On June 18, Song Tongfa, former member of the Party Committee, director and deputy general manager of Anhui Investment Group Co., Ltd. (hereinafter referred to as "Anhui Investment Group") and chairman of Anhui Anhui Investment Industry Development Co., Ltd., embezzled 130 million yuan.
This is the third senior management "corruption case" announced by Anhui Investment Group this year.
On April 19, Chen Xianming, former deputy secretary of the Party Committee and general manager of Anhui State-owned Capital Operation Holding Group Co., Ltd., was suspected of accepting bribes and embezzlement. According to the prosecution's allegations, Chen Xianming took advantage of his position as deputy general manager of Anhui Investment Group (hereinafter referred to as "Anhui Investment Group") and general manager and chairman of Anhui Investment Real Estate Company to accept property from others.
On January 3, according to the Anhui Discipline Inspection and Supervision Officer's WeChat report, after the study of the Party Committee of Anhui Investment Group Holdings Co., Ltd., it was decided to expel Wu Jian, the former chairman of Wantou Real Estate Co., Ltd. (hereinafter referred to as "Wantou Real Estate"), from the party; Confiscate their disciplinary and illegal gains.
In addition, Zhang Handong, chief economist of Anhui Investment Group, and Yu Huawei, deputy general manager, were also investigated at the same time; Duan Zhongjie, deputy secretary of the Party Committee and general manager of Wantou Real Estate, surrendered on July 19 last year and is currently under review and investigation by the Commission for Discipline Inspection and Supervision.
According to the official website, Anhui Investment Group is the first state-owned capital investment and operation company reform pilot enterprise in Anhui Province, with total assets of nearly 370 billion yuan in 25 years, and has developed 85 wholly-owned and holding subsidiaries such as Anhui Investment Real Estate.
As an urban investment enterprise carrying the heavy responsibility of infrastructure construction and shantytown reform in Anhui Province, why is the core executives of Anhui Investment Group investigated and dealt with in a centralized manner? What are the problems behind the high-level shock of Wantou Real Estate? The "Chengtou Shentou" plan of Phoenix Network Wind Financial News has launched an investigation and research.
Executive Platform "Stealth Trading"
Suspected of being a "blood transfusion" of more than ten real estate companies
Wantou Real Estate is the main real estate development platform of Wantou Group. However, in addition to the traditional development business, Wantou Real Estate has also penetrated into the financial field.
In January 2021, Anhui Investment Real Estate, Anhui Chuanggu Equity Investment Fund Management Co., Ltd. (hereinafter referred to as "Anhui Chuanggu") and Qingdao Anhehuichuang Equity Investment Partnership (hereinafter referred to as "Anhehuichuang") jointly established a real estate investment platform: Anhui Anhui Investment Capital Investment Management Co., Ltd. (hereinafter referred to as "Anhui Investment Capital", formerly known as Zhongan Taixin).
The chairman of Anhui Investment Capital is Wu Jian, and the director is Duan Zhongjie. Tianyancha shows that Anhui Investment is 35% owned by Anhui Chuanggu, 30% by Anhui Investment Real Estate, and 35% by Anhehui Chuang.
It is worth noting that the major shareholder Anhe Huichuang has many connections with Wantou Real Estate. Phoenix Network Wind Financial News further penetrated the equity and found that there are a number of Anhui Investment Real Estate executives behind Anhe Huichuang, which is suspected to be its executive investment platform.
For example, Wu Jian is the chairman of Wantou Real Estate (who later retired from the list of senior executives on February 18, 2021), and Xu Xiaoming works in a number of companies owned by Wantou Real Estate.
(Source: Tianyancha)
During Wu Jian's reign, Anhui Investment held shares in Anhui Anhui Investment Taixin Venture Capital Fund Management Co., Ltd., Qingdao Changsheng Investment Management Co., Ltd. (hereinafter referred to as "Qingdao Changsheng"), and Anhui Wantou Real Estate Investment Co., Ltd.
Through Tianyancha, the three companies found that more than 40 equity funds were nested in layers, and the investment involved more than 10 private real estate companies such as Jinpeng, Zhenxing, Jinhui, Hongyang, Zhongliang, Huichuang, Shangkun, Xiangsheng, Xinli, Anhui Land, Haochuang Real Estate, etc., many of which cooperated with Wantou Real Estate.
For example, Qingdao Changsheng holds 99.5% of the equity of Jiaxing Taixin Zhenyuan No. 1 Equity Investment Partnership (cancelled in September 2023) through Hefei Taixin No. 14 Equity Investment Partnership (holding 80% of the shares), and the equity fund has invested in 19 project companies such as Hubei Liangqing Real Estate, Nanchang Muhong Real Estate, and Zhengzhou Fuheng Real Estate.
At the same time, Phoenix Network Wind Financial News noticed that in recent years, Wantou Real Estate has cooperated with many real estate companies such as Vanke Group, Jinmao Group, Xinhua Real Estate, Anhui Land, Zhenro Real Estate, Country Garden, Zhongliang Real Estate, Tingcheng Cultural Tourism, and R&F Real Estate.
