Fusheng Real Estate suffered a fiasco: the official seal of the project was robbed, the debt exceeded 70 billion, and the whereabouts of the founder were unknown.

Radar Financial Products | Zhang Kai Economic Change | Deep Sea

Recently, some media reported that the first project of Fujian real estate enterprise Fu Sheng in Shanghai, Quiet Hua Ting, was caught in a dispute of "grabbing the official seal", and a large number of school districts purchased by owners for their children could not apply for real estate licenses because of the official seal, which may even lead to the children's final lack of schooling.

Previously, the Qiantan plot had been shut down for many times because of Fu Sheng's high debts, which caused the owners to delay in handing over the house.

According to public information, Fu Sheng Group was founded by Pan Weiming in 2004, and Flying Tigers was established in 20 15, and the project 107 was signed in the following two years. But by the end of last year, the group's liabilities had reached 70.664 billion yuan, with an asset-liability ratio of 77.32%.

At the beginning of this year, Fu Sheng Group and Shimao Group carried out "M&A" to jointly establish Shimao Fu Shengping Platform, in which Quiet Hua Ting belongs. However, when the owners gathered in Shanghai Shimao Building and asked Shimao leaders to come forward to solve the problem of real estate license, Shimao did not respond.

At the same time, almost after "completely taking over" the top management and business lines of Fu Sheng Group, Shimao said that it would not be responsible for the debt repayment of Fu Sheng, and many creditors who came to your door also found that Pan Weiming was gone.

Fu Sheng owed money, and the project company "robbed" the official seal.

Before Fu Sheng Group, the developers of Shanghai Qiantan plot also fell into the dilemma of capital chain.

From 2065438 to September 2003, when HNA Group expanded its commercial territory, HNA won the plot at a total price of10.67 billion yuan. However, the good times did not last long. After the government introduced new regulations to restrict domestic enterprises from blindly investing abroad, HNA Group was put on the risk list and had to sell its assets at a low price.

On May 2, 20 18, Fu Sheng Group took over the Qiantan Project from HNA Investment Group Co., Ltd., with a total price of 2.9 billion yuan. On May 3 1, Shanghai Kuipai Investment Group Co., Ltd. (hereinafter referred to as "Kuipai") took the lead in developing and setting up "Jufu Shanghai Qiantan M&A Private Equity Fund" for this project. The fund is divided into two phases with a total scale of 750 million yuan. The maturity dates are July 2 and September 29 this year respectively.

It is understood that the funds raised by this fund are mainly invested in Juji Investment Management Partnership in Ningbo Free Trade Zone (hereinafter referred to as "Juji Investment"). Juji Investment indirectly invested in Yicheng Group Shanghai Investment Co., Ltd. (hereinafter referred to as "Yicheng Shanghai") by acquiring 40% equity of Fujian Qianlong Haisheng Investment Co., Ltd. to develop and construct Qiantan project in the name of Yicheng Shanghai.

Hua Ting, Jingjing is recognized as a high-quality project. Due to the planning of Qiantan, the advantages of school districts and the low average price, Hua Ting and Serene were once sold out quickly. The team manager of Kuipai once said, "The expected return of the fund will be good."

However, before the redemption date, there was a problem in Fu Sheng's capital chain. 20 19, 1 1, the product "Xinze Furun 1 Private Investment Fund" issued by Fu Sheng in the form of clear shares and real debts one year ago was declared overdue. The fund with a total amount of 300 million yuan will not pay interest and principal until the end of 20 19.

Therefore, in order to make the payment on schedule, Kuipai began to negotiate with Fu Sheng and Shimao from mid-June, 65438+this year 10. Finally, in May this year, * * * jointly drafted the Memorandum on Debt Relief of Kuipai's Investment in Stock Financing, stipulating that Shimao Fusheng would pay the principal and interest of the Qiantan Project in July this year, and if he did not pay, he would be reinstated.

Based on the smooth progress of the tripartite negotiations and the contents of the agreement formed, Kuipai announced the withdrawal plan of the fund on June 17, saying that after Juji Investment transferred its equity in Ganlong Haisheng to the designated party in Fu Sheng, the withdrawal fund would pay the principal and interest in July 2020 and April 20021year.

However, the first phase of funds has not been paid as scheduled. According to media reports, on July 3 1, the official of Fu Sheng sent a letter of explanation to Kuipai, saying that the Qiantan project involved two disputes, namely, the construction contract and the sales agency contract, which led to the judicial seizure and freezing of the redemption funds, and asked Kuipai to extend the redemption period.

After many negotiations with Fushengfang, the post-investment team of the fund manager in charge of Shanghai Qiantan M&A private equity fund project, after the lawyer issued an official letter, "snatched" the official seal of Shanghai Qiantan project from Qianlong Square in Fushengqiantan on September 4.

It is reported that the official seal has been locked into the "1 Treasure House" in Shanghai Center, the tallest building in China. Treasure House 1, located 25 meters underground in Shanghai Center, is the first third-party private safe deposit box in China. It uses the same military security technology as NASA, and its safety factor exceeds that of most bank vaults.

The owner of the school district suffered greatly from the delay of the school district.

The dystocia Qiantan project made the owners miserable.

According to the interface news report, in 20 18, the unit price of quiet Hua Ting was more than 80,000 yuan/square meter, and now the house price has risen to120,000 yuan/square meter. Due to the capital chain crisis of Fu Sheng Group, the project has been stalled for many times, and the delivery has been delayed.

According to a real estate report, some owners said that the construction period of Hua Ting and Seri had been postponed before the outbreak this year. Last summer, workers' wages were in arrears, and then they stopped working several times during September-65438+February.

