The relationship between Haoyu Zhitong and Taihe is not only the cooperation on real estate projects.
Editor’s note: This article is from Economic Observer Network , author: Chen Po.
On September 18, Taihe issued a notice saying that it will once again sell 39% of the shares of Hangzhou Jiangcun Project and 31% of the shares of Foshan Shunde Project to Shimao Group. The total transaction consideration is 623 million yuan, except for the debts of the project. The actual cash change was only 185 million yuan.
Hangzhou Jiangcun Project is Shimao Taihe Central Plaza. In November 2016, Taihe took the land at a price of 1.4 billion yuan. The total construction area of the project is about 310,000 square meters, covering two types of products: BLOCK Commercial and LOFT Apartment. The project opened at the end of June 2018.
In March of this year, Taihe once gave 51% equity of Hangzhou Jiangcun Project to Shimao. This is the second transfer. After the transaction is completed, Taihe holds only 10% of the equity of Hangzhou Jiangcun Project.
Foshan Shunde Project is Taihe Foshan Yard, Foshan Yard is the first “yard” product of Taihe in South China, with a total construction area of 509,600 square meters. As of the end of June 2019, Foshan Yard invested 72.49. 100 million yuan.
The Foshan Yard consists of a villa, a river view and a small flat. The first phase of the project was opened for sale in September 2017. Taihe’s 2018 financial report disclosed that the balance of advance receipts at the end of Foshan’s yard was about 2.405 billion yuan, and in 2018 it contributed a pre-sale amount of 1.663 billion yuan.
In May this year, Taihe has transferred a 30% stake in Foshan Yard to Shimao Real Estate. After two rounds of trading, Taihe’s shareholding in the Foshan Yard project remained 20%. As of June 30, the total assets of Foshan Yard was approximately 11.035 billion yuan, and the total liabilities amounted to 11.127 billion yuan. Both operating profit and net profit were negative.
It is noteworthy that at the same time that Taihe and Shimao traded, Fujian Haoyu Zhitong Industrial Co., Ltd. also transferred a 19% stake in Foshan Yard to Shimao Real Estate and completely withdrew from the project.
Fujian Haoyu Zhitong was established in 2017, and its shareholders are natural people Qian Guangchen and Lin Hua. Among the 13 participating companies under the name of this small company, the partners are all Taihe Group, and most of them participate in real estate projects under Taihe.
The data shows that Fujian Haoyu Zhitong holds 28.57% shares in Beijing Zhongwei Taihe Real Estate Co., Ltd., holds 20% shares in Fujian Zhongshe Investment Co., Ltd., and holds 19 shares in Foshan Shunde Zhongwei Real Estate Development Co., Ltd. % equity, holding 15.63% equity in Quanzhou Huada Taihe Plaza Investment Co., Ltd.Fuzhou Zhongxia Real Estate Development Co., Ltd. holds 11.9% of the shares.
The relationship between Yuyu Zhitong and Taihe is not only the cooperation on the real estate project, but also the telephone, corporate e-mail and other contact methods used by Yuyu Zhitong, and the remaining shares of Taihe Group’s major shareholder Taihe Investment Group Co., Ltd. The contact information is exactly the same.