Entrance to two rings east of the Jiang

Why is it always closed?

Successful applications for secure rental housing

How is rent paid to landlords?

…

Questions of concern to these citizens

Response

Urban public facilities

@ A citizen: Is there a seat in the Puphousi Square and is it possible to increase it?

The municipal railway station KPPU: it has been verified that seven seats are being set at the front square of the station in the west of the station, all located below the landscape tree of the square, and four weeks of the pavilion are available for rest by travellers. For the time being, no additional chairs will be considered, owing to the size of the Presiding West Post Square and the relatively small number of vehicle terminals, the evacuation of the population in connection with the overall landscape of the Square and the sudden emergency situation.

Road traffic

Mr. @ Sun: Is the entrance to the two rings on the east of the Jiang shall be closed on a regular basis and there is no public announcement that affects the congestion and opening of vehicles?

(a) Municipal Public Security Administration: The total volume of traffic control under Article 3, paragraph 1, of the Programme on Control of Transport Organizations of the Two Rupier System, as verified by the territorial branch, is subject to entry: In accordance with the TIR ITS system, a “rapid, rapid reaction” IPPF control mechanism is established for electronic testing and road-side policing. Once high upstream traffic traffic is detected, it is immediately prohibited to enter the vehicle through the upper route by means of signal control, manual intervention and electronic police raids. Therefore, the temporary closure of the trip was due to the manual intervention of the escrow in the tube sector when the traffic in the two rings was larger.

Staff Health Insurance

Ms. @ Wang: What is the amount of the repatriation of my staff member’s medical insurance in the cattle area?

Kim cattle : certified by the Medical Insurance Board of the Kimberly District, under article 20 of the Basic Medical Insurance Scheme for Urban Workers (Organized People’s Government Order No. 154) for Medical Insurance [Insurance] Communication No. 2022]17: Inpatient medical expenses incurred after six months of continuous contribution from the date of entry into the insurance are paid by the Integrated Fund as required. The individual contributory portion of active workers is still fully accounted for in their personal accounts, with a standard of 2 per cent of their contribution base; the basic medical insurance premium paid by the unit is fully charged to the integrated fund. At the time of actual transfers, persons under 40 years of age are subject to a reduction of 0.1 per cent in long-term care insurance. Persons who have reached the age of 40 are also required to deduct 0.2 per cent of long-term insurance care.

Public culture

@ A citizen: we live on the streets of the Wall and want children to go to the library for reading, but there is no library nearby and it is proposed to build the library as soon as possible.

New York City: The public cultural service provision, as verified by the CCS, is important for expanding the urban culture of parks and responding to the aspirations of citizens for a better life. In recent years, the New District of the Nippon Foundation has been making continuous efforts to expedite the construction of the public cultural services system and has made every effort to invest in the construction of high-quality cultural galleries in major public service projects, such as the “Case” theatre, the Sichuan Province Bologna (new hall), the provincial fine arts galleries and municipal libraries. In the next step, it is proposed to plan for the construction of a new regional observatory centre in the capital, to include district cultural galleries, library construction in overall project planning, library building standards for library construction, and high standards planning for the construction of public libraries at district level.

Safe Housing

Ms. @ Chen: How can I give rent to the landlord once I have successfully applied for secure rental housing in the two-way zoning societies and streets?

Two-way areas: rents for guaranteed rental accommodation are charged directly by the lessor to the lessee, on a monthly or quarterly basis, without a one-time charge of more than three months’ rent and not more than one month’s rent, as verified by the District Housing Construction and Transportation Agency, and the leased parties shall, within three days of the collection of rents, transmit the collection to the management service platform.

Since this year, the liquidity of the real estate market has tightened, and many banks have doubts about the collateral itself. They may lack the original intention of private enterprises in the process of mortgage implementation, but they may lack the original intention of private enterprises.

Recently, the financing difficulties of private enterprises have been discussed. The financing difficulty of private enterprises is not a new problem, but it is particularly important in the current environment. It is not only because a round of deleveraging has exposed many private enterprises to debt risks, continuous loan debt defaults, deep quagmire of stock pledge, and frequent explosion of serial guarantees. More importantly, the identity of private enterprises has also begun to become the object of social media discussion, which is not a good omen.

Now many places have launched rescue funds for private enterprises. Of course, this is a good thing. When private enterprises are in crisis, it is also necessary to give them appropriate help. However, the details of how the relief fund operates and how to ensure the safety of funds need to be solved in practice. A little carelessness will lead to a lot of rent-seeking space. The power department holding a lot of money has great discretion over who will be rescued or not. How to prevent the abuse of this power needs system construction to keep up.

