A product of CITIC Trust is suspected of being unable to be redeemed normally.
After waiting for 147 days, the investors still had no results.
On July 14, Beijing investor Shen Yu (pseudonym) told Times Finance reporters that three investors had offline communication with seven people including CITIC Trust’s managers and lawyers at the Beijing headquarters that day. , focusing on issues such as product payment and solutions.
The above-mentioned investors stated that “there is no substantial progress and no commitment, but the other party is relatively cheerful.”
Previously, on July 13, several investors told Times Finance that CITIC Some products of the Shenzhen Longgang Financing Collective Fund Trust Plan (hereinafter referred to as the "Shenzhen Longgang Plan") subscribed by the trust in July 2020 could not be redeemed normally. The total scale of the plan is 8.7 billion yuan, and the remaining unpaid capital is about 5.7 billion yuan.
Some investors also told Times Finance reporters that the payment for some products refers to different capital amounts of 5%-18%, but only until April 11 this year. Starting from September last year, interest gradually There has been no calculation.
On July 13, a person close to CITIC Trust responded to Times Finance and said, "I am working hard to deal with this matter now. The company has been communicating with the real estate company, and some other factors are also involved. Convenience Announce information to investors as soon as possible.”
However, the person did not confirm the information described by the aforementioned investors.
On the same day, a director of a wealth center of CITIC Trust revealed to Times Finance, “This project (Shenlonggang project) happened a long time ago, and now it is indeed a temporary breach of contract. Everyone has started to sue each other, maybe The conclusion is to wait for the other party to return the assets, but now (the real estate company) does not have (the assets) due to market difficulties." Shen Yu, who participated in the offline communication, told Times Finance, "I asked the lawyer on the scene today. , the other party said that if litigation proceedings are initiated, the process will take about one to two years. ”
According to the product contract given by the investor, Times Finance discussed the current problems encountered by the product and the payment issues involved. Interview letters were sent to the two supervisors who manage the trust plan, but no response was received as of press time.
More than 10 million yuan was paid, and the mortgage was affected.
Many investors told the Times reporter that the Shenzhen Longgang Plan is a home trust product subscribed by their CITIC Trust Wealth Department. In addition, this product is also sold according to CITIC Bank, but the proportion is not high.
“There are 5.7 billion yuan of unpaid funds for all projects, and interest has been calculated since September last year.” On July 13, Shenzhen investor Zhao Zhou (pseudonym) told Times Finance that he was unable to plan in Longgang, Shenzhen The 3 million yuan he subscribed from CITIC in July 2020 will be paid upon maturity. CITIC Trust did not provide any practical solutions.
CITIC Trust’s information disclosure report for the second quarter of 2022 released on July 12 showed that the planned capital balance was 56. During the reporting period, RMB 29.87 million in repayment assets were received from borrowers, and relevant trust rights and interests were distributed to investors.
Times Finance learned from the brand promotion book given by investors that Shenlonggang plans to be sold on July 17, 2020, with a term of no more than 36 months. The 8.7 billion yuan raised will be invested in the development and construction of the Shenzhen-Hong Kong International Center.
If all goes well, it will surpass the current Ping An Financial Center in the future and become a "new landmark" in Shenzhen.
Trust products are divided into five categories, ABCDE, with terms ranging from 12 months to 24 months. Depending on the subscription scale, the annualized rate of product A is 6.7%-7.4%, the annualized rate of product B is 6.8%-7.5%, and so on, product E can reach up to 7 categories.
Overdue risks have been gradually exposed since the end of February this year.
February 17 this year is the partial maturity date of CITIC Trust and Shenzhen Longgang Financing Collective Fund Trust Plan (1.294 billion yuan).
On February 16, CITIC Trust held an online investor meeting with the project party, and planned to pay 10% of the 94 million yuan capital of 12 yuan and part of the interest in advance on the maturity date, with a total interest of 10%. The remaining $8.2 billion will be extended to 2024.
