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2015-06-09 Source: Times Weekly

Illegal fund-raising: involving more than 3,000 people in Suzhou and Yangzhou, Yuexing Home may be involved

This illegal fund-raising involved more than 3,000 people in Suzhou and Yangzhou, with a total capital of more than 600 million yuan, and Yuexing Home Furnishing may be involved. According to multiple creditors, the illegal fund-raising involved more than 3,000 people in Suzhou and Yangzhou, and the total amount of funds reached more than 600 million yuan.

Reduction of events:

At the end of May, the illegal fund-raising scam that started with Wenzhou businessman Su Yufeng and his actual control of Gaoyang Investment Holdings Co., Ltd. (hereinafter referred to as "Gaoyang") finally emerged water surface, causing vibrations. According to multiple creditors, the illegal fund-raising involved more than 3,000 people in Suzhou and Yangzhou, and the total amount of funds reached more than 600 million yuan.

Previously, the local police in Suzhou launched an investigation into Gaoyang's Suzhou subsidiary on suspicion of illegally absorbing public deposits (a type of illegal fund-raising). On June 2, the local government in Suzhou informed investors that the investigation into Gao Yang was continuing.

Gaoyang mainly sells the operating rights of two commercial complex projects, Yangzhou Yuexing Home Furnishing International Plaza (hereinafter referred to as "Yuexing Plaza") and Suzhou Gaoyang International Plaza (hereinafter referred to as "Gaoyang Plaza"). Financing. The foundation of Yuexing Plaza was laid in March 2012. It is jointly invested by Zhejiang home furnishing giant Yuexing Group and Gao Yang, with a total area of ??200,000 square meters. Gaoyang Plaza is invested by Gaoyang's subsidiary, with a total area of ??99,000 square meters. The foundation was laid in April 2011, and the investment was expected to be 800 million yuan at that time.

Since June 2012, Gao Yang has raised more than 600 million yuan from "investors" in Suzhou and Yangzhou by selling shop operating rights, and has made a written promise to return the money to the "investors" regularly. "People" will earn a certain amount of profit, and finally guarantee their exit through repurchase. However, at the end of 2014, Gao Yang frequently broke contracts and failed to pay the previously promised revenue on time. The Yuexing Plaza and Gao Yang Plaza projects also began to be suspended.

A person close to the Gaoyang Group revealed to a Times Weekly reporter that development funds for commercial complex projects in the two places may have been misappropriated to repay previous debts.

Illegal fundraising of more than 600 million

Due to suspicion of illegally absorbing public deposits, on March 26, Suzhou Industrial Park Antai International Business Hotel Co., Ltd. (hereinafter referred to as "Antai International"), Gao Yang Plaza developer) was investigated by the Economic Investigation Brigade of the Suzhou Industrial Park Public Security Bureau, and the company’s account has been frozen.

Antai International has a registered capital of US$55 million, and its shareholder is Gaoyang Holding Group (Hong Kong) Co., Ltd. (the actual controller is Su Yufeng). It is mainly engaged in the development and operation of hotels and commercial housing in Suzhou Industrial Park.

In June 2012, before the main structure of Gaoyang Plaza was completed, Gaoyang sold the government-mandated shops (which did not meet pre-sale conditions) at a selling price of 10,000-30,000 yuan/square meter. The operation rights were sold to more than 2,400 local investors, and the total funds raised were approximately 480 million yuan.

“The shops that Gao Yang sold us the operating rights are located in the podium and basement, which are clearly prohibited from sale by the government.” On May 30, Suzhou creditor An Ying (pseudonym) told Times Weekly

In the sales contract, the repurchase conditions set by Gao Yang are divided into selling 10-year operating rights (after 2 years, you can choose Gao Yang to repurchase or continue to hold to earn interest) and 15 years (Gao Yang will repurchase after 5 years). In two levels, "investors" can get a rebate of 11% of the principal amount in the first year, and then the interest rate increases year by year.