The financing difficulty of private enterprises is not a consistent topic. In the venture capital and private equity financing markets, private enterprises are the protagonists, and few state-owned enterprises are looking for venture capital. From this point of view, the primary market, or multi-level capital market, is actually the key to solve the financing difficulties of private enterprises.

The reason why we talk about the financing difficulties of private enterprises is mainly debt financing, or further, a wider range refers to bank loans. Private enterprises lack credit enhancement means, and most of them do not have enough real estate as collateral. Debt financing is indeed not easy. If banks are too limited to give loans to private enterprises, it is necessary to break through the existing bank risk management system. What we want to ask is, is the bank ready? The answer is clearly no.

Since this year, the liquidity of the real estate market has tightened, and many banks have doubts about the collateral itself. The original intention of asking them to lend to private enterprises lacking collateral is good, but in the process of actual implementation, the action may be deformed. We believe that there are several potential risks that must be paid attention to:

1. Banks require private enterprises to look for state-owned enterprises to guarantee. For state-owned enterprises, private enterprises that have no relationship have no motivation to guarantee them. In some cases, private enterprises may become a channel for state-owned enterprises to borrow from banks, that is, the final funds are used by the guarantor. This will not achieve the purpose of promoting the flow of funds to private enterprises.

2. The bank’s management’s related customers get loans. Under the policy of promoting private enterprise loans, this policy may be used by some insiders and become one of the means of conveying interests, which eventually leads to the flow of bank funds to stakeholders. In this case, the quality of bank loans is worrying. Capital markets also expressed doubts.

3. Zombie enterprises get credit support. Private enterprises that should have been eliminated in the current round of market clearing, such as a local leading enterprise just supported by a province recently, received a lot of credit support with the support of policies, delaying the progress of bankruptcy. But they took up credit and did not play the role of capital. Some have even become a capital black hole. In this case, the non-performing rate of banks will also increase.

The above three are all possible situations in which banks lend to private enterprises at present.

In addition to bank loans, part of the funds is to rescue companies caught in the risk of stock pledge. I have asked a question before. There is a risk in Tianliang’s stock pledge. Then, where did the money set out by the stock pledge go?

I think there are several possibilities: 1) invest in real estate; 2) Transfer out of the country; 3) Speculation in stocks; 4) Invest in specific projects.

Many group companies or major shareholders of listed companies are engaged in real estate. For some companies that have done well in industry, the local government even solicits them to develop real estate by means of land distribution. Therefore, when the funds set out by stock pledge enter the real estate market, they will find that the liquidity is greatly frozen. Due to the sharp decline in the rate of de capitalization, some investments were out of funds, and the cash flow was insufficient to repay the debt interest, resulting in default.

Some shareholders took the money to speculate in stocks, especially their own company’s shares, which was staged more in 2015. Pledge, the money set out to fry their own stocks, continue to pledge after speculation, and continue to fry with the money set out, which is actually a leveraged behavior. Once the stock price falls, it will step on a series of mines and fall out of control. The most dangerous situation will even lead to the instability of the controlling shareholder’s control - as we have seen in 2018.

Some shareholders, through various ways, transferred the money set out by the pledge abroad. We can’t comment on this part, but for these shareholders, pledge is equivalent to reducing their holdings - there are many restrictions on reducing their holdings, but the restrictions on pledge are much less - they didn’t intend to repay the pledged loans at the beginning, and they regarded the pledge itself as a kind of one click clearance.

In the above three cases, if the rescue fund rescues these listed companies, there will be a very large moral hazard. The actual controllers or major shareholders of listed companies have no plans to operate the company and have planned to abandon the ship and flee. Even if the rescue fund goes in, it will be on a ship without a captain. Where it can go is completely random. Some rescue funds regard the rescue as an opportunity to buy the listed entities of private enterprises, and give little consideration to the business level. However, it should also be remembered that there are many shell buying pits, which is by no means as simple as imagined. As the saying goes, it is better to buy than to sell. The stock pledge has burst. Who will suffer from selling to the rescue fund?

Therefore, from the above discussion, I think that the direct trading of state-owned capital or the one size fits all loan of banks to private enterprises is not a good way to solve the financing difficulties of private enterprises and restore the confidence of private enterprises. From a broad perspective, to restore the confidence of private enterprises, we should improve the legal system and act in accordance with the law,