The stalls are big!Excessive debt to build scenic spots, Famen Temple, Taibai Mountain and other cultural tourism platform trapped in debt dilemma

Gao debt construction scenic spots, "shop big stalls" wait for passenger flow and income, and have difficulty "hematopoietic" in the financing environment and the impact of the epidemic. path.

Author: Cai Yuekun

Figure: Oriental IC

Guide

One || Originally, the net profit of the development of the Dharma Temple has hardly covered the huge debt burden, and the epidemic began to be stacked in 2020, becoming the last straw that crushed the development of the Famen Temple.

的 || The debt problem developed by Famen Temple is only the corner of the debt of Baoji Cultural Tourism Platform enterprise.

3 || Although there are many cultural tourism platforms in Baoji City, there are debt defaults in Baoji City, but in Around 2016, the cultural tourism platform was once the "fragrant" of the financial institution's exhibition industry.

Fun || At present, the end of the epidemic has led to the decline in the income of the scenic spot, and the pressure on the debt by relying on its own ability is too great. At present, relevant government departments are promoting land transfer and bailout funds for debt resolution.

Although the outbreak of debt explosions is related to the macro environment, reflection on the construction of debt -raising investment scenic spots around 2016 and around 2017, the relevant leaders of the above -mentioned Taibai Mountain Investment Group bluntly said: "The stalls are too big."

Lu || With the continuous consolidation of the prevention and control of the epidemic and the restoration of the economy, the demand for travel and leisure is expected to be met, and the development of the cultural tourism industry is expected to gradually recover.

In late July 2022, it was located in the Famen Temple Scenic Area in Famen Town, Fufeng County, Baoji City, Shaanxi Province. Compared with its daily carrying capacity of 88,000 people/day, one percent of the passenger flow is far from reaching.

It is located 10 kilometers north of Fufeng County, 110 kilometers from Xi'an in the east, and 90 kilometers from Baoji City in the west. The Famen Temple here is famous for its dedication to the real -bone relic of Shakyamuni Buddha.

The main body of the 5A -level scenic area Shaanxi Famen Temple Culture Development Co., Ltd. (hereinafter referred to as the "Famen Temple Development") has stirred up in the bond market due to multiple financial leasing debt defaults. It is understood that the Development of Famen Temple has the exclusive permanent operating right of Famen Temple Scenic Area, and the actual controller is the SASAC of Baoji City.

The development of Famen Temple can be seen in the past years. After its establishment, it is the construction of high leverage to borrow debt. In 2014, the debt had exceeded 3 billion yuan, and the annual net profit was only about 10 million yuan. The debt burden was already heavy, but the development of Famen Temple continued to raise funds after 2017. Part of it was used to borrow new and old, and some funds were invested into the construction of the scenic area. The outbreak of the epidemic in 2020 and the repeated influence of the epidemic since then, the passenger flow of the Famen Temple scenic spot decreased sharply, and the income declined sharply.

This is just the corner of the debt default of Baoji Cultural Tourism state -owned enterprises. The Economic Observation News investigation found that Baoji Cultural Tourism Industry Development Group Co., Ltd. (hereinafter referred to as "Baowen Tourism"), Shaanxi Taibai Mountain Investment Group Co., Ltd. (hereinafter referred to as "Taibai Mountain Investment Group") also occurred around 2020 Essence

Gao debt construction scenic spots, "shop big stalls" wait for passenger flow and income, and have difficulty "hematopoietic" in the financing environment and the impact of the epidemic. path.

Famen Temple Development of debt geometry

Since July, the chairman of the Development of Famen Temple has successively received staff of many financial leasing institutions responsible for collecting. It patiently talked about the dilemma of the decline in operating income since the epidemic.

人员 Xianyang explained to the collectors that since 2022, the development of Famen Temple has continuously sought help from relevant government departments. It introduces a variety of debt resolution plans that may be implemented, hoping to continue the exhibition period of financial leasing rent that has defaulted.

Many leasing institutions have revealed to the Economic Observer that since the first half of 2021, the staff of various leasing institutions have come to Famen Temple almost every month to develop the repayment plan with Xianxianyang's negotiation debts, but they are disappointed. "If the epidemic is over, we may come over." The relevant person in Famen Temple Development Finance Department lamented. According to its introduction, in 2019, Famen Temple developed operating income of nearly 120 million yuan, and the rent of the leasing institution can be covered. Affected by the Xi'an and Baoji epidemic, since 2020, the revenue of scenic spots has fallen to more than 40 million, and in the first half of this year, it fell to more than 5 million.