According to the "Interpretations of the Supreme People's Court on Several Issues Concerning the Specific Application of Laws in the Trial of Criminal Cases of Illegal Fund Raising", it does not have the true content of real estate sales or does not have real estate sales as its main purpose. It is a return of principal sale or an agreed repurchase. If funds are illegally absorbed through other methods, if relevant conditions are met, it will be illegally absorbing deposits from the public.

Gao Yang, who had already been suspected of violating regulations, was not investigated until March this year.

"In August 2013, I purchased the operating rights of Gaoyang Plaza. There was no pre-sale license at that time. Gao Yang promised to return the profits every six months. I was supposed to get the third interest rebate in March this year, but Gao Yang repeatedly broke the promise. "An Ying said.

According to information from Gaoyang Group, Gaoyang Plaza has currently invested 850 million yuan, exceeding the expected target of 800 million yuan. It still needs another 250 million yuan to complete. However, Gao Yang's financing from public channels has exceeded 1.1 billion yuan, far exceeding his expected funding amount.

A "Suzhou Gaoyang Antai International Plaza Loan Pooled Fund Trust Plan (Query Trust Products)" from CITIC Trust shows that Antai International, as the borrower, established a pool with a capital scale of no more than 440 million yuan. Trust, secured by the Moon Star Plaza land. Gao Yang also raised 600 million yuan through Anying Fund for project construction. Since July 2016, Gao Yang has collected repayments at 15, 15, 20, and 30 of the principal every month.

In addition, Gao Yang used 100 shares of Antai International as collateral to raise another 400 million yuan for Gao Yang Plaza through Founder East Asia Trust. Excluding the 480 million yuan previously raised, Gaoyang has raised a total of at least 1.48 billion yuan for Gaoyang Plaza, which is 1.1 billion yuan more than the project currently needs. Why is Gaoyang Plaza still suspended in the second half of 2014?

Times Weekly reporter asked Gao Hua, the sales director of the Gaoyang Plaza project, for confirmation on the relevant financing data. He said that the matter has been investigated by the public security department and it is not convenient to disclose the information.

Times Weekly reporter called the Financial Office of the Suzhou Park Government as a creditor. Relevant personnel said that Gao Yang’s project in Suzhou has been mortgaged to a trust company. It is also unable to repay the trust funds due to a broken capital chain. Its affiliates have already There aren’t many assets that can be sold.

The capital chain is broken and the project is suspended.

Scenes similar to Suzhou Gaoyang Plaza are repeated in the Yangzhou Yuexing Plaza project. Multiple public information shows that Yuexing Plaza was built with a joint investment of 700 million yuan by Gao Yang and Yuexing Group ***, with the latter responsible for operation and management.

Liang Ping (pseudonym), who purchased the operating rights of Yuexing Plaza, told Times Weekly reporter that he spent more than 300,000 yuan to purchase the operating rights of the store in July 2014, with a unit price of 2.9 yuan/square meter.

Times Weekly reporters learned from multiple channels that the operating rights of Gaoyang's Suzhou project were divided and sold to more than 1,000 "investors", with amounts ranging from 50,000 to one million yuan, with a total financing of approximately 2.75 billion. A Times Weekly reporter called Zhou He, vice president of Gaoyang Group, on related issues, but the other party refused to respond.

Judging from the contract signed by Gao Yang and the "investor", Yuexing Plaza has two investment methods.

Investment in property rights housing is: a one-time deduction of 21 yuan of fixed income for the first three years, and an increase of 1 yuan year by year starting from the fourth year; the investment threshold for non-property rights management rights is 80,000 yuan, in the first and second years The rate of return is 9, and will increase by 1 year by year thereafter, all of which can be repurchased in the short term.

Despite hundreds of millions of yuan in financing, Yuexing Plaza still ceased construction at the end of last year. Gao Yang has also encountered collective rights protection on several occasions since May due to his inability to return returns to "investors" on time. Faced with doubts, Gao Yang said there is still a funding gap of 190 million by the time the project is completed.

