Produced | the real estate group of the company's research office
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You figure him high interest, he figures your principal.
On March 25, Hongkun Financial Services was suddenly exposed that 3 billion yuan of financial management could not be paid, involving thousands of investors. It is reported that Hongkun Financial Services is a community financial product under Hongkun Asset Management, which raises funds for the customer group by the owners to support the business development of Hongkun Group.
The default of Hongkun Financial Services exposed the crisis of Hongkun Group, and at the end of 2021, Hongkun Real Estate, a subsidiary of Hongkun Group, had already extended its debts, and the cash flow of Hongkun Group was already very tight.
At present, the crisis of the Hongkun system is not only in the financial management end and the debt side, due to the shortage of funds, Hongkun Real Estate's project in Tianjin Hongkun Huayu has been stopped for a long time, and some owners have reflected that the project may have the risk of delayed delivery. Nowadays, guaranteed delivery is the top priority of the real estate industry, and the problems faced by Hongkun Group are very difficult.
01Insincere redemption scheme
According to media reports, the financial management amount involved in Hongkun Financial Services is about 3 billion yuan.
On March 31, Hongkun Group made a public response to the matter. Hongkun Group said that due to the current situation in the real estate industry and the impact of the epidemic, the company decided to take the initiative to stop the relevant investment business and withdraw benignly according to its actual operating conditions. Hongkun Group said that the initiative to shut down the payment is to control the risk in time and protect the rights and interests of investors.
At present, Hongkun Financial Services has stopped operating, and app and official website have removed all wealth management products. Hongkun Group's redemption scheme is divided into two types: one is cash redemption, and the other is physical asset redemption. However, according to the details of the redemption plan disclosed by Caijing Tianxia, Hongkun Group did not show the slightest sincerity.
The cash redemption scheme is paid in tiers according to the amount invested:
Investors of 100,000 yuan and below can sign a contract directly online on the Hongkun Financial Services APP and pay in full within 10 working days;
Investors of more than 100,000 yuan to 200,000 yuan (inclusive), complete the redemption within 3 years after signing the contract on the spot;
Investors with more than 200,000 yuan can complete the payment within 4 years.
This is a redemption plan that takes great care of small investors, but it is full of "hypocrisy" for investors in Hongkun Financial Services. A picture circulating on the Internet shows that among the assets of Hongkun Financial Services, the amount of more than one million customers accounts for 63.3%, the amount of 100,000 to 1 million accounts for 36.3%, and the amount of customers below 100,000 accounts for only 0.4%.
Judging from the current information, Hongkun Financial's plan only protects the principal and interest of a very small number of investors, and the vast majority of investors have to wait for 3-4 years to get back the principal and interest, and there may be many unexpected situations in the waiting time, and the time to finally get back the principal and interest is longer.
Zhao Weihao, director of Hongkun Group, said: "The principle of this redemption is that the principal and interest are fully redeemed, open and transparent. In line with the principle of being responsible for investors and the society, Hongkun will never evade, shirk, or lie flat. "After the public default, Hongkun Group maintained its corporate image at a very small cost, but lost real savings for thousands of investors.
02The signs of default have already appeared
Hongkun Group was established in Beijing in 2002, the group's business can be divided into Hongkun Capital, Hongkun Industry, Hongkun Cultural Tourism and Hongkun Real Estate four major business sectors, the business involves financial investment, real estate development, tourism and other fields.
In fact, before the explosion of Hongkun's financial service, the signs of default of the Hongkun system had already appeared. In December 2021, Hongkun Real Estate reached an extension agreement with the creditors on the "19 Hongkun 01" bond.
19 Hongkun 01 Bond was listed on the Shanghai Stock Exchange on November 19, 2019, and the interest accrual date is November 22, 2019. Under the Resale Agreement, investors have the option to sell back to the issuer all or part of the Current Issue Bonds at par value on the 2nd and 3rd annual coupon payment dates. November 22, 2021 and November 22, 2022 are also the payment dates for the resale of the bond.
However, at the end of November 2021, United Credit suddenly downgraded the credit ratings of Hongkun Real Estate and 18 Hongkun 01, 18 Hongkun 03 and 19 Hongkun 01 to AA-, indicating that there was a problem with the financial and operating conditions of Hongkun Real Estate.
Then, on 22 December 2021, Hongkun Real Estate announced that it had reached an extension agreement with the creditors of 19 Hongkun 01 to sell back 20% of the registered principal and interest payable on 22 December 2021 and the remaining 80% of the principal and interest on 22 November 2022.
To put it simply, Hongkun Real Estate should be ready to sell back the funds of the bonds in December 2021, but due to the tight capital chain, it could not sell back in full, so it chose the rollover operation.
From the balance sheet of Hongkun Real Estate, we can also see some clues, at the end of June 2021, the monetary funds of Hongkun Real Estate were 3.040 billion, while the company's short-term interest-bearing liabilities totaled 3.599 billion. In the "three red lines", the cash short debt ratio is the easiest to meet the standard, but Hongkun Real Estate does not even meet the requirements of the cash short debt ratio, indicating that Hongkun Real Estate is already a more dangerous company.
03 Tianjin project may have the risk of delayed delivery
Nowadays, more and more real estate developers default on their debts, which will lead to the risk of rotten buildings. Housing is the key to people's livelihood, housing delivery is also the most concerned issue for consumers, but also the focus of policy attention. In 2022, the completion and delivery of the guarantee is the top priority of the real estate industry. However, some of Hongkun Real Estate's projects have been stopped and there are signs of delayed delivery.
He Guangming, an executive of Hongkun Group, once said, "The delivery work in 2022 is much more stressful than in previous years, not only from the general environment and owners, but also from within. According to the Consumption Daily Network, in 2021, Hongkun Group will deliver an area of 1.5157 million square meters, delivering a total of 10,523 households, involving more than 10 projects in Beijing, Tianjin, Huailai, Yichang, Xianghe, Zhuozhou and so on. Hongkun Group's expected delivery area in 2022 will be higher than that of the previous year, that is, higher than 1.5 million square meters.
Recently, a number of owners of Hongkun Huayu in Jizhou District of Tianjin complained on the platform that the project has been suspended since September 2021, and it is only 6 months from the delivery of the house, but there is still a large area of construction that has not been completed, and there is a risk of postponement. The relevant departments of Jizhou District replied that the project side said that it could not resume work temporarily due to financial problems.
According to the filing information, the developer of Hongkun Mandarin is Beijing Hongkun Weiye Real Estate Development Co., Ltd., and Zhao Weihao, the actual controller of Hongkun Group, serves as a director of the company. According to Tianyan, on March 4, 2022, Beijing Herun Asset Management Co., Ltd., controlled by Zhao Weihao, was judicially frozen for 29.7 million yuan.
Judging from the various indications such as the extension of hongkun real estate debt, the inability to pay the financial management of Hongkun financial services, and the judicial freezing of Zhao Weihao's company, the risk of Hongkun's company is relatively high. At present, the guarantee payment and guaranteed delivery are the problems that hongkun and Zhao Weihao need to do their best to solve.