"Depth" of the tallest unfinished building in Bama, Guangxi: small developers in the county face the same problem.

After eight years of construction, the tallest building in Bama County, Guangxi is still abandoned.

This real estate development project, known as "Bama Business Center", is second to none in terms of location and scale.

However, eight years later, this star project has not only been delayed, but more and more people have fallen into it: the construction party has recovered the project payment, the buyers have collectively demanded to hand over the house, and the project developer Yang Guanglong is still in the detention center because of being accused of "illegally absorbing public deposits".

Nowadays, the housing price of Bama has already far exceeded that of surrounding counties, but the deadlock of "Bama Business Center" has not been broken.

Interface news found that it was a series of accidents that ultimately ruined this star project. There are both policy changes and sudden changes in the direction of credit, which is also the same problem faced by many small developers in counties.

On February 7, 2020, the 65438 interface journalist learned from Yang Guanglong's defense lawyer that the case of Yang Guanglong accused of "illegally absorbing public deposits" had been sent back to Bama County People's Court for retrial.

The largest business district in Bama

On Shouxiang Avenue in Bama, the four gray tall buildings in Bama Commercial Center are striking and abrupt. Because the project has not been completed, the enclosure has not been removed so far.

"It should have been built long ago, but nothing has happened for so many years." A shopkeeper opposite the Bama Business Center told Interface News.

Among the 10 "Hometown of Longevity in the World" certified by the United Nations Institute on Aging, Bama Yao Autonomous County is the first area to display the signboard of "Health Industry Tourism".

The warm and humid climate all the year round is dozens of times higher than that of inland cities, attracting a large number of health lovers every year.

There are also many real estate developers who have taken a fancy to this "land of feng shui", and Yang Guanglong is one of them.

Since 2005, Yang Guanglong, the owner of Yizhou Jinlong Real Estate Development Co., Ltd. (hereinafter referred to as Yizhou Jinlong Company), has successively built the local "First Commercial and Residential Community" in Bama, which is also the first elevator community in Bama.

"The house is very popular and the funds are returned quickly." Yang Guanglong's son recalled that the successful development of the two projects made Yang Guanglong more confident in Bama's real estate projects.

20 12, Yang Guanglong photographed Bama Business Center in the center of the county for 85 million yuan. According to the plan, the project has a maximum of 32 floors, including 700 houses and 200 shops. When completed, it will not only be the tallest building in Bama, but also become the largest business district in Bama.

"According to my father's plan, after taking the plot, I will use the remaining funds for construction and apply for a loan from the bank with the project as collateral. After getting the pre-sale certificate, I will withdraw the funds through pre-sale and continue the construction until it is completed. If all goes well, it can be completed and delivered in up to three years. "

Credit adjustment triggers butterfly effect.

What Yang Guanglong didn't expect was that this seemingly foolproof project took three years to officially start.

20 1210/3. Bama county land and resources bureau and Jinlong company signed the contract for the assignment of the right to use state-owned construction land, stipulating that the land and resources bureau will hand over the assigned parcel to Jinlong company before May 30, 2012, and the land will be used for commercial and residential construction.

However, the Bama County Land and Resources Bureau failed to sell the land online before entrusting the auction, and the land delivery was 273 days overdue.

"A lot of things have changed." Yang said to him.

The danger signal followed, and the bank refused the loan from Yizhou Jinlong Company. "At that time, when we took the land, the three banks in Bama took the initiative to ask about the loan demand, but when we all got the five certificates, the banks said that the credit policy was tightened and they were unwilling to lend."

According to financial news reports, on June 20, 20 12, the central bank raised the RMB deposit reserve ratio of banks by 0.5 percentage points, and the deposit reserve ratio of large and medium-sized financial institutions reached a high of 2 1.5%. This is a clear signal that the scale of real estate credit is shrinking. Due to the tightening of credit, it is increasingly difficult for small and medium-sized enterprises to raise funds, and many places have suspended the real estate mortgage business of private lending companies.

