On the day before New Year's Eve, Zhang Jin, the chairman of Cedar Holdings, issued a letter of apology, publicly acknowledging the default of the wealth management products scheduled to be redeemed at the end of 1 year, and promised to complete the redemption commitment before the end of February.
February passed. Fortune contacted the relevant person in charge of Cedar Holdings today to inquire about the redemption progress. The relevant person in charge said that the matter should be contacted with Cedar Trust; After contacting the person in charge of Cedar Trust on 1030 10, the relevant person in charge of Cedar Trust said that the matter should be contacted with Cedar Holding Group. It is not clear whether to pay at present.
| Text: Fan Ziyun
Editor: Lin Xufeng
Investors said on the short video platform that there was no payment.
At the same time, it is also pointed out that the Changtai series projects are actually running normally; Products with a substantial increase in the "fund pool" will also be cleaned up before the end of 2020. At present, the company has no cash pool or TOT cash pool products. Evergreen series products, the current inventory is about 2 billion, and all parties in the company have been speeding up the disposal and actively communicating payment matters.
On February 24th, some media broke the news that Cedar Holdings held a video conference with investors, and Max Zhang, the actual controller of Cedar, raised 50 million yuan, giving a preliminary redemption plan for overdue products of the Gold Exchange. However, compared with the financing scale of 20 billion yuan, investors are not satisfied with this plan.
At present, February has ended, and Cedar Holdings has not publicly given a reply to the redemption situation. However, Fortune Today learned from a short video platform that on February 27th, some investors indicated that they had not paid. This news has not received a response from Cedar.
Cedar incident is the second emergency of Guangzhou Top 500 private enterprises after Evergrande incident. The head of Cedar, a fortune 500 company in the world, is the post-70s.
Zhang Jinqi: He made a fortune in stock trading and then turned to industry.
Zhang Jin, Chairman of Cedar Holdings, 197 1 was born in Guangzhou in June. 1993 graduated from the Finance Department of Shenzhen University and completed her studies in Hong Kong from 1997.
His college years coincided with the initial stage of China stock market, the actual internal stock market just formed in Shenzhen, the social practice arranged by school teachers, and stock trading. In this way, Zhang Jin borrowed 600 thousand from his father to buy stocks. Relying on the financial knowledge he learned, he kept groping in the stock market and earned the first bucket of gold in his later venture.
1997 during the financial crisis, escape from the stock market in time. At the same time, China banned the welfare housing distribution policy and started the real estate market reform. At this time, Max Zhang aimed at the real estate industry and founded Junhua Real Estate, the predecessor of Cedar Holdings. Zhang Jinzeng said in an exclusive interview with Nanfang Daily on 20 17 that it was this experience that made him realize his initial intention of "doing business in a down-to-earth manner" in this industry.
The first project of Junhua Group is "Jiangnan Family", one of the earliest high-end villa development projects in Guangzhou. According to Nanfang Daily, this project has strengthened Zhang Jin's confidence in doing business in a down-to-earth manner. During the construction stage, he supervised concrete pouring; On the eve of opening, he led employees to beautify the environment; In the process of sales, he came on stage to contact with customers. Such a serious and responsible boss makes Jiangnan family want to be a best seller.
According to Big Cat Finance, after the house was delivered in 2005, many owners exposed it on the Internet, and the quality of the house was poor. When buying a house, various promises were not implemented, and bad reviews continued.
However, this did not prevent Zhang Jin from continuing to Gai Lou. Later, more than a dozen properties were developed one after another, making a lot of money.
Wide range and diversified development.
In 2002, when the real estate was in full swing, Zhang Jin laid out goods and established Guangzhou Junhua Trade Development Co., Ltd., the predecessor of Yuntong Supply Chain Group, which was mainly engaged in chemical trade, and then entered the whole industrial chain trade of aluminum products export, zinc, copper and other single products.