The actual extension plan is: 25% of the loan principal (as of February 15, 2059) and part of the interest, with a total interest of approximately 20% and 80,000 yuan; 35% of the loan principal will be repaid in 2023. % and part of the interest, the total interest is approximately 24%, or 32 million yuan; in 2024, 40% of the loan principal and part of the interest will be repaid, and the total interest is approximately 2.514 billion yuan.
However, since the meeting on February 16, the market has been turbulent and investors have become increasingly confused.
Zhao Zhou told Times Finance, “A few days before the meeting, my financial manager contacted me and said that there might be a problem with the goods.” In addition, investors in Shanghai, Guangzhou, Hangzhou and other places also received letters from the financial director. tips. Zhao Zhou’s first reaction at the time was “How could such a big project explode?”
Hangzhou investor Zhang Xin (pseudonym) told Times Finance, “Initially, the exhibition plan was to take place on February 16 According to this amount, we think it is acceptable to pay more than 10 million yuan per day. But around March 3, CITIC Trust told investors that this (payment plan) does not count and the product has entered the inspection period. , everyone is confused.”
In view of the “investigation period”, Times Finance learned from the announcement issued by CITIC Trust on March 3 that on February 17, 2022, the project party did not meet the full commitment. Instead of paying accounts due under the trust, assets are gradually paid into the trust plan each business day. The trustee feels that gradually reducing the financing exposure will help promote the restructuring of the assets behind the project. Therefore, in accordance with the beneficiary profit maximization standard and the relevant commitments in the trust contract, the trustee announced the trust plan and entered an inspection period. The first inspection period is from March 4, 2022 to May 31, 2022. During the observation period, the trustee will urge the other party to fulfill its repayment responsibilities based on the repayment system and the repayment target for each working day.
But soon, the plan also failed during the "investigation period".
On April 29, CITIC Trust issued an announcement stating that from March 4 to April 18, the project sponsor paid 38 million yuan to the trust plan. However, transfers will be terminated from April 18 because the payment received is less than the estimated amount. CITIC Trust still stated in the announcement that it will try its best to find solutions to various risks again and does not rule out the possibility of taking further measures.
However, investors do not agree with CITIC Trust’s mentality of “taking further measures”.
According to an interview with Times Finance, the core demand of investors is that CITIC Trust has failed to fulfill its duties as a trustee, and they expect it to give clear answers to various questions.
Many investors told Times Finance, "This letter and service are not in place. The China Information Office cannot be reached by phone. You must call the official website hotline to transfer, and the trust manager cannot be contacted."
Investor Duan Yu (pseudonym) said, “I communicated with the financial manager a few days ago and asked some of the borrowing companies involved today whether CITIC Trust had submitted the maximum limit to the court. The other party said no. From a common sense, this should be a quick fight. It was a quick decision, but CITIC Trust has not taken any action so far. "The supervisor actually said that everyone (CITIC Trust) must cooperate with each other, which makes me very angry," Duan Yu said.
On July 13, an investor close to CITIC Trust responded to Times Finance saying, “The trust company has been thinking of ways to solve this problem and has also communicated with real estate companies, but it also involves some other factors. . It is convenient to announce information to investors as soon as possible.”
On that day, Times Finance called China Chengxin Trust Wealth Center in the name of consultation. A supervisor revealed, “This project (Shenlonggang Project) was launched a long time ago. It is indeed a temporary breach of contract. Everyone has started to sue each other. The possible result is to wait for the other party to repay, but due to market problems (the real estate company) has no (assets).”
From February 17. Some commodities gradually expired, and 147 days had passed since CITIC Trust met with investors on July 14.
Investor Li Nan (pseudonym) *** subscribed for about 10 million yuan, which affected her life.
“I haven’t received a penny for 84 days, but the loan bank will not stop. My children’s school fees still have to be paid, and the elderly’s medical treatment expenses should not be owed,” Li Nan said. "Originally, the interest was paid according to the promised time, and the family had enough. Now it is all 'locked'."
