The Shanghai Tiansheng Warehousing Project is a logistics real estate restructuring project jointly led by Yinding Asset Management and renowned US dollar fund Angelo Gordon, which adopts a sale based restructuring and utilizes tax incentives. The debt of this project is complex and difficult to activate, and many attempts in the industry have been unsuccessful. We quickly connected with all parties involved, finalized exclusive transactions, completed tax planning, and implemented the first restructuring plan applicable to the deferred policy of land value-added tax; Successfully completed site clearance and innovatively utilized cross-border voting rights to form a benchmark model for cross-border restructuring. The project has been awarded as one of the top ten bankruptcy reorganization cases by the Shanghai High Court in the past five years.
Project BackgroundThere are three real estate properties under the name of Tiansheng Warehousing Company, located in Songjiang District, Shanghai, Chaoyang District, Beijing, and Taijiang District, Fuzhou. Among them, two properties located in Beijing and Fuzhou were not included in the scope of reorganization due to their assessed value exceeding the amount of the mortgage debt. The storage buildings in Songjiang District, Shanghai are located at the junction of Songjiang and Minhang, with convenient transportation and obvious location advantages. |
Disposal ProcessPrior to the acquisition project, Yinding Asset entered into exclusive cooperation with the debtor and lessee; Reached an intention agreement with a Hong Kong company to lock in the selling price; Conduct tax calculations and planning; Conduct research with the local government on industrial policies for land parcels; Communicate with the management on recruitment and restructuring plans, determine the execution process and expected time. After the acquisition of the project, Yinding Asset is responsible for assisting in the clearance and asset transformation. |
Results And BenefitsThe project investment period is 9 months; Invest in two phases, with the first phase having a 6-month investment period; The second investment period is 3 months. The total asset IRR is 39.33%. |
Core Business Capability1. Finding a Hong Kong company as an investor dispelled the company's doubts about purchasing non-performing assets. Yinding Asset has conducted comprehensive due diligence research on the project, identified its implicit value, and developed a feasible restructuring plan. Through sufficient communication with a Hong Kong investment company, Yinding Asset has developed a series of cooperation plans to ensure mutual interests and reduce risks, which has given the company full confidence in the entire project and willingness to closely cooperate with Yinding, achieving a win-win cooperation in an ideal way. 2. Effectively coordinate and manage personnel to strengthen communication with the court. Yinding Asset has established good relationships with the bankruptcy administrator and the court in this project, demonstrating professionalism, honesty, and transparency in the communication process. By establishing effective communication channels, necessary documents and reports for each stage were submitted to the court in a timely manner. At the same time, Yinding Asset regularly communicates with creditors and other relevant parties to ensure that everyone is aware of the new developments in the program. |
