Zhengzhou Yongwei Golden Bridge Xitang 670 masters and doctoral owners 70,000-character “Chen Qing” urging real estate developers to resume work

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Original title: The 70,000-word “Chenqing Letter” urged real estate developers to resume work, and 670 master and doctoral owners in Zhengzhou were locked up: we don’t want unfinished buildings

After the talks on June 19, the owners of Zhengzhou Yongwei Jinqiao Xitang drove out three “letters” within 24 hours to express their concerns about the latest solution.

Writing articles is not the daily routine of the owners, but since the Yongwei Jinqiao Xitang project was suspended, it has become a common occurrence for them. In May of this year, a document titled “The World’s Script, Two Thousand Authors” was circulated on the Internet. This document has more than 70,000 words, and condensed the 200 owners of Yongwei Jinqiao Xitang who changed from happiness to sadness due to the suspension of work. In life, it took two days and two nights from writing to writing.

Yongwei Jinqiao Xitang is located in the High-tech Zone of Zhengzhou City, Henan Province. It is jointly developed by local real estate companies Yongwei and Jinqiao. A total of 2,515 residential units are planned for the project. Since its launch in August 2020, the project has sold more than 1,700 units.

Photo courtesy of the interviewee

Some owners have counted the educational background of 1,172 families. The number of owners and their immediate family members with bachelor’s degree or above is as high as 1,983, including 481 master students and 189 doctoral students. Many owners chose to come here because of the talent introduction policy. In Zhengzhou, at least 246 of these families enjoy the Zhengzhou talent subsidy, and Yongwei Jinqiao Xitang is also known as the “highest-educated real estate” in Zhengzhou and even Henan.

These owners come from all walks of life, including medical doctors, university professors, civil servants, highly sophisticated technical workers, or highly educated talents who work in first-tier cities but have plans to return to Zheng. Right now, they have spontaneously formed a legal team, a supervision team and a video team to communicate and negotiate with real estate companies and government departments.

Since December last year, Yongwei Jinqiao Xitang has been suspended for 7 months. Some owners told Times Finance that after many efforts, not only the problem could not be solved, but the result was farther and farther away from expectations. After I learned about it, I found that the more complicated this matter was, the more worried it was about the unfinished end.”

“To be honest, we are about to collapse.” An owner told Times Finance that because he often had to communicate face-to-face with housing companies and government departments on working days, “working too hard affected work and was dismissed by the previous company.” And more owners felt disheartened and began to doubt their passionate decision.

The shutdown of the real estate traps 670 masters and doctors

“I am a native of Henan, and I have a relatively strong local plot. When I came back to Zhengzhou, I hoped to be closer to home.” Shen Kuang (pseudonym), the owner of Yongwei Jinqiao Xitang, chose to return after graduating from a master’s degree after considering other factors. He went to Zhengzhou, the capital city of Henan, his hometown. At that time, he had already received employment notices from several well-known companies in first-tier cities.

The “other factors” mentioned by Shen Kuang mainly refer to the talent introduction policy of Zhengzhou City. Times Finance learned that in September 2020, Zhengzhou City issued the “Opinions on Implementing the “Yellow River Talent Plan” to Accelerate the Construction of a Talented City”. This policy has given special projects to five types of talents in terms of project introduction, talent funding, and living security. support.

Among them, the most beneficiary group is the “Young Talent Support Project”, which provides full-time doctoral students, postgraduate students under the age of 35, undergraduate graduates and technical college preparations who come to work in Zheng within 3 years of graduation (within 6 years of graduation for outstanding overseas students). For technicians (technicians), living allowances are paid at the rate of 1,500 yuan, 1,000 yuan, and 500 yuan per person per month, with a maximum payment of 36 months. In terms of housing security, 100,000 yuan, 50,000 yuan, and 20,000 yuan of first-time home purchase subsidies will be given to qualified doctoral, master and “double first-class” undergraduate graduates respectively.

