The “Wenzhou Storm†triggered by the crisis of funds, private lending, and the break of the capital chain has brought about a chain reaction. How much impact will it have? Will there be a wave of bankruptcies similar to 2008?
Due to the tightness of the capital chain and the difficulty in repaying debts, Wenzhou recently erupted the business owner's 'running tide' and even committed suicide by the boss. Nowadays, the 'running road tide' has spread, and a few days ago, the Shenzhen LED business owner ran home, and a real estate boss in Ordos hanged himself. In order to save themselves, some Wenzhou bosses began to sell luxury cars, sell real estate, and withdraw funds to develop industry.
Can the 'National 9 Articles' block the spread of the Wenzhou crisis? The Standing Committee of the National People's Congress and the Deputy Chairman of the House Judiciary Committee, Vice Chairman of the Central Committee of the Democratic National Construction Association, said that the government should further regulate private lending and wary of the Chinese subprime crisis.
Wenzhou boss sells luxury cars and throws cash
A Mercedes-Benz S600, the market price of 2.6 million now only 400,000. Do you believe? Maserati, Rolls Royce, Lamborghini... a variety of limited edition top luxury cars, recently gathered in Wenzhou's used car market. Due to the tight capital chain, some bosses in Wenzhou sold luxury cars and sold real estate to withdraw funds to develop the industry.
The reporter saw in the second-hand car market in Wenzhou that there are more than 50,000 and 600,000 cars, and there are no shortage of millions of vehicles, even tens of millions of Rolls-Royce. In the market, two or three vehicles can appear at once. 'These are selling cars here in the past few months, most of them are bosses with problems with funds. 'Used car dealer Chen Li told reporters.
The reporter saw that a large number of cars were in 2010, and some were in 2011, including a Porsche Cayenne, which was purchased in September 2011. Chen Li said that the car had only opened more than 2,000 kilometers, basically brand new, and the owner insurance was paid in 2013. 'If it is not a problem with funds, rush to cash out, who is willing to sell. It took less than a month to open, and lost five or six hundred thousand. '
Mr. Li saw at least 90% of the new Mercedes-Benz S600. The car was bought at around 2.6 million, but the seller’s sales price was only 400,000! In the subsequent conversation, Mr. Li learned that the car was originally The luxury car belongs to the ownerless car, that is, the owner is no longer there, and even if the fee is paid, the transfer procedure cannot be completed. Although the seller said that there are ways to help transfer the account, but Mr. Li did not have a fork.
During the Golden Week of the 11th, the Shanghai Housing Exhibition also staged a scene in which Wenzhou merchants sold Shanghai real estate. A small business owner in Wenzhou said that four sets of Shanghai houses were listed for sale in the past, and the set was 500,000 cheaper than before. In fact, since mid-September, there have been many 'Wenzhou passengers selling houses' in the Shanghai real estate market. These houses are hundreds of thousands or even millions of yuan lower than the market price. Wenzhou passengers even include high-end sports cars. . In Hangzhou, Wenzhou and other places, Wenzhou businessmen selling flats have recently become commonplace. Zhang Boss, who runs an auto and motorcycle company in Wenzhou, was in urgent need of 8 million yuan due to debt maturity. He had to urgently sell the property invested two years ago and withdraw funds.
The decision of Wenzhou businessmen to sell houses is a last resort. In the first half of the year, bank loans have basically stopped. Enterprises can only rely on private lending. Private lending has interest rates of 10% to 20% in the past year, and this year it has exceeded 50%. In addition to private lending, companies have borrowed each other, but in the second half of this year, there is no way to borrow money from others in Wenzhou.
Recently, Liu Xinhao, the chairman of Qixinqi Group, has lost nearly 2 billion yuan in debt, but it is not known that Liu Xinhao has transferred 88.92% of the shares he holds in Xinyang Electric before he heard it, and he no longer holds any positions. .
The reporter visited Liu Xinhao's Xinyang Electric Appliance Co., Ltd. in Xidian Town Industrial Zone, Ninghai County, Ningbo City. The workers told the reporter that they heard that the boss was running but was controlled by the Public Security Bureau, and they did not go to work until October 11.
When the reporter came to the Ninghai County Industry and Commerce Bureau to inquire about the information of Xinyang Electric, the staff said: 'Are you also coming to Xinyang Electric to pay for the debt?' The staff said that there have been many creditors in the near future to check out Xinyang Electric and Liu Xinhao. data of.
'A variety of large and small creditors, many of them went to the court to appeal. Two days ago, a person who loaned Liu Xinhao's 5 million loan sharks and a lawyer came together. The creditor said that he would return to the 5 million yuan and would give the lawyer 20% of the reward. 'This staff told reporters. The basic situation of Xinyang Electric Appliance Co., Ltd. presented by Ninghai County Industry and Commerce Bureau shows that its legal representative has been changed to Zhou Weiqing with 11.08% equity, and 88.92% equity of Liu Xinhao has been transferred to Liu Mingxia, who is currently a supervisor. It is understood that Liu Mingxia is probably the daughter of Liu Xinhao.
The equity change took place on August 30, 2011. At this time, Liu Xinhao knew that he could not pay the salary in August, could not afford the loan of 1.095 billion yuan, and could not afford 800 million private loans every month. There is only a huge burden of nearly 30 million interest.
