See unfinished
Editor’s note: This article from the micro-channel public number “engraved magnesium Property” (ID: Real-estate-Circle), of: magnesium carved property.
On March 24, 2021, in Zhengzhou, Henan, more than a dozen owners gathered at the sales office of Mingmen Tianjing Project. They can’t remember how many times they came here.
“Look, my house is there!” The owners began to laugh at themselves, pointing to the vacant lot. In the matter of fighting for the resumption of the project, they have not achieved many useful results after more than a year of rushing.
The intensified rumors of project closures, asset sales, trust backlash, capital chain crisis and so on by the developer of famous real estate seem to have become reality step by step.
As a former representative of a real estate company in the Yu family, nowadays it is difficult for the famous door to resist all this. This is no longer a problem that can be solved with a solemn statement.
The site of Mingmenyue Mansion where work was suspended. Photo by reporter Wang Jiafei every time
1
Sky Crisis
Mingmen Tianjing is located at the intersection of Nongye Road and Zhongzhou Avenue in Jinshui District, Zhengzhou City. It is an apartment project with a 40-year property rights. What worries the owners is that the project has never started after they bought it, and the promised 2022 delivery seems to be far away.
“I bought Mingmen Tianjing in June 2019. Actually, when I want to come, work was stopped at that time, but the sales explanation is environmental protection, I have no doubt. How can I think of it from then to now? No construction started.” Mr. Lin, the owner, told the reporter of “Daily Economic News”.
The owners gathered at the sales office told reporters about their house buying experience and outlined the current development outline of the project.
Mr. Lin said: “At that time, the streets were full of famous advertisements in Tianjing. I followed the agent to the sales office. Because the developer provided down payment instalments, you only need to pay about 70,000 yuan to buy a set. , So I bought it.”
“I borrowed about 320,000 yuan, and currently have to repay more than 4,000 yuan per month. According to the contract, I will pay 49,000 yuan in two installments at the end of June and December 2022.”
Because of his work, Mr. Lin passes by before the project every day, but the reality is that “from buying a house to the present, he has not started a day at all.”
Ms. Jiang bought this house just after graduation. She carries a monthly payment of nearly 4,000 yuan with a monthly salary of only 1,000 yuan.
“The pressure is really a bit heavy. I usually rely on various micro loans for my daily life.” Ms. Jiang felt helpless.
Ms. Jiang’s micro-loan repayment record
Mr. Tang, the owner who just settled in Zhengzhou, directed the spearhead to the brokerage company at the time: “The brokerage company was promoting this real estate, and there were advertisements everywhere. I really bought this out of trust in the brokerage company. I also bought an apartment with my friends. Now I can’t meet my friends. Later we asked the brokerage company and the answer was “The five certificates of the project are complete, and we don’t know it will be unfinished.”
However, a local agent in Zhengzhou told the reporter of “Daily Economic News”:
“The time when the brokerage company began to promote Mingmen Tianjing was about August or September 2019, when the project had already been suspended.”
“From the project unit price at the time, the commission for each set according to industry practice should be around 10,000 yuan, but as far as I know, the commission given by Mingmen Tianjing is about 40,000 yuan. You said that the brokerage company did not understand the inside story. , I’m afraid that’s not the case.” The agent said bluntly.
The embarrassment right now is that because the project did have all the five certificates, Mr. Tang and others successfully applied for the online signature, and they had real estate under their names. At present, they still need to repay the loan on time every month, but where is the house?
2
“Just entered”
In fact, after the well-known gate Tianjing has not yet started, the owners began to communicate and negotiate with the famous gate, but the process was not smooth. Mr. Lin said: “The people who docked us changed and changed. I can count 4 of them, but no one cares anymore.”
“Later, we used relevant departments to ask Manager Zhang, the project manager in charge of Mingmen Tianjing, for an explanation. The reason for the other party’s refusal to stop the work was because Zhengzhou City required pollution and dust prevention. Now Manager Zhang has stopped answering our calls.” /p>
The reporter immediately contacted Manager Zhang. After reporting his home, the other party dropped the sentence “You made a wrong number” and hung up the phone in a hurry.