The talent introduction policy not only attracts the return of fresh graduates, but also attracts highly educated talents who have been employed outside the province to return to their nests. Cheng Qing, who works in a first-tier city, told Times Finance that his academic qualifications met the requirements for settlement and house purchase discounts, so he first settled in Zhengzhou and bought a house. “The original plan was to transfer back to work at the end of next year, because our company also has business in Zhengzhou.”

The talent introduction policy is aimed at the whole city of Zhengzhou, and although the jurisdiction area of ??the high-tech zone where Yongwei Jinqiao Xitang is located is less than 2% of the city’s total, the total number of high-tech enterprises in the zone is as high as 1,123, accounting for 38.5% of the city and 17.8% of the province ( Note: 2020 data from the Innovation and Development Bureau of Zhengzhou High-tech Zone), which drives a large influx of talents into high-tech zones with high-quality and dense employment opportunities.

The high-tech zone has 4 first-level universities, namely Zhengzhou University, PLA Information Engineering University, Zhengzhou University of Light Industry and Henan University of Technology, all of which are located within 4 kilometers of Yongwei Jinqiao Xitang. Under the joint promotion of multiple factors, Yongwei Jinqiao Xitang has become the real estate with the highest concentration of highly educated talents in Zhengzhou and even Henan Province.

However, different owners told Times Finance that although the building was jointly developed by two real estate companies, Yongwei and Jinqiao, the owners all went for the fame of Yongwei. Therefore, in the process of negotiating solutions between real estate companies, the government and the owners after the suspension of Yongwei Jinqiao Xitang, “keeping Yongwei” is the bottom line for the owners to not give up.

“Jinqiao doesn’t even have an official website in Zhengzhou, and we wouldn’t know about Jinqiao without Yongwei Jinqiao Xitang,” said one of the owners. Tianyancha shows that Jinqiao was established in 2017, while Yongwei’s official website shows that the company has been established in 2005 and has developed 36 projects. Although Yongwei is not large, it has accumulated a good amount of quality in Zhengzhou over the past 17 years. ‘s reputation.

“Ten years of Dongtang, finally see Xitang”, a slogan against the past real estate, is enough to make home buyers cast a vote of confidence in Yongwei Jinqiao Xitang. Times Finance learned that “Dongtang” refers to Yongwei Dongtang located in Jinshui District, Zhengzhou City. The real estate project opened in May 2011 and was delivered to the owner in 2013. The price difference between the real estate and the surrounding real estate was not large at the time of opening. However, the shell search showed that the reference price of second-hand houses in Yongwei Dongtang in May was 4,000 yuan to 10,000 yuan per square meter higher than that of surrounding communities.

“We bought the quality of Yongwei. To be honest, Yongwei’s Golden Bridge Xitang is several thousand dollars more expensive per square meter than the surrounding area.” Shen Kuang, the owner, said that it would not be acceptable if this real estate lost Yongwei.

Shareholder disputes lead to “big case”

A person familiar with the matter, who did not want to be named, told Times Finance that the Yongwei Jinqiao Xitang project was originally the site of the Zhengzhou Boiler Factory, and was the legal representative and chairman of Zhengzhou Boiler Co., Ltd. (hereinafter referred to as “Zheng Boiler Co., Ltd.”). The plot where Cui Hongqi, the general manager and general manager, has been operating for a long time. In April 2019, Zhengzhou Boiler Factory was relocated to the boiler manufacturing base in Xingyang City, and the land nature of the original site was changed from industrial land to residential land.

“Cui Hongqi started a boiler factory halfway, and this project also started halfway. In addition, there is also financial pressure to operate this land, so he has always wanted to find a brand partner to cooperate with, and he has been looking for Jianye and Kangqiao before, but in the end, the agreement was not reached. Later, Yongwei was found.”

