Recently, Wanxiang Trust officially released the 2023 annual report data, and its self-operated non-performing rate has reached 78.75%, an increase of nearly 10 points from 2022.
The results of 60 trusts were announced
Wanxiang Trust's performance suffered a loss for the first time: in 2023, it will achieve operating income of 293 million yuan, a year-on-year decrease of 66.24%; The net profit was a loss, and the net profit was -203 million yuan, a year-on-year decrease of 162.02%. The company's total assets are 3.74 billion yuan, liabilities are 1.362 billion yuan, and net assets are 2.378 billion yuan.
According to the statistics of Blue Whale News: As of now, 60 of the 67 trust companies have released 2023 annual performance reports or data. Seven trust companies, Minsheng Trust, Zhongrong Trust, CEFC Trust, Sichuan Trust, Beijing Trust, New Era Trust and Cedar International Trust, were not publicly disclosed.
Among them, Sichuan Trust, New Era Trust and CEFC Trust have not published annual reports for three years, and Beijing Trust has not published its 2022 annual report. In addition, according to the unaudited operating data of Cedar Trust in 2023 disclosed in the interbank market, Cedar Trust will have a net loss of 154 million yuan in 2023.
It is worth noting that among the 60 trust companies that have disclosed performance data, 30 trust companies will show negative growth in operating income in 2023. Only Hangzhou Industrial and Commercial Trust's operating income in 2023 will show a loss, and its operating income in 2023 will be -114 million yuan, a year-on-year decrease of 43.56%.
In terms of net profit, 33 companies will have a year-on-year decline in net profit in 2023, and 9 companies will have a negative net profit.
Trust companies are dragged down by real estate
According to the statistics of Shanghai Trust Circle, the total scale of Wanxiang Trust management is 83.1 billion yuan, of which the scale of real estate business is 44.443 billion yuan, accounting for 53.47%, ranking first among all trust companies.
At the beginning of December 2023, many of its products either stopped paying interest or rolled over, which attracted market attention. An internal investor communication meeting will be held on December 8. President Wang Yonggang said that at present, 1/3 of the balance of 8.5 billion yuan of the company's actively managed real estate business is still operating normally, 2/3 is overdue, only 2 projects have not been extended by the beneficiary general meeting, and other projects are still within the extension period voted by the beneficiary general meeting.
Wanxiang Trust is the only privately held trust company in Zhejiang Province, with a registered capital of 1.339 billion yuan and a strong shareholder background. China Wanxiang Holdings Co., Ltd., which is actually controlled by Lu Weiding, is the largest shareholder of Wanxiang Trust, holding 76.50% of the shares.
Up to now, 54 trust companies have disclosed the scale of real estate trust assets in their annual reports, of which 28 trust companies have real estate trust assets of more than 10 billion yuan, and 41 trust companies have real estate trust assets accounting for less than 10% of the company's overall asset management scale.
According to the data released by the China Trust Association, as of the end of the third quarter of 2023, the scale of fund trusts invested in real estate was 1.02 trillion yuan, a year-on-year decrease of 259.677 billion yuan, a decrease of 20.28%, accounting for 4.51% of the total entrusted assets. Based on this, the China Trust Association made it clear that the era of traditional real estate trust business as the main business mode of trust has come to an end.