In an industry where the foreign trade volume has increased by 12% year-on-year, there will also be financial difficulties in the whole industry. Don't believe it, this is the reality that the Hangzhou furniture industry has to face.
A construction company in Dongyang, Zhejiang Province, unexpectedly filed for bankruptcy, which caused the furniture industry in Hangzhou to face a deterioration of the financial environment. Bank lending caused financial difficulties in the whole industry and affected other industries. The strange cause of this "others sneeze, their own cold" is the mutual insurance system.
In an interview with the reporter of "Daily Economic News", Yang Xiaomin, secretary-general of the Hangzhou Furniture Chamber of Commerce, said that the current financial difficulties in the furniture industry in Hangzhou have basically passed through the coordination of the government. He revealed that "In the first half of this year, Hangzhou's furniture trade increased by 12% year-on-year."
Under the coordination of the government, the temporary financial difficulties may be temporarily suspended. However, how the advantages and disadvantages of the mutual insurance system are weighed is worth pondering.
Crisis caused by mutual insurance
"This crisis is a typical crisis caused by corporate mutual insurance." On April 12, Hangzhou Furniture Chamber of Commerce wrote to Huang Kunming, secretary of the Hangzhou Municipal Party Committee. The above remarks are the description of the crisis by the Chamber of Commerce.
Scorpio Construction is the first of the mutual protection dominoes. Zhejiang Tianhao Construction Co., Ltd., registered in Zhejiang Dongyang, with a registered capital of more than 80 million yuan. On December 20 last year, the Jiangsu branch of Tianzhu Construction was litigated by illegal private fund raising, and the court filed the case on the same day. After that, all accounts and real estates built by Tianzhu were successively frozen and sealed by the court. By the end of the year, Tianzhu Construction officially filed a bankruptcy application with the Dongyang City Court.
The total amount of loans in Tianzhu Construction itself is not huge. The construction bank loan is 140 million yuan, but 90 million of them are mutually protected with Jiayi Group and its affiliated Huazhou Group. Jiayi Group is located in Xiaoshan, Zhejiang Province. The actual controller Yao Ronghua has a sales income of 600 million yuan in 2011 and a total loan amount of 500 million yuan.
Affected by the bankruptcy of Tianzhu Construction, Jiayi Group’s 90 million loans were de-protected from CCB, which triggered the Bank’s collection of RMB 50 million from Jiayi Group. Jiayi Group and Huazhou Group were collectively collected and loaned by 115 million. Yuan, involving the construction bank Xiaoshan Branch, Ningbo Bank, Bank of Beijing, Huaxia Bank, China CITIC Bank, Bank of Communications, Agricultural Bank, Industrial and Commercial Bank, and the loan of 120 million yuan was overdue, involving Hua Xia Bank, Bank of Beijing, Guangfa Bank, China Everbright Bank, China Merchants Bank.
In response to the liquidity crisis, Jiayi Group has borrowed nearly 200 million yuan from the private sector.
Affected by the Jiayi incident, Zhejiang Rongyue Industry Group also suffered a credit crisis. Rongshi Group and its subordinates Hangzhou Rongye Furniture Co., Ltd. and Zhejiang Rongye Furniture Manufacturing Co., Ltd. are facing tremendous pressure from banks to collect loans. Zhejiang Rongye was charged 30 million yuan (including 13 million yuan) by Bank of Beijing Pinghai Branch in February this year. It was unilaterally recovered by Bank of Beijing after 1 week of successful loan transfer. Hangzhou Rongye was collected by Wenzhou Bank for 15 million yuan (of which 1 million yuan was recovered in advance) and Bank of Communications received 7.5 million yuan of loans. The normal working capital of the company is on the verge of breaking. .
According to the preliminary statistics of the Hangzhou Furniture Chamber of Commerce, the crisis involved more than 10 billion yuan in related debts, involving more than 100 enterprises in the industry, involving 23 banks, affecting more than 50,000 people in the furniture industry.
The crisis has further spread out of the furniture industry. Many large enterprises such as Tiger Holding Group, Zhongye Holdings and Zhengjian Construction are also facing difficulties due to the mutual influence of the mutual insurance circle.
Rongshi Group is the main mutual insurance enterprise of Tiger Holding Group, with a loan guarantee of 200 million yuan. After the Jiayi Group's capital chain breaks into the Rongshi Group, the Tiger Holding Group was implicated as a mutual insurance company. The relevant banks made it clear that the loan will not be renewed after the loan expires. However, the tight capital chain of Tiger Holdings Group is also due to its acquisition of Zhejiang Hongfa Energy Investment.
“Quality Customer†Credit Crisis
The characteristics of this crisis, in addition to "caused by corporate mutual insurance", is that the leading enterprises in medium and even large industries have experienced a credit crisis.
Yang Youmin, secretary general of the Hangzhou Furniture Chamber of Commerce, told the reporter of the Daily Economic News that the furniture market in Zhejiang Province ranks second in the country, second only to Guangdong.
Jiayi Group's sales revenue in 2006 was 600 million yuan, tax payment was 80 million yuan, and more than 900 employees. Huazhou Group paid taxes of 55 million yuan in 2011. Rongshi Group and its related subsidiaries have a total asset size of 946 million yuan, a sales income of 1.5 billion yuan in 2011, a tax payment of more than 40 million yuan and more than 3,000 employees. Zhongye Holdings and its affiliated companies have a total scale of 1.4 billion yuan and a tax payment of more than 50 million yuan.