According to Tianyancha, in September 2014, the person in charge of Zhengguo shares changed, and Cui Hongqi became the legal representative of Zhengguo shares after the change; and Zhengzhou Jinqiao Real Estate Co., Ltd. (hereinafter referred to as Yongwei Jinqiao Xitang Co., Ltd.) “Jinqiao”) was established in 2017, and the major shareholder and legal representative of Jinqiao are Cui Changhong. Cui Hongqi himself does not hold any shares or hold any positions in Jinqiao, but multiple sources show that the actual controller of Jinqiao is Cui Hongqi.

Yongwei responded to Times Finance that in mid-2019, Jinqiao Real Estate and Yongwei Real Estate, a subsidiary of Zhengguo Co., Ltd., reached a cooperation and signed a contract in early 2020 to jointly establish the project company Zhengzhou Jincheng according to the equity ratio of 51% and 49%. Wei Industrial Co., Ltd. (hereinafter referred to as “Jin Wei Industrial”). In June 2020, Jinwei Industrial won the Yongwei Jinqiao Xitang project with a reserve price of 1.277 billion yuan, equivalent to a land price of 9.5842 million yuan/mu. Two months later (that is, in August 2020) Yongwei Jinqiao Xitang opened.

“The cooperation agreement stipulates that all income and expenditure accounts of the project company (ie Jinwei Industrial) are jointly supervised by both parties, Jinqiao is responsible for capital and land operations, and Yongwei is responsible for the operation, overall planning, design, operation, management, construction, sales and other work. The property management during the sales period and after delivery is undertaken by Yongwei Property Management Company.” Yongwei added.

Because of Yongwei’s reputation, many buyers rushed to the property. Times Finance learned that a total of 2,515 residential units were planned for the project. After the opening in August 2020, 380 units were sold in 40 days, with a total amount of 700 million yuan, and the remaining 784 units are still unsold.

People familiar with the matter told Times Finance that based on the good cooperation in the Yongwei Jinqiao Xitang project, Yongwei and Jinqiao established Zhengzhou Zhengxi Yongwei Industrial Co., Ltd. (hereinafter referred to as “Yongwei Industrial”) and Henan Qingkong Technology City Co., Ltd. In the name of “Qingkong Science and Technology City”), the joint Henan Tus Technology City Development Co., Ltd. (hereinafter referred to as “Tus Technology City”) and Henan Xiangdong Real Estate Co., Ltd. (hereinafter referred to as “Xiangdong Real Estate”), a wholly-owned subsidiary of state-owned Donglong ), established Henan Yifan City Operation Management Co., Ltd. (hereinafter referred to as “Yifan Company”), and won two parcels of land in Beilong Lake, Zhengzhou (hereinafter referred to as “Yifan Company”) at a reserve price of 3.468 billion yuan on June 3, 2021. North Dragon Lake Block”).

“The location of Yongwei Jinqiao Xitang is very good. The subway and the university are next to each other, so we almost settled on the property without looking at other projects. This property was quite arrogant at the time, and we did not accept portfolio loans. If it’s over, just leave the business loan.” said one owner.

The owners originally thought that after buying a house, a life of living and working in peace and contentment would soon begin, but they never thought that this would be the beginning of a nightmare.

Shen Kuang said that in December last year, he heard the news of the shutdown of the real estate, “but because Zhengzhou has environmental protection control every winter, we thought it might be for environmental protection, so we didn’t care too much. But after the new year, we saw some real estate workers. After the new year, they came back, but there was no one in Xitang, so I started to murmur in my heart. Later, the owner made inquiries from various quarters, and only then did they know that Yongwei and Jinqiao were breaking up, and it had reached a very critical point.”

From the 5th to the 10th of each month, Yongwei Jinqiao Xitang will publish a letter on the WeChat public account to report the progress of the project to the owners, but the letter was stopped in February this year. The owners originally only hoped that Yongwei Jinqiao Xitang would resume work, and then listen to When it was rumored that Yongwei was about to withdraw from the Yongwei Jinqiao Xitang project, in order to promote the resumption of work and keep Yongwei, the owners went all out, but they brought out the construction funds of Yongwei Jinqiao Xitang, which was depleted due to the misappropriation of supervision funds from the Beilong Lake plot. big case.

