On April 19th, Ping An Trust updated the latest progress of the "Funing No. 615 Trust Plan" and announced that the company had won the first-instance judgment of the repurchase of equity by Zhengrong returners. However, insiders revealed that the 20 million yuan disposal payment for the underlying project does not belong to the part of the first-instance judgment. The relevant case is still under second-instance trial.
On ****, according to Caixin, after winning the first trial, the latest news of the disposal of Ping An Trust Funing No. 615 came out.
According to the materials obtained by Caixin reporters, on June 3, Ping An Trust issued an interim announcement on major matters of Funing No. 615 collective capital trust plan. The announcement pointed out that the transaction counterparty of the trust plan, Xiamen Ronglu Real Estate Co., Ltd., allocated an investment of 20 million yuan to the trust plan through the underlying Zhenhua Mansion project company on June 3, 2024.
Ping An Trust said that the news is true.
Ping An Trust responded to Caixin reporters: "The company attaches great importance to the disposal of the Funing No. 615 project, and has set up a special work group at the first time, with the top management in charge, supervising progress daily and communicating with project company shareholders and their groups on site in Xiamen many times to seek cooperation. Through the joint efforts of various parties, the final successful realization of the bottom project disposal return of 20 million yuan."
Two months ago, Ping An Trust announced that due to the overall downturn in the real estate market, Funing No. 615 trust plan was postponed. This news once caused widespread concern in the market. At that time, Ping An Trust stated that it was actively promoting project disposal through various means, such as continuing to follow up on the development, sales and capital inflow of target projects, initiating lawsuits against the repurchase obligor Zhengrong, promoting the transfer and exit of the equity of target companies held by the trust plan, etc.
Ping An Trust's Funing No. 615 collective capital trust plan was established in September 2021. The trust plan has a total trust scale of about 770 million yuan. The trust uses equity investment to invest in 70% of the equity of Xiamen Ronglu Real Estate Co., Ltd., thereby indirectly investing in the Zhenhua Mansion project under Xiamen Lianzhenyue Investment Co., Ltd. The trust plan has a term of 30 months, and the trust contract expiration date is March 29, 2024.
On April 19th, Ping An Trust updated the latest progress of the Funing No. 615 trust plan, announcing that the company won the first-instance lawsuit against the repurchase of equity of Zhengrong and other parties. However, according to insiders, the 20 million yuan return from the bottom project disposal this time is not part of the first-instance judgment. The related case is under second-instance trial.
Ping An Trust's relevant person in charge added that in the future, the company will actively promote the project disposal through means such as continuing to follow up on the development, sales and capital inflow of target projects, actively promoting the progress of the second-instance litigation against Zhengrong, promoting the transfer and exit of the equity of target companies held by the trust plan, etc.
According to the trust contract and related agreements, the trust interest calculation day is June 3, and the trustee will distribute the trust principal to all beneficiaries within 5 working days after the date of this notice by deducting the trust expenses that should be borne by the trust property and unpaid.
According to the 2023 annual report of Ping An Trust, the company achieved operating income of 14.553 billion yuan, net profit of 4.255 billion yuan, and net profit attributable to shareholders of the parent company of 2.006 billion yuan in the previous year. Judging from the business structure, the asset management scale of Ping An Trust in the previous year increased by 20.02% year-on-year, of which the investment scale increased by 31.95% year-on-year and the financing scale decreased by 23.58% year-on-year.