Wen/Leju Finance Lin Zhenxing
It is difficult to suffer together and difficult to be rich and noble.
In the real estate circle, Hu Yiping and Shen Yuehua, two real estate tycoons, have gone to court.
From June 27 to 28, Hu Yiping and Dexin Holding Group Co., Ltd. had to face two lawsuits. On the plaintiff's bench was Meihao Holding Group Co., Ltd. under Shen Yuehua's name. The causes of the cases were loan contract dispute and equity transfer dispute.
Previously, They are ferromagnets of business partners. They have had deep cooperation in both real estate and property management.
In the field of real estate, the two sides still have a joint venture - Hangzhou Runxin Enterprise Management Co., Ltd. The second shareholder of Runxin Enterprise is Hangzhou Runyan Enterprise Management Co., Ltd. It can be seen from further penetration that the major shareholder of Runyan Enterprise is Zhejiang Runhong Enterprise Management Co., Ltd., a wholly-owned subsidiary of Dexin Real Estate Group, and the three shareholders Hangzhou Jiachao Enterprise Management Partnership (Limited Partnership) has a beautiful controlling role behind it.
As early as the beginning of 2021, after 41 rounds of bidding, Runxin Enterprise won plot JG0406-15 of Dingqiao Unit in Jianggan District at a ceiling price of 1.482 billion yuan, with a floor price of 13561 yuan/m2 and a premium rate of 29.77%.
In addition, Leju Finance learned that at present, Deqing Haowen Enterprise Management Partnership (Limited Partnership) and its subsidiary Hangzhou Jiachao Enterprise Management Partnership (Limited Partnership) have taken Hangzhou Dexin Donglai Real Estate and Dexin Real Estate Group to the court together. The cause of the case is a contract dispute.
besides, There are many joint ventures associated with Dexin and Meihao Holdings, Including Ningbo Xinlang Real Estate Information Consulting Co., Ltd., Cangnan Liangrui Real Estate Development Co., Ltd., Hangzhou Kaican Enterprise Management Co., Ltd., Wenzhou Dexin Xiangchen Real Estate Co., Ltd., etc.
At present, in the thunderous real estate market, when one party encounters difficulties, the other party may quickly draw a clear line with it and protect themselves. This phenomenon also occurred between Meihao Holding and Dexin.
On April 26, 2023, Deqing Kaicheng Enterprise Management Partnership (Limited Partnership) under Meihao Holding transferred 32.49% of the shares of Hangzhou Kaiyou Investment Management Co., Ltd., and the partner Dexin Real Estate Group took over the offer. It is understood that Hu Yiping is the actual controller of Dexin Real Estate Group, Dexin Holding Group, Dexin China (02019. HK), a listed real estate company, and Dexin Service (02215. HK), a listed property company.
Boss Hu and Boss Shen not only accompany each other in the real estate field, but also Shen Yuehua is one of the shareholders of Dexin Service in the property field. Prior to the IPO of Dexin Services, the equity was jointly held by four shareholders. Among them, the third largest shareholder is the Shen Yuehua and his wife, who hold 7.13% shares.
Following the establishment of Dexin Service, Shen Yuehua and his wife transferred their shareholding to Hong Kong Meilun, which is wholly-owned by Dexin Service. At present, Hong Kong Meilun holds 5.7% equity of Dexin Service. Shen Yuehua and his wife are familiar to Hu Yiping, who also recommended this investment opportunity.
Shen Yuehua has her own logic when selecting partners. She values "people", "positive genes" and "positive values" more than assets and contacts. The so-called "positive" refers to the social reputation of entrepreneurs and the customer reputation of enterprises.
However, the "positive" reputation of Dexin is facing unprecedented challenges. China Construction Bank (Asia) submitted a winding up petition against Dexin China to the Hong Kong High Court in March this year because it failed to pay the 9.95% senior notes and accrued interest due in 2022 with the principal amount of 350 million dollars.