A reporter from Times Weekly called the Zhuxi Subdistrict Office of Hanjiang District, Yangzhou City as a creditor. The staff said that Gao Yang is currently trying to make up for the funding gap through financing and will consider asset mortgage if necessary.

As the incident intensified, Yuexing Group remained silent. A reporter from Times Weekly called He Mo, director of the public relations department of Yuexing Group. The other party denied that there was any commercial cooperation with Gao Yang and said that Gao Yang's use of the Yuexing home brand was not officially authorized.

However, documents obtained by Times Weekly reporters show that Yuexing Home Furnishings signed an equity transfer agreement with Gaoyang Yangzhou subsidiary as early as July 2014, purchasing 16.7% of the latter’s equity for 24 million yuan. However, Gao Yang failed to fulfill his promise to change the industrial and commercial information on time. Yuexing Home Furnishing sent a reminder letter to Gao Yang's Yangzhou subsidiary in September 2014, requiring Gao Yang to change the industrial and commercial information or return the funds.

Its bad record has been blacklisted by the court

When the projects in Suzhou and Yangzhou fell into a rupture in the capital chain, Gao Yang’s Subei Logistics City project in Xinyi also Several "investors" reported to Times Weekly reporters that they had not received interest rebates for the purchase of the property rights of the above-mentioned shops for a long time.

An "investor" in the Northern Jiangsu Logistics City told a reporter from Times Weekly that at the end of 2010, he purchased the property rights of two shops in the second phase of the Northern Jiangsu Logistics City. Gao Yang promised to rent out after-sales and return RMB 8 rent annually, but Currently no rent rebate has been received for two years.

A reporter from Times Weekly previously verified with the Xinyi Municipal Government. The other party stated that the Subei Logistics City is still in normal operation and that individual "investors" are returning their leases normally.

Except for not being able to return interest on schedule, the prices of the two commercial complexes in Gaoyang are extremely low. The Gaoyang Plaza land parcel acquired at Gaoyang's lowest price in 2004 had a floor price of only 360 yuan/square meter. The floor price of the Yuexing Plaza plot won at the low price in 2010 was only 563 yuan/square meter.

As the helmsman of Gaoyang, Su Yufeng once served as chairman of the Zhejiang Business Presidium and vice president of the Zhejiang Chamber of Commerce in Jiangsu Province. Media reports show that in his early years, Su Yufeng was engaged in the hotel supplies trade industry, but later encountered major setbacks due to errors in judgment. In 2002, Su Yufeng came to northern Jiangsu to open up the market, and the Suqian Digital Technology Plaza developed by him became an instant success in Suqian.

Su Yufeng, who won the first battle, began to expand crazily. In 2005, the Subei Building Materials Logistics Center in Xuzhou Xinyi led by him achieved success again. Subsequently, Jiadefu Building Materials and Furniture Plaza, built by Gao Yang with an investment of 200 million yuan, opened. In 2007, Su Yufeng developed Yangzhou Jiangyang Trade City with an area of ??300 acres and a construction area of ??200,000 square meters in the North District of Yangzhou City.

Subsequently, Gao Yang spent money to build several hotels such as the Roman Holiday Hotel in Yiyang, Hunan, and acquired Yangzhou Bridge Food City. According to people close to the Gaoyang Group, Gaoyang began to run into financial difficulties amid rapid expansion, and had no choice but to divert construction funds from projects in Suzhou and Yangzhou to repay previous liabilities.

Times Weekly reporter learned that Su Yufeng had been brought to court several times before for refusing to repay private loans. Yu Feng was included in the list of persons subject to execution for breach of trust.

In addition, Su Yufeng’s Antai International and Yangzhou Borun were blacklisted by the Suzhou Intermediate People’s Court in November last year for refusing to perform their obligations as specified in effective legal documents, concealing property and evading execution. In addition, Gao Yang's subsidiaries were also sued in court at the end of 2014 for failing to repay loans from small loan companies on time.