Draft:Tianjin Real Estate Group
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Tianjin Real Estate Group Co., Ltd. (Chinese: 天津房地产集团有限公司），abbreviated as Tianfang Group(Chinese: 天房集团）, formerly known as Tianjin Real Estate Development and Management Group Co., Ltd., is a large state-owned real estate enterprise under the supervision of the State-owned Assets Supervision and Administration Commission of Tianjin Municipal People's Government. Its history dates back to the establishment of the Tianjin Construction and Development Company in 1981. In July 2014, Tianfang Group was reorganized and merged with Tianjin Real Estate Trust Group Co., Ltd.
Debt Crisis
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On the evening of May 10, 2018, CITIC Trust disclosed in an announcement that its Tianfang No. 2 Loan Collective Trust Fund Scheme, which was initiated with Tianjin Real Estate Group as the borrower, might face a risk of default. This sparked concerns in the capital market about Tianjin Real Estate Group's debt risks.[1] After the issue became public, on May 18, CITIC Trust issued an announcement stating that the trust loan had been fully repaid.[2].
In August 2018, Tianjin Real Estate Group Chairman Di Da and General Manager, who was also the Chairman of Tianfang Development, Xiong Guangyu, were dismissed from their positions.[3] In October 2018, Di Da was placed under investigation by the Tianjin Supervisory Commission.[3]
References
[edit]- ^ Cui Wenguan (2018-05-18). "Exclusive: Tianjin Real Estate Group Incident Raises Potential Default Risk for CITIC Trust". China Business Journal. China Business Network.
- ^ Jin Pingping (2018-05-18). "CITIC Trust: Full Principal and Interest Payment Received on Tianjin Real Estate Group's Due Loan". China Securities Journal.
- ^ a b Wu Hongyuran (2018-10-24). "Former Tianfang Group Chairman Di Da Investigated with 140 Billion Yuan Debt Crisis Looming". Caixin. Archived from the original on 2021-01-18. Retrieved 2018-10-24.