Foxconn Kaifeng dystocia： a ＂self-employed＂ ruined more than 3 billion projects

　　(This article was published in the 16th issue of China Economic Weekly in 2016).

　　China Economic Weekly reporter Cao Xu | Henan Report

　　"Not only Guo Taiming, but also provincial and municipal leaders have come to see the projects that (leaders) attach great importance to, but now they have become rotten pears."

　　Jason (pseudonym) vomited a mouthful of cigarettes, thoughtful. In the distant background, a group of high-rise buildings wrapped in dark gray cement stand abruptly on the open wasteland.

　　According to the logic of the village official, the above-mentioned "Foxconn Project" located in Xinghuaying Farm in Kaifeng New District, Henan Province should have been opened by now. At this moment, more than 200,000 young people should be working and living here, and he may be "counting a lot of money" in his own supermarket.

　　Like the local people, he will never think of what kind of interest groups and business wars are hidden behind the paralyzed project. And this is exactly some vivid portrayal of the "investment promotion fever" drama in many places at present.

　　3.2 billion yuan investment project made a high-profile appearance.

　　There are few places in the country that have more enthusiasm for Foxconn than Henan.

　　In 2010, Henan introduced Foxconn and launched a series of preferential policies. Practice has proved that in the process of promoting Henan’s transformation into a new industrialized province, Foxconn has also highlighted the leading role in stimulating the province’s foreign trade. According to Henan Daily, in 2015, the import and export of Foxconn’s affiliated enterprises accounted for 67.5% of Henan’s import and export, with a contribution rate of 114.3%.

　　The Foxconn production base in Zhengzhou Airport can be called an industrial new city. Its comprehensive effect on the local economy has stimulated the local enthusiasm for investment promotion, and everyone wants to take a slice of the Foxconn project. The local media once disclosed such a scene: when Foxconn held a signing ceremony with relevant leaders in Zhengzhou, some city leaders in Henan waited in line, hoping that Foxconn could invest in its own jurisdiction.

　　"Foxconn holds the absolute initiative, and people are only responsible for the introduction of technology, management and production lines." A person familiar with the relevant departments of the Henan Provincial Government told the reporter of China Economic Weekly that "the recruitment of workers and other human resources services is entrusted by the provincial government to the public employment service agencies; The local government is responsible for the land requisition and demolition of the project land, and before the project construction, it will reach ‘ Three links and one leveling ’ (Road access, electricity access, water access, land leveling); The infrastructure construction of the project depends on ‘ Multi-party participation and effective introduction of private capital ’ The way to do it. "

　　After unremitting efforts, Kaifeng won the Foxconn Human Resources Training Base Project (hereinafter referred to as "Foxconn Base") after Zhoukou and Jiyuan in Henan.

　　Since then, in the "effective introduction of private capital" link, Bohuang Industrial Co., Ltd. has surfaced.

　　According to industrial and commercial data, Bohuang Industrial Co., Ltd. (hereinafter referred to as "Beijing Bohuang") registered in Beijing was established on January 17, 2012 with a registered capital of 100 million yuan and a paid-in capital of 20 million yuan. The first legal representative was Liang Yuhong. Liang, a businessman from Henan, was then the vice president of Henan Chamber of Commerce in Guangdong Province.

　　Only two months after its establishment, Beijing Bohuang ushered in the "inspection" of Kaifeng City.

　　According to Kaifeng Daily, from March 25th to 27th, 2012, the main leaders of Kaifeng Municipal Government led a team to Beijing Bohuang during their inspection tour in Guangdong, "and reached a cooperation intention with Bohuang on the construction of Kaifeng Foxconn training base project, which will greatly promote the industrial adjustment and upgrading of industrial skills in the cluster area of Kaifeng New District."

　　On April 11th, 2012, witnessed by many leaders from Guangdong and Henan provinces, Kaifeng Municipal Government and Beijing Bohuang completed the signing of this project with a total investment of 3.2 billion yuan.

　　A document entitled "Investment Framework Agreement of Foxconn (Kaifeng) Training Base for School-Enterprise Cooperation" (hereinafter referred to as "Investment Agreement") obtained by the reporter shows that the Kaifeng municipal government provided 1,560 mu of construction land for the project, and the transfer fee of land use right per mu was 20,000 yuan (at that time, the reference price of industrial land in the region was 160,000 yuan/mu, and the excess was rewarded to Beijing Bohuang by the local government in the form of "pay first and then return"). Beijing Bohuang is responsible for the construction of Foxconn training base with a total investment of not less than 3.2 billion yuan.

