More than 10 financial institutions are involved in the bankruptcy and reorganization of the operator of 5A scenic spot Yesanpo

category:Finance
 More than 10 financial institutions are involved in the bankruptcy and reorganization of the operator of 5A scenic spot Yesanpo


Some leasing executives dont agree with this statement.

A senior executive of a financial leasing company told the first financial reporter that with so many institutions investing in Yesanpo tourism, many creditors have difficulty reaching a consensus in the short term. Even if they enter the legal process, asset disposal will take a long time.

5A scenic spot operator applies for bankruptcy

Recently, the peoples Court of Laishui County, Hebei Province announced the restructuring information of Yesanpos tourism investment, which shows that the current fixed assets of Yesanpos tourism investment are 384 million yuan, the intangible assets are 920 million yuan, and the total assets are 1.306 billion yuan. At present, the companys financial liabilities are more than 700 million yuan, and the financial lease loans, short-term loans, and project payables that should be paid at maturity are more than 200 million yuan, with a total liabilities of 900 million yuan, negative The debt ratio is 69%.

In the courts civil ruling, Yesanpos tourism investment stated that the main reasons for its loss are as follows: the investment in infrastructure construction is too large, the construction funds mainly rely on loans from banks and financial leasing companies, the financial liabilities are more than 700 million yuan, and the financial expenses are relatively large in all expenses. In the assets, most of them are infrastructure assets, in which depreciation and maintenance costs account for a large proportion. The return of all investment and construction projects is supported by the ticket revenue, while the ticket revenue of the travel investment company grows slowly, which is not enough to support all expenses; the company has few income projects, and the income growth only depends on the ticket of scenic spots, so it is difficult for the company to grow rapidly in the short term.

In response to this, Qu Baojun also said recently that due to the excessive investment in infrastructure construction and resource integration and acquisition of the scenic spot, the investment funds are mainly financed by banks and financial leasing. Although the ticket revenue of the scenic spot keeps stable growth, the financial cost, depreciation cost and maintenance cost account for a large proportion. In the past eight months, due to the impact of the off-season tourism and the new crown epidemic, Yesanpo tourism investment has no business Business income, resulting in unable to repay debts due, creditors put forward restructuring requirements, the peoples Court of Laishui county has also formally accepted.

However, a leasing company executive said he could not fully agree with the statement. He said that the debt ratio of scenic spots is generally high, but Yesanpo scenic spot is close to the Beijing market, and its revenue was good in the past. In addition, the investment income of scenic spots is relatively slow, which is common in the industry. Under the epidemic situation, the revenue of scenic spots has encountered some problems, usually applying to leasing companies for extension, and the epidemic situation is not the only reason for bankruptcy and reorganization.

In response to the above questions, the first financial reporter repeatedly called Yesanpo Scenic Area Management Committee and Laishui rongshengkang Tourism Investment Co., Ltd., neither of which responded.

More than 10 institutions are involved

According to the statistics of the unified registration and publicity system for real estate financing, more than 10 leasing companies have provided more than 800 million yuan of leasing financing to Yesanpo tourism investment, and Yesanpo tourism investment has also provided receivables financing to a number of banks and financial leasing companies.

Yuandong Hongxin (03360. HK), a listed leasing company, is also among them. In the Yesanpo project, the object of Yuandong Hongxin leasing is commodity display cabinet, transformer, lighting equipment, access control equipment, etc., but the loan amount of Yesanpo tourism investment from Yuandong Hongxin has not been further disclosed on the unified registration and publicity system of movable property financing.

Yesanpo tourism investment, lease and financing

(data source: First Financial Statistics)

Receivables financing of Yesanpo tourism investment

(data source: first finance and Economics)

In recent years, the tenants of Yuandong Hongxin are also overdue. In March 2019, Qingdao forestry investment made a number of financing debts and advances, also involving more than 10 financial institutions such as far east Hongxin. Among them, Yuandong Hongxin has done two businesses for Qingdao forestry investment, starting from January 2017 and December 2016 respectively, with a term of 5 years, and the subject matter of the lease is seedlings.

According to the financial data of Far East Hongxin, its non-performing assets and non-performing loan ratio have been double rising for many years in a row: at the end of 2017, the non-performing assets of Far East Hongxin reached 1.76 billion yuan, at the end of 2018, 2.25 billion yuan, at the end of 2019; at the end of 2017, the non-performing ratio was 0.91%, at the end of 2018, the non-performing ratio slightly increased to 0.96%, and at the end of 2019, the non-performing ratio has increased to 1.11%.

By the end of 2019, the proportion of non-performing assets in the urban public industry in the total non-performing assets was 36.64%, which was affected by the projects with high individual amount, and the index was on the high side. The main problems of the non-performing projects in the urban public sector are the instability of the management, the short-term liquidity difficulties caused by the mismatch of short-term financing and repayment rhythm; the proportion of the non-performing assets in the cultural tourism industry in the total non-performing assets is 24.91%, which is mainly concentrated in the tourism sector, and the overall non-performing assets in the tourism sector are relatively large due to the large scale of individual projects. Far east Hongxin said in its 2019 annual report. In April, Fitch downgraded Yuandong Hongxins long-term issuer default rating (IDR) to BB + from BBB -, with a negative outlook. Mainly due to the markets expectation that asset quality and profitability will deteriorate, the operating environment will be significantly weakened, thus increasing leverage. Fitch said. After more than 10 years of rapid development, the financial leasing industry has reached a difficult time in 2020. In the current epidemic situation, many lessees on the asset side of financial leasing companies are difficult to repay, and leasing companies are difficult to deal with; on the liability side, the main source of capital of financial leasing companies is banks, and the financial after-sale leaseback business is regarded as shadow banks, and the supervision also requires banks to strictly control such credit of financial leasing companies. Some insiders said. Read more than 80% of Zhongtai Autos annual report: net profit loss of 11.19 billion yuan in 2019, Ma Huatengs fortune soared only 3 months, Tencents market value increased by a millet + meituan. Source: First Financial Editor: Zhong Qiming_ NF5619

By the end of 2019, the proportion of non-performing assets in the urban public industry in the total non-performing assets was 36.64%, which was affected by the projects with high individual amount, and the index was on the high side. The main problems of the non-performing projects in the urban public sector are the instability of the management, the short-term liquidity difficulties caused by the mismatch of short-term financing and repayment rhythm; the proportion of the non-performing assets in the cultural tourism industry in the total non-performing assets is 24.91%, which is mainly concentrated in the tourism sector, and the overall non-performing assets in the tourism sector are relatively large due to the large scale of individual projects. Far east Hongxin said in its 2019 annual report.

In April, Fitch downgraded Yuandong Hongxins long-term issuer default rating (IDR) to BB + from BBB -, with a negative outlook. Mainly due to the markets expectation that asset quality and profitability will deteriorate, the operating environment will be significantly weakened, thus increasing leverage. Fitch said.