Eggshell crisis tracking: hole 10 billion government has not found the bottom line

category:Finance
 Eggshell crisis tracking: hole 10 billion government has not found the bottom line


Wang Bo, Zhang Guangyu

In the past week, although the Beijing Municipal Commission of housing and urban rural development set up a special group for eggshell apartments, a large number of tenants, landlords and suppliers took extreme measures to protect their rights.

The official eggshell platform has been put on-line at the entrance of owner and tenant self-service contract termination, but most of the tenants reflect that even if the contract is terminated, they can see the refund on the account, but they cant take it out; although the supplier has registered the loss, but the year is close, when can they get the eggshell debt is still unknown.

The social crisis caused by the rupture of eggshell capital chain is, in the final analysis, the problem of who pays. Finance and economics reporter learned from two experts close to the housing and Urban Rural Development Commission and an executive office that I love my family. The housing and Urban Rural Development Commission once interviewed CCB, was free, and I love my family, but it was fruitless.

Things turned around on November 29th. On the same day, the WeChat official account Jing Fang published an article entitled inform the eggshell event tenant: no longer rent rent.

The article said: the opinions of the Beijing special office for the disposal of eggshell problems have made it clear that the tenant can terminate the contract with the eggshell, establish a new leasing relationship with the landlord directly, and can no longer repay the loan. If the loan is not paid back, it should not be recorded in the credit reference. The special team will further coordinate the credit management department and safeguard the interests of the majority of tenants.

Some people in the industry said that Jingfang Zi is the peripheral number of Beijing Municipal Commission of housing and urban rural development. If it is not convenient for the housing and Urban Rural Development Commission to say it publicly, it will be issued by this number. However, relevant people from the Beijing Municipal Commission of housing and urban rural development denied this view.

No repayment of loans, regardless of credit investigation, this has not occurred in the past cases of dealing with the long-term rental apartment warehouse. On this issue, the reporter of Caijing contacted Weizhong bank and Beijing Municipal Commission of housing and urban rural development for many times, but they did not get a clear reply. However, unofficial information shows that the disposal measures in various places are similar to those in Jingfang Zi.

01

Weizhong bank did not give up rent loan

A number of tenants in Putuo District, Baoshan District and Minhang District of Shanghai told Caijing that since November 28, they have received a notice from the neighborhood committee through telephone calls and interviews that tenants who have used the rent loan from the Weizhong bank can suspend repayment of the loan.

Some tenants ask the staff of the neighborhood committee, if the loan is stopped, will credit investigation be affected? The answer was, the city and the district are already in custody. You dont have to be afraid.

At the same time, the audio and video recorded by the tenants spread among the rights groups in Beijing, Shenzhen, Wuhan and other places, spreading similar news.

Zhang Wei, a lawyer in Shanghai, keeps in touch with tenants in several cities. He provides Caijing reporters with several recordings he has collected.

In one of the recordings, a staff member of donghuashi Street office in Beijing told the tenant: the District Construction Committee organized a training meeting. The unified caliber is that as long as the tenant and eggshell terminate the contract, the remaining rent loan will not be paid back. The tenants credit reference will not be affected and will not be blacklisted.

The staff member suggested that the tenant who used the rent loan should terminate the contract as soon as possible.

In another recording, a public official in Beijing told the tenants that the government had reached an agreement with Weizhong bank that the rent loan with Weizhong bank would also be cancelled after the lease was terminated. The government has taken over the internal system of eggshell and is in the process of debugging. After debugging, the lease release and rent loan can be easily completed online.

On November 16, Weizhong bank issued an official reply to the problem of eggshell rent loan: tenants forced to move out can register information in the background. After verification and confirmation, they will not need to repay before March 31, 2021, and their credit status will not change.

But at the same time, the banks information registration page also states that the tenant should repay the loan in accordance with the loan contract.

The information registration page of Weizhong Bank states that the tenant shall repay the loan in accordance with the loan contract. Source: tenants

According to Zhang Wei, from the perspective of the treatment plan of Weizhong bank, Weizhong bank has not given up the remaining loan that has not been received. In the financial customer service in the loan settlement contract, the customer service personnel who came to the bank to pay off the loan on the 19th day told the customer service personnel that they needed to pay off the loan. The loan will be settled with the tenant only after the bank receives the rent refund from the eggshell.

In conclusion, the credit protection period given by Weizhong is a window period for all parties to solve problems. During the window period, the loan relationship between the banks and the tenants still exists. If the incident is not resolved by the end of March next year, the bank will still require the tenant to pay off the loan.

This is the difference between the solution announced by micro banks two weeks ago and the solution currently issued to tenants by the neighborhood committee.

Regulators are looking for solutions together with enterprises and experts, which are unlikely to cover the whole picture, because they are worried that the handling of the eggshell issue will have a demonstration effect across the country. If the government is in charge of an enterprises affairs, it will be more difficult to regulate the long-term apartments.

02

Weizhong bank is only the first pick-up agency to the front desk. The reporter of Finance and economics learned from the above experts and the senior management of I love my family that in the past month, the housing and Urban Rural Development Commission has also made an appointment with Laiwu, I love my family and CCB respectively.

I love Hu Jinghui, the former vice president of my family. He thinks that the main reason why I love my family not to accept an offer is that there is not so much cash flow and it is a listed company. The decision-making process is too slow to hydrolyze the near thirst.

