Only 8 months left from the house, but only one foundation pit was dug?
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The "competition-limited house" of tens of millions of yuan has become a "trap house", and 400 owners have been miserable...
In the past few years, with the upsurge of the real estate market, the scale and performance of some real estate companies have achieved rapid growth. Many real estate companies have chanted the slogans of "100 billion real estate companies" and "double performance".
But now, the risks posed by these high-leverage operations are beginning to emerge, and the legitimate rights and interests of buyers have been damaged.
Beijing: Taihe Lijing Home
"Competition room" becomes "trap room"
For the 400 owners of Beijing Taihe Lijing Homes, buying a house with tens of millions of dollars has become their biggest worry.
In October 2018, Tahoe Lijing Homes was sold on the market at an average price of about 67,000 yuan. Now, two years have passed, and there are only more than 8 months left before the delivery. However, a considerable part of the entire project has only been dug. A foundation pit.
At the project site, the reporter saw that the construction was basically in a stagnant state, and the same type of projects that opened at the same time around the same time progressed much faster, and they have already entered the stage of exterior decoration and even interior decoration.
Buyers of Beijing Taihe Lijing Homes Project: My set is completely and has not started at all, it is just a foundation pit
It is understood that the saleable area of the project is 104,000 square meters, of which 101,200 square meters have been signed online, the sales rate is as high as 97.38%, and the sales amount is nearly 5 billion yuan.
Since the project is not worried about selling, why can't the house be built?
After investigating, the reporter found that most of the house purchase was used to pay off debts, and only a small part was used for project construction, which led to the slow progress of the project.
In fact, this situation has already occurred from the time the home buyer handed in the down payment online sign.
According to the Beijing Municipal Commercial Housing Pre-sale Fund Supervision Measures: During the project pre-sale process, the purchase price should be directly deposited into the special pre-sale fund supervision account with the end number 0081 opened by the project company Taihe Jinxiu.
Buyers of the Beijing Taihe Lijing Home Project: We bought this house at the time and didn’t pay attention to it after swiping the card. When we checked the receipt carefully, we found that the account was wrong. Some of them were swiped into accounts of other companies in the Taihe Group that were not related to the project company. on.
According to a document from the Beijing Chaoyang District Housing Management Bureau, Taihe Lijing Homeland was suspended in April 2019 because it failed to deposit the full amount of the purchase price into the special supervision account, and it was not restored until more than a year later.
So, where did the money that didn't enter the supervised special account go?
The reporter learned that since 2019, the court has deducted a total of more than 1 billion yuan from the bank accounts of many Tahoe companies such as Tahoe Jinxiu through enforcement, and returned it to Tahoe’s creditor-Wuhu Rongpuming Investment Center.
As Tahoe’s debt relationship is complicated, only Tahoe and the relevant banks know where the other money went, but it seems that the money has not been used for project construction.
This year, due to the non-repayment of the owed money, Taihe Jinxiu was again applied for judicial execution by a construction engineering company. The execution target was RMB 552,500.
Buyers of Beijing Tahoe Lijing Home Project: After numerous struggles with Tahoe, the project builder found that it was very unhappy to take money, so there were fewer and fewer workers, and work is basically suspended.
A document from the Beijing Chaoyang District Housing Management Bureau shows that as of June 23 this year, only 227 million yuan of funds are left in the special account for the supervision of Taihe Lijing Homes.
In late July, Tahoe also withdrew 16 million yuan from the special account and paid it to Wuhu Rongpuming Investment Center for debt repayment.
Up to now, Tahoe Group has defaulted on 6 mature bonds. The amount of unpaid loans that have expired is 48.710 billion yuan, and the unpaid interest is 6.476 billion yuan. The company's book capital is only 3.587 billion yuan, which is not enough to pay. interest.
At present, relevant departments in Beijing are carrying out coordination work to avoid unfinished projects.
At the same time, Beijing launched a special inspection on the supervision of pre-sale funds for real estate companies and commercial banks to prevent risks such as delayed delivery and unfinished properties.
Fund monitoring of key real estate enterprises
And the implementation of financing management rules
In the past few years, the debt scale and leverage ratio of the real estate industry have increased significantly. In order to prevent and defuse financial risks that may occur, in August this year, the Central Bank and the Ministry of Housing and Urban-Rural Development convened a meeting of 12 real estate companies in Beijing, and finally formed key real estate companies’ fund monitoring and financing The management rules clarify the "3 red lines" that have been rumored many times in the industry.
△ CCTV Finance "Economic Information Network" column video
According to this regulatory rule, real estate companies need to report financial indicators such as leverage ratio, net debt ratio, and cash short-term debt ratio on a monthly basis. The regulatory authorities have set thresholds for these three indicators. This is what the market calls "three Red line".
According to the number of red lines touched, real estate companies will be divided into four different stalls: red, orange, yellow, and green. For each stall, the annual increase in debt has a clear upper limit, and the maximum cannot exceed 15%.
In addition, financing channels such as bank loans, bonds, and trusts are all covered by the scope of statistical monitoring.
Zhang Yu, assistant professor in the Department of Finance, Guanghua School of Management, Peking University: In the past, the usual problem with supervision was that enterprises and supervision were "cat and mouse", restricting real estate companies’ bank financing, and real estate companies went to shadow banks to restrict real estate companies’ domestic debt issuance. Companies go abroad to issue bonds.
This time, starting from the main body of real estate enterprises, all financing channels of enterprises are required to be added together, and they must also meet regulatory conditions.
Institutional data shows that in September this year, domestic bond financing of real estate companies increased by more than 30% year-on-year, and maintained a high of over 80 billion yuan for three consecutive months. Although overseas bond issuance declined year-on-year, it still rose by more than 20% month-on-month.
Pan Hao, Senior Analyst at Shell Research Institute: Last week, the real estate companies issued bonds have returned to the level of this year’s weekly average. This situation occurred during the low financing period in the fourth quarter, which means that real estate companies hope to grab a window of time at this point in time. Supplement liquidity and replace mature debt.
During the peak sales season of Golden, 9th, and 10th, many real estate companies started to sell houses at a discount, and Evergrande even shouted "Selling houses at 30% off", achieving contracted sales of 141.63 billion yuan within 38 days.
R&F Properties replenishes capital by issuing new shares and selling assets to reduce liabilities.
The person in charge of the central bank said: The capital monitoring and financing management rules of key real estate companies are an important part of the construction of a long-term mechanism for the real estate market and an important part of the real estate financial prudential management system.
Peng Lifeng, Deputy Director of the Financial Markets Department of the People's Bank of China: At present, the key real estate enterprises' fund monitoring and financing management rules have started smoothly. In the next step, we will work with the Ministry of Housing and Urban-Rural Development and other relevant departments to track and evaluate the implementation results, improve financing rules, and steadily expand the scope of application .