“We are now worried that this building will be unfinished. The more we learn about it, the more complicated it becomes, the more we worry about the unfinished business. More than two million yuan went in, and we have a 30-year mortgage on our back. My wife and I have to pay for it every month. Take out a large part of your salary to repay the mortgage.” Shen Kuang said that after the accident at Yongwei Jinqiao Xitang, he was often so anxious that he couldn’t sleep, but all the pressure could only be endured silently.

Photo courtesy of the interviewee

1.6 billion regulatory funds were misappropriated

The owner provided Times Finance with the minutes of a multi-party meeting held on May 18. Times Finance learned that in order to solve the problem of the suspension of Yongwei Jinqiao Xitang, the Zhengzhou High-tech Zone Management Committee set up a project-specific class to hold talks and communicate with the project companies Jinwei Industrial, Yongwei, Jinqiao and the owner.

Times Finance learned that the participants in this meeting included the special team of the High-tech Zone Management Committee, Yongwei, and Jinqiao. On the same day, Yongwei founder Li Wei met with the owner for the first time, and Li Wei’s daughter, Yongwei and Yongwei were also present at the meeting. Li Lingling, executive chairman of Weiwei, but Cui Hongqi, the actual controller of Jinqiao, was not present, and only sent representatives who were not authorized to attend. According to the owner and Yongwei, since the problems occurred in Yongwei Jinqiao Xitang and Beilonghu plots, Cui Hongqi and Jinqiao have always had a negative attitude towards solving the problem.

“Cui Hongqi didn’t answer the phone, and he didn’t even answer the call from the management committee.” Different owners further added to Times Finance that the representative of Jinqiao only made a record of each meeting and reported it back to the company, but the next meeting would not bring the company. Yongwei also did not deny the above statement.

Times Finance tried to contact a number of Jinqiao’s management, but the management did not reply in any form. When calling Cui Changhong, the major shareholder and legal representative of Jinqiao, the other party said, “You made a mistake.”

The minutes of the meeting on May 18 showed that the total funds of the Yongwei Jinqiao Xitang project were 3.99169 billion yuan, including 3.37909 billion yuan in sales receipts and 612.6 million yuan in loan balances.

The above-mentioned funds flowed to five major channels: first, “Mr. Cui led the misappropriation of 1.0115 billion yuan from Xitang’s sales, and after being posted by several affiliated companies, Henan Qingkong, which he actually controlled, was finally injected into the Beilonghu plot”; the second was “Cui The total amount of land premium transferred from the Xitang project was 399.66 million yuan in advance”; the third was “General Cui spent 162.49 million yuan from the Xitang project in the name of ‘coordinating loan relationships to purchase non-performing assets’”; the fourth was “General Cui’s personal consumption ”; the fifth is “Xitang Project advances construction payment of 19.412 million yuan to Beilonghu Project”.

Image provided by respondents

According to the minutes of the meeting, the above-mentioned capital flow was confirmed by both Yongwei and Jinqiao at the meeting, and Yongwei did not deny it to Times Finance.

People familiar with the matter told Times Finance that since Jinqiao is the land operator of Yongwei Jinqiao Xitang and is also responsible for financing in cooperation with Yongwei, the “land premium” in the flow of misappropriated funds is the agreement of the cooperation agreement between the two parties, while “Coordinating the loan relationship to purchase non-performing assets” is a tying condition when financing from banks, but the 1.0115 billion yuan injected into the Beilonghu plot originally promised by Cui Hongqi to return to Yongwei Jinqiao Xitang for at most one month, but Cui Hongqi did not fulfill it promise.

The land transfer fee for the Beilong Lake plot totaled 3.468 billion yuan, and the four major shareholders of Renyifan Company, Yongwei Industry, Qingkong Technology City (ie Jinqiao), Xiangdong Real Estate and Tus Technology City, a wholly-owned subsidiary of state-owned Donglong, won the bid. 30%, 30%, 30% and 10% respectively. According to the minutes of the meeting, the actual investment in the Beilong Lake plot was 3.1155 billion yuan.

