[Epoch Times December 06, 2021](Epoch Times reporter Liu Yi comprehensive report) Mainland Jiangsu Yanghe Winery Co., Ltd. recently issued an announcement stating that the company purchased 72.51 million yuan of principal and Part of the investment income has not been paid at maturity.
Jiangsu Yanghe Distillery Co., Ltd. (Yanghe Co., Ltd.) announced on December 4 that Yanghe Investment, a wholly-owned subsidiary of the company, received the “CITIC Trust Jiahe No. 118 Evergrande Guiyang New World Accumulative Fund Trust Plan” from CITIC Trust “Temporary Information Disclosure”, the document shows that “the trust has not yet received the principal and premium payable by the debtor Guiyang New World Real Estate Co., Ltd. for the repurchase in full.”
On May 29, 2020, Yanghe Investment invested 190 million yuan (RMB, the same below) to subscribe for the “CITIC Trust Jiahe No. 118 Evergrande Guiyang New World Accumulative Fund Trust Plan” from CITIC Trust. It is agreed on June 21 and December each year. The trust income is distributed on the 21st, and the principal can be returned in advance. The product expiry date is November 29, 2021, and the redemption date is within ten working days of the expiry date.
However, after Yanghe Investment received the trust product principal of 117 million yuan and the investment income of 13.411,400 yuan, the remaining trust product principal was 72,513,500 yuan and the investment income of 95 million yuan after June 21, 2021 was not recovered.
Not only that, Yanghe shares also purchases other products involving Evergrande. According to a report on December 5 in China Fund News, Yanghe shares purchased the “Foreign Trade Trust-Furong No. 191 Collective Fund Trust Plan” for a principal of 100 million yuan. Used for the development and construction of the No. 4 plot of the Evergrande Tianjin Shanshui City Project and the return of shareholder loans, due on January 8, 2022; “Zhongrong Trust-Rongzhu No. 220 Collective Capital Trust Plan” has a principal of 200 million yuan, used The 10% equity of Shanghai Fengshun Real Estate Co., Ltd. held by the transferee Evergrande Real Estate Group or its designated third party and used for the development and construction of Plot G in Zhujiajiao Residential Area, Qingpu District, Shanghai, expires on February 27, 2022.
In addition, Yanghe shares invested 143 million yuan in Evergrande Nanjing and Xuzhou real estate projects, which expire on June 19, 2022; 150 million invested in Evergrande Kunming real estate projects, which expire on November 6, 2022.
The above-mentioned four investment projects involving Evergrande due in 2022 have a total amount of 591 million yuan.
The Evergrande Group has already issued a debt default announcement. Evergrande Group issued an announcement on the evening of December 3, stating that it had received a notice requesting the company to perform a guarantee obligation of US$260 million on the same day. In the event that the Group fails to perform guarantees or other financial responsibilities, it may cause creditors to demand accelerated debt maturity. In view of the current liquidity situation, the Group is uncertain whether it has restructuring funds to continue to perform its financial responsibilities.
Also on the evening of the 3rd, the Guangdong Provincial Government website of the Communist Party of China announced that China Evergrande Group announced on the Hong Kong Stock Exchange on December 3 that it could not perform its guarantee obligations. The Guangdong Provincial Government immediately interviewed the actual controller of China Evergrande Group. Xu Jiayin agreed to send a working group to Evergrande Real Estate Group Co., Ltd.
In response, commentator Wang Jian stated in his self-media program on November 3 that Evergrande is facing bankruptcy. Evergrande’s US dollar debt has an acceleration clause. The creditors require it to be repaid in advance, that is, all US dollar debts are repaid early, and this must be bankrupt.
Mainland finance and economics blogger “Moshuo Finance” said on Weibo on November 3 that after comparing Evergrande’s sales from January to September and sales from January to October, it found that Evergrande’s sales revenue in October was only 2.89 billion yuan.
Editor in charge: Lin Congwen