Shandong’s richest man who bought a bunch of banks
In the New Fortune 500 rich list in 2021, Wang Qingtao, the actual controller of Zhongrong Xinda, won the title of the richest man in Shandong with a value of 59.65 billion.
It didn’t take long for Zhongrong Xinda zhongpiao to default again. The interest on this default was about 111 million. Why do you say “again”? Because in March, the first medium-term note in 2018 was in default, and in April, the second medium-term note in 2018 was in default.
The total principal of these three tickets is 4 billion yuan, which will be due one after another in the next year. Now the interest is not paid. It is necessary to make a question mark whether the principal can be repaid. It is estimated that creditors can’t sleep.
Then sell the assets and repay the interest. It’s not smooth.
At the beginning of the month, the stock of RMB 263 million worth of Zhongrong was auctioned by the financial institutions. As a result, another RMB 263 million worth of shares were auctioned by the financial institutions. The result was that Zhongrong had no choice but to auction another RMB 263 million worth of shares.
With a fortune of nearly 60 billion and less than 100 million interest, the richest man in Shandong is a little incomprehensible.
In Shandong, Wang Qingtao is a well-known “coal boss”.
He was from Zouping, Shandong Province. He was a soldier. After he changed his career, he entered Zouping Materials Bureau. Later, he encouraged him to go to the sea, and Wang Qingtao began his business of coal distribution.
At that time, Zouping was one of the most economically active areas in Shandong. The most famous local figure was Zhang Shiping of Weiqiao. It took him ten years to build a small cotton oil factory into one of the top 500 textile industries in China.
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Reprint indicated source：Spark Global Limited information