besides today rates have been falling for over a year. There are many positives too that you fail to mention, such as scale and credit rating increase.
that's a lot of points peoples
Noah Holdings Limited Releases Information on Its Asset Management Plan
Noah Holdings Limited
18 minutes ago
SHANGHAI, Aug. 21, 2014 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NOAH), a leading wealth management service provider focusing on distributing wealth management products to the high net worth population in China, today clarifies status of the asset management plan of Wanjia Win-Win Jingtai Fund Phase I to Phase IV in response to certain inaccurate reports regarding relevant topics in Chinese media.
From June 13, 2014 to June 18, 2014, Wanjia Win-Win Assets Management Co. Ltd ("Wanjia Win-Win"), a joint venture that Gopher Asset Management Co., Ltd. ("Gopher Assets"), the Company's consolidated affiliate entity, holds 35% equity interest, established the asset management plan of Wanjia Win-Win Jingtai Fund Phase I to Phase IV (the "asset management plan") with Shenzhen Jingtai Fund Management Co., Ltd. ("Jingtai Management"). The term of the plan is one year. Noble Equity Investment Fund (Shanghai) Management Co. Ltd ("Noble"), a subsidiary of the Company, is the investment advisor of the asset management plan.
Shortly after the establishment of the plan, on June 20, 2014, Wanjia Win-Win and Noble discovered that Jingtai Management violated the term and agreed investment strategy of the asset management plan by using funds under the plan for other investment projects. Wanjia Win-Win and Noble took immediate and proactive measures, including reporting Jingtai Management's potential fraudulent actions to the relevant local public security bureau, and quickly controlled and preserved funds under the plan as well as additional assets pledged by concerned counterparties sufficient to cover repayment of principal and returns of the asset management plan. To the Company's knowledge, the asset management plan will repay upon maturity or before date of maturity the expected returns and principals to its investors according to the existing investment contracts subject to completion of the criminal investigation and legal proceedings relating to Jingtai Management's potential fraud. As investment advisor, Noble, together with Wanjia Win-Win, detected mis-use of the funds by Jingtai Management at first instance and took immediate actions, which played a crucial role in safeguarding investors' interests. The Company has promptly contacted each client who has purchased this product through the Company's distribution channels about the status and the repayment plan proposed by the asset management plan. The Company does not currently expect that this incident will have any material adverse effect on its business operations or financial results.
Our reporter Liu Rui
Intern reporter Wu Junjie Shenzhen reports
Ten thousand win 800 million funds were misappropriated event continues fermentation, the parties competing to stand, he was not directly responsible.
21st Century Business Herald reporter learned that Gabriel is currently Jinyuan help find items then set side; while sales of ten thousand Noah wealth related products win team has disbanded; Bank of China Shenzhen Branch said that in the Jin and Yuan Bailey I think capital tube plan, the Bank only channel, will not reveal all the details; while ten thousand win there is no new position.
Among numerous mysteries, investors most perplexing is that this thing in the end who should be responsible.
"Missing" custodian bank
Up to 800 million of the funds have been transferred, the most being questioned is hosting ten thousand-win product line.
Early June of this year, with Shenzhen Jingtai founded Vanguard win together "One million fund to win Jingtai fourth special asset management plan," the amount of 800 million yuan of funds. Materials can be learned from the public, the investment in the product and Bank of China (2.70, 0.01, 0.37%), Yunnan Branch personal mortgage business cooperation between the developers section houses the beneficiary.
However, this year June 20, Shenzhen Jingtai Jingtai unauthorized changes to the investment strategy plan, the funds for other purposes, including 600 million yuan appeared in the Jin and Yuan Wu Si shantytowns Experian Information Management program; another is about 200 million yuan plan for the repayment of the Bank of China Shenzhen finance a project is about to expire.
Public information, Vanguard win investment target for this product Yunnan Branch of Bank of China have a personal mortgage business cooperation between the developers section houses the beneficiary.
But several industry insiders said, "This product has a suspected trickery, investment houses are not really the subject of perhaps the beneficiary."
"In general lending rate is 6%, about 7%, but the interest rate to investors in this project are as high as 10%, and then count the sales charges, management fees, costs up to 15%, so this money is obviously to a real estate developer. "people who tell a subsidiary of 21st Century Business Herald reporter.
Ten thousand party win stakeholders identified financing for the real estate business, but denied financing side of Jia Tai estate, Fenghua Hongye. At the same time these people insist that the investment target for the Bank of China Yunnan Branch does have a personal mortgage business cooperation between developers houses part of the beneficiary.
But informed sources have pointed out the flaws in cooperation: "First of all to raise funds to invest in the project must be clear, followed by a clear project, after signing a contract counterparty million contract after the win and the Bank of China, such as Yunnan Branch of signing, to fund-raising. raised over, information management plan must be set up hosting If the information management plan is not directly to the project, but by LP reinvested into the project, then the LP to do the hosting, the account in order to draw money after all was finished, contrary to this Common sense certainly tricky. "
Currently the material and not directly from the public was informed custodian million win Jingtai information management plan, and the person in charge told Vanguard win 21st Century Business Herald reporter, to disclose the custodian bank.
"Actually, the key is the custodian and administrator of the client according to the instructions of funds designated to pay and be liquidated, in general they meet the content and information management at the time the agreement can be implemented transfer of funds," a bank custodian People who pointed out that "once the custodian bank missing, it will make money easily be transferred. "
In contrast, the structure Jinyuan Wu Si Experian Information Management program is relatively clear, but the argument is that, if the Bank of China branch of the steps reveal all the details.
