After Wenzhou, a new wave of lending crisis occurred in the private industrial and commercial sector in Zhejiang. Due to the formation of mutual guarantee loan chains between enterprises, when a company is in crisis, the enterprises implicated in its guarantees are subject to bank loans, and as the guarantee chain continues to spread, hundreds of companies are experiencing a capital chain crisis. Among them, Hangzhou furniture industry is the hardest hit area. Recently, with the intervention of the local government, the situation has eased, but the company's chill is still there.
Domino effect <br> More than a month ago, Zhou Dewen, president of the Wenzhou SME Promotion Association, received a phone call telling him that 600 companies in Hangzhou were caught in a capital chain crisis caused by bank loans, and asked him to come forward for a Hangzhou enterprise appeal. A few days later, Hangzhou entrepreneurs also contacted him for help.德 地域 地域 地域 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周 周
He Yang, director of the Beijing Enterprise Research Institute, told the Times Weekly that banks are mainly lending mortgages and secured loans to enterprises, and they are basically unwilling to issue credit loans, except for large state-owned enterprises such as Sinopec. Private enterprises are mostly small and medium-sized enterprises, lacking sufficient mortgages and pledges. Therefore, they generally issue secured loans. Other enterprises provide guarantees for loan companies. When the other party does not pay, they must bear the joint and several liability for repayment. For some large loans, the guarantee company may lack sufficient strength. Therefore, the bank will adopt the joint guarantee method innovatively, that is, three or more enterprises will form a guarantee complex, and all members will bear the loan for any one of them. Joint responsibility.
Such mutual insurance and joint guarantee loans are quite popular among private enterprises in Zhejiang. It is understood that this model accounts for 60%-70% of the total financing ratio of Zhejiang enterprises.
"In this way, enterprises and banks are welcome, but they also have hidden risks. When the money is tightened, the risks are very high. This kind of mutual insurance, joint guarantee loans, and guarantee companies often have a loop, sometimes banks. A loan for a loan, pressure, will cause a chain reaction." Zhou Dewen said.
In private enterprises, mutual guarantees between companies in the same industry or in the upstream and downstream of the industrial chain are also very common. Entrepreneurs believe that companies in the same industry know each other and are willing to guarantee each other. But it is also easy to cause an industry to "loss one loss." The Hangzhou furniture enterprise has become the hardest hit area, that is, the industry has been in crisis. The capital chain crisis caused by the guarantee originated in December last year. The manager of the Jiangsu Branch of Tianzhu Construction, which was registered in Dongyang, was arrested by the court for suspected illegal fund-raising. All the accounts and real estates of Tianzhu Construction were successively frozen and sealed by the court. .
After Tianzhu Construction became the first dominoes to collapse, the Jiayi Group, the leader of the mutual protection enterprise in Hangzhou, was the first to suffer. Xinzhou Furniture, a subsidiary of Jiayi Group, provides guarantee for the construction of a 100 million yuan loan from CCB. In January of this year, Jiayi Group was collected by CCB, and other banks also stepped up the pace of collection. The Group received a total of 115 million yuan from 8 banks, and the company was in critical condition.
Huazhou Group, another company under the Jiayi Group, also has a mutual security relationship with Tianzhu Construction. Therefore, Huazhou is also affected by the company, and the guarantee circle enterprises with Huazhou Group as the origin are Rongye Industry, Goldman Sachs Group, Zhejiang Zhongye Holdings and its affiliates, and Zhejiang Zhengjian Group Construction Co., Ltd.
Huazhou Group is honored with a total guarantee of 30 million yuan, and the facts industry is a total guarantee of 98 million yuan for Huazhou Group. Huazhou is 40 million yuan for each of the Goldman Sachs Group's mutual insurance, and the amount of mutual insurance loans between Huazhou and Zhongye Holdings is also 40 million yuan. Huazhou Group guarantees 57.10 million yuan for Zhejiang Zhengjian, and Zhejiang Zhengjian guarantees 150 million yuan for Huazhou Group.
Starting from each company, a guarantee circle will be formed, which will eventually form a interlocking guarantee structure. Starting from the facts of Rong, there are five circles. For example, Hangzhou Dongxin Wood, Hangzhou Boyang Furniture, Zhejiang Jiulong Holding Group, Zhejiang Tiger Group, Zhejiang New Century (002280) Pipes, etc. Boyang Furniture and Hangzhou Kangshun Trade are mutually protected with Kowloon Holdings. The mutual insurance unit with Boyang Furniture is Zhejiang Jingrui Office Furniture and Zhejiang Maishang Furniture.
The crisis began to spread along the chain of guarantees. At the beginning of March, Rong’s facts were collected by the Bank of Beijing (601169) for 30 million yuan. On March 26th, Tiger Group was affected by the factual industry loan collection, and its own problems caused by the acquisition, was collected by Huaxia Bank (600015) 40 million yuan, and on March 27, Bank of China (601988) received 40 million loans. yuan. In April, the enterprises in the downstream guarantee circle of the Tiger Group continued to receive loans. The Zhengbang Hydropower in the mutual protection chain has received 45 million yuan from four banks in just 45 days since April.
According to media reports, Yu Zhongjiang, the chairman of Zhongjiang Holdings, was unable to repay the loan shark and the capital chain was broken. On June 14th, the Hangzhou police was arrested for allegedly illegally absorbing public deposits. It is another domino of the crisis in this round of guarantee circle in Hangzhou. starting point. Yu Zhongjiang’s debt amounted to several billion yuan, involving three banks, more than a dozen large companies, and hundreds of small companies. Many companies have fallen into the capital chain.
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