The financial report shows that in 2023, the annual net loss of Dexin China will be 1.96 billion yuan, and the loss attributable to owners will decrease by 685.7% year-on-year to 2.189 billion yuan; The annual sales amount was 22.16 billion yuan, a year-on-year decrease of 38.6%.
According to Leju Finance, Meihao Holding was founded in 2001 with a registered capital of 100 million yuan. It is an enterprise mainly engaged in real estate development and financial services. Hangzhou Dongying Investment Consulting Co., Ltd. and Jinliang (Shen Yuehua's husband) hold 96.875% and 3.125% of the shares respectively.
Among them, Dongying Investment is 98% and 2% owned by Shen Yuehua and its son Jinchen respectively. It has five subsidiaries in existence, including Deqing Kaiyi Enterprise Management Partnership (Limited Partnership), Deqing Kaiyun Enterprise Management Partnership (Limited Partnership), Hangzhou Meihao Health Technology Co., Ltd. and Hangzhou Anye Enterprise Management Co., Ltd.
In 1977, the national college entrance examination was resumed. Shen Yuehua, who was born in the countryside, realized that this was an opportunity to change his destiny, After five college entrance examinations, she finally became the only woman in the class who was admitted successfully. After graduation, Shen Yuehua was assigned to work as a teacher in the school for 10 years.
The decision to start a business begins with the idea of "looking to see if there is another possibility in life". By chance, Shen Yuehua's building materials trading company in the education system needed more staff at that time, and she began to enter the business with a trial mentality.
Later, she realized that China is quietly pregnant with the huge changes brought about by the market economy through the nationwide market trip, and real estate will be the most direct manifestation of people's pursuit of quality life in the future. In 2001, Meihao Holding Group Co., Ltd. was established, focusing on the real estate field. She is not fighting alone, but looking for the best partner.
In Shen Yuehua's view, an industry cannot dominate without financial support, and the leverage of finance cannot be underestimated.
Therefore, from 2006, Shen Yuehua began to focus on capital distribution and turned to financial and manufacturing investment. The first enterprise invested by Meihao Holding is the local boss appliance in Yuhang, which was successfully listed in 2010.
After 2019, Meihao Holding and Dongying Investment successively cancelled several real estate companies, Including Hangzhou Meihao Ritong Real Estate Development Co., Ltd., Jiangmei Kaixin Real Estate Development Co., Ltd., Hangzhou Xingqiao Yutong Real Estate Development Co., Ltd., and Zhejiang Meihao Kaixin Real Estate Development Co., Ltd.
At present, Meihao Holdings has two real estate subsidiaries, namely Zhejiang Meihao Real Estate Co., Ltd. and Hangzhou Yuhang Lvcheng Real Estate Development Co., Ltd. At the same time, Shen Yuehua has only one real estate subsidiary - Hangzhou Huada Real Estate Development Co., Ltd. According to Leju Finance, Huada Real Estate has been "restricted to high consumption" for many times, and even has many tax arrears records.
After "escaping" from real estate, Shen Yuehua focused on the financial field, investing in insurance, small loan and futures companies.
For example, Meihao Holding holds 4% equity of Junkang Life Insurance Co., Ltd., which is its fourth largest shareholder; He also holds 3.1299% equity of Zheshang Futures Co., Ltd., which is also the fourth largest shareholder.
In addition, Meihao Holdings has two small loan companies under its name, including Zhejiang Ideal Micro Loan Co., Ltd. ("Ideal Micro Loan" for short) and Hangzhou Yuhang District Ritong Micro Loan Co., Ltd.
From a lawsuit dispute, we can see the operation mode of the ideal small loan. In the Loan Contract signed by Ideal Small Loan Company and Mr. Ma, the latter borrows 70000 yuan from the former, with a monthly interest rate of 15 ‰. The interest is settled on the 15th day of each month based on the actual number of days spent; If the borrower fails to repay the principal of the loan on time, the lender has the right to charge 50% of the agreed interest rate as liquidated damages from the date of overdue.
