The Pearl River Investment in Shanghai is deep in capital chain crisis

"East Real Estate" Dongdanxia new Jiangwan City, the developer of the works, Shanghai Pearl River Investment Co., Ltd. (hereinafter referred to as the Pearl River Investment) is facing an unprecedented capital chain crisis.　　"East Real Estate" reporter learned that the Pearl River investment and development of the new Jiangwan City 1th works Two phase of the Metro Royal View part of the house because has been mortgaged in the bank, resulting in buyers can not meet the loan formalities.　　At the same time, the new Jiangwan City land transfer to Shanghai city and the Pearl River investment lawsuit escalating, has appealed to the Shanghai High People's Court, due to the Pearl River investment arrears of land late.　　The mortgaged house Zhou Yun (should be asked by the interviewer, using a pseudonym) is the city Royal king of the "quasi" owners, urgent need to be positive. "It's June 7, you see, it's been 1 months before they agreed to pay the house."　　Zhou Yun complained, originally April 30 he should get his own house, but now the developers do not pay the house, let him decorate the wedding house plan had to delay repeatedly. Every time he was anxious to find developers staff, the other side always replied: "Fast, will be processed as soon as possible, deferred payment will be paid as usual."　　"Let Zhou Yun more anxious things are still behind." A few days ago, he went to the Bank of China Pudong branch Yuntai Road Branch, ready for the new Town Royal View New house loan, but was told: "The City Royal King House is the developer mortgage in the bank, unable to handle loans, unless the developers will be mortgaged." "Then, Mr. Zhou again to the new Town royal Scenery Sales office, the original house sold to his sales staff have to account," the City Royal king more than a set of house mortgage in the bank can not be redeemed, specific when redemption is not determined time. "Zhou Yun to reporters," estimated last October before and after the purchase of the House did not pay on time, roughly more than 40 sets, the end of June there are also a number of houses are about to pay the housing period, do not know whether the developers to the mortgage.　　"The catch is that since the house was sold to homebuyers last year, developers should be released from the mortgage contract before the sale, but why has it not been released until now?" The reporter calls to be responsible for the new Town Royal scenery Marketing plan Hu surname manager, Hu manager said that the extension is very common matter, they will arrange to pay the room as soon as possible and according to the contract stipulation carries on the default to pay. On the mortgage issue, manager Hu said: "The house mortgage to the bank is not within my jurisdiction, inconvenient to answer, but will arrange for the relevant person to interview."　　"But until the deadline, the reporter did not receive the interview arrangements."　　Late payment of late fees nearly 300 million according to the "East real estate" reporters understand that the Pearl River investment not only arrears of bank funds, even in 2005 to buy new Jiangwan plots of land late fees are not fully paid.　　In the Shanghai Second Intermediate People's Court website impressively shows: March 5, 2009 trial contract dispute case, the plaintiff for Shanghai City Investment Company, defendant for Shanghai Pearl River Investments. Shanghai City Investment Home Office, executive director Shangang told reporters, "about 1.6 billion of the land transfer gold, the Pearl River Investment has been paid, but one of the drag and drop, resulting in high land fines, the two sidesThere have been many consultations, and signed a supplementary agreement, but until today, the Pearl River Investment has not all the late payment, the last resort can only through legal means to recover the fines.　　"The reporter from Shanghai second Chinese court is responsible for the city, the Pearl River Investment case of the presiding judge to understand that the first trial has ended, the city to win, but the Pearl River investment in the first instance judgment, has appealed to the Shanghai High People's Court."　　For the contents of the verdict, although the presiding judge did not disclose, but the reporter learned from the Shangang, the decision to pay the Pearl River investment deadline of nearly 300 million yuan of the land fee.　　Historical data show that in early 2005, the Pearl River Investment in the beginning of nearly 1.6 billion to win the new Jiangwan City C1 block, sealed by the "king" title, but half a year after the expiration, but not enough to pay half of the total land price.　　The financial situation has made people worry that in addition to mortgage payments, land late overdue payment, around the Pearl River investment in the tax arrears reported.　　A few days ago Guangzhou Tax bureau issued the 2009 1th document Disclosure, as of March 31 this year owed more than 2 million yuan tax on the list of enterprises owed to the public, a total of 65 enterprises boarded the black list, of which the Pearl River in Guangdong province investment owed 37.01 million yuan, the list of the second tax arrears.　　Public information shows that the Pearl River Investment did not pay business tax on time, real estate tax, stamp duty, land use tax, land value-added tax and so on amounted to 37.01 million yuan, of which the new tax owed 26.215 million yuan, the previous issue of the company has owed a tax of up to 10.795 million yuan. According to incomplete statistics, the 2008 project of the Pearl River Investment operation in Beijing, Shanghai, Guangzhou and other locations, more than 50 projects under construction, in addition, has been started or planned to put into construction projects also include 10 billion yuan investment in Yangjiang, Huinan and other 4 power plants; 4 coal mines in Datong, Inner Mongolia, Shanxi　　Guang-Hui Expressway in Guangdong province. With such a large project operating lineup, not enough financial support is clearly difficult to maintain. Last year, the Pearl River Investment has attempted to split the Pearl River property in the shares listed, but due to market reasons for the final postponement of the listing plan.