The person said that the company mainly rely on the ticket income of the scenic spot, which is very single. At present, the scale of the Development of Famen Temple continues to be around 900 million yuan in debt scale.

Famen Temple Cultural Scenic Area was built by the ancient temple of Famen, covering an area of ​​more than 1,300 acres. The project started in 2007 and was completed in 2009 and opened to the public. At the beginning of the establishment, it was planned to build the Famen Temple into a comprehensive cultural tourist attraction that integrates worship, cultural exchanges, tourism, tourism, and leisure and vacations in the world. The world -class cultural scenic spot with the Buddhist sacred land and the classic classics of the world.

However, at the beginning of the construction of the scenic area, the development and construction team was not established by Baoji, but was started by Xi'an Qujiang New District.

According to the previous introduction of the "18 Famen Temple MTN001": Famen Temple developed the original name of Shaanxi Famen Temple Cultural Scenic Area Construction Co., Ltd.. In March 2007, according to the unified deployment of the Shaanxi Provincial Party Committee and the Provincial Government, the Fa Gaom was established by the Management Committee of the Qujiang New District Management Committee of Xi'an. The temple development and construction team, by Baoji Method Tourism Development and Construction Co., Ltd., Xi'an Qujiang Cultural Industry Investment (Group) Co., Ltd. (hereinafter referred to as "Qujiang Wendou"), Shaanxi Extended Petroleum (Group) Co., Ltd. The molybdenum industry Co., Ltd. and Shaanxi Coal Industry Chemical Group Co., Ltd. jointly invested 700 million yuan. In 2009, Qu Jiangwenzhun became the largest shareholder of Famen Temple through capital increase.

At that time, a leader of the Qujiang New District Management Committee said in an interview with a reporter: "Today, there is only 10,000 yuan per acre of Famen Temple, but once the construction is completed, the value of this acres may be appreciated to 1 million yuan. This more than 900,000 appreciation space belongs to the government. This is the government’s big culture, big industries, and wins. "

In July 2013, the Development of Famen Temple was increased by Baoji Fame Tourism Development and Construction Co., Ltd., becoming the largest shareholder, and Qu Jiangwenzhun withdrew. The actual controller of Baoji Method Tourism Development and Construction Co., Ltd.

In November 2013, the Shaanxi Provincial Party Committee and the Provincial Government held a meeting to decide that the Famen Temple implemented territorial management. The Baoji Municipal Government assumed the management responsibilities of the scenic spot and established the Famen Temple Scenic Area Management Committee to be responsible for the administrative management of the scenic spot.

According to the above-mentioned explanations, the total liabilities of Famen Temple developed from 2014-2016 and at the end of September 2017 were 3.332 billion yuan, 3.665 billion yuan, 3.735 billion yuan and 3.812 billion yuan. As the scale of assets expands, its total liabilities have also increased by the same proportion. From 2014 to 2016, the company's total liabilities increased by 4.16%.

It can be seen that after the exit of Famen Temple in 2013, Qu Jiangwenzhun's total debt in Famen Temple has exceeded 3.3 billion yuan.

The above -mentioned raising instructions show that the development of the Development of Famen Temple is mainly for the formation of assets for construction.

According to the development data of Famen Temple, from 2014-2016 and January to September 2017, the company's net profit was RMB 24.526 million, 11.868 million yuan, 11.8237 million yuan, and 7.916 million yuan. According to net profit, the development of Famen Temple can hardly cover huge debt burden. Since then, the development of Famen Temple has shifted to many financial leasing institutions and banks.

In late July 2022, Famen Temple developed a financing data provided by a creditor to reporters to reporters. It showed that since 2017, it has been with the Yangtze River Union Financial Leasing Co., Ltd., Ping An International Financial Leasing Co., Ltd., and Guangzhou Yuexiu Financial Leasing Co., Ltd. The company, Luo Yin Financial Leasing Co., Ltd., Far East Hongxin (Tianjin) Financial Leasing Co., Ltd., and Huaxia Financial Leasing Co., Ltd. conducted debt financing, with a financing scale of more than 300 million. In addition, nearly 10 bank loans have nearly 600 million yuan.

However, the original profit of the development of Famen Temple has hardly covered the huge debt burden, and the epidemic occurred in 2020, becoming the last straw that crushed the development of the Famen Temple.

Relevant sources of Famen Temple Development Finance Department said that the Baoji Municipal Government is currently trying to solve the debt problem of Famen Temple through the way of helping the rescue fund.

Taibai Mountain, Baowen Travel default

The debt problem developed by Famen Temple is only the corner of the debt of Baoji Cultural Tourism Platform enterprise.