　　The Foxconn base project has set the tone of "get on with it quickly" since the signing of the contract. "The project plans to put into production in 100 days from the date of commencement, and complete the construction of the production and training base in four years". The project is listed as a "provincial key project" by the Henan provincial government, supervised by the office of Foxconn Project Coordination Leading Group in Henan Province, recruited and trained by the Henan Provincial Department of Human Resources and Social Security, with its subordinate unit, Henan Labor and Employment Training Center (hereinafter referred to as "Training Center"), as the project initiation unit, and Kaifeng Industry and Information Technology Commission (hereinafter referred to as "Kaifeng Industry and Information Technology Commission") as the lead unit of the project construction headquarters.

　　As for the scale of production and training, the investment agreement clearly states: "The industrial processing output value is expected to be 500 million yuan in 2012, 5 billion yuan in 2013 and 7 billion yuan before 2015", "It is planned to recruit/train 10,000 people in 2012, more than 100,000 people in 2013 and 200,000 people in 2015 to achieve the annual output value.

　　According to Kaifeng Daily, on April 22nd, 2012, a working meeting was held in Kaifeng New District, and it was decided to set up a high-standard leading group to do a good job in the above-mentioned projects, "follow closely the requirements of the provincial party committee and government, put development first, work first and efficiency first, provide the most timely and high-quality service for the smooth progress of the project, and work together to solve the difficulties and problems existing in the project promotion".

　　Here, Liang Yuhong also told the media, "As entrepreneurs, we welcome this model of government setting up a stage and enterprises singing opera, which has injected great confidence into our development of the inland market."

　　However, later facts proved that Beijing Bohuang was willing but unable to do so.

　　On January 14th, 2016, the Foxconn training base project was completed. China Economic Weekly reporter Cao Yushe

　　Bo Huang’s "Capital Operation"

　　In June 2012, Wu Yunhe, a "Guangdong businessman" from Henan, became the general manager of Beijing Bohuang.

　　On July 17, 2012, Henan Bohuang Industrial Co., Ltd. (hereinafter referred to as "Henan Bohuang") was incorporated with a registered capital of 110 million yuan, with Wu Yunhe as the legal representative. On August 6th of the same year, Henan Bohuang paid 30 million yuan in advance to the special account of Kaifeng Municipal Government. On September 28th, the Foxconn base started construction. By May 2013, the project amount was nearly 350,000 square meters.

　　With the government’s attention and Foxconn’s endorsement, the project construction has advanced at an extraordinary speed.

　　"Foxconn base broke ground without obtaining the State-owned Land Use Certificate and other relevant procedures — — What it enjoys is ‘ Trilateral (construction, approval and improvement) ’ Policy. " According to the above-mentioned insiders of relevant departments of Henan Provincial Government, many leaders made field visits here and affirmed the "Kaifeng speed" created by Wu Yunhe.

　　However, this "looking beautiful" "political and business honeymoon" only lasted for nearly a year.

　　"Probably one day in June 2013, the leader suddenly called me to go to the front of the provincial government to handle the complaint reporting incident — — All migrant workers, there are five or six hundred people, and it is dark. " The relevant person in charge of the Letters and Calls Office of the Department of Human Resources and Social Security of Henan Province told the reporter of China Economic Weekly that all the migrant workers came because Henan Bohuang defaulted on the project payment, which affected the wages of construction enterprises. — The doors of our hall and Kaifeng municipal government have been blocked, and there are a dozen before and after. "

　　"Lao Wu has no money." Chen Hongyan, former financial director of Henan Bohuang, admitted in an interview with China Economic Weekly that the actual investment of the company in the Foxconn base project totaled less than 5 million yuan, and the so-called "opening speed" created by Henan Bohuang relied on "capital operation", and the "trader" was Wu Yunhe, who was also the chairman and general manager of Henan Bohuang.

　　“‘ Sell the mill by pointing to the mountain ’ Do you understand? This is what Lao Wu played — — Draw a second-phase project ‘ Pancake ’ Let you pay the (construction) deposit, and then misappropriate the money to pay the first phase of the project. " During the interview, an insider of a construction company in Foxconn Base revealed that Wu Yunhe’s "operation" method is not uncommon in the construction rivers and lakes where construction companies are prevalent.