In April this year, some owners said in an interview with the media that the house purchased in February 20 18 was originally planned to be delivered on February 28, 2020. After the extension, they are not expected to recover the house until April 20, almost just missed the registration period of primary school entrance information, and the developer did not mention any compensation.

The bigger problem is yet to come.

According to the house purchase contract, the project developer should apply for the property ownership certificate of the project before June 30, 2020, that is, the "property right card", and then the owners can apply for the small property certificate of their respective houses. But until now, the "big production certificate" has been delayed.

It is reported that due to the illegal construction of real estate, Fu Sheng broke the contract when it was completed, and the owners repeatedly consulted the government departments to solve the problem. However, when the last obstacle to handling the "property right card" was lifted, the most important official seal for handling the title certificate was "robbed" by Kuipai.

Some owners have reported that if Jingcheng Hua Ting can't complete the real estate license before June 10, it will affect the settlement time, thus causing the children to miss the opportunity to attend relevant schools. Therefore, their biggest appeal is that the fund manager can take out the official seal to help handle the real estate license.

However, Kuipai, who holds the official seal, said that this matter needs to be discussed with Fu Sheng Shimao first. Some insiders believe that in order to solve this problem, Shimao needs to intervene in advance to help Fu Sheng save the broken capital chain.

However, according to the interface news report, Shimao replied that "Shimao Group has never provided any guarantee or other measures for the redemption of relevant private equity funds, so Shimao Group does not assume any responsibility for the redemption of this product. Investors have no rights and should not claim any rights from Shimao Group. "

At one time, Fu Sheng Group raced around, with debts exceeding 70 billion at the end of last year.

Why did Fu Sheng Group, which once galloped across the country, come to this step?

1993, Pan Weiming, mayor of Conghua Town, Guangdong Province, resigned from public office and entered the real estate market. In 2004, he founded Fu Sheng Group in Fuzhou.

2065438+In September 2005, Fu Sheng Group set up the Flying Tigers and began to acquire land on a large scale. 20 16 and 20 17, the flying tigers signed the project 107. According to the statistics of Ke Rui, in 20 17, the newly added value of Fu Sheng group reached 3199.4 billion yuan, ranking seventh in the country, while its sales amounted to only 39.62 billion yuan, ranking 48th on the list.

After 20 17, the total construction area of Fu Sheng Group's land reserve is about 55 million square meters, of which the value of Shenzhen land reserve exceeds 300 billion yuan, and it has nearly 20,000 mu of land reserve in Zhengzhou. The group has also set a target of total sales reaching 280 billion yuan within three years.

In the same year, Fu Sheng Group completed the reverse acquisition of Hong Kong listed companies with RMB 65.438+94.3 million, and listed on the backdoor. Since then, in order to ensure sufficient liquidity, Fu Sheng Group has adopted the "369 1 model", that is, the project starts in three months, the market opens in six months, the capital is capped in nine months, and the principal is recovered in one year.

However, due to the policy tightening, the disadvantages of Fu Sheng Group's operation mode of "taking land at high price, short-term debt and long-term investment" gradually began to appear.

The financial report shows that the total debt of Fu Sheng Group showed an increasing trend from 20 15 to 20 18, which was 25140,000 yuan, 33.363 billion yuan, 44.846 billion yuan and 616 respectively as of June 30, 200019. The net cash flow generated by the company's operating activities also changed from the net inflow of RMB 322 million in 20 15 to the net expenditure of RMB 42180,000 and RMB 68150,000 in 20 17.

Fu Sheng Group, with tight cash flow, began to raise funds frequently, and even pulled its internal employees and suppliers into the team of project follow-up. According to reports, in the follow-up investment scheme issued by Fu Sheng Group to employees, the upper limit of each employee's follow-up investment is 200,000 yuan. The supplier's subsequent investment quota has reached more than RMB100000, and the project is expected to make investors make a net profit of 30% in less than one year. This also laid a hidden danger for the large-scale rights protection that employees broke out in the past two years.

In 20 18, the amount of land acquired by Fu Sheng dropped to 21200 million yuan, which was far from the previous year's 8 10/00 million yuan. In the second half of 2065438+2009, the news that 50% of the employees in the group were laid off and filed for bankruptcy spread among the people. Although Fu Sheng officials denied this, the debt crisis facing Fu Sheng is still very serious.

According to the data, by the end of 20 19, the total liabilities of Fu Sheng group were 70.664 billion yuan, accounting for only 0.07% of the monetary funds.

Shimao took over and wanted to "eat meat" but not "put out the fire"?

Xu Shitan also said at the shareholders' meeting of Shimao Real Estate on May 27th that "the acquisition of Fu Sheng or strategic cooperation doesn't need tens of billions as rumored by the market. Of course, it's not that we don't invest at all. We will probably invest 5 to 6 billion yuan. And I think it is of course good that five or six billion can take over 100 billion goods. "

It should be pointed out that the debt problem in Fu Sheng involves not only Fu Sheng, Fujian, but also other private loans and employees' subsequent debts, resulting in frequent incidents such as employees' rights protection and investors' alarm in the past six months.

In addition, some media reported that Shimao stopped paying Fu Sheng employees' salaries on August 20th. In Shimaokou, the once "Shimao Fu Sheng" has become a "Fu Sheng rescue management platform".

Some insiders commented that Shimao only wanted to eat meat and didn't want to put out the fire.

It is worth mentioning that when the creditor wanted to find Pan Weiming, the chairman of Fu's life, he found that he was gone. According to Shang Hong. A judicial document about him stated that his whereabouts were unknown. Over the past six months or so, many creditors have been unable to honor their investment agreements because they can't find anyone.

The acquirer shirked and the founder was never heard from. At this time, the government raised the issue of "three red lines". Can Fu Sheng Group repay its debts? When can the owner who bought the school district get the house? Radar finance will continue to pay attention.