In late July 2022, a number of people from a number of leasing institutions told the Economic Observer that the Taibai Mountain Investment Group also had a problem of breach of financing leasing.

Taibai Mountain Tourism Resort has a 5A -level scenic area qualification. It is understood that the Taibai Mountain Investment Group is responsible for the construction and operation of the Taibai Mountain Tourism Resort. The shareholders and the actual controller of the Shaanxi Taibaishan Tourism Zone Management Committee are affiliated to the leadership management of Meixian County Government.

The materials provided by the creditor of Taibai Mountain Investment Group to reporters showed that Baowen Travel had guaranteed the financial leasing business of Taibai Mountain Investment Group.

The information of Tianyancha shows that since the second half of 2020, Taibai Mountain Investment Group has been initiated by the Bank of Communications Financial Leasing, Huiyin Financial Leasing, and Jiangsu Financial Leasing. In addition, it also faces 15 restricted consumption orders. The applicants include Guiyang Guiyin Financial Leasing, Zhongye Financial Leasing, Luo Yin Financial Leasing, Bank of Communications Shaanxi Branch, Qi Shang Bank Xi'an Branch, Chongqing Three Gorges Financial Guarantee Group Co., Ltd. Essence

The relevant leaders of Taibai Mountain Investment Group told reporters that they are currently hoping to obtain the understanding of the leased institution through increased guarantees and additional repayment, or try to promote the resolution of debt by trying on debt, as well as very much support for relevant government departments to give very much support First guarantee that bank loans are not overdue or not owe. The leasing loan is delayed in coordination. The debt of the leasing agency is actively resolved, hoping to slowly get out of the predicament.

As the guarantor of Taibai Mountain Investment Group's financial leasing business, Baowen Travel also had a breach of financial leasing.

The reporter learned that as of the end of July, a number of people from a number of leasing institutions went to the relevant persons of Baowen Travel to discuss the debt resolution plan, but they have not reached an agreement.

It is understood that the shareholders of Baowen Tourism are the Baoji Cultural Tourism Industry Development and Construction Management Committee, which is a public institution approved by Baoji City and belongs to the leader of Weibin District, Baoji City. Baowen Travel has 4 3A -level scenic spots, which is mainly responsible for the construction of Yinxianghe Cultural Tourism Zone. The information of Tianyancha shows that there are currently 6 executing information of Baowen Travel, and the total execution amount is 215 million yuan. The applied institutions of the application for the leasing institution include Jiangsu Financial Leasing and the Far East Hongxin (Tianjin) Financial Leasing. In addition, due to the postponement of financial leasing, Jiangsu Financial Leasing applied to the Weibin District People's Court of Baoji to apply for bankruptcy and reorganization.

The reporter was confirmed from the relevant persons of the Ministry of Financing of the Bao Cultural Tourism. At present, Baowen Travel is coordinating the debt of third parties to compensate financial institutions, and Baowen Travel will transfer resources such as third parties as compensation. It is currently being promoted.

Excessive debt

Although there are many cultural tourism platforms in Baoji City, there are debt defaults on the cultural tourism platforms, but in around 2016, the cultural tourism platform was once the "fragrant citron" of the financial institution's exhibition industry.

Many leasing institutions told reporters that on the one hand, because the cultural tourism platform generally has monopoly tourism resources, it can generate stable cash flow; on the other hand, before the epidemic, from 2016 to 2019, domestic tourism is becoming increasingly hot. There are many cases of passenger flow in domestic scenic spots, and financial institutions are very optimistic about the credit qualifications of cultural tourism platforms. These are important factor sought after by financial institutions.

During this period, Famen Temple Development and Taibai Mountain Investment Group continued to invest in the reconstruction and construction of scenic spots.

In July 2020, the first phase of the 2018 first phase of the mid -term bill tracking rating report released by the Shanghai New Century Rating of Shanghai showed that as of the end of March 2020, the company's key projects mainly include the office and the second phase of the scenic area, the second phase of the Lingjing Park, and the Zen Zen In the center of cultivation, the total investment is 1.692 billion yuan. Among them, the second phase of the Lingjing Park and the Zen Xiu Yangxin started construction since 2017, with a total investment of 1.42 billion yuan.

At that time, the new century rating pointed out that Famen Temple developed its own funds and operating income to cover project investment and interest expenditures for external financing. It plans to supplement the funds gap through investment promotion.

In addition, the internal report provided by the aforementioned Taibai Mountain Investment Group's creditor to reporters shows that due to the overall loose credit environment of 2016-2017, financial institutions are more sought after by the credit scenic spot credit business, and new financing can meet the needs of their own principal and interest.

