First as the chairman of the board, and then as the president, when the company legal person, in the eyes of ordinary people, this is basically on the pace of life peak, but there is another secret.
When the chairman, because father Yang Keng did not do, when the president is also because the original president and CFO resigned, why these people did not do it?
Soon the answer came to light, and the company’s default on debt seemed inevitable.
The principal and interest of the debts that have been breached are 4.544 billion, including bank loans, trust loans and bonds.
Isn’t it a home with hundreds of billions of assets?
It’s worse to count.
The balance of monetary funds of blue light development is only 11.16 billion, which seems to be quite a lot. But there are 6.427 billion pre-sale regulatory funds, which cannot be moved. There are 3.464 billion or immovable cooperative projects. There are also 918million kinds of deposits, which can still not be moved and can be used, only 207million.
4.5 billion debt, 200million cash, is clearly insufficient. Before, close partners couldn’t sit down. For example, Bailey trust, looking at the explosion, not only frozen some of the equity, but also frozen a number of real estate and land. After all, their family’s debt alone was 1.9 billion.
In fact, in April, rumors about the blue light liquidity crisis were constantly ongoing, and bonds fell sharply, and later on, there were rumors of selling themselves. Besides Vanke, rongchuang, overseas Chinese city, China Resources, Meizhi and Jianfa, the gossip object was also reported.
However, the company denied that the bonds were delayed and admitted to introduce war investment, but would not transfer control rights and never “sell the company”.
The result was less than three months, and the rumors came true.
Many people are unfamiliar with blue light, but they are the top real estate business in Southwest China, known as “Sichuan real estate first brother”.
In 1989, Yang Keng, the director of Chengdu Engineering Machinery Group, laid down his iron rice job and decided to go to the sea. He rented a two story old house on Yusha road in Chengdu and established Languang auto parts factory.