She also lamented, "During the epidemic, everyone's income has been affected, and the pressure is really will be huge.
Unexpectedly, I bought a trust and wanted some interest to turn it into family finance? ”
Duan Yu subscribed 3 million. He told Times Finance, “Now my family is sick, waiting for money for surgery, and my children have to go to school, so the cycle is very tight. ”
Another product is prepayment?
Times Finance has noticed that although the Shenzhen Longgang project has experienced risks, CITIC Trust is suspected of settling the project in advance on March 31 this year. A project - China Merchants Universiade Trust Project (hereinafter referred to as "China Merchants Universiade")
Times Finance learned that China Merchants Universiade was planned to be established on April 27, 2020, and the official website of CITIC Trust was launched in March this year. The liquidation report of the plan was announced on March 31.
Some investors told Times Finance, “Their question is whether there is any relationship between the China Merchants Universiade project and the Shenzhen Longgang project, and why this can be resolved earlier, while we no? ”
According to the recording obtained by Times Finance from investors and the statement of a supervisor of CITIC Trust, the supervisor stated in the communication, “Except for the Shenzhen Longgang project, no one has any obligation to invest in the project for the benefit of other investors.” Publish other (project) information. ”
According to Times Finance, the funds from the Shenzhen Longgang Plan were invested in the Shenzhen Shenzhen-Hong Kong International Center. The developer and builder of the Shenzhen-Hong Kong International Center is a company called New Milestone Industrial. Public information shows that New Milestone Industrial In 2020, it applied for a three-year loan of 1.5 billion yuan from CITIC Trust. By the end of 2020, the loan amount was 100 million yuan, and the relevant guarantees had not been completed.
Times Finance found that in December 2017, a company named Fujian. The company invested by New Milestone owns 4.3 billion yuan of state-owned construction land for the Shenzhen-Hong Kong International Center Complex Project. The project is located in the core business district of Dayun New City, Longcheng Street, Longgang District, Shenzhen. According to the project, the land is owned by the company. It is planned to build a 600-meter-high landmark building. The major shareholders of Fujian New Milestone and New Milestone Industrial are the same real estate company.
Are Shenzhen-Hong Kong International and Dayun City the same project?
An investor told Times Finance, “Renhe and the chief executive of CITIC Trust confirmed that the China Merchants Dayun City project is a 1.5 billion loan project in Shenzhen Dayun sold by China Merchants Bank. It is safe to say that the China Merchants Universiade Trust Plan is also operated by the Shenzhen Longgang project manager and team. ”
In other words, if the 1.5 billion yuan loan from New Mileage Industrial and the China Merchants Dayun Plan sold by CITIC Trust are the same project, then the China Merchants Dayun Plan should expire in April 2023. CITIC Trust Why was the trust settled at the end of March this year?
Due to the above statements from investors, Times Finance was unable to obtain detailed project information for its investment in Dayun, nor was it able to find correlations in public resources. At the same time, CITIC Trust was unable to respond to Times Finance’s interview request.
Looking at 2021, CITIC Trust’s revenue and profit growth have slowed down compared with last year.
CITIC Trust’s financial statements show that. The completed income in 2021 was 87.5 billion yuan and 45 million yuan respectively, a decrease of 1.8%. The net profit for shareholders was 3.5 billion yuan, a decrease of 9.2% from 380 yuan in 2020. p> Financial statements show that as of the end of 2021, its trust asset balance was 978.8 billion yuan, falling below 1 trillion yuan, a year-on-year decrease of 20%. In 2021, CITIC Trust added 225 new trust projects, with a paid-in trust scale of 330 billion yuan. . Trust assets actively manage trust assets accounting for 73%, including infrastructure, financial system, cultural technology, industrial manufacturing and other industries.
In addition, the financial statement also mentioned that CITIC System Trust, insurance trust, and public welfare. There are more than 3,600 trust service customers, with entrusted assets of nearly 56 billion yuan, a year-on-year increase of 13%.