Due to the tightness of the capital chain and the difficulty in repaying debts, Wenzhou recently erupted the business owner's 'running tide' and even committed suicide by the boss. Nowadays, the 'running road tide' has spread, and a few days ago, the Shenzhen LED business owner ran home, and a real estate boss in Ordos hanged himself. In order to save themselves, some Wenzhou bosses began to sell luxury cars, sell real estate, and withdraw funds to develop industry.
Can the 'National 9 Articles' block the spread of the Wenzhou crisis? The Standing Committee of the National People's Congress and the Deputy Chairman of the House Judiciary Committee, Vice Chairman of the Central Committee of the Democratic National Construction Association, said that the government should further regulate private lending and wary of the Chinese subprime crisis.
Wenzhou boss sells luxury cars and throws cash
A Mercedes-Benz S600, the market price of 2.6 million now only 400,000. Do you believe? Maserati, Rolls Royce, Lamborghini... a variety of limited edition top luxury cars, recently gathered in Wenzhou's used car market. Due to the tight capital chain, some bosses in Wenzhou sold luxury cars and sold real estate to withdraw funds to develop the industry.
The reporter saw in the second-hand car market in Wenzhou that there are more than 50,000 and 600,000 cars, and there are no shortage of millions of vehicles, even tens of millions of Rolls-Royce. In the market, two or three vehicles can appear at once. 'These are selling cars here in the past few months, most of them are bosses with problems with funds. 'Used car dealer Chen Li told reporters.
The reporter saw that a large number of cars were in 2010, and some were in 2011, including a Porsche Cayenne, which was purchased in September 2011. Chen Li said that the car had only opened more than 2,000 kilometers, basically brand new, and the owner insurance was paid in 2013. 'If it is not a problem with funds, rush to cash out, who is willing to sell. It took less than a month to open, and lost five or six hundred thousand. '
Mr. Li saw at least 90% of the new Mercedes-Benz S600. The car was bought at around 2.6 million, but the seller’s sales price was only 400,000! In the subsequent conversation, Mr. Li learned that the car was originally The luxury car belongs to the ownerless car, that is, the owner is no longer there, and even if the fee is paid, the transfer procedure cannot be completed. Although the seller said that there are ways to help transfer the account, but Mr. Li did not have a fork.
During the Golden Week of the 11th, the Shanghai Housing Exhibition also staged a scene in which Wenzhou merchants sold Shanghai real estate. A small business owner in Wenzhou said that four sets of Shanghai houses were listed for sale in the past, and the set was 500,000 cheaper than before. In fact, since mid-September, there have been many 'Wenzhou passengers selling houses' in the Shanghai real estate market. These houses are hundreds of thousands or even millions of yuan lower than the market price. Wenzhou passengers even include high-end sports cars. . In Hangzhou, Wenzhou and other places, Wenzhou businessmen selling flats have recently become commonplace. Zhang Boss, who runs an auto and motorcycle company in Wenzhou, was in urgent need of 8 million yuan due to debt maturity. He had to urgently sell the property invested two years ago and withdraw funds.
The decision of Wenzhou businessmen to sell houses is a last resort. In the first half of the year, bank loans have basically stopped. Enterprises can only rely on private lending. Private lending has interest rates of 10% to 20% in the past year, and this year it has exceeded 50%. In addition to private lending, companies have borrowed each other, but in the second half of this year, there is no way to borrow money from others in Wenzhou.
Recently, Liu Xinhao, the chairman of Qixinqi Group, has lost nearly 2 billion yuan in debt, but it is not known that Liu Xinhao has transferred 88.92% of the shares he holds in Xinyang Electric before he heard it, and he no longer holds any positions. .
The reporter visited Liu Xinhao's Xinyang Electric Appliance Co., Ltd. in Xidian Town Industrial Zone, Ninghai County, Ningbo City. The workers told the reporter that they heard that the boss was running but was controlled by the Public Security Bureau, and they did not go to work until October 11.
When the reporter came to the Ninghai County Industry and Commerce Bureau to inquire about the information of Xinyang Electric, the staff said: 'Are you also coming to Xinyang Electric to pay for the debt?' The staff said that there have been many creditors in the near future to check out Xinyang Electric and Liu Xinhao. data of.
'A variety of large and small creditors, many of them went to the court to appeal. Two days ago, a person who loaned Liu Xinhao's 5 million loan sharks and a lawyer came together. The creditor said that he would return to the 5 million yuan and would give the lawyer 20% of the reward. 'This staff told reporters. The basic situation of Xinyang Electric Appliance Co., Ltd. presented by Ninghai County Industry and Commerce Bureau shows that its legal representative has been changed to Zhou Weiqing with 11.08% equity, and 88.92% equity of Liu Xinhao has been transferred to Liu Mingxia, who is currently a supervisor. It is understood that Liu Mingxia is probably the daughter of Liu Xinhao.
The equity change took place on August 30, 2011. At this time, Liu Xinhao knew that he could not pay the salary in August, could not afford the loan of 1.095 billion yuan, and could not afford 800 million private loans every month. There is only a huge burden of nearly 30 million interest.
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