The subsidiary of the Chinese Academy of Sciences again exploded the "Lei" Jilin Trust 450 million overdue.

Recently, Zhongke Construction, a subsidiary of the Chinese Academy of Sciences, has recently fallen into a redemption crisis, and the 450 million funds of No.38 Ronghui of Jilin Trust are overdue!

This is the fourth time in just four months that there has been a redemption problem in Zhongke Construction!

Small debts used to be in Thunder! The asset management company also defaulted, and it was Sun Company of Chinese Academy of Sciences! It is mentioned that the fund of "Huachuang Zhongke Jinjin 1No. Collective Asset Management Plan" of Zhongke Jinkong, a subsidiary of Zhongke Construction, is 65.438+0.5 billion yuan overdue. On June 29th, Zhongke Jian defaulted on a three-year syndicated loan of RMB 654.38+0.5 billion, but this news was unilaterally denied by Zhongke Jian, indicating that the extension has been completed. In addition, Rong Hui 16 involving Zhonghong Fufen has little hope of redemption.

Ronghui No.38 was established on 2065438+September 29th, 2007, with an issuance scale of 450 million yuan, a trust period of 24 months, and quarterly interest payments. The starting point of subscription is 654.38+0 million, and the yield is 8%-8.6%.

The financing party is Zhongke Construction and Development Corporation, a wholly-owned subsidiary of China Academy of Sciences, which is a directly affiliated institution of the State Council and the highest academic institution of natural science and the highest consulting institution of science and technology in China. The guarantor is Zhongke Jianfei, a subsidiary of Zhongke Jianfei.

The trust funds are mainly used for the later decoration and equipment procurement of the third phase of the "Zhongke-Yibang International Home Expo Center" located in Dahongqiao Plate, Qingpu District, Shanghai. Among them, 350 million yuan was used for later transformation, and 654.38 billion yuan was used to repay some loans from corresponding financial institutions.

Small debt learned from investors that Ronghui No.38 should have paid interest at the beginning of July, but the loan and guarantor Zhongke Construction, Zhongke Jianfei and the higher authorities of the two companies jointly issued a statement promising to pay interest at the end of July. However, as of the end of July, the financing party Zhongke Jian failed to pay interest. Investors also received a statement that Zhongke Jianfei unilaterally promised to pay interest at the end of August.

But so far, investors have not received interest payment. Investors believe that Zhongke Jian has breached the contract for the second time and behaved badly.

What puzzled investors was that the manager in charge of the project of Jilin Trust didn't answer the phone, didn't reply to text messages, and WeChat was not online, so it was impossible to get in touch with him. In desperation, on September 5, investors came to Jilin Trust Headquarters to discuss their views, but they were turned away.

According to the small debt investigation, Jilin Trust did not give any substantive measures. Jilin Trust said that it is unlikely to pay interest in September.

False propaganda of collateral valuation, misappropriation of funds, repayment project litigation

Small debt interviews investors through forums and qq investment groups. The trust of investors lies in: first, they took a fancy to the gold-lettered signboard of the subsidiary of Chinese Academy of Sciences; The second is to believe in the management strength of Jilin Trust under the Jilin Provincial Department of Finance; In addition, in the risk control measures of Ronghui No.38, there is still about 654.38 billion yuan of land pledge, which is enough to pay the principal and interest even if there is a payment problem in the later period.

Bondreview learned exclusively that Ronghui No.38 was still suspected of inflating collateral valuation and misappropriating funds.

During the implementation of Ronghui No.38 Trust Project, the trust company failed to effectively supervise the loan account number and payment account number.

Investors went to Shanghai for a field trip, and the results shocked investors.

1. Among them, the capital investment in the trust contract and the best distribution report is 350 million yuan for the follow-up renovation of the Yibang Phase III B project+654.38 billion yuan for the loan from financial institutions corresponding to the Yibang Phase III B project.

The actual situation surprised investors. At present, the hotel-style apartment in Ibn Phase III B has not been renovated, and there are many weeds nearby, and the indoor construction has not yet started. In other words, 350 million yuan was used for the renovation of the third phase B project of Yibang, and the whereabouts of the funds were unknown, which was a major suspicion of misappropriation of funds.

2. The rents of the first floor, the second floor, the third floor, the 3.8 yuan and the fourth floor in the report of collateral (Phase III A of Yibang Project) are 6 yuan/day/square meter and 4.5 yuan/day/square meter respectively.

According to the actual investigation of investors, the actual rental price is quite different from the rental price. 3-3.5 yuan/day/square meter on the first floor; Only three rooms are rented out on the second floor, and the rest are empty. The rental price is 0.6-0.7 yuan/day/square meter; No one lives on the third floor. It is far from the price information in the report.