　　According to Shang Kunming, former deputy general manager of Henan Bohuangyuan, Wu Yunhe is "a layman". In order to create the so-called "Kaifeng speed", he insisted on starting a project of 300,000 square meters at a time when the book funds were seriously insufficient, and the project with such a volume needed about 1 billion yuan of funds to support it. "This is like asking for death."

　　In May 2013, the "robbing Peter to pay Paul" in Henan Bohuang was unsustainable, and the Foxconn base project was forced to stop working.

　　There is also a plot of "civet cats for princes" — — On June 12th, 2012, the relevant departments of Kaifeng Municipal Government held the sixth matchmaking meeting of Foxconn Base Project. The work briefing compiled by Kaifeng Industry and Information Committee stated that the meeting proposed that "the next step is to set up Henan School-enterprise Cooperation Training Base Co., Ltd. with Beijing Bohuang as the sole shareholder in Kaifeng New District with a registered capital of not less than 100 million yuan. The registration is handled by the commercial department of Kaifeng New District and Beijing Bohuang, and will be completed within 15 working days. "

　　On July 17th, 2012, Wu Yunhe registered Henan Bohuang, which he and another natural person, Zhao Xiancheng, held shares in, but had no equity relationship with Beijing Bohuang. Since then, in the name of the company, Henan Bohuang has paid the land in advance to the special account of Kaifeng Municipal Government, signed a construction contract with the construction unit, and collected the deposit from the construction unit, which has become the main body of the Foxconn base project.

　　For this blatant violation of the investment agreement between Kaifeng Municipal Government and Beijing Bohuang, Beijing Bohuang, Training Center, Kaifeng New District, Kaifeng Industry and Information Committee and other relevant departments have chosen to "collectively lose their voices".

　　Wu Yunhe’s long-sleeved dance was also shown when Bohuang raised 30 million yuan of land money in Henan Province.

　　According to a survey conducted by China Economic Weekly, the source of the above-mentioned land payment in Bohuang, Henan Province is actually a one-year loan granted by Zhengzhou Branch of a development bank. At that time, Henan Bohuang was founded less than 20 days ago. The reason why he was able to take the loan lightly was that the training center provided repayment guarantee for Henan Bohuang with a special fund account with a balance of more than 80 million yuan.

　　During the interview, the reporter once asked the person in charge of the training center: Why did the Foxconn base project be signed by Beijing Bohuang, but the bank loan was given to Henan Bohuang? The person in charge claimed that he "didn’t look carefully" when signing, "who would have thought that these two uncles were different".

　　Who is Wu Yunhe who can play with the "tall" project in the palm of his hand?

　　"Golden Lord" Wu Yunhe

　　"Courage and tone." In the interview, a construction company insider described Wu Yunhe like this.

　　According to Henan media reports, Wu Yun, who was born in Nanyang, Henan Province, farmed for generations. He went to work in Guangdong in the early 1990s and traveled all over Shenzhen, Zhuhai and Dongguan. From 1995 to 2011, Wu founded a number of companies in the Pearl River Delta region, involving engineering, trade, stone, electronic technology and other fields. The report describes Wu Yunhe, who returned to Henan in 2012 to "start a business", "never forget his hometown when he gets rich" and "achieve enterprise, honor Henan and benefit his hometown".

　　The reporter searched Guangdong enterprise information publicity system and found that Wu Yunhe is currently the legal representative of Dongguan Wanli Fire Engineering Installation Co., Ltd., which was registered in June 2004 with a registered capital of 5.5 million yuan.

　　According to the information from the court system of Guangdong Province, Dongguan Wanli Fire Engineering Installation Co., Ltd. was involved in many lawsuits. According to the Decision of Dongguan Intermediate People’s Court on Publicly Exposing and Restricting the High Consumption of the Executed (No.2 in 2014), in October 2014, Wu Yun and himself were included in the "Lao Lai" list because of a debt of 1 million yuan "having the ability to perform and refusing to perform the obligations specified in the effective legal documents".

　　What kind of gold rush career Wu Yunhe experienced in Guangdong is unknown to the outside world. The reporter learned in the interview that Wu Yunhe achieved a "gorgeous turn" from "little boss" to "big boss" after trading the Foxconn base project.

