The Helpless Of Wenzhou Enterprises' People'S Loans Is Not To Die Immediately, But To Die Slowly. "

In the context of inflation, Bank Began to tighten money and expand too much. Wenzhou The bosses began to wake up from the "4 trillion" dream. Private lending has become the quack of many Wenzhou bosses.

It is also widely seen that such private high interest loans are regarded as the last straw to overthrow Wenzhou bosses. But Fang Fang Lin, director of Fangxing Company limited by guarantee in Wenzhou, bluntly points out that Wenzhou bosses are "never crushed by private lending".

The temptation of "4 trillion"

Hu Fulin, chairman of Zhejiang Xintai Group Co., Ltd. must be clear that the funds needed to enter the new energy industry are huge. Fortunately, however, he met "good times".

At the beginning of the international financial crisis in 2008, the Chinese government implemented a series of radical fiscal stimulus and loose monetary policy, including the famous "4 trillion" financial investment.

"At that time, banks were chasing corporate loans." Zhou Dewen, President of the Wenzhou SME Development Association, said that as long as companies have good projects and mortgages, they can borrow money immediately, and many runway owners have expanded their businesses from a large scale, including Hu Fulin. According to people familiar with the matter, Xintai group has less than 700 million yuan of bank loans.

More and more enterprises can not resist temptation. An urgent asset restructuring needed by the Morning Post reporter. Shoe enterprises Statistics show that the registered capital of the company set up in 2007 was 5 million yuan, its annual output value was 20 million yuan, and bank loans amounted to 80 million yuan. "In other words, if the loan is used entirely in industry, it will take 4 years to sell the shoes," he said.

The bullets of the bank magnified the boss's desire and even expanded his mind. People familiar with the matter told the Morning Post reporter that in order to deal with nearly 100 billion yuan of bank debt of a debt crisis company, local financial institutions, people's banks and courts have coordinated. However, because the company is a large deposit holder, every bank in recent days is eager to catch up, even at high cost. The owner is very conceited and unwilling to cooperate. He is bigoted that the bank loan can be defaulted, and the guarantor should make advances for the secured enterprise, so that many coordination meetings are not fruitful.

In April of this year, Huang crane, chairman of Jiangnan Leather Co., Ltd. of Longwan District, Wenzhou, lost a huge loan. The joint investigation of Zhejiang banking regulatory bureau and Wenzhou Banking Regulatory Bureau revealed that Huang was attracted by international gambling group and participated in large gambling, and fled after a huge amount of gambling money.

"Banks are making trouble."

The honeymoon didn't last long. After 2010, the tiger of inflation came out and monetary policy turned to tighten.

In terms of small and medium-sized enterprises in Wenzhou, the increase in the deposit reserve rate is a "step by step". According to the investigation by the Municipal Commission of information, 855 of the key enterprises monitored in 1-7 months thought that the funds were tight and tight, accounting for 76.7%, which was 28 percentage points higher than that in the first half. The average capital gap of monitoring enterprises was 16%, an increase of 2.2 percentage points over the first half of the year. From the perspective of the demand for capital, the demand for mobile capital is the most important.

The tightening of monetary policy has forced major banks to "brake" on loan management and start pumping money, renewing loans or raising interest rates. According to the statistics of the municipal finance office, in August this year, local small business loans decreased by 37 billion 300 million yuan from last month, and the financing situation was tight.

Local people said that in order to recover loans, some banks even played an "dishonorable" role, "even coax and deceive", promised to "follow up loans", "even the agreement has been signed, and after the loan is collected, it tells you that there is no scale now.

Hu Fulin said that the funds that really keep it in check are "tens of millions of dollars", which will be returned to the bank immediately after maturity, and if the renewal loan is to be examined and approved, it will not be able to work. Zhou Dewen told Morning Post reporters that Hu has been pumped out of banks many times this year. Sun Fucai said that he would continue to borrow tens of millions of yuan bank funds abnormal, and after 1 months can not be put down; while the other, tens of millions of private lending can not be returned, interest rates are higher and higher, more and more people defaulting, so that personal safety is threatened, "my capital chain is completely broken, people are also forced to be driven by debt, forced to run away."

The most tragic is Shen Kuizheng, chairman of the Zheng Deli footwear industry, who leaped from the 22 floor. The information disclosed by banks shows that in recent years, Shen has raised more than 200 million yuan in several banks through the way of enterprise buildings, personal property mortgage and mutual insurance. When the loan is about to expire, the loan is spanferred to the private usury, but after the repayment of the bank loan, the loan is not expected. Zhou Dewen revealed that Shen's spirit was almost collapsed when he was followed up for debt and intimidation. "Finally, in the face of two debt collectors, he jumped to commit suicide." {page_break}

Turning to folk

Wenzhou's bosses were forced to turn to private lending when banks failed to borrow money, which was born out of a two track interest rate system with high interest rates.

