【英语中国】中国一信托产品被指违约 China miner in trust default

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所属分类:双语中国

2014-2-14 09:16

小艾摘要: A Chinese mining company, whose flamboyant boss made headlines for spending $11m on his daughter’s wedding, has defaulted on a $50m trust loan, underlining the stresses in China’s vast shadow bankin ...
China miner in trust default
A Chinese mining company, whose flamboyant boss made headlines for spending $11m on his daughter’s wedding, has defaulted on a $50m trust loan, underlining the stresses in China’s vast shadow banking system.

The investment product, which was backed by loans to coal miner Liansheng Resources, failed to repay investors last Friday, according to state media reports. It had raised Rmb289m ($47.7m) from wealthy clients of China Construction Bank.

Although this tranche – the fourth of six – is now technically in default, investors may yet see some of their money returned under a restructuring of the company. Liansheng has previously failed to repay investors on earlier tranches of maturing trust loans, having borrowed a total of Rmb1bn.

The fortunes of Liansheng and its charismatic founder, Xing Libin, have been a mirror of the rise and fall of China’s coal mining sector. Mr Xing was reported to have bought mining rights for the “price of a cabbage”, before building his company into a big performer in the sector.

In 2012, he made headlines after throwing a lavish celebration to mark his daughter’s wedding and the 10-year anniversary of Liansheng.

He flew family and friends to a tropical beach getaway on China’s Hainan island and arranged a procession of Ferrari sports cars during the nuptials. The overall celebration costs came to about $11m.

But the coal sector has since fallen on hard times, as China seeks a move from heavily polluting industries. A glut of US imports and domestic overcapacity have further damped prices.

by loans to Liansheng

中国联盛能源有限公司(Liansheng Resources Group,简称联盛能源)对一笔约5000万美元的信托贷款发生违约,突显出中国庞大的影子银行业体系承受的压力。该公司行为张扬的老板邢利斌曾因拿出1100万美元为其女儿举办婚礼而成为新闻头条。

中国官方媒体报道称,这笔由向联盛的贷款支撑的投资产品上周五未能按时向投资者兑付本息。该产品从中国建设银行(CCB)的富裕客户那里筹集了2.89亿元人民币(合4770万美元)。

尽管现在这一期(6期中的第4期)产品严格说来已经违约,但投资者仍有希望通过该公司的重整计划收回一部分资金。此前联盛已未能兑付前几期到期的信托贷款。该信托产品规模总计达10亿元人民币。

联盛及其有魄力的创始人邢利斌的命运,是中国采矿业兴衰的一面镜子。媒体报道称,邢利斌以“白菜价”购得了采矿权,然后将其公司打造成中国煤炭行业一家举足轻重的企业。

2012年,邢利斌因举办豪华宴会庆祝女儿婚礼及联盛成立十周年,成为了媒体报道的头条新闻。

他租用飞机将亲朋好友接到旅游胜地海南岛上的一个热带海滩度假村,并在婚礼期间安排法拉利车队游行。整个庆祝活动大约花费了1100万美元。

但自那以后,随着中国寻求摆脱重度污染行业,煤炭行业陷入困境。从美国进口的煤炭猛增以及国内产能过剩进一步打压了煤价。

译者/邹策

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