　　"After the project started, I bought a BMW 7 Series sedan and bought several houses in Kaifeng." Chen Hongyan, former financial director of Henan Bohuang, said frankly, "When he first arrived in Henan, he drew more than 20 yuan ‘ Furong Wang ’ After the project starts, it will be changed to ‘ Soft China ’ Yes. "

　　When talking about Wu Yunhe, Dou Qingyun, the general manager of Henan Baoding Construction Engineering Co., Ltd. (hereinafter referred to as "Henan Baoding"), did not deny that he was "a little disgusted with him" and "the first time we met to talk about business, there were several bodyguards standing behind his ass. It’s the same when you go out, and the Jianghu is too strong. How can you do business like this? "

　　Shang Kunming, deputy general manager of Bohuangyuan, Henan Province, found that Wu’s net worth was "watery" because he accidentally saw a fire-fighting project contract in Wu’s car. "How can a self-employed person who is doing fire fighting have the strength to come up with dozens of billions?" Based on this judgment, Shang Kunming once resolutely opposed Wu’s creation of "Kaifeng speed", but Wu told him: "You only need to build, and the problem of money need not be considered."

　　A number of people related to the project told the reporter of China Economic Weekly that in Wu Yun Hekou, it is not a problem at all to spend hundreds of millions of dollars. "It will definitely arrive within a week" and "the investment of the Hong Kong consortium will be in place immediately" … … Such statements are simply Wu’s mantra, but the result is repeated failures.

　　Compared with Wu Yun’s personal "local tyrant" style, the chaos of financial management of Henan Bohuang is even more shocking. According to Chen Hongyan, Henan Bohuang has two accounts, one for him and the other for Wu Yunhe’s wife. "There are almost no rules and regulations, and it is common for white bars to be reimbursed." Chen said, "Wu Yunhe has the final say on which account all the project funds, management fees, etc. will be debited."

　　Before the Spring Festival in 2013, Wu Yunhe telephoned Chen Hongyan to prepare 300,000 yuan of "New Year’s money" for him, and "the money was directly transferred from the company account to his personal account". Wu also asked Chen Hongyan to buy "gold bars of not less than 200,000 yuan" at one time. Chen then handed the gold bar to Wu Yunhe. "It should be used as a gift, and I didn’t dare to ask."

　　During the interview, the reporter of China Economic Weekly repeatedly contacted Wu Yunhe, who is said to have been far away from Kaifeng, trying to verify the above statement. Wu’s mobile phone was either turned off or was in a state of "no answer".

　　"An officialdom that worships capital and expects political achievements can easily become a battlefield for unscrupulous businessmen." Some experts have commented on the investment disputes and even the engineering mess caused by the local investment craze and officials’ wrong view of political achievements.

　　Just, who will "clean up the old mountains and rivers"?

　　"Pickup Man" Shengrun

　　Time came to September 2013, and the stalled Foxconn base project gradually reached a deadlock after the new forces entered the market.

　　A bank loan of 30 million yuan was about to expire, and then a construction company pressed for debt. Wu Yunhe, who was "caught between Scylla and Charybdis", finally decided to "let go" after failing to raise funds in many ways.

　　On September 16, 2013, Henan Bohuang and Beijing Bohuang reached an agreement, and Beijing Bohuang fully accepted the creditor’s rights and debts of Henan Bohuang. At the same time, the agreement stipulates: "Henan Bohuang shall change all the shares to Beijing Bohuang or its signing funders within three working days."

　　China Economic Weekly reporter found that in this drama, Beijing Bohuang has been playing the role of "shell company". According to a person familiar with the matter, entrepreneur Liang Yuhong and other three founding shareholders started the company, and the funds raised were only a few million yuan, so they were unable to undertake the project construction with a total investment of not less than 3.2 billion yuan. The reason why Beijing Bohuang dared to "cover the bottom" for Henan Bohuang at this time is because of the appearance of a "receiver".

　　The helping hand is Henan Shengrun Real Estate Co., Ltd. (hereinafter referred to as "Shengrun Real Estate"). The core business of its controlling shareholder, Henan Shengrun Holding Group Co., Ltd., is distributed in many fields, such as real estate, electricity, energy, transportation, medical care, urban infrastructure, etc. At the same time, it shares in many financial institutions such as Zhongyuan Bank, Bank of Zhengzhou and Zhongyuan Trust, and its enterprise scale and strength rank among the "aircraft carrier" groups of enterprises in the Central Plains.

