Core Viewpoint - A financial product redemption crisis has emerged involving Zhejiang Zhijin Asset Operation Co., Ltd. and its affiliated company, Xiangyuan Holdings Group, with over 200 financial asset income rights products unable to meet redemption obligations, totaling over 10 billion yuan [1][3][11]. Group 1: Crisis Overview - The crisis began on November 28, 2025, when investors reported that expected returns were not credited as scheduled [3][11]. - The total scale of the pending redemption funds exceeds 10 billion yuan, with products maturing between December 2025 and April 2026 [1][3]. - The underlying assets of these products are primarily accounts receivable from various real estate projects associated with Xiangyuan Holdings [1][4]. Group 2: Company Financials - Xiangyuan Holdings has total assets of approximately 60 billion yuan, which can cover 40 billion yuan of total liabilities, but faces a liquidity crisis due to 30 billion yuan of unsold property value [1][3]. - The expected annualized return on the affected financial products ranges from 4% to 5% [1][8]. Group 3: Investor Response - Investors have expressed dissatisfaction with the handling of the crisis, as many have not received their expected returns within the promised timeframe [3][11]. - A communication meeting was held on December 11, 2025, where investors demanded a clear timeline for redemption and updates on asset recovery efforts [11][13]. Group 4: Regulatory and Market Context - The Zhejiang Financial Management Bureau announced the cancellation of Zhijin Center's financial asset trading qualifications, which has impacted its ability to facilitate redemptions [27][30]. - The crisis highlights the risks associated with non-standard financing arrangements and the concentration of risk within the same controlling entity [29][30]. Group 5: Company Assets and Liabilities - Xiangyuan Holdings has significant assets tied up in real estate projects, many of which are reportedly stalled or facing execution orders due to unpaid debts [16][23]. - The company has pledged a substantial portion of its shares in listed companies as collateral, indicating financial strain [24][26]. Group 6: Market Implications - The incident reflects broader challenges in the real estate sector, particularly for companies heavily reliant on financial products for liquidity [1][23]. - The situation may lead to increased scrutiny of similar financial asset trading platforms and their regulatory frameworks [27][30].
号称年化4%~5%的“低风险”金融产品突然爆雷，众多投资者“踩雷”，规模上百亿元！“祥源系”多地项目几近停工，背后浙商大佬陷危机