This article is from WeChat public account: Tony snow Finance (ID: snowfinance666) , author: Tony sister, the original title:” Tony snow | fake a central rate of the rules of survival ” Picture from: pexels
Faking a state-owned enterprise can bring benefits, at least in a considerable number of financial institutions, which is a symbol of strength. If you are lucky, you can sign a profitable contract if you encounter local governments that have no intention of making detailed adjustments.
The camouflage method also looks very simple: Take a powerful name and make it an official website similar to the central enterprise. The company profile column should be as big as possible but unknown. For example, “This is a company that was nurtured and developed by the army.”
If you want to do your best, you can also find a Beijing public institution, let these institutions become shareholders briefly, and then quickly register intricate and intricate subsidiaries, and bury the actual controller in depth. Office.
For the past many years, such camouflage companies have mostly gathered in one area: real estate. If there is a real background of central SOEs, these companies can often easily accept the old renovation projects and obtain loans from financial institutions.
However, when economic growth slows down and financial institutions begin to scrutinize payments more rigorously, companies with such a frightening background are beginning to show their feet.
Last month, a 610 million yuan claim from a China National Nuclear Engineering Construction Group was sold by China Huarong. However, if you take a closer look at the collateral of this debt, you will be surprised to find that their main assets are only unsold houses and land in a remote county in Anhui Province.
“China Nuclear Industry Construction Group” (“China Nuclear Industry Construction”) and “China Nuclear Industry Construction Group” -remarks “label =” Remarks “(referred to as” China Nuclear Construction “) is only two characters apart, and their English abbreviations are even the same: CNEC. Of course, like the latter, China National Nuclear Engineering Corporation also has a similar official website, which is mostly a slogan that highlights its identity and a group photo of executives visiting the country.
However, the difference is that if the cloud is muddy: the former is a small-scale real estate company controlled by natural persons, all its business has nothing to do with “nuclear”, and the latter is a well-known central enterprise. But until today, the former’s official website also introduced it as “central enterprise holding company.”
A man named He Junsheng from Anhui Province established this company. He first developed several real estate projects in Wuwei County, Wuhu City, Anhui Province, and later became a Beijing state real estate state-owned enterprise contractor in Anhui Province. In 2017, he changed the name of the company to CNNCIC.
Since then, this company has undergone complicated equity and name changes. If layers penetrate through, it can be found that some national prefix institutions are also mixed.
In the following years, He Junsheng became the guest of many local governments under the name of “Strong” Chairman of the Central Enterprise directly under the Central Government. His “inspection team” also undertook multiple local government PPP projects. Recently, some old reform projects have been signed under the name of “central enterprises.”
Such cases are not uncommon. Last year, a company called “China Huayu” and a company called “China Nuclear State Wealth” had solicited huge deals under the name of “China Nuclear”, but were eventually found to be vulnerable to the deal; a company called China Central Enterprise “Yangyang Economic and Trade Group” later saw a bond default of 7 billion yuan.
In the past few years, concerns about the true performance of enterprises have made financial institutions as thin as ice, and they are more willing to invest funds for truly outstanding performance.Business. For example, in the real estate industry, to obtain financing, the cost of some housing companies is only 4 points or less, but some companies are as high as 15 points.
The coupon rate of the recent medium-term notes issued by China’s leading real estate company Vanke is only 3.15%, and the annual interest rate of a US dollar bond issued by China Shipping Real Estate is only 3.45%;
A medium-sized real estate company Jiayuan International, which has experienced a crash in stock prices, recently issued a limited-dollar US dollar note with an annual interest rate of 13.75%. The same time, the regional real estate company Ligo Group issued four US dollar senior notes. The annual interest rate has risen from 9.8% to 13.5%.
For many years, the matching criteria for the level of financing costs of a company is very simple: If this company is a state-owned enterprise, then the loan issued means that it can get government support. If it’s a central SOE, it’s better.
However, this single standard has changed.
High-level governments are also making every effort to change the cost of capital, which is treated differently due to the nature of enterprises. They have set higher requirements for the ability of financial institutions to conduct due diligence.
After all, state-owned enterprises are only a small part of China’s economic landscape. A larger number of private enterprises need more funds. A considerable number of them have outstanding performance, which has energized the economy and solved the employment of more people.
China Everbright Bank said that in the past year, it has provided more than one trillion yuan in credit support to private enterprises, accounting for 50% of the total amount invested by the bank.
A change in this ratio was previously unimaginable.
China’s economic deleveraging started 4 years ago, causing some conglomerates known as “grey rhinos” to lose their motivation to expand overseas, such as Wanda and Anbang, and also some state-owned enterprises and even central enterprises Merger and reorganization.
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This year, the historical watershed of corporate economic value is taking shape.
This article is from WeChat public account: Tony snow Finance (ID: snowfinance666) , author: Tony sister