It is understood, I think Jinyuan Experian Information Management program has twice hosted. First, the information management program in Ningbo Bank (9.76, 0.04, 0.41%) is hosted at inception, then the information management plan subscription Wu Si Limited Partnership Fund Fund launched the LP share, limited partnership funds through the Bank of China Shenzhen Branch of the steps in in the form of entrusted loans, the funds disbursed to Yunnan Fenghua Hongye Real Estate Development Co., Ltd., the limited partnership fund custodian bank is also on the steps of Shenzhen Branch of Bank of China.
August 13 evening, Jinyuan Gabriel announcement shows that as soon as possible to solve the emergency situation Our asset management plan is currently facing, to the asset management plan investment advisor - Bank of China Shenzhen Branch informed on the steps of the incident, asking them to provide solutions as quickly as possible.
In this regard, last week's 21st Century Business Herald reporter contacted the Bank of China branch of the step, the relevant person in charge on Friday in response, the Bank of Jinyuan Bailey Asset Management provides investment advisory services projects entrusted loan programs, do not assume the collection of any funds paid, as well as substantial commitments liquidation payment obligations.
"I can only say that the Bank of China branch of the step as an investment adviser, investment adviser by the responsibility of common sense when including recommended projects and manage projects, and when the project was approved, with our internal project review those reports say that the Bank of sales, but so far BOC is not the seller is not yet clear, needs further investigation. "Jinyuan Experian stakeholders case said.
21st Century Business Herald reporter learned that huge amounts of money in Vanguard funds moved on win Jingtai Jinyuan Gabriel accounts, Jinyuan Gabriel had to carry the team to go deep with the Bank of lawyers approached.
"Should the BOC so shirk responsibility, can only say that when we and the Bank of China signed an agreement on the terms of their punishment is not clear, it is our mistake." Concerned that these Jinyuan Gabriel.
Who is Trader?
As full of doubt and custodian bank is involved in the role of the parties.
At present, Shenzhen Wu Zhigang think the person in charge who have been arrested and related public security organs.
"Li Zhigang I have to make contact with us, it seems people are very duty, he also took over the real estate project to find us, but we do not like his project. Such local projects in our company would not have approved, He talked about will. "executives in the case of a fund subsidiary of Shanghai said.
Win ten thousand volts patriotic general manager also said that ten thousand win Jingtai information management project is introduced by Noah's wealth came through the ten thousand-win issue, Noah Holdings conduct consignment and eventually founded by Noah's wealth In addition, a subsidiary Nuobang assets as an investment adviser role. Noah wealth subsidiary gopher Asset Management Limited is one of the shareholders of Vanguard mutual benefit.
"Noah wealth certainly can not get away, I understand that the team had been disbanded, there are media reports recently bankers involved." Concerned that the 21st Century Business Herald reporter.
Also believes that the ten thousand-win Jingtai information management plan docking is Jinyuan Gabriel I think the information management plan, namely the former to raise funds to alleviate the payment crisis.
But in fact only 8 million yuan, Wu Jinyuan Gabriel thought a maturity of eight months of this year, not the so-called old debt.
A participation in the 21st Century Business Herald reporter, said Jia Tai tension is the fact that real estate funds, real estate companies have financing impulse.
That time, the product prospectus, which is the first source of repayment of the costs and benefits of return of income Fenghua Hongye responsible for land consolidation Kunming Baohua Temple level is about 710 million yuan. The second source of repayment is based on Jiatai real estate, "Ginza" "Central Park" project Xiaoshouhuikuan and other cash income Runtai home two companies developed about 1.03 billion yuan.
Now the question is, if there is a problem the first source of repayment, if there is a second source of repayment guarantee.
21st Century Business Herald reporter learned that the investigation, Jia Tai Ginza opened in August last year or so, probably about 180 sets of units, the opening day sold about 120 units, has sold one hundred forty three sets, only four or five sets, and each set of 300,000. Chuxiong Run Thai Central Park for a total of more than 700 units, opened last June, is also only 20 sets up.
"Maturity is mid-August this year repayment, and Baohua Temple project has 400 acres of land, originally scheduled for this year in August and November were bidding, auction, cash flow will soon be back." Jinyuan hundred Lee correlation analysis.
"So really do not understand why the money Jingtai win ten thousand suddenly been misappropriated, in the end is the fund sponsor or Nuobang assets Zhigang charge? I think it was two bad guys in the name of others ready to dry a bad thing, in the end no spoils both the result of infighting. "informed sources said.
In this regard, as of this writing, 21st Century Business Herald reporter failed to get a response from Noah aspects.
In addition, 21st Century Business Herald reporter learned that there are many real estate companies on the shantytowns of the project company Fenghua Hongye interested in the market.
"The ideal outcome is to Fenghua Hongye as the main body, after the reorganization of the project is restarted, the now clean out Fenghua Hongye related debt. Then auction, so that the project running." There participant told the 21st Century Business reported reporters.
ive been reinvesting divvys last several months and will continue to do so. Last month's were reinvested at $12.94. Hopefully the 7500 shares I own will pay for the kids' college in a few years !
spectrum holdings worth more than market cap.
Total Cash (mrq): 5.49B
Total Cash Per Share (mrq): 1.39
Total Debt (mrq): 32.49B
Total Debt/Equity (mrq): 128.11
Current Ratio (mrq): 1.21
Book Value Per Share (mrq): 6.43