the company 3.606 billion yuan of net assets. The reason why long-term borrowing is so high is due to the increase in commissioned borrowings. 1.8 billion yuan of commissioned loans are mainly G81 plots of the Xian woodland production company borrowed, the holding shareholder, Nanjing Xingang Development Corporation, provided 1.2 billion yuan by entrusting the bank loans, and the new Urban Development Co., Ltd. of Xian Lin provided 600 million yuan by commissioning the relevant bank loans, and the loan period was 3 years,　　The borrowing interest rate is the bank loan interest rate in the same period, the Fund mainly uses in the Xian Forest Real Estate project development. Correspondingly, the company's financial costs from the 2007 's 51.6446 million Yuan surged to 2008 of 164 million yuan, increased by 113 million yuan, the growth rate of 218.21%, only the interest expenditure reached 161 million yuan. In this respect, the company admits that "the main reason is the increase in corporate bank borrowings during the reporting period."　　People said that, although the company's bank loans are not all used in the G81 land, but because the G81 of the company's financial costs of the explosion is an indisputable fact. Where to go to the authority of the Department of the Nature of the board on the G81 plot of the conduct of the site, there are investors that the company "in the most crazy time to take a piece of land, but also missed the most crazy price of the sale season." One Pai not only wrong grasp the opportunity, but also missed the opportunity.　　For the reporter's request for the interview, the company gave "detailed information, please see our disclosure of relevant announcements and periodic reports" and other written replies. Subsequently, the reporter to Nanjing Land and Resources Bureau, view the Ministry of Land and Resources 5th order, "Idle Land Disposal Method" Fourth provisions "in the urban planning area, to transfer and other paid use way to acquire land use rights for real estate development of the idle land, more than the lease contract agreed to start the development date of 1 years did not commence development,　　Can be levied equivalent to the land use right to transfer the amount of land under 20% of the idle fees, 2 years after the development of the land can be free to recover the right to use.　　At present, G81 Land has been handed over more than two years, the reporter from the Nanjing high-tech public information to obtain information, the project is still in the "program design work" state. Some professionals say the plot is not a construction project in the strictest sense. In response, the company gave a written reply to acknowledge that "the company is conducting the project design and early-stage certification and other work, and strive to start early this year."　　Once the G81 plot by the Land and Resources Bureau is characterized as idle land, and idle for a certain period of time, the company will pay nearly 500 million yuan of land idle fees, a heavy 2.595 billion yuan of land transfer would be "skipping". "Idle Land Disposal measures" for idle land has a clear definition, "idle land refers to the land users in accordance with the law to obtain land use, without the original approval of the people's government agreed to exceed the specified periodNo construction land for development and construction is limited. "There are three conditions under it."　　However, whether the G81 massif belongs to the category of idle land as stipulated in the disposal method of idle land is still awaiting the conclusion of Nanjing Land and Resources Bureau. Nanjing Department of Land and Resources Bureau related to the reporter said will be as soon as possible with the company to verify, give investors an account. This newspaper will also follow up on this incident.