Mingmen Tianjing sales office every time photo by reporter Wang Jiafei
At the sales office of Mingmen Tianjing, the huge exhibition hall has no lights. According to the reporter’s understanding, there are currently only 4 staff members left in the sales office, and two front desks were at work that day.
“What is the job content?”
The other party replied: “It is to complete the information and send the previous contract to the owner.”
“Can wages still be paid normally?”
The other party replied: “The salary will be delayed, but it will be paid in the end.”
“Where is Manager Zhang, please?”
The other party replied: “I haven’t seen him for a long time.”
Then the “Daily Economic News” reporter came to the scene of Mingmen Tianjing. It is slightly different from the overgrown weeds described by the owners. At present, some workers are constructing. One of the workers told reporters: “We have just entered the site, and we don’t know what we will do.” strong>
At present, the entire construction site has only built a frame of more than ten stories, and the other parts are bare ground, scattered with some building materials.
“Look, my house is there!” Mr. Tang pointed to an empty space and said with some dark humor.
Mingmen Tianjing project site every reporterPhoto by Wang Jiafei
Due to the owner’s reflection, the Fengchan Road Sub-district Office of Jinshui District responded to the progress of the project through the leader’s message board: “The project was suspended due to the exit of the general contractor in June 2019. After the general contractor exited, Mingmen Real Estate Company is actively negotiating with the original general contractor about the exit. At present, the new general contractor has entered the market, and the main body of the temporary building has been completed.”
Regarding the situation on the site, the official statement is: “The main body of the three buildings on the north side has been constructed to the 10th floor, and the earthwork of the three buildings on the south side has not been completed. If the construction of the three buildings on the north side continues, it will cause lateral pressure on the base earthwork. Increased, the earth excavation of the three buildings on the south side may cause uneven settlement, which will affect the safety of the main structure of the three buildings on the north side. At present, priority should be given to the construction of the three buildings on the south side. After the foundation raft construction is completed, the construction of the main structure will be synchronized .”
“At present, there are still 2 years before the contractual delivery date. Mingmen Real Estate expresses its confidence and ability to ensure quality and quantity, and deliver to the owner on time.”
These replies will be signed at the end of December 2020.
Source: People’s Daily Online Leaders’ Message Board
“According to the current situation, it is considered pretty good that it can be completed in 2024.” An on-site worker said.
3
Several suspensions
In fact, in Zhengzhou, there are far more problematic projects in Mingmen.
Mingmenyue Mansion, located at the intersection of North Third Ring Road and Jiuru Road, Zhengzhou City, public information shows that its selling price has reached 55,000 yuan per square meter. The design unit is a bungalow of 180 square meters or more, and the floor area ratio is only 1.49. Zhengzhou is a proper standard for luxury housing.
But the mansion that is positioned in this way is now in a crisis of stagnation and unfinished business. A worker working nearby told reporters: “I went to work here in June 2020 and have never seen anyone here since then.”
The unmanned office area is photo by reporter Wang Jiafei every time
The gate of the construction office of Mingmenyue Mansion was locked tightly. Walking along the gate of the marketing center on the side of the construction site, the dead branches and leaves mixed with garbage were piled on the side of the road. A place that seemed to be an office space was already empty, and the metal signboard of Mingmenyue Mansion outside the door was still standing.
A temporary metal wall separated the office area and the construction site, and the scaffolding was scattered all over the floor in a mess.
People at the scene go to the building, every time the reporter Wang Jiafei photo
It can be seen from the pictures taken by drones that only three or four buildings have been topped off, and the rest have been built about half. The building materials are randomly stacked outdoors, and the lone tower crane looks very abrupt, and no one can see the people. .
Like Mingmen Tianjing, this project will also enter the market in 2019. Mr. Tang told reporters: “Currently, almost all Mingmen projects under construction in Zhengzhou have problems.”
Mingmen Cuiyuan, located at the intersection of Fengqing Road and Sanquan Road, Jinshui District, Zhengzhou City, was once a famous Internet celebrity disk in Zhengzhou, and it was also the top project in the national sales list in 2018. However, the project has also fallen into a dilemma of work stoppage, and the owners’ wishes to resume work have repeatedly expressed, but they have not improved.
