Cedar Trust, which once brought infinite hope to investors, did not become a "white knight" after all. After a month, the troubles faced by Cedar Trust were not limited to the disposal of historical projects. According to recent information, the new products independently issued by Cedar after it entered Zhongjiang Trust may also face the risk of delay.
It is reported that Cedar Trust successively issued interim information disclosure reports on trust plans Changhui No.77, Changmao No.7 and Changmao No.33 in official website before the Spring Festival. Compared with the historical legacy projects such as Jinhe, Jinma, Jintu and Hujin, which frequently publish temporary information disclosure, Cedar Trust rarely publishes temporary information disclosure for its own long X series products.
According to the inquiry, the above three trust plans are all invested in subsidiaries of Huaxia Happiness. See the table below for details:
The interim information disclosure reports of the above three trust plans show that "the guarantor Huaxia Happiness Foundation Co., Ltd. (hereinafter referred to as" Huaxia Happiness ") (600340) issued an announcement on February 2, 20021year, claiming that some debts could not be repaid as scheduled due to multiple rounds of epidemics such as macroeconomic environment, industrial environment and credit environment. As of the announcement date, the balance of principal and interest involved in overdue debts of Huaxia Happiness and its subsidiaries was 5.255 billion yuan, involving bank loans, trust loans and other forms of debts. At present, we are actively negotiating with financial institutions involved in overdue to extend the term. At the same time, the establishment and first meeting of the Creditors' Committee of Huaxia Happiness Financial Institution was held on February 1 20265438, and our company appointed representatives to attend the meeting. The relevant contents of the meeting will be officially released to the participating institutions after being audited by the organizers of the meeting, and then our company will truthfully disclose them to the principals/beneficiaries. "
Obviously, Cedar Trust, like many banks, trusts and other financial institutions, has been involved in the debt crisis of Huaxia Happiness.
In fact, the problem of happiness fund in China has long been plagued by chronic diseases. Huaxia Happiness's first quarterly report in 2020 shows that by the end of March 2020, Huaxia Happiness's short-term debt (short-term debt+interest-bearing debt within one year) reached 74.572 billion yuan, a surge of more than 65.438+04 billion yuan compared with the end of 2006.5438+09, while the monetary fund was only 46.435 billion yuan. If we consider the limited funds, at the same time, Huaxia Happiness disclosed its sales performance in the first quarter of 2020. During the reporting period, the sales revenue reached 65.438+05.772 billion yuan, a year-on-year decrease of 48.35%.
Even in this context, Cedar Trust has successively issued several Huaxia Happiness Trust Plans since March 2020, including Changmao No.7, and the current scale is about165438+54 million yuan. In the trust industry, for real estate enterprises with tight capital chain and more negative information, trust companies usually design stricter credit enhancement measures (land and real estate mortgage, equity pledge, group guarantee, fund supervision, chapter management, performance appraisal, etc.). When issuing products, the trust plan of Cedar Trust is basically guaranteed by Huaxia Happiness Group, without any physical collateral.
This has to be reminiscent of those online celebrity listed companies that Zhongjiang Trust has trampled on in batches, and some project financiers have entered bankruptcy proceedings, because there is no collateral as a risk grabber, which may cause a lot of bad debts. After Cedar entered Zhongjiang Trust, it should take Zhongjiang Trust as a mirror and be more strict in risk control design. However, judging from several projects issued by Cedar Trust since then, its risk control level has not changed substantially.
As early as last September, dozens of evergreen series products issued by Cedar Trust were suspected of self-melting, which led to an in-depth investigation by the Securities Times. Although Cedar Trust tried its best to clarify, the report had a far-reaching impact and could not get rid of the suspicion of self-melting.
The amount involved in stepping on Huaxia Happiness this time is as high as165438+54 million, which will undoubtedly bring greater pressure to Cedar Trust, which has already "defaulted". More than 20 historical legacy projects issued by Zhongjiang Trust have been broken, so it may be more than a month before the Huaxia Happiness Project independently issued by Cedar Trust can be honored.
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