Another business manager engaged in financial leasing institutions said that the reason why the cultural tourism platform became the "fragrant citron" of the exhibition industry of financial institutions in 2016 was the industry's key development industry. It is very fast. For example, the annual holiday reports are full of scenic spots. Therefore, the industry's development prospects are good and have good revenue and profits. At the same time, high -quality tourism resources are small, and 5A scenic spots nationwide are considered high -quality scarce resources.

An analyst of a rating agency city investment analyst said that without the epidemic, the scenic area should be considered as good assets, because ticket income is a stable and continuous cash flow.

The reporter learned from the relevant persons that starting in 2016, the development of Famen Temple and Baowen Travel have successively made a lot of financing with banks, leasing and other institutions, and invested in the construction and transformation of scenic spots.

According to the materials provided by the above -mentioned creditor of the Taibai Mountain Investment Group, the Taibai Mountain Investment Group has also started more than 20 leasing institutions such as Luo Yin Leasing, Changjiang Leasing, Huiyin Leasing, and Jiangsu Leasing since 2017. More than 1.9 billion yuan.

Gao Shuang, a senior analyst at the Sino -S Securities Pengyuan City Investment Ratings, said that in recent years, the cultural tourism sector has become an investment hotspot. Various types of cultural theme parks and tourist towns have emerged. The quality tourism projects and artificial cultural tourism landscapes are not attractive. Under the impact of the epidemic, these scenic spots are more competitive and face the dilemma of business. In addition, under the normal pressure of the prevention and control of the epidemic in my country, the turning of the land market, and the multiple pressures brought by the external environment, the pressure of local fiscal revenue and expenditure has increased, and some local governments are difficult Invisible debt, financing will also be strictly controlled, increasing the pressure of platform debt management and control.

Actively rescue

The development of Famen Temple, Taibai Mountain Investment Group, and Baowen Travel are currently actively conducting debt resolution, but they are not small by self -rescue.

Relevant persons in the development of Famen Temple revealed that if the epidemic improves, it may slowly slow down by relying on income to solve its debt problem. However, at present, the repeated epidemic has led to the decline in the income of the scenic spot, and the pressure on the debt by relying on its own ability is too great. At present, relevant government departments are promoting land transfer and bailout funds for debt resolution.

The reporter learned from the relevant persons of the Baowen Travel Finance Department that the company is currently promoting third -party compensation debt plans. The third party is the company's long -term "PPP" project. The preliminary plan is to compensate for the debt of the third -party company, and the project debt in the project. Baowen Travel provides land and other resource supporting facilities. The later project is built into the three parties compensated by the company.

In response to the debt plan, a leased institution creditors said that the plan has been provided since 2021, but the time has passed one year and the progress is not great. In addition, third -party companies compensation for debt is closely related to the strength of the three -party company, so it is still full of uncertainty in the later period. The 2021 "Taibai Mountain Investment Group debt replacement scheme" provided by the Terbine Mountain Investment Group's creditor to reporters shows that looking back at the work of the Taibai Mountain Investment Group in recent years, financial institutions have given strong support and help. Slowly, and other methods have achieved certain results. However, the progress of the Tai Baishan land index is not as good as expected. At the same time, it is affected by the epidemic. The comprehensive revenue of tourism has fallen sharply. It continues to use traditional measures to turn debts. It cannot achieve the expected results of the debt. It must be revitalized by the existing assets to compensate the debt with physical objects. The first is to ease the pressure on the internal assessment of financial institutions; the second is to ensure that the creditor's rights are not lost; the third is the new model of conversion debt. Therefore, Taibai Mountain Investment Group plans to take activity assets to solve the lease loan with high interest and high rent balance. Taibai Mountain Investment Group intends to use Shangwang Village residential communities and leasing companies to replace debt.

In addition, Taibai Mountain Investment Group proposed a market -oriented debt -to -equity plan in 2020. Through professional docking, through cooperation with financial asset management companies (AMC), insurance asset management, and various state -owned capital operation companies, hire financial consultants, do a good job in the medium of creditor's claims, plan planning and subsequent credit support to ensure market -oriented debt Quickly advanced stocks.

Regarding the above plan, the creditors of the Taibai Mountain Investment Group said that there is still no clear progress in debt, as of now, the plan to repay the debt in the promotion process.

Reflection and expectation

Although the debt outbreak is related to the macro environment, reflection on the construction of debt -raising investment scenic spots around 2016 and around 2017, the relevant leaders of the above -mentioned Taibai Mountain Investment Group bluntly said: "The stalls are too big."