The turning point occurred in December 2020, and the project ushered in the Jiayuan Group to enter. Jiayuan Group announced that the delivery date will be postponed again from July 30, 2021 to March 31, 2022.
Recently, a reporter from “Daily Economic News” came to the sales office that has been renamed Jiayuan Mingmen Cuiyuan Project. It is obviously different from Mingmen Tianjing. The sales staff here are all on duty and the houses are on sale normally. The promised delivery date is indeed March 31, 2022.
The Mingmen Cuiyuan project that has been taken over by Jiayuan. Photo by reporter Wang Jiafei.
However, the words “Famous Door” are still printed on the salesperson’s business card, which means: “I just changed the signboard, and the business card and floor book have not had time to change.”
“Currently JiayuanjiThe regiment has just taken over, and many financial and construction issues are still being sorted out. But you can rest assured that Jiayuan is a powerful developer and there will be no more problems. “
However, the reporter used Qixinbao to check that the current shareholder of Mingmen Cuiyuan is still Zhongrong International Trust, and the owner of the company has not changed substantially.
Before and after the sales office, there is a park built before the famous gate. The residents walking and playing are at ease, and the fierce behavior circulating on the Internet seems to be gone. At the project site not far away, the reporter also heard the ding-and-dangling construction sound. Through the aerial video, it can be seen that there are indeed shadowy construction personnel on the site. The current construction situation is obviously better than that of Mingmen Tianjing.
The Mingmen Cuiyuan project that has been taken over by Jiayuan. Photo by reporter Wang Jiafei.
The reporter hopes to interview Jiayuan Group on various issues of Mingmen Cuiyuan, but has not received any reply as of the time of publication.
The situation of Mingmen Chengbang and Mingmen Cuiyuan is similar, and the order has been restored a lot after Jiayuan took over.
However, a real estate industry insider in Zhengzhou told reporters: “At present, Jiayuan is only a person coming in and is still looking at the account of the famous door. The specific funds may not come in yet.”
4
“Leader is absent”
How did the famous real estate come to today?
Mingmen’s official website shows that the company was founded in Nanyang in 1998 with a registered capital of 160 million yuan and now has total assets of over 50 billion yuan.
However, the ranking of Mingmen in the mainstream real estate list can almost be described as a “flash”-the top 100 Chinese real estate development companies in 2018 were still 98th and 86th in 2019, and there has been no trace since then. What followed frequently were negative rumors such as site shutdowns, unfinished projects, and corporate thunderstorms.
On April 26 last year, a message originating from a certain investment and financial information platform that “the famous company has filed for bankruptcy due to insolvency” Xu was the fuse of the current wave of the famous company. On April 26 and April 27, Mingmen Real Estate officials issued a solemn statement to refute the rumors for two consecutive days, and said that they had called the police and quickly calmed down the “panic”.
Source: Mingmenguanwei
A person familiar with the matter said that when Mingmen Real Estate met with the media, it was not the first time that the problem of funding pressure was not the first in more than 20 years, and that it was able to work together to tide over the difficulties every time.
But it was also from that time that there was a hint of rumors about the development of things, such as the aforementioned Mingmen Cuiyuan, Mingmen Chengbang, Mingmen Tianjing, and Mingmen Ziyuan, Mingmen Times City, Mingmen Phoenix City, etc. One after another, the projects that once carried the infinite scenery were exposed to problems.
On November 17, 2020, due to a dispute over a financial loan contract, Mingmen chairman and actual controller Sun Qundi was listed as the person to be enforced by the Zhengzhou Intermediate People’s Court, and the execution target was about 181 million yuan.
As a matter of fact, fame has developed so far, and there have always been two distinct labels on his body-land bank and trust.
Because it is a non-listed real estate company, Mingmen’s current exact land bank data is unknown, but from the land acquisition information released in the past, its land bank has reached more than 30,000 mu (over 20 million square meters). More than 10 million square meters of projects under construction and in progress. This volume can enter the top 50 in the ranking of the total land storage value of Chinese real estate companies in the first half of 2020, which can be referred to, which greatly exceeds the same door Zhengshang and Kangqiao.
In the past few years, Mingmen’s small steps and “order-based” directional development model have allowed it to accumulate considerable capital, but since then, with the rapid development of the industry, Mingmen has also joined the high turnover camp.
