Mingfa groups subsidiary was exposed to lack of wages: the boss was the richest man in Xiamen Real Estate

 Mingfa groups subsidiary was exposed to lack of wages: the boss was the richest man in Xiamen Real Estate

According to the report, there are 4 construction units that have failed to pay the full amount of wage project progress payment or project payment in arrears for several consecutive months, resulting in many wage arrears complaints and petitions. In this regard, Zibo housing and Urban Rural Development Bureau issued a notice of criticism to the whole city, gave credit deduction points, and ordered rectification; if the rectification is not in place, it is not allowed to develop and construct new projects in Zibo City. Among them, Mingfa group (Zibo) Real Estate Development Co., Ltd. is listed.

Mingfa group (Zibo) Real Estate Development Co., Ltd. is a wholly-owned subsidiary of Xiamen Mingfa Group Co., Ltd. (hereinafter referred to as Mingfa group). According to the official website, Mingfa group was founded in 1994. It is a group enterprise with urban operation as the core, commercial real estate, residential real estate and hotel management as the pillar industries, and involving many fields such as industry, commerce and investment.

The chairman of the board of directors of Mingfa group is Huang Huanming. According to the daily economic news, Mingfa group is a typical family business, and the four brothers of Huang are the core strength of Mingfa group, which controls the overall development of the enterprise. Huang Huanming, born in Nanan, Quanzhou, Fujian Province in 1963, is the actual leader of Mingfa group.

Time finance called the headquarters office of China Mingfa group on issues such as salary arrears, and the other party said that it needed real name transfer or it would not be transferred; time finance also called the Hong Kong side of China Mingfa group, a listed company, and relevant people said, its inconvenient to answer..

Three accidents last year

In June 2019, Maanshan human resources and Social Security Bureau held a press conference on the rewards and punishments of migrant workers wage payment. According to the data, the relevant departments failed to deal with the debt clearing work and loose management of real name system, which caused 8 development and construction enterprises and 1 project manager of migrant workers to report general bad behavior records. The proportion of migrant workers wage payment deposit collection in construction enterprises increased to 2.5% of the project cost. Meanwhile, the illegal and dishonest information was included in the enterprise credit system and construction market supervision of the peoples Bank of China With integrity information platform and government public credit information service platform.

Among them, Mingfa group (Maanshan) Industrial Co., Ltd. is among the above 8 enterprises. Tianyan inspection shows that Mingfa group (MAANSHAN) Industrial Co., Ltd. is a wholly-owned subsidiary of Mingfa Group Cultural Industry Development Co., Ltd. although Mingfa Group Cultural Industry Development Co., Ltd. has no equity relationship with Mingfa group, the legal representative of Mingfa group (MAANSHAN) Industrial Co., Ltd. is Huang Huanming.

In addition to the arrears of wages, Mingfa group also had many accidents and casualties in the year. According to the notice issued by Maanshan housing and Urban Rural Development Bureau, at about 18:00 on August 1, 2019, a high-altitude falling accident occurred in Lot 1 of Lot 3, phase II, mingfajiangwan new town, mingwujiang Town, he County, Maanshan City, Anhui Province, resulting in one death.

The construction unit of the above project is Mingfa group (MAANSHAN) Industrial Co., Ltd., the general contractor is Jiangsu Hanjian Group Co., Ltd., the construction contractor is Anhui Huaxing Construction Machinery Leasing Co., Ltd., and the supervision unit is Nanjing Yutian Engineering Consulting Group Co., Ltd.

Time financial statistics found that the above accident has been the third safety accident since May of last year in the project of Mingfa group. According to the official microblog of the Propaganda Department of Jinzhai County Party committee of Luan City, Anhui Province, at about 10:00 a.m. on June 27, a brick membrane retaining wall collapsed at the Yuefu site of Mingfa Yueshan in the new urban area of Jinzhai County, trapping some people. After verification, one person was killed and one was injured. Tianyan data shows that Mingfa Jinzhai is the holding subsidiary of Mingfa group.

On May 11, a fall accident occurred in building 9, Mingfa European city, Kongtong District, Pingliang City, Gansu Province, killing one person. According to the information on the official website of Mingfa group, Pingliang Mingfa European city project is a comprehensive community invested and constructed by Mingfa group, which integrates residence, business, leisure and fitness.