Hu Jinghui has calculated an account. The monthly rent of each apartment is 3000 yuan. Since the third quarter, some landlords have been unable to collect the rent. Generally, the term of rent loan is one year. In other words, if the rental rate is 100%, the eggshell owes the landlord half a years rent, the amount is about 9 billion yuan.

In a recording provided by Lawyer Zhang Wei, a public official in Beijing said that there was a funding gap of 9 billion yuan. According to the statistics of eggshell suppliers themselves, about 600 million yuan of payment has not been settled. The total amount of the two items is 9.6 billion yuan.

Before June this year, eggshells may still be vacant, but there are not many vacant houses since eggshells have promoted the rental rate in the middle of the year.

Finance and economics reporter learned that the requirement of free docking plate eggshell is that the government can appropriately release the control of N + 1 housing rental. But the experts interviewed said: no one dares to let go of the N + 1 limit, otherwise, what to do if there is a safety accident?

The n + 1 living room will be used as a separate living room. In 2017, after a serious fire in Xihongmen, Daxing, Beijing, the Beijing municipal government began to strictly investigate group rental and partitioned housing. Even so, the n + 1 mode still exists in long-term rental apartments.

Previously, eggshell and other long-term rental apartments adopted the mode of high income and low rent, operating against the market scale, and the housing price was too low. N + 1 partition became the main way for them to increase the flat efficiency, profit and revenue.

On July 8, 2019, Beijing Municipal Construction Commission and Beijing municipal market supervision and Administration Bureau issued three contract demonstration texts on Housing leasing.

As for the matter of docking with the housing and Urban Rural Development Commission, as of the time of publication, no clear reply was given.

If all rent loans are not repaid, how much loss will micro banks face?

The reporter of Caijing learned that 70% of the housing resources were rented by eggshells, which means that more than 6 billion yuan of bad debts will be generated if the banks accept the offer.

In 2019, the net profit of Weizhong bank is 3.95 billion yuan, and the bad debt is 1.5 times of its net profit.

As early as 2019, many large state-owned banks and commercial banks stopped the rental loan business, mainly because of the high risk.

As an internet bank, micro banks cant do deposit and loan business like traditional banks, which makes them lose a large amount of stable income. However, rent loan can provide stable cash flow for banks every month, and most of the young people who can afford to rent high-quality long-term apartments are high-quality customers.

According to the above article, the loan interest rate is as high as 10% in Beijing.

Finance and economics reporter learned that Weizhong bank amended the lease contract before the eggshell problems.

After the eggshell crisis broke out, the tenants tried to cancel the rent loan with the micro banks. They found that Weizhong bank made an important amendment to the loan contract this summer. In the new version of the contract, a clause has been added, which clearly states the solution to the loan problem when the early lease back occurs:

Eggshell apartment will refund the remaining rent to the borrower, and the borrower shall use the full amount of the rent refund to repay the principal loan. In order to facilitate accounting treatment, eggshell apartment will directly transfer the rent refund funds to the lenders account for repayment.

According to Zhang Wei and the tenants, before adding this clause, the early cancellation of rent is also handled in this way, but it is not included in the contract.

Under this clause, the lending relationship takes place between the banks and the tenants, Zhang explained. Eggshell is only used as a third party to collect and repay the loan. There is no legal relationship between eggshell and tenants or micro banks. If the bank and the tenant go to court, the clause is beneficial to the bank.

According to the rental loan contracts provided by several tenants, this clause has not yet appeared in the version 2.5 loan contract used in June this year, but it appears in the version 2.7 contract used in August.

During this period, Gao Jing, the former CEO of eggshell, was investigated, but eggshell is still providing normal services to most landlords and tenants, and a large-scale rights protection incident has not yet broken out. The addition of this clause may indicate that in August, Weizhong bank had foreseen that the eggshell would break out of financial crisis, so it took precautions.

An expert from the Financial Research Institute of the Chinese Academy of Social Sciences said that legally speaking, the micro banks should not take over the offer; from a reasonable point of view, the regulatory authorities will not let a large number of vulnerable groups bear the losses alone.

03

There is no official endorsement of the hand in hand operation manual

On November 30, Bai fan, a Beijing eggshell tenant, showed the hand in hand Operation Manual issued to her by the neighborhood committee to Caijing.

According to the hand in hand operation manual, the three steps for the owner to terminate the contract with the eggshell are as follows:

(1) Termination initiated by the owner;

(2) All tenants in the house have completed the termination of the contract with the eggshell;

(3) Complete the contract with the owner and send the password to the owner.

However, the actual situation is that eggshell houses are mostly rented to multiple households in the form of joint rent, and each household pays the rent in different ways and the remaining contract period.

Even if the current rent protection scheme can be implemented, it can only stimulate the willingness of these tenants to terminate the contract. Tenants who pay annually or half a year out of their own pocket believe that they have no hope of getting back the rent once they terminate the contract, so they insist on staying. In this case, the owner can not sign a new contract with the tenant.

Calling on tenants not to pay the rent loan to facilitate direct communication between landlords and tenants has only alleviated the contradiction, and the fundamental problems concerned by tenants, landlords and suppliers have not been solved.

It has been 11 days since the establishment of the ad hoc group of Beijing Municipal Commission of housing and urban rural development.

However, dealing with the eggshell capital chain crisis is no longer a regulatory agency of the Beijing housing and Urban Rural Development Commission. For example, it is the central banks responsibility to fail to record the credit reference. Many experts suggested that the Ministry of housing and urban rural development, the central bank, the China Banking and Insurance Regulatory Commission and the regional housing and urban rural development committees should take joint action to come up with a unified eggshell crisis solution.