Based on the calculation of the above information, it is known that there is still 352.5 million yuan of unpaid land transfer fee for the plot, and according to the transfer conditions, the payment period for the transfer fee of the plot is from the date of signing the “Contract for the Transfer of State-owned Construction Land Use Rights”. Within 30 days, according to the information provided by Yongwei and the owner, the unpaid land transfer fee has already incurred a late fee.

Based on the minutes of the meeting and Yongwei’s announcement, it can be seen that the actual investment of 3.1155 billion yuan in the Beilonghu plot includes Cui Hongqi’s misappropriation of 1.0115 billion yuan from Yongwei Jinqiao Xitang; it also includes Jinwei Industrial as the main financing body and occupied the bank to Yongwei. For the credit line of Wei Real Estate Group, the total amount of financing guaranteed by Yongwei Real Estate Group is 1.1 billion yuan; Xiangdong Real Estate (ie Donglong) invested 399 million yuan with its own funds; the land operator, Tus, invested 30 million yuan with its own funds.

The Beilong Lake plot did not contribute capital in accordance with the actual share ratio of the shareholders, and Yongwei did not respond to the relevant questions about the Beilonghu plot. However, another person familiar with the matter told Times Finance that on the plot, Yongwei and Jinqiao still refer to the Yongwei Jinqiao Xitang project for division of labor, that is, Jinqiao is responsible for land operation and financing, but Jinqiao has not fulfilled its promise.

As a result, the Beilong Lake plot may be in a situation of being reclaimed by the government, and because the misappropriated funds cannot be returned to Yongwei Jinqiao Xitang, the project cannot start construction.

Owners question the latest plan to drink poison to quench thirst

The minutes of the meeting show that, excluding the misappropriated funds, Yongwei Jinqiao Xitang has spent and supervised a total of 2.37581 billion yuan, including items

The project supervision fund is 91 million yuan, and the project still needs 2.393 billion yuan to complete the delivery. Due to insufficient funds to pay for the project, due loans and support the subsequent construction of the project, Yongwei Jinqiao Xitang fell into a state of shutdown.

Jinwei Industry, the Yongwei Jinqiao Xitang project company, issued an announcement on March 28 saying that after the joint efforts of all parties, the Xitang project has resumed work, and the general contracting project has been paid in place on March 27. However, different owners reported to Times Finance that there were indeed more than 20 people working on the project site at the beginning, but the construction progress was extremely slow, and the owners ridiculed it as “resumption of work”.

Since there are still 784 unsold residences in Yongwei Jinqiao Xitang, the sales can be collected. However, if the project payment and the due loan cannot be paid, the resumption of work will be impossible. Therefore, if the misappropriated funds can be returned, it is the realization of Yongwei Jinqiao West. The key to the resumption of the Tang project.

In fact, Yongwei and Jinqiao were at a deadlock during the negotiation process. Jinqiao once asked Yongwei to withdraw from the Yongwei Jinqiao Xitang project, but in April Yongwei stated that “it will never withdraw from the Xitang project, and insists on withdrawing from the Xitang project. When the 2 parcels of Beilong Lake are withdrawn, the transferred funds must be recovered.” At the same time, two major solutions were proposed.

First, Yongwei and Jinqiao continue to cooperate and abide by the cooperation agreement at the beginning of the project to ensure the actual operation and management rights of Yongwei in the Xitang project, and Jinqiao will withdraw from daily management. Yongwei promises to protect the cooperative investment income of the partners. Both parties can sign fixed costs, and the expenses exceeding the fixed costs shall be borne by Yongwei unilaterally.

Second, after the repayment of the 1.1 billion yuan loan from Yongwei Jinqiao Xitang project company Jinwei Industrial (that is, the funds injected into the Beilonghu plot), Jinqiao withdrew from the project shares. Yongwei pays the Jinqiao party the due profit share in advance according to the actual finalized net profit of both parties.