It is worth mentioning that time finance found that Huang Huanming, chairman of the board of directors of Mingfa group, has been restricted from high consumption by querying China executive information disclosure network. According to the consumption restriction order, on November 16, 2018, Baolong Group Development Co., Ltd., the enforcement applicant, applied for the enforcement of the domestic non foreign arbitration award of Mingfa group. Because he failed to perform the payment obligations determined by the effective legal documents within the period specified in the enforcement notice, Huang Huanming was not allowed to carry out high consumption and non life and work necessary consumption behaviors.

Suspended for nearly 4 years

It has been 3 years and 8 months since Mingfa suspended trading on April 1, 2016. On March 17, 2016, PwC, a former auditor of Mingfa group, said that it had no opinion on the companys 2015 financial statements because it failed to obtain sufficient and appropriate audit vouchers for several equity transfers, sales transactions and a number of matters with liquidity nature with other companies. After that, HKEx ordered Mingfa group to suspend trading on April 1, 2016.

For the resumption of trading, the Hong Kong Stock Exchange has given four conditions: it is required to investigate the matters raised by the former auditor and disclose the results of the investigation, deal with the audit reservation opinions in the 2015 financial statements, inform the market of all major information, and publish all unpublished financial performance.

In November 2019, Mingfa group announced that the company has provided other required information to the stock exchange for further inquiry. On the date of the announcement, the company is waiting for confirmation from the stock exchange to apply for resumption of trading confirmation of its shares on the stock exchange. At the same time, the company will continue to comply with the listing rules.

Mingfa group, which has not yet been able to resume trading, is still facing a bleak performance in the first half of the year. According to the results announcement in the first half of 2019, the operating profit of Mingfa group fell sharply in the reporting period. In the first half of 2019, the operating revenue of the company was about 4.119 billion yuan, a year-on-year decrease of 36.8%; the profit attributable to the equity holders of the company was 418 million yuan, a year-on-year decrease of 40.1%. The unaudited comprehensive gross profit was about 1.269 billion yuan, a year-on-year decrease of 21.6%.

Yan Yuejin, a financial commentator, told time finance that for such suspension, it may indicate that business operations are seriously deteriorating. In fact, the strategic investment of Mingfa group in the past two years has been very good, and the land reserve is also good, but the investment may be too impatient, so in the past two years, with the aggravation of the real estate market regulation, the problems of corporate finance and other aspects began to be exposed. After the suspension of trading, Mingfa group has to do a lot of work to resume trading and guard against business risks. The establishment of the risk committee, to a large extent, shows that enterprises have the guidance of improving business performance.

Body 4 billion 800 million

According to public reports, Huang Huanming was born in Nanan, Quanzhou, Fujian Province in 1963, ranking second. After graduating from Xiamen University in 1985, Huang Huanming went to Hong Kong, China alone to establish Mingfa group. In 1994, Huang Huanming, a little famous businessman in Hong Kong, came to Xiamen to celebrate with his younger brother Huang. Quanzhou people seem to be born businessmen. With the sensitivity of businessmen, Huang Huanming saw the business opportunities of Xiamen real estate market and established Xiamen Mingfa group.

In 1998, the planning of Qianpu in Xiamen was not clear. Huang Huanming developed a 130000 square meter Mingfa international new town here. When the floor price of Jiangtou District in Xiamen remained at several hundred yuan per square meter, Huang Huanming obtained the land with the floor price of 1600 yuan per square meter. In only one year, the floor price of the land separated from the plot rose to 2960 yuan per square meter.

According to China real estate news, with this vision and means, Mingfa group has entered the Yangtze River Delta from a Xiamen enterprise 10 years later, successively completed the strategic layout in Jiangsu, Anhui and other provinces, and started to prepare for listing in Hong Kong, China in 2007. On November 13, Mingfa group made a public offering again. This time, Huang Huanming did not come empty handed. In addition to his four brothers and his mother who was over 70 years old, Huang Huanming also presented Minnan specialty paint line sculpture Kowloon bottle to the Hong Kong stock exchange of China, and donated HK $1 million to the Hong Kong public welfare fund of China on the spot to support the development of public welfare undertakings.

According to Tianyan data, up to now, there are 120 companies with legal representative Huang Huanming, involving real estate, hotel, property management, furniture and other industries. According to the 2019 Hurun rich list, Huang Huanmings latest fortune is 4.8 billion yuan. (Li Hongli, Beijing Time Finance)

Source: Beijing time editor: Chen Hequn ufe63 nb12679