　　On September 17, 2013, Beijing Bohuang, Training Center, Shengrun Real Estate and its affiliated company Zhengzhou Jinyuewan Trading Co., Ltd. (hereinafter referred to as "Jinyuewan") reached a four-party agreement to transfer the rights and obligations related to the project to Shengrun Real Estate and Jinyuewan. On September 18th, Shengrun Real Estate paid 31 million yuan to Henan Bohuang through Jinyuewan.

　　Why did Shengrun Real Estate take over here?

　　"The land price of 20,000 yuan per mu should be a big temptation." A person familiar with the real estate market in Kaifeng analyzed, "After the completion of the Foxconn project, it will bring about more than 200,000 people. Relying on the construction and operation of supporting facilities for the project, the reasonable profit margin is still guaranteed."

　　In the interview, the "version" told by the insider revealed the other side of the story: in August 2013, the one-year loan of Henan Bohuang was about to expire. Because it was unable to repay, the training center that provided guarantees for the company’s violations faced the risk of compensation, and the relevant person in charge might even bear criminal responsibility. In a critical situation, a friend who is close to Shengrun’s top management came forward for help and finally helped the training center escape from danger.

　　However, the scene immediately staged was unexpected.

　　According to the relevant documents of Beijing Bohuang, after receiving 31 million yuan from Shengrun Real Estate, Wu Yunhe, who was temporarily "relieved", went back on his word, refused to transfer the equity and refused to hand over the construction site to Beijing Bohuang. By December 2013, Wu promised to withdraw from the construction site completely at the coordination meeting of Kaifeng New District Management Committee because he was unable to pay the project debt.

　　With Wu Yunhe’s statement, Shengrun Real Estate, which saw the dawn of "taking over", will help again — — Through Jinyuewan, RMB 5 million was remitted to the account of "Leading Group for Source Governance of Wage Arrears for Migrant Workers in Kaifeng New District" on January 20, 2014. During this period, Beijing Bohuang also raised 11 million yuan in various ways to jointly solve the problem of wage arrears of migrant workers with Shengrun Real Estate.

　　At that time, during the Spring Festival, more than 1,000 migrant workers from construction enterprises eager to go home were asking for wages, and some even climbed the tower crane on the construction site.

　　"Wu Yunhe and Kaifeng New District Management Committee seemed to be ants in your pants at that time, and they were so anxious. We are very appreciative of our intervention and actively solving the problem of migrant workers’ salary. " Guo Jia, general manager of Jinyuewan, told the reporter of China Economic Weekly, "But after the Spring Festival, Lao Wu changed his mind again."

　　Guo Jia recalled that Wu Yunhe refused to hand over the construction site at that time. He told the leaders of the Kaifeng New District Management Committee that "it would attract huge Hong Kong funds" to invest in the Foxconn base, but as of the end of June 2014, the funds mentioned by Wu had still not been settled.

　　It’s no use crying over spilt milk. The two emperors finally turned against each other completely. On July 19th, 2014, Beijing Bohuang sent a letter to the management committee of Kaifeng New District, stating that "Wu Yunhe was dismissed as the general manager of Beijing Bohuang and all his work in the project was terminated", and that "Beijing Bohuang will not be responsible for all economic disputes between Wu Yun and other units in the name of Henan Bohuang".

　　On September 12, 2014, Kaifeng officials also gave up the "tolerance" for Wu Yunhe, and the relevant law firms were entrusted to issue a statement: Because Beijing Bohuang and Henan Bohuang failed to fully fulfill their contractual obligations and commitments, which constituted a breach of contract, the project was in a state of stagnation for a long time, and the Kaifeng municipal government terminated the contract with them on September 2, 2014.

　　The government built it itself?

　　On September 29th, 2014, after learning about the dilemma of the Foxconn base project, the Office of the Leading Group for Coordination of Foxconn Project in Henan Province made three suggestions to solve the problems existing in the construction: First, it was suggested that Beijing Bohuang should pay close attention to raising funds. If the funds are still not in place in time, "Henan Bohuang will be banned from operating the project". Second, crack down on false capital injection and illegal fund-raising. If there are illegal acts such as financing under the guise of projects, "it is recommended that the judiciary intervene and thoroughly remove them". Third, fully support the investment and construction of Shengrun Group. "Beijing Bohuang, the training center and the local government should actively give support and help so that the project can start construction as soon as possible".