"Those two years were the most difficult time for SMEs to raise funds. Many can only be maintained by private lending, and some enterprises have died because of the break of the capital chain. " Chen Qide, a researcher at China Finance Research Institute, said. Guotai Junan Real Estate Research Report shows that in 20 12 years, the funding gap of housing enterprises reached 1.35 trillion yuan.

On the way to construction, it ran aground many times.

The road to bank credit was blocked, and Yang Guanglong turned to private lending.

Although 62-year-old Yang Guanglong has only a high school education, he has worked in the construction industry for many years and has many business partners.

Around 20 12, Yang Guanglong mortgaged his property to 47 friends for loans. "We still want to do a good job in the project, and temporarily lose millions of interest, which is also quite good." Yang said to him. The judgment of the first instance shows that these creditors have had contacts with Yang Guanglong before. Lan Jun, a former business partner, said that he and Yang Guanglong had known each other for more than ten years. 20 12 because yang guanglong said that he was investing in the Bama business center project, the capital turnover could not be opened. After field investigation, Lan Jun lent Yang Guanglong130,000 yuan successively.

However, it is these private loans that have become the reason why Yang Guanglong was accused of "illegally absorbing public deposits".

After the land was delivered by Bama County Land and Resources Bureau, the project was stuck in the construction project planning permit. In June of 20 15, Yang Guanglong learned from the county housing and construction bureau that the planning should be readjusted, and the plot ratio was reduced from 8.0 to 6.5. The original planned 32-story building can only be built to 2 1. "According to the new plan, our land transfer fees should be paid more, and the number of commercial houses that can be pre-sold should also be reduced." Yang said to him.

Meng Shaoxing, director of the Housing and Construction Bureau of Bama County, told Interface News that at that time, the government of Guangxi Autonomous Region re-formulated the control planning scheme of the project under construction in Bama. "It is not the county that has the final say."

2065438+May 2005, Bama Business Center, which is in urgent need of funds, sold more than 80 million yuan at one time.

Yang introduced that at that time, the funding gap of the whole project had exceeded 100 million, and there were still a lot of unpaid project funds, and at the same time, the interest of the borrower had to be paid.

In the end, of the 80 million yuan, only 40 million yuan was used to pay for the project.

Long-term liabilities eventually crushed Yizhou Jinlong Company. When Bama Commercial Center was built to 16 floor, the capital chain of Jinlong Company was broken again. Due to Yang Guanglong's inability to pay the remaining 80 million project funds, the contractor Guangxi Construction Engineering Group Construction Engineering General Contracting Co., Ltd. (hereinafter referred to as the General Contracting Company) stopped construction and applied to the court to seal up the houses under construction in Bama Commercial Center.

Subsequently, Yang Guanglong began to look for partners, and * * * completed the construction with investment. But what is embarrassing is that small real estate companies can't come up with so much money, and big real estate developers don't like this kind of project and are unwilling to invest.

20 16, yang guanglong tried every means, but still failed to avoid the complete shutdown of the Bama business center project.

After repeated unsuccessful communication, Yang Guanglong sued Bama County Land and Resources Bureau, demanding that Bama Land and Resources Bureau pay liquidated damages for overdue delivery of land and return the land transfer fee to reduce the building floor area ratio. In the end, Hechi Intermediate People's Court ruled that Bama Land and Resources Bureau paid 6.5438+0.986 million yuan. However, it was not until 20 19 that the Bama Land and Resources Bureau lost the second trial that the money was officially distributed.

"This is a common situation encountered by small developers in the county. Because of their poor ability to resist risks, it is easy to fall without policy and financial support. " Chen Qide, a researcher at China Finance Research Institute, said.

"Lifesaving straw" became a fatal blow.

Due to the delay in handing over the house, the project payment has not been settled, and the Bama Business Center has become the target of public criticism.

On 20 18, the Bama county government issued the notice on handling the unfinished building of Bama business center according to law, and set up a working group of Bama business center headed by the deputy county magistrate to coordinate the handling. The notice also announced the start of the bankruptcy proceedings of Yizhou Jinlong Company.

