[Editor’s note] July 29, w88 casinoFeng Peng, Director of China Capital Operation Research CenterDeputy ChengProfessorAccepted an interview with a reporter from China Real Estate News on the topic of Zeng Chengjie. The original text of the interview is below.
Feng Pengcheng: Death of Zeng Chengjie: Real estate private financing shock
(Source:《China Real Estate News》Date: July 29, 2013, Issue 1718, Front Page Headline)
Zeng Chengjie
Perhaps at the moment before the execution, Zeng Chengjie's mind briefly flashed the trajectory of his life's decline. In the past 10 years, from a legendary wealthy businessman who was all-powerful in western Hunan to a death row prisoner who caused judicial controversy in China, the death of Zeng Chengjie has once again cast a sad and regretful glance at the urban construction and financing craze in the central and western regions inspired by the development of the west.
On July 12, Zeng Chengjie was arrestedHunanThe Provincial Changsha Intermediate People's Court executed the death penalty and sentenced him for illegally obtaining project development rights and fund-raising fraud, involving a total of approximately 3.452 billion yuan.
After Zeng Chengjie’s death, rapid urban construction and fanatical private financing in backward areas are still popular. The pain of real estate private financing will not be completely eradicated by a judgment and the loss of a life. "Zeng Chengjie was a victim of a special period. We should use this as a lesson to sort out the ideas for easing and blocking private financing, and more resolutely promote financial reform from multiple dimensions such as legislation and administration."Feng Pengcheng, Director of the China Capital Operation Research Center at the w88 casinoTell reporters.
Reflections on private financing
Feng Pengcheng, Director of China Capital Operation Research Center, w88 casinobelieves that in the case of Zeng Chengjie, the role of private capital in the history of construction in western Hunan cannot be denied. In Zeng Chengjie’s death sentence, we should not only see a warning against the chaos of fund-raising, but also explore the correct path to eliminate blockages and w88-offs in private capital.
In March 2012, the State Council decided to establish a comprehensive reform pilot zone in Wenzhou, a city with a developed private economy. However, after more than a year of practice, the results of the reform were not satisfactory, and the Wenzhou Private Lending Center established according to the reform plan at that time also had a slow business.
“The government must liberalize financial reform, but judging from the practice in Shenzhen and Wenzhou, it is still at a stage where there are big thunders but little rain. Policies have been liberalized, but administrative approval has not yet been liberalized.”Feng Pengchengsaid, "Relevant laws and regulations should be promulgated as soon as possible to set up a runway for private capital. If participants deviate from the runway, it is a violation and should be punished. But there is no runway at all now. Even if the policy is relaxed to let everyone run, who dares to take a big step? If something like Zeng Chengjie happens again, who will take responsibility?"
A real estate enterprise person told a reporter from the China Real Estate News, "There is no problem in encouraging the use of private capital in the real estate field, but the user must have sufficient capital operation capabilities. If it is only at the contractor level, it is easy to cause risks out of control. Therefore, threshold design must also be carried out for users of private capital, which requires active guidance and regulation by the government, rather than blocking the door for private capital to enter the real estate field." (Reporter Zhang Fengling)
Attachment: Original report link
http://news.hexun.com/2013-07-29/156566240.html