　　Entrusted by the Management Committee of Kaifeng New District, Henan Fangdi Assets Appraisal Co., Ltd. put forward the assets appraisal opinions on the Foxconn base project on August 27, 2014, and confirmed that the total assets of Henan Bohuang Construction Project were 229 million yuan as of July 31, 2014.

　　"We thought that the Kaifeng New District Management Committee was going to organize the liquidation of the project according to law — — Recognizing us, we are willing to enter the site, pay the project cost, continue to invest and ensure the completion of the project construction; It is also simple not to recognize us, settle accounts, refund money, and we leave. " Guo Jia, general manager of Jinyuewan, said, "But we were wrong — — Their measures are ‘ Account loss ’ , is the original investment — — Whether it’s our investment or the advance of the construction party, it’s all hanging there, no matter. "

　　Compared with Shengrun Real Estate and Jinyuewan, which are "unable to enter or leave", the life of Henan Baoding, the general contractor of the project construction, is slightly better. "Our original contribution was also ‘ Account loss ’ Treatment, but the new area (management committee) let us continue to build, ‘ New project funds ’ By them. " An insider in Baoding, Henan revealed that the "new project payment" was paid in the name of "wages of migrant workers" through the project construction headquarters of Bohuang Training Base in Kaifeng New District (hereinafter referred to as "project headquarters").

　　Being in the mire, Henan Baoding had no choice but to sign a construction contract with the project headquarters before the project was liquidated with Henan Bohuang. Regarding the question "Will Wu Yunhe run over and make trouble?", the above-mentioned Baoding people in Henan smiled mysteriously and said frankly: "He (Wu Yunhe) has been accused of illegal fund-raising and fraud, and I’m afraid he won’t come back … …”

　　Wu Yunhe "disappeared into the rivers and lakes", Beijing Bohuang, Shengrun Real Estate, Jinyuewan, and a group of construction companies rescued the scene, and local officials complained that "Henan Bohuang refused to cooperate and the project could not be liquidated". This Foxconn base project, which is intertwined with love and hate, is being "forced" to take over by the Kaifeng New District Management Committee.

　　"We have invested more than one billion yuan in this project." Cheng Zhongmin, deputy director of the Kaifeng New District Management Committee and commander of the project headquarters, told the reporter of China Economic Weekly that the original intention of saving the project was "to maintain social stability, protect the legitimate rights and interests of migrant workers and avoid the recurrence of collective petitions for wages".

　　During the interview, has the reporter reported to the relevant provincial and municipal departments for approval on the "takeover" of Foxconn base project by Kaifeng New District Management Committee? Is the project approval procedure changed? Where does the above-mentioned 100 million yuan of funds come from? Cheng Zhongmin did not respond to questions such as the consideration of various parties’ investment "suspense" treatment, on the grounds that he needed to ask Xu Qiang, director of Kaifeng New District Management Committee.

　　According to insiders of Kaifeng New Area Infrastructure Construction Investment Co., Ltd. (hereinafter referred to as "Kaifeng Xinjian Investment"), after the "suspense" of the Foxconn base project was handled, its subsequent investment funds came from the company, and 145 million yuan has been allocated so far, all of which were transferred through the project headquarters, and the funds came from the "private investment fund" initiated by the local government and a bank. The reporter learned that Xu Qiang is also the chairman of this state-owned enterprise.

　　The reporter of China Economic Weekly also learned in the interview that Kaifeng Xinjian Investment has strong capital operation and market innovation ability. For example, the company successively entrusted Minmetals International Trust Co., Ltd. (hereinafter referred to as "Minmetals Trust") to set up the "Trust Plan for Newly-built Investment and Collective Funds in Kaifeng (Phase I)" on December 30, 2014, with the actual financing of 84.1 million yuan. The project used for the project was "Reconstruction Project of Qujiazhai and Yechang Village in Kaifeng City". On January 16, 2015, Minmetals Trust established the "Kaifeng New Investment Collective Fund Trust Plan (Phase II)", with an actual financing of 121 million yuan. The reporter inquired about the project of the above-mentioned trust plan (Phase II) in official website of Minmetals Trust, but there was no result.