Almost every running boss has a private loan shark, which is not clear, but a huge amount.

On the rumor of "2 billion debt, 1 billion 200 million of private interest loans, and monthly interest rate of more than 20 million yuan," Hu Fulin said, "they are also calculating how the figure is calculated". Shen Kuizheng owed 430 million yuan, of which 230 million were private loans, and most of the private debts owed by other runway owners were around 100 million yuan.

In the history of the development of private economy in Wenzhou, private lending has made great contributions. For a long time, in the context of formal financial system, private lending and bank credit are the trend of "you enter and retreat" and "change the other". The former is only the "supplement" of the latter.

But after tight money, things changed. The information of Wenzhou Banking Supervision Bureau admits that private lending has become one of the main sources of financing for SMEs. According to a sample survey of 105 small and medium-sized enterprises in Ouhai District, 15 of the initial sources of funds of enterprises are entirely dependent on their own funds, accounting for 14.3%. The remaining 90 have raised capital through private lending, of which 32 of the initial venture capital do not have bank loans, and the total funds obtained through private lending account for 30.5%.

The huge demand for capital has raised the interest rate of private lending. Wenzhou Banking Supervision Bureau said that this year, Wenzhou private lending comprehensive interest rates continued to rise, the first annual interest rate in August exceeded 25%, 2.08 percentage points higher than the beginning of the year, September private lending comprehensive interest rate rose to 25.44% again, at a phased high.

However, official data obviously tend to be conservative. According to a press survey, in Wenzhou, 5 points (60% per annum) can be seen everywhere, with a maximum of 1 points (annual interest rate of 120%).

"Footwear manufacturing profits are generally between 3% and 5%. Such high interest rates are simply not acceptable to enterprises." "If private lending accounts for only 10% of the total assets of enterprises, it will have little impact on the operation of enterprises. If it is large, long-term, beyond the small range of private lending, this is dangerous. Ma Jinlong, President of Wenzhou Economic Association, said. According to a survey conducted by the Wenzhou Municipal Commission of letters, 1-7 of the city's industrial interest expenses above Designated Size reached 4 billion 40 million yuan, up 47.8% from the same period last year, and the increase was 24.1 percentage points higher.

Ye Jian Le, the boss of Zhejiang Tianshi electronic company who was missing in June, is typical. In the case of hard money to turn around, Ye Xian used high interest capital to lend money, and then relied on this high interest fund for a long time. The amount of money increased and interest burden increased day by day. At the same time, its capital investment in the stock market suffered losses, which led to the breakup of capital chain. {page_break}

"Not to die at once, but to die slowly."

Nevertheless, Fang Ping Lin, director of Wenzhou Fangxing Company limited by guarantee, insisted that the boss of the runway was "never crushed by private lending". "Which one is forced to borrow? It is voluntary."

Ma Jinlong also believes that "the problem is not whether the enterprises that can not meet the needs of capital are seeking help from" usury ", or whether they have a way out.

Under the background that diversified investment is hard to see profits, some enterprises are really looking for a way out. Under the temptation of high interest rates, small and medium-sized enterprises have joined the lending camp, together with ordinary people, underground banks, even government officials, regular Guarantee Corporation and banks. According to a survey conducted by the Wenzhou banking regulatory sub Bureau, the scale of private lending in the city is about 110 billion yuan, with a preliminary estimate of 30% of the funds from local enterprises and other economic entities, 20% from the residents and 20% from the whole country and the rest of the world.

Even bank loans take the opportunity to enter the usury market. Wenzhou Finance Office officials admit that because of the double interest rate and the lack of supervision on the flow of some credit funds by commercial banks, some credit funds have not entered the economic entities directly, and have entered the private lending market through intermediaries.

In Wenzhou bosses boss case, because of the above "way out" leading to the chain of private lending broken, playing with fire is not unusual.

At the end of July, Wang Hexia, the boss of Wenzhou giant Bang Shoes Co., Ltd., has confirmed that he is engaged in usury business in the name of Guarantee Corporation. According to the "internal bulletin" of Longwan footwear industry association, the reason for "missing" is "1 illegal Guarantee Corporation" due to Guarantee Corporation's "bankruptcy". Zheng Zhuju, the boss of Longwan bayou household appliance company, who spent hundreds of millions of yuan in absconding with the money, borrowed money from the bank opened by the Guarantee Corporation after the bank bought the bank's discounted bills, and seized the bank acceptance bill after the incident. The bank's acceptance bill was about 100 million yuan.

"Many Wenzhou bosses just use their businesses as financing platforms." Zhou Dewen said that although the contribution of the real industry to the profits of enterprises is very small, to ensure capital operation, many enterprises must rely on this "shell" to obtain bank credit and credit, and facilitate accounting and taxation.

"All banks are making trouble." Fang Fang Lin, director of Fangxing Company limited by guarantee, Wenzhou, bluntly said.