It stated that a large number of financing and scenic spots have long -term stability and strong tourism industry expectations, resulting in a bit large in stalls. The state -owned enterprises of cultural tourism are not for profit, and they are more provided with some tourism infrastructure to the people. The return on the tourism industry itself is a long -term low return industry.

At that time, the person said that the Taibai Mountain Investment Group basically had a revenue of about 6%-8%in 2014, 2015, 2016, and 2017. Very strong. Therefore, in 2017, a large number of financing leasing financing began to invest in the construction of scenic spots and tourism related facilities in scenic spots, and also hoped to transform the scenic spot at one time. At present, the Taibai Mountain Scenic Area has also been evaluated by the 5A scenic spot. However, since 2018, the company has been affected by the environmental protection rectification of Qinling, and the reduction of new land transfer indicators has caused the local government to be unable to transfer the land, and the influence of the two years of the epidemic and policy background, which has caused the extension and exhibition period of lease financing redemption and exhibition period Essence A variety of factors are superimposed to the outbreak of corporate debt. Of course, the company's debt structure is also unreasonable.

It stated that the current leasing institutions have adopted a means of litigation and seizure for debt recovery, which has made great difficulties in the company's investment promotion and business development. The company's affected cannot be operated normally, and the land cannot be transferred, which has exacerbated the company's development difficulties.

It recommends that financial institutions, first, look at the long -term and less short -term; second, there is a tolerance system for the long -term development of the tourism industry, do more reconciliation, and do less lawsuits. Don't ask them to give financing again, just ask more understanding and more tolerance. Hope to resolve the current debt together.

Regarding the debt of the Baoji Cultural Tourism Platform, many leasing institutions told reporters that although the company's willingness to repay is very strong, but because of the decline in their own operating income, their "blood -making capacity" weakens. Therefore, the resolution of debt still hopes that the relevant departments of the Baoji Municipal Government will involve and negotiate with financial institutions to promote the resolution of debt.

Gao Shuang suggested that the cultural tourism platform itself started from the two aspects of open source throttling. First of all, at this stage, the development of the cultural tourism sector was greatly affected by the epidemic. For large -scale scenic spots construction projects, it is recommended to do it. It is recommended to actively broaden financing channels and meet the policy guidelines. Eligible enterprises can comprehensively resolve debts by increasing bond issuance and asset activation.

What is the difficult situation

The central bank and other departments are also prompting the policy to help civilian tourism companies over their predicament.

On July 25, 2022, the Ministry of Culture and Tourism issued the "Notice on the Resumption of the Development of the Cultural and Tourism Industry" (hereinafter referred to as the "Notice") to guide the banking financial institutions to improve and strengthen the cultural and tourism enterprises of culture and tourism enterprises Credit services. Prior to this, the Ministry of Culture and Tourism had also took many measures to accelerate the recovery of the cultural tourism market. The "Notice" pointed out to guide the improvement of banking financial institutions to improve and strengthen credit services for cultural and tourism companies. Encourage cultural and tourism administrative departments at all levels to increase discount support for enterprises affected by the epidemic, and give play to the role of government financing guarantee system in reducing the financing costs of cultural and tourism enterprises. Cultural and tourism administrative departments at all levels are required to give play to the advantages of the competent industry authorities and formulate a list of companies in difficulties in the impact of the epidemic.

Liu Haiqin, general manager of Hanfeng Cultural Tourism Industry (Beijing) Co., Ltd., said that the current travel industry is already in the process of shuffling and industry upgrade. Through the three years of the epidemic, it must be the industrial foundation and operation management model.Advantage.Beginning in 2021, the cultural travel industry has shown a two -eight division situation, and resources and income are concentrated on the cultural tourism enterprises controlled by the head.It is hoped that with the recovery of the epidemic and the introduction of related policies, the Wenwen travel enterprises will be out of their predicament.In the long run, Gao Shuang said that the development of the cultural tourism industry is inseparable from the support of passenger flow. Under the normalization prevention and control measures of the epidemic at this stage, residents choose more home or short -distance, nearby travel, and with the results of the epidemic prevention and control resultsThe continuous consolidation and the restoration of the economy, the demand for tourism and leisure is expected to be met, and the development of the cultural tourism industry is expected to gradually recover.

Let state -owned enterprises dare to work, private enterprises, and dare to invest in foreign companies. What is the 100 billion -level real estate bailout fund behind the dare to vote: the rescue project does not save the enterprise to fight the Indian market, and the Chinese mobile legion retreats or guard?

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