This means that Yang Guanglong's six-year star project will end in failure. At this time, Liao Tuanfang, a Nanning boss who claimed to have 80 million working capital, appeared, and Yang Guanglong regarded him as the last straw.

The two sides signed an agreement soon, and Liao Tuanfang registered and established Guangxi Fan Jun Investment Co., Ltd. (hereinafter referred to as Guangxi Fan Jun Company) to be fully responsible for the continuation of the Bama Business Center project. The two parties agreed that Guangxi Fan Jun Company would be responsible for the continuation of the project, during which it would get a fixed investment return of 30 million yuan, and other income of the project would be owned by Yizhou Jinlong Company.

However, Guangxi Fan Jun Company, with a registered capital of only 2 million yuan, faced the problem of insufficient funds after more than two months, and frequently changed construction units.

During this period, Fan Jun Company of Guangxi set up a sales team to collect the house property deposit at a price ranging from 654.38+ 10,000 to 200,000. Bama County Land and Resources Bureau compensated 6.5438+0986 million yuan, of which 7 million yuan was also allocated to the construction unit recruited by Guangxi Fan Jun Company. This caused great dissatisfaction with Yang Guanglong, and the cooperation between the two sides was difficult, and the Bama commercial center was completely paralyzed.

"illegally absorbing public deposits"

The project is not completed, and the pressure is increasing. "Every Spring Festival, a group of people come to the county to talk." Tian Hanlu, executive deputy magistrate of Bama County and head of the project working group of Bama Business Center, told the interface news.

Tian Hanlu said that it was the late uncooperative of Yizhou Jinlong Company that led to today's deadlock. However, when talking about the specific situation, Tian Hanlu refused to be interviewed.

On April 3, 20 19, 19, Yang Guanglong was criminally detained by Bama County Public Security Bureau on suspicion of illegally storing explosives. Tian Hanlu, deputy magistrate, said in an interview with the reporter of Beiqing Daily that as early as 20 16, they discovered the problem of Yang Guanglong's possession of explosives, but in order to promote the Bama Business Center project, they did not pursue it in depth. "2065438+April 2009, we arrested and detained Yang Guanglong and his other son Yang Qingzhong according to law. Our ultimate goal is to hope that he can cooperate (project construction), hand over his official seal, conduct financial management and fulfill relevant agreements. "

In March 2020, the Bama County Procuratorate sued Yang Guanglong to the Bama County People's Court for the crime of illegally storing explosives and illegally absorbing public deposits.

According to the judgment of the first instance, the prosecution accused Yang Guanglong of purchasing a nearby quarry for 654.38 yuan +0.8 million yuan to meet the construction needs of Bama Business Center project, during which the unpaid electric detonator was transported out of the old warehouse for storage.

In addition, Yang Guanglong used commercial houses and shops as collateral without authorization, with monthly interest ranging from 3% to 5%, and absorbed high-interest loan funds from unspecified people in society in disguise for the company's project operation and repayment of the principal and interest of high-interest loans. Because of the high interest loan, the capital chain is broken, which leads to the suspension of the project, the rights of relevant creditors can not be realized, and then petition, which has a bad social impact. According to the appraisal, from 20 1 1 year 10 to 20 18 February, Yang Guanglong * * * borrowed nearly 8 1.77 million yuan from 47 people.

According to Article 176 of the Criminal Law of People's Republic of China (PRC), the crime of illegally absorbing public deposits refers to the act of illegally absorbing public deposits or absorbing public deposits in disguised form, which disrupts the financial order.

20 10 12 13 the Supreme People's Court issued the Interpretation on Several Issues Concerning the Specific Application of Laws in the Trial of Criminal Cases of Illegal Fund-raising, in which Article 1 stipulates that the act that constitutes the crime of illegally absorbing public deposits must be illegal, social, open and attractive at the same time.