　　In addition, financial products related to the construction of Kaifeng New District include "Zhejiang Zheshang Jinhui Kaifeng Jiantou No.1 Collective Asset Management Plan" established by Zhejiang Zheshang Securities Asset Management Co., Ltd. on September 5, 2014, with a financing scale of 150 million; On September 30, 2014, the "Zhejiang Jinhui Kaifeng Jiantou No.2 Collective Asset Management Plan" was established with a financing scale of 100 million. The investment scope of the two financial products is the trust unit and cash assets of "Zhongyuan Fortune-Anyi [308]-Kaifeng New Area Construction Investment Project Loan (Phase 6) Collective Fund Trust Plan" and "Zhongyuan Fortune-Anyi [309]-Kaifeng New Area Construction Investment Project Loan (Phase 7) Collective Fund Trust Plan" established by Zhongyuan Trust Co., Ltd.. The relevant information of the "Zhejiang Jinhui Kaifeng Jiantou No.3 Collective Asset Management Plan" established by the company on February 9, 2015 was not disclosed. Official website of Zhongyuan Trust Co., Ltd. also did not disclose the investment scope of the above products.

　　According to Kaifeng Daily on April 9, 2015, the local government signed a contract with a bank to jointly set up an "urban operation and development fund" with a scale of 10 billion yuan, which is mainly invested in shantytown renovation, traffic construction, water conservancy investment and public utilities involved in new urbanization construction.

　　However, the reporter noted that none of the investment scope of the above financial products is related to the Foxconn base project. In official website, asset management association of china, the reporter did not check the private equity fund products related to the Foxconn base project in Kaifeng. According to the relevant provisions of China’s Interim Measures for the Supervision and Administration of Private Equity Funds, private equity fund products must be filed with the Association.

　　"Based on the current relevant procedures, investment disputes and property rights status of Kaifeng Foxconn Base, it is difficult for it to win the recognition of financial institutions and investors and meet the conditions for the establishment of financial products." In an interview with China Economic Weekly, a senior person in central china securities said, "Trust, asset management and private equity fund products all have clear investment scope and managers’ obligations. In accordance with the relevant laws and regulations, if the relevant property is disposed of in violation of the investment purpose, resulting in losses, the manager shall bear civil liability. If the circumstances of embezzlement and misappropriation of related property are serious, the responsible person may also bear criminal responsibility. "

　　"Forced" to take over the Foxconn base project and put itself in danger, what should the Kaifeng New District Management Committee do?

　　Hot potato

　　As for the "motivation" for the management committee of Kaifeng New District to take risks, a local government official analyzed that under the situation that "land finance" is still in power, any official in power must "weigh" the scale of 1,560 mu of land and the price that is almost "free" and consider how to "turn over the market" so as to maximize the interests of local governments. The investment chaos of Bohuang only provided an opportunity for the local government to intervene.

　　However, some people have refuted this view as "purely short-sighted". It is considered that the evaluation of the introduction of Foxconn project should focus on the long-term, focusing on the positive role of the project in the adjustment of industrial structure of local economy, the promotion of regional economy, the transfer of rural labor force, and even the process of urbanization. Simply considering the gains and losses of land income is tantamount to "one leaf can’t see the forest".

　　In the interview, some people attributed the "deterioration" of the above changes to the personnel changes in the local officialdom. On December 31st, 2014, Qi Jinli, then secretary of Kaifeng Municipal Committee, was investigated. "He urged the Foxconn project to settle in Kaifeng, and found out that Bo Huang’s ‘ Toss ’ I want to correct it later, but it is too late. " The person familiar with the relevant departments of the Henan Provincial Government said frankly, "No one wants to flatter others with an idea."

　　In the face of the above disputes, the Kaifeng New District Management Committee moved on — — According to informed sources, since the Foxconn base project was "suspended" in August 2014, the Kaifeng New District Management Committee has launched several rounds of "attracting foreign investment". It’s just that more than a year has passed, and the "pick-up man" that local officials have been searching for has never appeared.

　　"The investors who came to visit found that this project was tailor-made for Foxconn, and many facilities could not be changed. Moreover, human resources training involves financial subsidies and other policies. Without the support and cooperation of the Provincial Department of Human Resources and Social Security and the training center, many things may not be implemented. In addition, Bo Huang and them made a chicken fly and a dog jump, which scared them away. " Guo Jia said frankly, "Of course, the initial development investment of this project is at least 1 billion yuan, and it is difficult to recover it in the short term, and the investment threshold is indeed not low."

