Hangzhou furniture industry encounters mutual insurance
A construction company in Dongyang, Zhejiang Province, unexpectedly filed for bankruptcy, which led to the deterioration of the financial environment and the dilemma of bank lending in the furniture industry in Hangzhou, Zhejiang, which caused financial difficulties in the whole industry and affected other industries. The strange cause of this "others sneeze, their own cold" is the mutual insurance system.
According to preliminary statistics, the crisis involves more than 10 billion yuan in related debts, involving more than 100 enterprises in the industry, involving 23 banks. Yang Youmin, secretary general of the Hangzhou Furniture Chamber of Commerce, said that under the coordination of the government, the financial difficulties of the Hangzhou furniture industry have basically passed smoothly.
Under the coordination of the government, the temporary financial difficulties may temporarily subsidize. However, how the advantages and disadvantages of the mutual insurance system are weighed is worth pondering.
Hangzhou furniture industry encounters mutual insurance
Crisis caused by mutual insurance
"This crisis is a typical crisis caused by mutual insurance of enterprises." This is the description of the crisis by the relevant parties of the Hangzhou Furniture Chamber of Commerce.
Scorpio Construction is the first of the mutual protection dominoes. On December 20 last year, the Jiangsu branch of Tianzhu Construction was litigated by illegal private fund raising, and the court filed the case on the same day. After that, all accounts and real estates built by Tianzhu were successively frozen and sealed by the court. At the end of last year, Tianzhu Construction officially filed a bankruptcy application with the Dongyang City Court.
The total amount of loans in Tianzhu Construction itself is not huge – the construction bank has a loan of 140 million yuan, but 90 million of them are mutually protected with Jiayi Group and its affiliated Huazhou Group.
Affected by the bankruptcy of Tianzhu Construction, the Jiayu Group's 90 million yuan loan was de-protected from CCB, which caused CCB to collect 50 million yuan from Jiayi Group. Jiayi Group and Huazhou Group were collectively collected and loaned by banks 1.15. 100 million yuan, and 120 million yuan overdue loans, involving Hua Xia Bank, Bank of Beijing, Guangfa Bank, China Everbright Bank, China Merchants Bank and so on.
In response to the liquidity crisis, Jiayi Group has borrowed nearly 200 million yuan from the private sector.
Affected by the Jiayi incident, Zhejiang Rongyue Industry Group and its subordinates Hangzhou Rongye Furniture Co., Ltd. and Zhejiang Rongye Furniture Manufacturing Co., Ltd. faced tremendous pressure from banks to collect loans, and the normal liquidity chain of enterprises was on the verge of breaking.
According to the preliminary statistics of the Hangzhou Furniture Chamber of Commerce, the crisis involves more than 10 billion yuan in related debts, involving more than 100 enterprises in the industry, involving 23 banks, affecting more than 50,000 people in the furniture industry.
The crisis has further spread out of the furniture industry. Many large enterprises such as Tiger Holding Group, Zhongye Holdings and Zhengjian Construction are also facing difficulties due to the mutual influence of the mutual insurance circle.
Credit crisis for quality customers
The characteristics of this crisis, in addition to being triggered by corporate mutual insurance, are the credit crisis of medium-sized and even large-scale leading enterprises. Yang Youmin, secretary-general of the Hangzhou Furniture Chamber of Commerce, said that the furniture market in Zhejiang Province ranks second in the country, second only to Guangdong.
Jiayi Group's sales revenue in 2011 was 600 million yuan, tax payment was 80 million yuan, and more than 900 employees. Huazhou Group paid taxes of 55 million yuan in 2011. The total assets of Rongshi Group and its related subsidiaries are 946 million yuan. In 2011, the sales revenue was 1.5 billion yuan, tax payment was more than 40 million yuan, and more than 3,000 employees. The total assets of Zhongye Holdings and its affiliated companies are 1.4 billion yuan and the tax payment is more than 50 million yuan. The total assets of the Tiger Holding Group are 2.85 billion yuan, and 15 wholly-owned (holding) companies are under the jurisdiction of the company, ranking among the top 500 private enterprises in China for five consecutive years.
In a report submitted to the Hangzhou Municipal Government, the Hangzhou Furniture Chamber of Commerce stated that since the main business of the above-mentioned industries is normal, the level of assets and liabilities is also basically reasonable, but it is only a bank credit crisis triggered by mutual insurance. The Chamber of Commerce requested all levels of government to coordinate and organize enterprises and banks to negotiate solutions.
Yang Youmin said that the overall operation of the furniture industry is normal. It is only because of the unexpected application for bankruptcy in Tianzhu Construction, which has led to the difficulties of the capital chain. After the government coordinated, the situation was generally controllable. In the first half of this year, the amount of furniture trade in Hangzhou increased by 12% year-on-year.
Increased risk of corporate mutual insurance
At the recent meeting of the Zhejiang Provincial Financial Office to convene the heads of various institutions to improve the financial development environment and ensure stable economic growth, many speakers mentioned the “guarantee†in unison.
Li Hong, deputy director of the Hangzhou Central Branch of the People's Bank of China, said that in the second quarter, the capital chain breakage still occurred, which led to the gradual exposure and spread of risks of corporate joint insurance and invisible mutual insurance, and the willingness to guarantee among enterprises; The guarantee company has experienced insolvency and the business has shrunk; the trust between banks, enterprises and guarantee companies has been affected, and the problem of difficult borrower guarantees has become increasingly prominent. The entire financing guarantee system is under great pressure and may increase its part. The pressure of the company's capital chain. Li Hong specifically mentioned that according to the monitoring, since May, 60% of the enterprises that have taken out insurance have had financial difficulties after guaranteeing compensation for other enterprises.
Han Wei, director of the Zhejiang Banking Regulatory Bureau, said that due to lack of market confidence, risk of mutual insurance, blind diversification of enterprises, and involvement in private lending, some companies have problems with the capital chain. He specifically mentioned that nearly 40% of corporate loans in Zhejiang Province are mutual insurance loans.
Li Hong revealed that the partial credit environment has not yet recovered, highlighting the rebound in non-performing loans. At the end of May, the balance of non-performing loans in Zhejiang Province was 67.28 billion yuan, an increase of 18.14 billion yuan over the beginning of the year.
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