In court, Mei Chuan, one of the creditors, testified that when Yang Guanglong was doing business in the office of Bama Housing Management Office, he "said in front of everyone that he would borrow money to build the Bama Business Center project". The court of first instance held that Yang Guanglong was mainly looking for someone to borrow money one-on-one, and he also publicized high-interest loans in other units' offices. Because there are a large number of borrowers, and there are no confidentiality requirements or measures to limit the dissemination of information, we should consider making it public.

He Bing, a professor at the Law School of China University of Political Science and Law, said that it was not enough to make it public just by verbally saying that the loan was in other units. Only two of the 47 borrowers introduced the loaned funds through other borrowers, which could not prove that Yang Guanglong intended to make it public.

When determining whether to take deposits from unspecified objects, the court said that although most of the fund-raisers were friends of Yang Guanglong, Yang Guanglong did not limit the identity and number of participants, so he could borrow from specific objects as long as he had money, so he decided not to borrow from specific objects.

He Bing believes that lending is not a deterministic behavior. The court said that it should be judged by "considering whether to limit the scope of not participating in fund-raising and whether to limit the identity and number of participants". In fact, it requires individuals or enterprises to strictly implement such plans. But in fact, such a requirement is completely inconsistent with the characteristics of private lending behavior. This definition of Brazilian county courts is neither realistic nor operational.

On July 2, 2020, the Bama County Court ruled that Yang Guanglong was not guilty of illegally storing explosives; He was sentenced to five years and six months in prison for violating the laws and regulations of the state on financial management, absorbing huge funds from the public, and promising to repay the principal and interest within a certain period of time, thus disrupting the financial order, which constituted the crime of illegally absorbing public deposits. The court ruled that Yang Guanglong's illegal income was nearly 801.77 million to be recovered, and ordered him to refund compensation to relevant fund-raising participants.

According to the information provided by Yang, before being detained, Yang Guanglong had paid all kinds of principal and interest of more than 654.38 billion yuan, with more than 40 million yuan outstanding. "After my father went in, it became more and more difficult to borrow money, and he rarely paid it back later." Yang said to him.

At present, Yang Guanglong has appealed to the Intermediate People's Court of Hechi City, demanding that the first-instance judgment be revoked and that he be acquitted.

More and more non-smoking cases

In 20 19, a set of data released by the Supreme People's Court showed that from 20 15 to 20 18, the national courts newly received 5,843 criminal cases of illegal fund-raising, 7,990 criminal cases, 8,480 criminal cases and 9 criminal cases of illegal fund-raising, up183 respectively.

He Bing, a professor at the Law School of China University of Political Science and Law, believes that due to the economic downturn in recent years, many private enterprises have nowhere to lend, so they can only take the road of private lending, and a considerable number of lenders in private lending obtain funds through fund-raising, which objectively leads to an increase in non-conviction and sentencing. However, if the judiciary does not accurately distinguish between smoking ban and private lending, it will not be conducive to the development of private enterprises.

Chen Qide, a researcher at China Finance Research Institute who has long been concerned about the development of county real estate economy, said that illegal fund-raising cases in the real estate sector are quite common, and the fundamental reason behind them is that small developers lack their own funds and have narrow financing channels, and often use leveraged economy to find money while developing. Once they encounter risks, it will easily lead to domino effect and eventually lead to project failure.

In 20 15, his team conducted a questionnaire survey on small developers in 2 counties of China/kloc-0, and found that one third of the developers had encountered problems such as sudden policy change and high credit threshold during the project development.

Chen Qide believes that national financial institutions should continue to improve the financing environment for SMEs, and local governments should also ensure the stability and consistency of policies in real estate project development, so as to serve SMEs who are really willing to do things.

Meng Shaoxing, director of the Housing and Construction Bureau of Bama County, told Interface News that all parties are responsible for the ups and downs of a high-quality project. "From the government's point of view, if it is demolished first and then auctioned, it will not involve the problem of delayed delivery of land. Maybe the problem has been solved now. Therefore, we have also learned a lesson. Any land we listed later was guaranteed to be sold in a net way. "