In Building A, the third phase of Yibang Project, some investors who bought the shops of the project reported that they had not got the rent for many years after buying them, and the lawsuit had been going on for many years. Now the court requires tenants to hand over the funds directly to the court, not to Italy.

Zhongke Jianfei was entangled in lawsuits and was repeatedly listed in the list of untrustworthy executors by local courts.

Third, in the report provided by Jilin Trust, the mortgage rate of collateral was actually 63%, but Jilin Trust told investors in the recommendation materials that it was 45%, which deceived investors.

In addition, the letter of recommendation received by investors is seriously inconsistent with the valuation of collateral recorded in the due diligence report. The collateral value recorded in the recommendation is 654.38 billion yuan, while the collateral value recorded in the due diligence report is 765.438+065.438+0 million yuan.

According to the investor's on-the-spot investigation, the mortgaged property is located in the suburb of Shanghai, 40 kilometers away from the city center, in a rural town, or there is an overestimation risk.

4. The repayment sources of this trust project are the sales revenue of Shanghai Yibang Project in the next two years, the comprehensive income of the financier, the comprehensive income of the guarantor Zhongke Jianfei, the mortgage rent and the future disposal income.

At present, because of the lawsuit involving the Shanghai Yibang project, the court has seized the assets, and no one has come to buy them because of property rights issues. There is no way to refinance to obtain financing. Because the repayment source of Rong Hui No.38 has almost become a dead letter.

Investors believe that during the implementation of Jilin Trust, the trust company failed to effectively supervise the loan account number and payment account number, which led to the misappropriation of trust loans and the false report of mortgage valuation and lease price, which was a dereliction of duty.

A number of institutions have stepped up their efforts in scientific and technological construction.

According to the report, as of 20 16 12 3 1, the total assets of Zhongke Construction were 40.769 billion yuan, the owner's equity was1302.4 billion yuan, and the asset-liability ratio was 68.05%. In 20 16, the total operating income was 29.777 billion yuan and the net profit was 2.774 billion yuan. The income and profit rate of this enterprise are good.

At present, the main business of the financier mainly includes housing construction, infrastructure construction and commodity sales. Among them, housing projects and commodity sales accounted for 39.97% and 40.64% of the main income sources in 20 16 respectively.

The guarantor Zhongke Jianfei is a wholly-owned subsidiary of Zhongke Construction. As of 20 16, 12, 3 1, the total assets of the guarantor are159.95 million yuan, and the asset-liability ratio is 60.72%. In 20 16 years, the total operating income1157 million yuan and the net profit148.4 million yuan. Zhongke Jianfei Investment Holding Group also obtained the latest credit rating AA+ from China Chengxin International in August 20 17.

As the only subsidiary of Chinese Academy of Sciences, Zhongke Construction can not only undertake the construction of related projects under Chinese Academy of Sciences, but also take advantage of the technological research and development advantages of Chinese Academy of Sciences.

At present, there are 5 surviving bonds of Zhongke Construction, with a balance of 5 billion yuan, of which 15 Zhongke Construction PPN00 1 will be paid on 20 18, 12 and 2 1, only three months apart.

Among them, by the end of 20 16, the long-term loan balance of Zhongke Construction, the financing party, reached 6.258 billion yuan, and the borrowers included 22 institutions including Morgan Stanley, CCB Bank of Communications, Zhongjiang Trust and Great Wall Assets. It is worth noting that the proportion of mortgage loans has increased significantly and the growth rate has been rapid. From now until the end of the year, Zhongke Construction still needs to repay at least 700 million long-term loans, and more than 2.2 billion bonds need to be repaid, which is a huge payment pressure.

By the end of 20 16, the long-term loan balance of the guarantor Zhongke Jianfei reached163.5 billion yuan, and the borrowers included five institutions: Agricultural Bank of China, Sichuan Trust, Zhongjiang Trust, COFCO Trust and Great Wall Assets.

Jilin Trust Co., Ltd. is the only non-bank financial institution specializing in financial trust business in Jilin Province, and its controlling shareholder is the Finance Department of Jilin Province.

Jilin Trust is also the third largest shareholder of Jiutai Rural Commercial Bank (holding 13.26%), the second largest shareholder of Northeast Securities (1 1.8%), the largest shareholder of Tianye Fund (6 1.25%), and the controlling shareholder of Tianfu Futures Co., Ltd. (55.

The past two years of Jilin Trust can be described as stormy. Two directors have been investigated successively, and the non-performing rate is high. At the end of 20 16, the NPL ratio was the second in the industry. However, since the beginning of this year, the inherent NPL ratio of Jilin Trust has dropped from 22.87% to 7.72%.

It is worth pondering that for ordinary investors, if even a state-owned enterprise like Zhongkejian is unreliable, how many reliable wealth management products are there on the market?