Comments on Trust Products of changan trust-Wuhan Central Trade City's Specific Property Income Right Investment Collective Fund

Changan trust? Collection of investment in specific property income right of Wuhan Zhonghuan Trade City

Comments on fund trust products

I. Product information

Changan trust? Trust Plan for Investment Collective Fund of Specific Property Income Right in Wuhan Central Trade City

Trust type:

Commercial property leasing, right to dispose of income.

Use of funds:

Transfer the income right of the specific property held by Wuhan Zhuyeshan Zhonghuan Trade City Co., Ltd. "Specific property" refers to the comprehensive trading market of Zhuyeshan Zhonghuan Trade City at Jinqiao Avenue 1 in Jiang 'an District, Wuhan. "The usufruct right of specific property" includes but is not limited to the rental income and disposal income of the property.

Trust scale

300-500 million yuan

Trust period:

24 months

Expected annualized rate of return:

1 10,000 yuan < 3,000,000 yuan (excluding), with an annual rate of return of 9.8%;

3 million yuan < 6 million yuan (excluding) annual rate of return10.7%;

6 million yuan < 6,543,800,000 yuan (excluding), and the annual rate of return is 654.38+00.9%;

100000 yuan < 20 million yuan (excluding) annual rate of return11.1%;

& gt= 2000 million yuan 1 1.2%

Interest payment method:

Pay interest every year.

Custodian of funds:

Wuhan Branch of China CITIC Bank Corporation Limited

Promotion date

20 13 1.4 ~

Second, product reviews.

Product evaluation: ★★★★★★★★ This product has a term of 2 years and a yield of 9.8%~ 1 1.2%, which belongs to the commercial property income right project. The financing party has strong financial strength and a stable source of repayment. Excellent credit enhancement measures such as land mortgage, actual controller guarantee and fund supervision.

Evaluation project

Evaluation elements

assessment result

The strength of financiers

The net assets of Wuhan Zhuyeshan Zhonghuan Trade City Co., Ltd. are165438+39 million yuan.

★★★★☆

Guarantor strength

The total assets of Wuhan Zhuyeshan Group Co., Ltd. exceed 654.38+0 billion.

★★★★★

mortgage rate

39.9 1%

★★★★

yield rate

9.8%~ 1 1.2%, 10, the average industrial and commercial income in the past two years is 8.98%.

★★★★★

income apportionment

Annual distribution

★★★★

issuer

Changan International Trust Co., Ltd. ranks in the forefront in comprehensive strength.

★★★★★

1, counterparty analysis

Wuhan Zhuyeshan Central Trade City Co., Ltd. was established in 2005. Zhuyeshan Group, which ranks in the top 20 in Wuhan in terms of comprehensive strength, contributes in cash. Four villages, Sanjintan, Xinyi, Huangpu and Daishan, Houhu Township, Jiang 'an District, Wuhan City, were established by means of land shares, of which Zhuyeshan Group contributed 35.7 million yuan, accounting for 565,438+0% of the company's shares. Zhuyeshan Zhonghuan Company is a specialized company set up by Zhuyeshan Group to develop the comprehensive trading market project of Zhuyeshan Zhonghuan Trade City, which integrates construction, investment promotion and management. By the end of May of 20 12, Zhuyeshan Zhonghuan Company had total assets of 20120,000 yuan, total liabilities of 872 million yuan and asset-liability ratio of 43.37%. Realized the main income of 65,438+0,465,438+0.57 million yuan and the net profit of 9.72 million yuan. The business income of Zhuyeshan Zhonghuan Company mainly comes from the operating income of the comprehensive trading market project of the Central Trade City.

As a key project and market supported by Wuhan, Wuhan Zhuyeshan Central Business City covers an area of 2 100 mu, with a total investment of 0/800 million yuan and a construction area of 600,000 square meters. It is a professional market cluster with the largest scale, the most complete categories and the most complete supporting facilities in Central China. It has two major centers, such as automobile, steel, non-staple food seasoning and warehousing and logistics. At present, the 800 mu steel market and non-staple food seasoning market in the first phase of the project have been fully put into operation, and the market occupancy rate and opening rate are as high as 100%. As the commodity consumption index market in Central China, Wuhan Zhuyeshan Central Commercial City is the primary data sample market for China Index Research Institute to establish "Wuhan Commodity Index System" in China. The annual turnover of automobile market accounts for 60% of Hubei automobile market share, steel market accounts for 50% of Wuhan steel retail market share, and non-staple food seasoning market accounts for 70% of Wuhan non-staple food seasoning commodity annual consumption.

2. Analysis of repayment sources

The first repayment source: operating income of Zhuyeshan Zhonghuan Company. The operating income of Zhuyeshan Zhonghuan Company includes the rental income from the comprehensive trading market of Zhuyeshan Zhonghuan Trade City, the sales return of office buildings in the auto parts market, and the advance payment for land acquisition returned by Wuhan Land Consolidation and Reserve Center. It is estimated that during the duration of the trust plan, the total rental income of a specific property can be 372 million yuan, and the net cash flow after deducting operating costs and taxes can be 269 million yuan. At present, the automobile supplies building has not obtained the property right certificate and cannot be sold. It is estimated that the title certificate can be completed in the first half of 20 13, and the average selling price is about 8600 yuan/square meter (the actual selling price of surrounding commercial real estate has reached 16000 yuan/square meter -20000 yuan/square meter). It is estimated that the sales rate will be 60%, and the sales revenue will be 243 million yuan. Wuhan Land Consolidation and Reserve Center entrusts Zhuyeshan Zhonghuan Company to handle the land expropriation work on its behalf, and it is expected to be settled before the end of 20 13. The above net cash flow totaled 862 million yuan. During the existence of the trust plan, the financing party has sufficient repayment sources.