It can be found that although it is difficult to guarantee the probability of success in the land auction market in the face of competition from strong state-owned enterprises such as Poly, China Merchants, Yuexiu, and C&D in recent years, the company's business scale and senior management radiation scope have been further expanded through direct cooperation with Anhui Investment Real Estate and Anhui Investment Capital Investment, which can be described as a "hidden" development road.
Expanding and going downhill
Wantou Real Estate has been complained by a large number of owners
While Wantou Real Estate has expanded in a variety of ways, the products left behind have hidden many problems.
According to the information on the leadership message board platform, the Yunjintai project of Wantou Real Estate Development Real Estate was complained by the owner for suspected false publicity. The owner said that Wantou Yunjintai false propaganda, arrogant and unreasonable, endangered the people's hard-earned money, and the owners of Wantou Yunjintai ran to negotiate many times without success.
In this regard, the reply given by the Office of the Hefei Municipal Party Committee of the Communist Party of China is: In response to the suspected false propaganda of the project development enterprise, the Market Supervision Bureau of the Economic Development Zone has officially filed a case for investigation, and will be investigated and dealt with in accordance with laws and regulations.
(Source: Leadership Message Board)
In addition, some owners reported on the platform that the quality of Wantou Yunqi Jinyue was downgraded, the water seepage on the top floor of Xinyueli, and the water seepage of Bihu Yunxi houses had not been solved for three years. Some netizens even shouted on social platforms: Wantou's characteristic big white wall has no discussion about the damage to the owners.
(Source: Leadership Message Board & Network)
The second phase of the delivery of the Wantou Guobin family also broke out in the rights protection incident. The owner claimed that the second phase of the project had false propaganda in terms of the separation of people and vehicles, balcony design, entertainment facilities for residents on the overhead floor, and entrance doors, as well as the poor gate of the second phase and the wrong installation of hanging solar panels.
There are also owners in Xinyueli who have complained that since the date of delivery, it has been found that the top of the window in the north bedroom, the roof of the second bedroom in the south, and the eaves outside the window of the master bedroom have obvious traces of water seepage. The balcony windows, the living room sliding windows are struggling, the upper and lower are seriously deformed and the developer's property has been fed back and repaired many times, the water seepage of the eaves outside the master bedroom window has not been solved, and the window deformation has not been treated.
(Source: Leadership Message Board)
According to the official website of Wantou Real Estate, by the end of 2023, the company has accumulated a total area of more than 7,000 acres, a total construction area of more than 13 million square meters, more than 40 development projects, and the company's total assets of more than 19 billion yuan.
At present, in addition to the projects for sale such as Wantou Yunjintai, Wantou Yunqi Jinyue, Wantou Yunqi Jinshang, Wantou Yunqi Huazhang Garden, etc., there are also Jingkai 06 plots under construction. A large number of owners have defended their rights in the delivered projects, and the impact on the new projects of Wantou Real Estate will gradually show a reaction.
At present, the performance of Wantou Real Estate in the past two years has entered a "downhill road".
According to the data of Enterprise Early Warning, from 2022 to 2023, Wantou Real Estate recorded revenue of 4.349 billion yuan and 2.794 billion yuan respectively, down 17.78% and 35.76% year-on-year; In contrast, the net profit in 2022 will be 245 million yuan, while in 2023 there will be only 155 million yuan left, a year-on-year decrease of 36.52%.
Wantou Group's profits continued to decline
The "corruption case" of Chengtou was exposed
After many years of development, the projects of Wantou Real Estate are still concentrated in Hefei, Chuzhou, Anqing, Fuyang, Bengbu and other cities in Anhui Province, and the development speed and quality are limited, which is difficult not to cause questions from the outside world.
Because in terms of background, Wantou Real Estate can be called "backed by a big tree", and its parent company has very rich resources.
According to the data, Anhui Investment Group was established in June 1998 by the merger of the former Anhui Provincial Construction Investment Company, the Provincial Agricultural Investment Company and the Provincial Railway Construction Investment Company. In June 2011 and October 2014, Anhui Investment Group successively reorganized with Shanghai Yu'an Investment Group Co., Ltd. and Shenzhen Anhui Industrial Corporation, and the total assets of the group have reached nearly 370 billion yuan by the end of 2023.
At the same time, Wantou Group has more than 30 railway projects, and has invested in many large enterprises such as Changxin Technology (SZ.300088), Jiuhuashan (SH.603199), Ankai Automobile (SZ.000868), Tongling Chemical Industry Group, Chery Automobile, Weilai Holdings, Shuguang Chemical Co., Ltd., Changxin Storage and so on.
However, since its development, Wantou Group has not only failed to give Wantou Real Estate enough support, but also has a "declining trend".
According to the information of Enterprise Early Warning, as of the end of 2023, Wantou Group's revenue has fluctuated significantly, and profits have declined for two consecutive years.
(Source: Enterprise Early Warning)
As of the first quarter of 2024, the total short-term borrowings and non-current liabilities due within one year have exceeded 31.1 billion yuan, but the monetary funds are 25.885 billion yuan, which is difficult to cover short-term debts.
Since 2024, the "corruption problem" of Wantou Group has been more intensively exposed, and whether it will become the "antidote" of Wantou Group remains to be observed and tested by the market.
Source: Fengcai News