If you ask a Vietnamese what news is he most concerned about recently. Most likely they will all tell you the same answer:
Zhang Meilan, the boss of the real estate group Wanshengfa, was arrested.
For those of you who don’t know what happened, tell me what happened.
To put it simply, it is Zhang Meilan, the CEO of the Vietnamese real estate group Van Thinh Phat, who is suspected of illegally issuing bonds to raise funds. Between 2018 and 2019, trillions of VND were illegally raised.
Let’s not talk about things, just this protagonist Zhang Meilan has a lot of background.
Her other title is the richest woman in China. She started selling cosmetics, and gradually sat in the position of the queen of real estate, and founded Wanshengfa Group.
Zhang Meilan and her husband ▼
The status of Wanshengfa is basically equal to one of the largest real estate groups in Vietnam.
Even the landmark building of Ho Chi Minh City, Saigon Times Square, is her handwriting.
It is such a super real estate giant in Vietnam, and the thunderstorm.
What’s even more bizarre is that after Zhang Meilan was arrested, she died bizarrely within two days.
We can’t guess why Zhang Meilan died.
But what we can know is that it must be a sure thing that she cheated money by issuing bonds illegally.
People’s investigation found that many projects in Wanshengfa’s hands actually stopped as early as 2018.
However, many of the bonds they issued have been making cakes with these projects.
In fact, similar things are not new, but they have always been very hidden.
result,This year, an ultra-luxury real estate tycoon wanted to run away with 3 billion VND empty of bonds.
Only then did all these black tricks for real estate come out.
Let’s pull the time line back to April this year, another real estate group in Vietnam, the thunderstorm of Xin Huang Ming.
Coincidentally, the boss of the new Emperor Ming and his son were also arrested ▼
At that time, the new Emperor Ming also said that he would develop real estate, buy land, and engage in construction.
And, I took a fancy to the most expensive pieces of land in Vietnam.
Then, 19 million bonds were issued to the outside world.
However, the total capital of Xinhuangming is only 2 billion yuan.
As a result, the land that was photographed cost 2.45 billion VND.
Therefore, this bond cannot be expected to be bought by connoisseurs. When people think about it, they will find that there is something tricky in it.
Therefore, Xinhuangming plans to start with the retail investors who are the best to cut leeks.The clever Xinhuangming first secretly bought all these bonds through its three shell subsidiaries.
These bonds are then dressed up and packaged into various high-yield investment contracts.
On the one hand, in order to attract retail investors, on the other hand, it can confuse them and prevent them from knowing what they are buying.
The problem is, under Vietnamese law, ordinary individual investors cannot buy bonds.
Therefore, the considerate Xinhuangming also provided these retail investors with investment certificates and obtained purchase qualifications for them.
On the surface, it seems that everyone has money to make money together, but in fact, they want to eat and wipe others away.
Because retail investors bought “wealth management packages” issued by subsidiaries, not Xinhuangming’s bonds, retail investors can only collect debts from subsidiaries.
The Xinhuangming Group, which is hidden behind its back, can get away with the money cheated by the retail investors.
And these so-called real estate tycoons go to great lengths to make money and cheat money, and the purpose is very simple.
It is to make the land more and more hot, so as to add more fire to the real estate.
These real estate groups that have acquired land do not develop at all. After waiting for the land price to rise, pat on the buttocks and leave.
For example, Wan Sheng Fa has bought a lot of projects on Ruan Hue Pedestrian Street, and the projects have been dragged on until now, and the construction has not yet started.
The SJC tower project photographed by Wanshengfa in 2016 is now overgrown with weeds ▼
Although it is said that once these malicious behaviors that disrupt the market are exposed, what awaits them is a situation.
But even so, housing prices in Vietnam have been on the rise, with annual increases of more than 20%.
Even if there is a risk, who is willing to let go of this take-off dividend?
In addition to real estate companies, a large number of investors have also poured into the real estate market one after another.
How hot is the market, here is a moving picture for everyone to feel.
The soaring land prices in Vietnam have long been unable to stop the car.
At the end of last year, Thu Thien County in Ho Chi Minh City even sold a sky-high price of 2.46 billion VND/㎡, or about RMB 679,000/㎡.
This fire is even hotter on various platforms in China.
Just by searching for real estate in Vietnam on station B, what pops out is some real estate speculation to earn 500 million.
Real estate agents, say one thing is better than the other.
Vietnam real estate advertisement ▼
In the mouths of these real estate speculators, there is only one apartment in Vietnam between you and Li Ka-shing.
Hey, don’t mention it, the meaty fragrance of the real estate market really attracted Li Ka-shing.