Yongwei said in a statement that the company “continued to actively communicate with Jinqiao to advance the progress of the project, but it has been avoided or rejected by Mr. Cui Hongqi” on the above proposal.

The minutes of the meeting on May 18 showed that Cui Hongqi proposed a solution on May 16, but neither Yongwei nor the owner approved the solution. The plan proposes that Jinqiao is willing to withdraw from Yongwei Jinqiao Xitang, but requires Yongwei to pay Jinqiao the profits of the project in advance. At the same time, Cui Hongqi proposed that Xitang should invest 2.1115 billion yuan (including 1.11 billion yuan from Jinwei Industrial loan and 1.0115 billion yuan of embezzled funds for Xitang project) to be invested by Xitang, of which 1.715 billion yuan bank loan will be solved by Jinqiao, and the remaining 400 million yuan was returned to Xitang, but no specific plan was proposed. In addition, Cui Hongqi proposed to introduce China Power Construction, but if Yongwei withdraws from the Beilonghu project, it needs to pay the principal and interest, and “the power construction funds will be paid after the funds are in the account”. China Power Construction, and “the processing time for various procedures is about 60 working days.”

Regarding the plan proposed by Cui Hongqi, Yongwei and the owner have basically the same attitude, that is, to return the misappropriated funds of Yongwei Jinqiao Xitang first, so as to realize the normal construction of the project and ensure that the project will be delivered on schedule by the end of 2023.

The owner reported to Times Finance that on the morning of June 19, a special class of the High-tech Zone Management Committee organized Jinwei Company (the Jinqiao Xitang Project Company), representatives of the owner and relevant persons of the state-owned company to hold talks, and proposed a state-owned platform company in the High-tech Zone. Zhengzhou Zhenggao Real Estate Co., Ltd.’s plan to intervene in the Yongwei Jinqiao Xitang project, “The role is to ensure financing and housing construction funds. If scheduling is carried out in the future, the conflict between the two (referring to Yongwei and Jinqiao) will be resolved, and Jinwei (referring to Yongwei Jinqiao) Xitang Project Company) resumes normal operation, and the state-owned capital will be withdrawn, otherwise the state-owned capital will guarantee the progress of the project.”

According to the meeting minutes provided by the owner, the team explained that the idea of ??the plan is to mortgage the remaining 784 unsold houses to Zheng Gao Real Estate, not to the bank, and then Zheng Gao Real Estate borrowed 300 million yuan with Gaoxin SDIC to support 3 ?After 6 months of full-scale construction, the project funding problem can be solved through the sale of re-sale properties, and then the sales of 784 houses will be 13-1.4 billion yuan, and the construction will only cost about 1.2 billion yuan.

According to the minutes of the meeting, Jinwei Company (i.e. Jinqiao Xitang Project Company) stated at the meeting that “the remaining construction and installation costs of the project are about 1.16 billion yuan, the taxes are still about 1.2 billion yuan, and the management and sales costs are about 80 million yuan, which will definitely be postponed (delivery). ), the delayed payment of the house delivery and the claim of at least 50 million yuan from the two units, a total of about 2.5 billion yuan.”

The owners told Times Finance that they were worried that the state-owned capital intervention plan was just drinking poison to quench thirst, and did not solve the fundamental problem (that is, the funds were misappropriated). The project was shut down again.

Regarding questions about the plan, Times Finance and Economics called the special team of the High-tech Zone, and the relevant person responded: “At present, the provinces and cities of the Xitang project have been involved.” On June 20, Yongwei responded to Times Finance that it was the Zhengzhou Municipal Government that had intervened, “requiring Zhengdong New District (that is, the area where the Beilonghu plot is located) to link up with the High-tech Zone Management Committee to merge the two plots. We are negotiating, and then POWERCHINA will also come in.” However, it did not know the latest progress of the negotiation. Yongwei said it would not comment on the latest “state-owned capital intervention plan”.

This may be another long wait.

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