The second repayment source: operating cash flow of Zhuyeshan Group. The comprehensive strength of Zhuyeshan Group ranks in the top 20 in Wuhan. It is the controlling shareholder of Zhuyeshan Zhonghuan Company and the administrative organization of Zhuyeshan Company. Exercise investment management responsibilities within the system of Zhuyeshan affiliated companies, and master the assets and cash flow of all companies. At present, the total value of the assets actually owned by Zhuyeshan Group exceeds 1 0 billion, and the cash inflow in the next three years is1610.6 billion yuan, which is enough to cover the principal and income of this trust plan.

3. Analysis of credit enhancement measures

Full mortgage of mature commercial land. The mortgaged land of this project is the sixth-grade commercial land in Wuhan city, with superior geographical location and strong liquidity. This plot is located in the south of the Third Ring Road in Jiang 'an District of Wuhan, east of Jinqiao Avenue, west of Huangxiaohe and north of Jingnan Avenue, with a land area of * * *144,600 square meters. The land use is commercial service land, and the nature of the land is transfer. The total land appraisal price is 65.438+25.3 million yuan, and the mortgage rate is 39.9 1%.

Provide joint liability guarantee for controlling shareholders with total assets exceeding 654.38+000 billion. Wuhan Zhuyeshan Group Co., Ltd. has a registered capital of 90,093,790 yuan and 29 natural persons as shareholders. Zhuyeshan Group invested *** 1 1 enterprise, with a total investment of145.3 million yuan. Its main business scope covers automobile sales, property management, taxi operation, automobile gas station and so on. The survey shows that the company's total assets exceed 1000 billion yuan.

Trust company funds supervision, full deposit freeze. When the trust plan funds are used, the supervisory bank shall examine them one by one to ensure that they are used for the agreed purposes. The financing party opens a supervision account in the supervision bank as the only designated collection account for the rental income of a specific property, and all the rental income generated from the rental of a specific property is included in the fund supervision account, and the trustee has the right to transfer 50 million yuan of it as a deposit to be frozen for the repurchase payment due; The designated fund supervision account is the only designated collection account for the sales income of a specific property store (auto supplies market), and all the sales income generated by the sales of a specific property is included in the fund supervision account, and the trustee has the right to transfer 80 million yuan of it as a deposit to freeze the payment of the repurchase funds due; The fund supervision account is the only designated account for the accounts receivable of 349 million yuan in Wuhan Land Consolidation and Reserve Center. All the receipts from Wuhan Land Reserve are included in the fund supervision account, and the trustee has the right to transfer 654.38 billion yuan into the deposit to freeze it to pay the repurchase funds due. The above deposit totals 230 million yuan. If the financier fails to collect the deposit of RMB 230 million according to the above regulatory requirements, the financier shall collect the deposit of RMB 654.38+38 million from the supervisor when the trust plan is established for 2,654.38+0 months.

4. Introduction by the trustee

Changan International Trust Co., Ltd., formerly known as Xi 'an International Trust Co., Ltd., was established with the approval of the People's Bank of China. 1986. 20111approved by the CSRC and registered for industry and commerce, it was changed into a joint stock limited company and renamed as "Chang 'an International Trust Co., Ltd.". At present, the registered capital of the company is RMB 65.438+RMB 25.9 million. Its major shareholder, Xi 'an Investment Holding Co., Ltd. holds 465,438+0.3% shares in changan trust, and Xi 'an Investment Holding Co., Ltd. is a wholly state-owned enterprise approved by Xi 'an government. The company was established in August 2009 with a registered capital of 2.796 billion yuan. The company is mainly engaged in fund trust business, investment banking business, financial leasing business and other financial businesses. For more than 20 years, we have provided professional trust financial services to hundreds of enterprises and institutions at home and abroad and tens of thousands of natural person investors. So far, all products have been paid safely!

Third, a comprehensive review

In recent years, trust products have exploded, and the scale of assets managed by trust companies basically exceeds that of insurance companies, becoming a financial institution second only to banks. This has attracted the attention of all parties, but also has various hidden concerns about its rapid growth. To this end, we put risk control in the first place, objectively and prudently evaluate various trust products, and "shut out" those with slight risks.

But what about trust in Chang 'an? According to the analysis of the trust project of Wuhan Central Trade City's specific property income right investment collective fund trust plan, in addition to the mature commercial land with superior geographical location and strong liquidity, the top 20 group companies in Wuhan provide joint liability guarantee with total assets exceeding 654.38 billion yuan, and there are sufficient repayment sources totaling 862 million yuan, which is enough to ensure the financial security of this project.

From a macro perspective, on the one hand, the CBRC has strengthened the supervision of trust companies and their products, and constantly standardized the market, which will inevitably lead to a decline in the yield of trust products, but good high-yield trust products can shine brilliantly. On the other hand, the China Insurance Regulatory Commission and the China Securities Regulatory Commission opened the floodgates to allow insurance funds to invest in trust products, which undoubtedly made "rigid redemption" a source of living water.

On the whole, changan trust? Trust product Wuhan Central has obvious advantages and is worth recommending for key investment!