Ping An Trust apologized for the overdue product and solved the risk of real estate assets in the industry

Recently, the delay in the redemption of some products of Ping An Trust has attracted attention. On April 10, Ping An Trust responded that the company apologized to customers for the announcement of the postponement of the payment of Ping An Trust's Funing No. 615 trust plan, and was actively promoting the disposal of the project by continuing to follow up on the development and sales of the target project and the return of funds, and filing a lawsuit against Zhengrong Fang, the repurchase obligor.

In recent years, many trust companies have experienced the risk of real estate project redemption, and accelerating the risk resolution has become one of the main tasks of the trust industry. Industry insiders said that the stock of real estate trusts is large, and it takes a certain amount of time to resolve risks, and the risks of some trust companies cannot be expanded to the entire industry.

Deferred redemption of Ping An Trust products

The reporter learned that investors are highly concerned about the postponement of the payment of the "Ping An Trust Funing No. 615 Accumulative Capital Trust Plan" under Ping An Trust. The trust plan was established on September 29, 2021, with a duration of 30 months, raising funds of 772 million yuan to invest 70% of the equity of Xiamen Ronglu Real Estate Co., Ltd., thereby indirectly investing in the "Zhenhua Mansion" project under the name of Xiamen Lianzhengyue Investment Co., Ltd., which has been announced to be extended.

According to the temporary announcement of the major events of the trust plan disclosed to reporters by investors, since 2022, the investment target projects of the trust have not been as expected. The sales speed of the "Zhenhua Mansion" project is slow, and the sales unit price is gradually decreasing according to market conditions. It is understood that the total sales area (excluding parking spaces) of the "Zhenhua Mansion" project is 100,505.6 square meters, of which the saleable area of residential buildings is 98,546.95 square meters, the total number of planned residential units is 1,029, the total number of planned commercial units is 33, and the total number of planned parking spaces is 1,029. As of the latest announcement date, "Zhenhuafu" has received a total of 523 million yuan in sales, with a removal rate of about 21%.

In addition, the above announcement shows that the trustee will simultaneously transfer and withdraw the underlying equity held by the trust plan, but there is no clear intention to buy it at present. As of the date of the announcement, there is no cash recovery of the trust plan, and in accordance with the provisions of the relevant trust deed, the trust plan is extended until the date of full sale of the trust property or the date when the surviving beneficiaries expect the trust benefits to be fully distributed (whichever comes first). Ping An Trust's statement on the 10th said that it is actively promoting the disposal of the project through various ways. At present, the company's overall performance is stable and the operating condition is good.

"The deferred payment of a single product does not mean that the company as a whole is in crisis. In fact, it is normal for some products of a single company to be deferred, and if there is more real estate business before, there may be new project risk exposure in the future. An insider of a trust company told reporters that it can be seen from the announcement of the project that Ping An Trust has taken various project disposal measures such as judicial proceedings and equity transfer.

Industry risks are gradually exposed

In recent years, a number of trust companies' real estate-related projects have fallen into a cash-out crisis, and industry risks have been exposed one after another.

A few days ago, Sichuan Trust was approved for bankruptcy. In 2020, a number of Sichuan Trust's capital pool products were overdue, and many products could not be redeemed normally. On the one hand, the TOT trust products that triggered the redemption crisis have a high rate of return, and on the other hand, the threshold is low, and the investment threshold of some projects is only 300,000 yuan, which is significantly lower than the standard of 1 million yuan. After the product was overdue for more than three years, the Sichuan Trust redemption plan was announced in December 2023.

Similarly, some of Ping An Trust's products have been deferred for many years. Taking the "Ping An Trust Xiangyuan No. 92 Accumulative Capital Trust Plan" as an example, the trust plan was established on May 27, 2020, and the payment was deferred for nearly 2 years, and the trust funds were used to obtain the right to the specific assets of the Lanling Yufu project under the name of Bengbu Rongsheng Jinye Real Estate Development Co., Ltd., and were repurchased by the financier at maturity, and the financing funds were mainly used for the development and construction of the Lanling Yufu project. The project is guaranteed by Langfang Development Zone Rongsheng Real Estate Development Co., Ltd. for two land mortgages, and Rongsheng Real Estate Development Co., Ltd. provides joint and several liability guarantees.

In addition, in recent years, some projects of Wanxiang Trust have been suspended and postponed. A number of investors revealed that Wanxiang Trust Health Education No. 2 and No. 4 Trust plans issued an announcement on deferred payment in 2023.

Talking about the reasons for the continuous exposure of real estate trust risks, a trust industry researcher said that real estate trusts used to be an important business of trust companies, and after the "three red lines" policy, the financing channels of real estate enterprises were tightened, and the real estate market took a sharp turn during the epidemic, and the operating income of real estate enterprises fell sharply, which affected the payment of real estate trust projects.

An insider of a trust company said: "Combing through the trust companies exposed to real estate risks in recent years, you will find that most of them are large-scale trust companies, and the rapid development of real estate business in the past few years thinks that 'real estate has no risk'." Up to now, product deferred payment incidents have continued to be exposed. ”

There are many ways to deal with risk

"The current risk of the trust industry can be simply divided into two aspects, one is the general business risk exposure of trust companies. In the past period, the concentration of trust funds in specific areas was too high, and when the real estate industry was in a downturn and fiscal tightening, project risks were triggered. Second, in recent years, some institutions have fallen into operational difficulties due to non-standard corporate governance and long-term illegal operations, resulting in overall risk exposure. A researcher at a trust company said.

At present, the trust industry is in a critical period of transformation and development, and trust companies are under the dual pressure of promoting business transformation and innovation and risk resolution. For trust companies, business transformation and risk mitigation are indispensable.

"In terms of disposal and resolution of stock risks, in addition to conventional means such as collection, litigation and disposal of mortgage assets, trust companies can actually adopt market-oriented disposal methods such as taking over the construction and transferring creditor's rights to AMC in recent years. A researcher in the trust industry said.

In addition, industry insiders introduced: "In the case of deferred payment of some products of the trust company, if the conditions are relatively perfect when conducting business, and the trust company also has pledged assets that can be disposed of, then a considerable part of the funds can still be disposed of." ”

A number of trust company insiders told reporters that it takes time to resolve the risk of real estate trusts, which is not only a tough battle, but also a protracted battle. It is necessary not only to strengthen the construction of a comprehensive risk management system, but also to take multiple measures at the same time and make efforts to continue to promote it. At the same time, we should not generalize and expand the risks of the entire industry because some trust companies have relatively large risks.