China Vanke-Backed Online Financing Platform Delays Product Payments – Information Today Internet

(Yicai) July 5 — Penging, an online finance papers hardback by China Vanke, has defaulted on stipendiary assets products, with investors including whatever of the struggling concept developer’s employees.

The convey on justness of Pengding Chuangying Financial Information Service, cause of Penging, on assets products provided by the concern cannot amass payments as regular on projects cod to mart factors, resulting in suspended purchase of whatever products, the Shenzhen-based concern declared on July 1.

Vanke Financial Consulting is Pending Chuangying’s maximal shareholder, with a 20 proportionality stake. Vanke owns 95 proportionality of Vanke Financial.

Penging’s purchase crisis started in April, and at small CNY700 meg to CNY800 meg (USD96.3 meg to USD110.1 million) worth of assets products hit not been paying for after their cod dates, Yicai learned. Penging and Vanke hit not commented on these yet.

According to Penging workers, the concern module probable substance a origin resolution today, an investor noted.

Issuers of the owed assets products allow Huicheng Haotao Industrial and Ruijinxi Technology, Yicai found. The digit Shenzhen-based companies mainly equip in actual estate, leasing, and playing services.

Penging connects issuers of the products and borrowers and plays the persona of infomediary but is not participating in the debt tie-up between the borrower and the lender. It also provides liquidity hold commitments for whatever justness income assets products, according to the contracts on the owed products circulating on ethnic media.

Vanke backs issuers of whatever products. Huicheng Haotao’s shareholders are Zhang Liling and Luoming, directors of whatever of the developer’s subsidiaries.

Vanke is visaged with temporary effective difficulties and short-term liquidity pressure, but it has worked discover plans to alter dealings and revilement debts to overcome these problems, the concern expressed at an investors’ gathering in April.

Editor: histrion Kadiev