The high light history of Mingmen’s land acquisition comes from 214 rounds of auctions in 2013. At that time, it acquired 101.24 acres of land near Jiudu Road in Luoyang for 808 million yuan, breaking the record of the unit price land king in Luoyang that year; in 2014, Mingmen passed 125 In a round of bidding, Zhengzhou won the first price-limited house plot in Zhengzhou that year with a premium of more than 100%; at the end of 2014, Mingmen won the reconstruction project of Zhangweizhai, Sunbazhai, and Jinshui District Yazhai Village in Erqi District ; In 2016, Mingmen and Qianhai Fund teamed up to acquire two parcels of land in the Zhengzhou land market for RMB 873 million and RMB 189 million respectively.
Even in the turbulent year of 2019, Mingmen was very courageous. It extended the old reform tentacles to Shenzhen and applied for the old reform project in Shenzhen Yuehugang Village area in the name of its wholly-owned subsidiary Morningstar Real Estate. However, the reporter noticed that, from the official willingness table disclosed later, the local residents did not have a high degree of recognition of the famous door.
Information source: Urban Renewal and Land Development Bureau of Longgang District, Shenzhen
More than one interviewee mentioned to the “Daily Business News” reporter:
“The fuse of the famous door may be Shenzhen. At the beginning, a large amount of resources were transferred to Shenzhen to acquire land and make old reforms. However, the expected results were not achieved. The capital chain was tight, which led to projects in Zhengzhou, Nanyang and other places. Was affected.”
“It is said that famous employees have not paid wages for several months.”
Where does the money come from?
Judging from the only list data, Mingmen’s performance is far from enough to support so many money-burning businesses, and the answer is trust. Being immersed in the era of “lack of money to find trust”, famous people have benefited from it, but also suffered from it.
The reporter learned that as early as 2007, when Mingmen Pufa Plaza was developed, trusts had become a standard for Mingmen. In 2010, Mingmen cooperated with Zhongrong International Trust to issue a 154 million yuan Zhumadian scenery city square equity investment collective trust plan, increased capital to the project company and obtained 97% of the equity; in 2016, Zhongrong Trust issued Shengshi Huicheng No. 22 20 The billion-yuan collective fund trust plan, the target of the project is the aforementioned Mingmen Cuiyuan.
Zhongrong Trust is not the only “golden father” in its name. It has a large number of fans in the trust circle and “quite a lot of experience” in the use of financial institutions. From the information displayed by Qixinbao, Barui Trust, Bohai International Trust, and Changan International Trust are all well-known “guests”. In addition, China Merchants Bank and Industrial and Commercial Bank of China are also their partners.
At present, as a group of “old partners” such as Barui Trust and Zhongrong Trust gradually lose their patience, they continue to take famous names to court. The biggest retaliation of “real debts”.
For the above-mentioned business issues, the reporter came to the headquarters of Mingmen Real Estate to try to interview, but the process was not smooth. Relevant personnel of the company took an evasive attitude throughout the process.
Mingmen’s headquarters office area is visually vacant and many workstations are vacant. Photo by reporter Wang Jiafei
The front desk staff provided the reporter with the brand department phone number. After the reporter dialed it on the spot, the reporter found that it could not be reached at all. Then the front desk admitted that it was an empty number and the brand department actually had no employees working.
The reporter repeatedly asked the front desk to find a person in charge who could accept the interview. After asking the reporter’s identity, he entered the office area to report, and soon returned to ask about the subject of the interview.
The front desk staff went back and forth several times, and the reporter was told “the leader is absent” and “the leader is really absent”.
The reporter left after leaving his contact information, but has not received a call from Mingmen.
The exhibition center on the first floor of Mingmen Headquarters Photographed by reporter Wang Jiafei
However, there is still a real estate display space on the first floor of the Mingmen headquarters, and there are also several sales staff on duty.
“We are employees of Mingmen Property Management Company. The current situation of the property is okay. There are no layoffs and salary arrears. Now there are no listings for sale here. I am on duty and there is nothing to do.”
Then he said something quite philosophical: “In fact, companies and people are the same, there are always ups and downs. Famous people are now encountering difficulties. This is all too normal.”
Author: Wang Jiafei