According to the records of Nanfang Daily, in 2008, the financial crisis swept the world, and commodities faced a cold winter. Gong seized the opportunity to go upstream.
In 20 15, Junhua group was reorganized into Cedar Holdings, with revenue of 59.3 billion yuan, becoming "Top 500 Private Enterprises in China in 2010/2".
20 16 invested heavily in the development of Dayanhuaxiang tourist town in Lijiang, and later acquired Qi Xiang Tengda, a listed company, for 4.8 billion yuan. The income in that year exceeded 654.38+057 billion yuan. At the same time, Max Zhang put forward the "3 trillion" target of Cedar Holdings in the next five years, with trillion sales, trillion assets and trillion market value.
20 17 holding listed company chinour was acquired by 4.2 billion. The revenue of Cedar Holdings reached 226,543.8 billion yuan.
In 20 18, Cedar Holdings ranked 36 1 in the world's top 500 with a revenue of US$ 40.6 billion.
In 20 19, Max Zhang made the Hurun Report with a fortune of 40 billion yuan, which was a down payment in Guangzhou.
Buy Zhongjiang Trust and set foot in finance.
Looking closely at the realization of Cedar Holdings' "trillion target", it is similar to Evergrande's "buy buy Buy". At that time, the market questioned whether the cedar capital chain could withstand the pressure of frequent acquisitions, but Max Zhang disagreed and said, "No!" !
In the same year that Max Zhang made the Hurun Report, Cedar Holdings acquired 7 1.3005% equity of Zhongjiang Trust held by Ling Rui Asset Management, Dalian Huiyu, Tianjin Haotongchuang and Shenzhen Li Zhenhui. In this way, Cedar Holdings became the largest shareholder of Zhongjiang International Trust and changed its name to Cedar International Trust.
Before the acquisition of Zhongjiang Trust, the industry thought that the financial license had entered the depreciation track, and it was not worthwhile to make great efforts to get the financial license. There are also objections within Cedar.
However, Zhang Jinli publicly commented that "trust license is the scarcest license among the licenses of financial institutions at present, and there are 68 licenses in the country, so it is also called the mother of all licenses. Having this license is of great significance to the long-term development of our industry. "
After Zhongjiang Trust 20 19 was renamed Cedar Trust, Cedar Trust issued 67 trust plans from August 20 19 to July 2020, including Changqing, Changtai, Changying, Xing 'an, Xinkun and Xinlian.
At the end of 2020, it was revealed that some projects of Cedar Trust were difficult to pay. By March, 20021year, the interest payment was postponed, and a large number of overdue cases appeared after April.
However, Cedar Trust, which has difficulties in redemption, has not stopped issuing products. 202 1 released more than 160 products in official website, with an average of 1.4 products a day.
The total scale of these products is more than 20 billion, and it didn't take long for the thunder to be sent. However, the financing parties of these mine explosion products have more or less problems.
This practice of borrowing the old for the new is also the fuse that led to a large number of investors gathering downstairs on February 10.
In addition, there are 1 1 companies that are not legally related to Cedar Holdings, but they are also inextricably linked in secret. At present, most of these companies are in a state of empty buildings.
After the thunderstorm, Cedar Holdings made at least five verbal promises to investors, but none of them came true. Repeated delays have exhausted investors' patience.
65438+1On October 30th, Zhang Jin, the head of Cedar, declared that "the redemption will be completed before February". By March 4, can this promise be fulfilled? There are still doubts. As of the time of publication of Fortune Today magazine, the relevant responsible persons of Cedar Holding Group and Cedar Trust have not replied for verification.
This article is from today's FortuneToday.
Related questions and answers: What if Cedar can't pay on time? Generally, there are two schemes: waiting for the project liquidation payment or accepting the transfer of beneficial rights. Take Anxin Trust as an example. In February of 2002 1,1,after waiting for more than two years, its natural person investors and others came to the redemption plan. So there are only two options at present.