Moreover, it was still recommended by Zhang Meilan.
In April of this year, Li Ka-shing joined hands with the Ho Chi Minh government to invest heavily in Ho Chi Minh City.
Everyone sees that even the old fox Li Ka-shing is here. This Vietnamese market is sure to make a steady profit without losing money.
Supported by the government and backed by foreign capital, both the government and the people have fallen into the dream of getting rich through real estate.
As a result, before Li Ka-shing’s front foot was negotiated, the new Emperor Ming on the back foot blew up the real estate market. It triggered a large number of rights protection incidents, which directly alarmed the Vietnamese government.
The Vietnamese government not only forcibly recovered 9 bonds issued by Xin Huang Ming, but also arrested Du Yingyong, chairman of Xin Huang Ming, and brought him to justice.
Vietnamese Prime Minister Pham Minh Chin even hurriedly ordered a major purge of the real estate market.
I don’t know if I don’t check it, I’m shocked when I check it.
Not only did they find Zhang Meilan’s Wanshengfa real estate company, but they also found out the whole link of these people’s real estate speculation.
Even the chairman of Vietnam’s National Securities Association is involved.
The reason why retail investors will buy the kind of junk bonds issued by New Emperor Ming is due to the efforts of these guys from banks and securities firms.
Despite the dire financial situation of these businesses, they often owe banks a lot of money.
In order for these junk companies to repay their money, banks and their securities firms guarantee and promote the bonds of junk companies everywhere.
According to research conducted by Finn Ratings, it was found that 80% of the bonds issued by these Vietnamese real estate companies were actually junk bonds.
However, with the joint efforts of banks and enterprises, garbage has been packaged into a sought-after product.
Following this line of investigation, we even found the head of Chen Wenyong, chairman of the State Securities Association, and Chen Wenyong was immediately dismissed.
After that, the managers of various stock exchanges were also knocked over.
Chen Wenyong visited Shenzhen Stock Exchange ▼
There are even rumors that in this Zhang Meilan incident, Vietnam’s National Bank SCB also helped a lot in it.
Although the bank immediately came out to refute the rumor, perhaps to stabilize people’s hearts, the government still replaced all the top management of the bank.
Under the continuous bombardment of scandals, even the uncle who is selling pancakes and fruits downstairs can taste that there is a problem.
Not to mention the Vietnamese government, but unfortunately it was too late.
At this time, Vietnam’s real estate has been seriously overheated.
Real estate accounted for the second place in the ranking of foreign investment, with investment reaching 58.2 billion.
And with the high housing prices, there is also the devaluation of the Vietnamese Dong, which has created a new high since 2008.
However, fortunately, after learning from the take-off of land prices in 2008, the Vietnamese government is extra cautious about real estate.
Before, they restricted the qualifications of foreigners to buy houses in Vietnam. For example, they could only buy apartments, and they would charge an additional 20%-30% for certain houses.
After this series of incidents, the government’s credit approval for real estate has also begun to increase.
Perhaps, the real estate bubble in Vietnam can really be brought under control. However, the impact of real estate speculation on the people has already destroyed the public’s confidence in the industry.
The high land price in Vietnam has always been a mountain on the head of ordinary people. Therefore, in this place where every inch of land is so precious, most of the local people’s houses are built very narrow and long.
As a result, in recent years, due to the continuous speculation of the market by real estate companies, the real estate in Vietnam has increased sharply by 50-300% during the period from 2014 to 2019, and the average house price in the capital Hanoi has reached 2,000 US dollars per square meter.
Although ordinary people can’t afford it, real estate tycoons can.
If bonds are issued, the money will be automatically recovered from the hands of the common people.
The total issuance of Vietnam’s bond market in the first quarter of 2022 increased by 18.98%, the largest of which was real estate.
The outstanding bonds of Vietnam’s real estate have reached a scale of 41.4 trillion. And here, most of them are basically worthless junk bonds.
A good trick “use your money to fulfill my dream”, let the people continue to pay for their greed.
When it was revealed that SCB Bank might be entangled in real estate corruption, the Vietnamese people finally couldn’t sit still.
They completely lost faith in the bank, and everyone was busy lining up outside Standard Chartered Bank and Saigon Commercial Bank to withdraw money.
Although the Central Bank of Vietnam feels it, don’t worry, the insurance amount in the bank account is 125 million.
However, there is no way to stop people from flocking to banks.
Vietnamese people queuing to withdraw money at the bank gate ▼
When we discuss whether the financial crisis in Vietnam will come, don’t forget that behind those shriveled astronomical figures are the lives of ordinary people.
More often, we are just an ordinary pawn in the financial game.
Responsible editor: above text Q