Tiger Holdings Group is mainly engaged in transmission and distribution manufacturing, with a total consolidated assets of 2.85 billion yuan and 15 wholly-owned (holding) enterprises. It has been ranked among the top 500 private enterprises in China for five consecutive years.
Chen Ronggui, chairman of Rongshi Group, said in an interview with the local media that the company's current market expansion is not bad. Large aircraft office furniture projects, Guangdong Provincial Library office furniture projects, orders are more than 20 million yuan; IKEA home orders for more than 200 million yuan a year. The company's main business is still ok, the current corporate crisis is mainly due to the crisis brought by mutual insurance companies.
The Hangzhou Furniture Chamber of Commerce urgently submitted to the Hangzhou Municipal Government the "Report on the Rapid Deterioration of the Financial Environment of the Furniture Industry in Hangzhou, Urgently Requesting the Hangzhou Municipal Government to Coordinate and Help Enterprises to Get Out of Business," and the "Emergency Report on the Credit Crisis of the Furniture Industry in Hangzhou", "Report on Increasing and Accelerating the Current Crisis Disposal of Hangzhou Furniture Industry".
According to the report of Hangzhou Furniture Chamber of Commerce, in view of the fact that the main business of the above-mentioned industries is normal, the level of assets and liabilities is also basically reasonable, but it is only a bank credit crisis caused by mutual insurance. The Chamber of Commerce requested all levels of government to coordinate and organize enterprises and banks to negotiate solutions.
Yang Youmin told the reporter of "Daily Economic News": "The business operation of our chamber of commerce is very normal. Many companies have good cooperation with the world's top 500, just because other companies have sneezed, we
It’s just a cold. But you can't judge that we have lung cancer. He revealed that in the first half of this year, the amount of furniture foreign trade in Hangzhou increased by 12% year-on-year. On the afternoon of February 28, Xiaoshan Economic Development Bureau called
Set up 13 banks to discuss the credit matters of Jiayi Group. On March 29, the Xiaoshan District Government re-engaged on the issues related to the Jiayi Group and Xinzhou Furniture Loan.
According to the minutes of the Xiaoshan District Government meeting, the meeting held that despite the overdue loan situation, the assets of the two companies are of higher quality and better organization and management. Dealing with the crisis is related to “the stability of Xiaoshan society and the maintenance of the financial ecological environmentâ€. Banks step by step, take positive actions, and do a good job of overdue loans.
On the afternoon of April 6, the Gongshu District Government also held a silver enterprise symposium on the credit crisis of Tiger Holding Group, 11 banks and 6 mutual insurance companies. The reporter saw from the memorandum of the symposium that the Tiger Holding Group urged the banks not to lend or reduce loans. The participating banks also indicated that they will communicate with their superiors to help quality customers tide over the difficulties.
Qi Chenghua, chairman of Tiger Holdings Group, was reluctant to disclose too much to the reporter of "Daily Economic News" yesterday. It only said that we were very helpless. "But the government is very supportive of us and we will coordinate with the bank."
Yang Youmin told the reporter of "Daily Economic News" that the overall operation of the furniture industry was normal. It was only because of the accidental application for bankruptcy in Tianzhu Construction that the furniture enterprises that had mutual insurance with them suffered the dilemma of the capital chain. After the government coordinated, the situation was generally controllable.
The guarantee is difficult and difficult to guarantee
After the coordination of the three parties of politics, enterprises and finance, the credit crisis of the furniture industry can be temporarily suspended.
On the afternoon of June 20, the Zhejiang Provincial Financial Office convened the heads of various agencies to hold a special conference on “Improving the financial development environment and ensuring stable economic growthâ€. The meeting was presided over by Zhu Congxi, the assistant to the former chairman of the China Securities Regulatory Commission and the deputy governor of Zhejiang Province.
At the meeting, many speakers mentioned the "guarantee" in unison.
Li Hong, deputy director of the Hangzhou Branch of the People's Bank of China, said that in the second quarter, the capital chain rupture incident still occurred, which caused the hidden dangers of enterprise joint insurance and invisible mutual insurance to gradually spread and the willingness to guarantee between enterprises decreased; some guarantee companies have emerged. The insolvency phenomenon, the business shrinks; the trust between banks, enterprises and guarantee companies is also affected, the problem of difficult borrower guarantees is increasingly prominent, the entire financing guarantee system is under great pressure, and it is possible to increase the capital chain of some enterprises. pressure.
Li Hong specifically mentioned that according to the monitoring, since May, 60% of the enterprises that have taken out insurance have experienced financial difficulties after compensating for other enterprises.
Han Wei, director of the Zhejiang Banking Regulatory Bureau, said that due to lack of market confidence, risk of mutual insurance risks, blind diversification of enterprises, and involvement in private lending, some companies have experienced capital chain problems. He specifically mentioned that nearly 40% of corporate loans in Zhejiang Province are mutual insurance loans.
At the meeting, Li Hong revealed that the partial credit environment has not yet recovered, highlighting the rebound in non-performing loans. At the end of May, the balance of non-performing loans in Zhejiang Province was 67.28 billion yuan, an increase of 18.14 billion yuan over the beginning of the year. In addition, a bank president indirectly revealed at the meeting that as of the end of May, the non-performing rate of the province's joint-stock commercial banks was 1.34%, and the non-performing rate of financial institutions in the province was 2%.
Yang Yubiao, deputy mayor of Hangzhou, said that if there is any difficulty in the current capital chain, banks should increase their disposal efforts. They also hope that a small number of banks will focus on the overall situation and jointly support enterprises to save themselves.
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