　　According to informed sources, the Kaifeng New District Management Committee, eager to break the cocoon, has also proposed various solutions, including dividing the land belonging to the Foxconn base project, and then organizing the land to "bid, auction and hang" and implementing land premium transfer. "This road is difficult to work. The Foxconn base project in Kaifeng is a key project in Henan Province, and the land is ‘ Wear a hat ’ Yes, the adjustment of indicators is in the hands of Henan Provincial Department of Land and Resources. The province does not agree, no one dares to operate. " The above-mentioned insiders of the relevant departments of the Henan Provincial Government revealed.

　　In fact, there are still many problems in front of the Kaifeng New District Management Committee. For example, how will the 3.2 billion yuan fund be solved by continuing to promote the construction of the Foxconn base project? Once the huge investment fails, who will bear the risk? How will the responsibility be investigated? Stop the project construction, how to solve the remaining problems? How will the invested funds of Kaifeng New District Management Committee be recovered? How to explain to the provincial and municipal leaders and Foxconn executives after a long delay?

　　During this period, the reporter tried to communicate with Xu Qiang, director of Kaifeng New District Management Committee, many times, but Xu Qiang declined.

　　Now, construction enterprises claim to have felt the "writing on the wall" — — As "Party A", the project headquarters has started to "make things difficult" for them.

　　"Oh, my God, a screw should also be inspected by the manufacturer in person. You can’t purchase or use it unless they (the project headquarters) nod. You drag them to investigate, and they drag you on for more than a month, and it takes only 10 minutes to visit the manufacturer. Then look at the others, another round … …” Dou Qingyun, general manager of Henan Baoding, said, "Slowly I understand that they have no money for you. We (construction) are working fast. What do they take (account)? "

　　Although there are only more than 100 workers at present, which is far from the scale of the 3,000-person construction team in its heyday, construction enterprises still feel "under great pressure" — — In order to cope with the superior leaders and "investors’ inspection", several construction enterprises have to create a positive scene of "doing a big job quickly" and "normal construction" from time to time

　　"(When there is an inspection), it will cost at least tens of thousands of yuan to prepare for the surprise." A representative of a construction enterprise said with a wry smile, "Foxconn leaders came and took a look, and I threw in more than 200 thousand."

　　The helplessness of the representatives of the above-mentioned construction enterprises is a true portrayal of the current "riding a tiger" in this Foxconn base project:

　　— — If Kaifeng New District Management Committee "transfuses blood" for this project through financing, it will be in danger of "robbing Peter to pay Paul" at any time, otherwise it will be difficult to sustain; "Two Bohuang" is more like a farce after the collapse: Henan Bohuang collected a large number of second-phase deposits and there was no second-phase project to cooperate with construction enterprises. Wu Yunhe was suspected of fraud and has disappeared; Beijing Bohuang was anxious to get out of trouble, and the legal representative has changed several times. Liang Yuhong gave the "scepter" to another Henan businessman, Qin, who raised money from a company in Henan. As a result, he was arrested by the Jinshui District Procuratorate of Zhengzhou City for suspected crimes. The person in charge of the training center was also asked to assist in the investigation; Shengrun Real Estate and Jinyuewan had no hope of taking over, so they had to take two Bohuang and training centers to court, and Zhengzhou Intermediate People’s Court issued a judicial document to Kaifeng New District Management Committee, demanding that the project assets be frozen … …

　　Dou Qingyun, a native of Kaifeng, is one of the representatives of the responsible person of the construction party who insisted on the construction site. Before that, he had been engaged in construction business in the south. When he first took over the project, he was full of expectations: the construction contract of several hundred million yuan will be completed in three years, and the profit can be expected. But what the reality brought him was that since he entered the construction site, he fell into the "advance fund — The vicious circle of squeezing toothpaste for salary.

　　"I wanted to go back to my hometown to do something — — Make money and build a school for the villagers — — Watch the place. The idea now is to get the money back early and get out! " Say that finish this sentence, Dou Qingyun will be deeply trapped in the sofa of the project department, and it is difficult to extricate himself.

　　(Reporter Wang Yong also contributed to this article)

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