The newly-minted vice-premier Vitaly Mutko is awaiting a serious test. And it has a name - Urban Group. The company - the leader in the construction of housing in the suburbs - went down in history and can stay there forever. The facts indicate that her business has entered a deadly trajectory, when every new news only worsens the situation of the corporation.
Way down
At first, information appeared on the market that VTB credit services tightened the working conditions with Urban. Mortgage loans began to give out to the company's clients only on condition that the construction of the house is completed by 40%. This is a serious restriction, given that it, in fact, cuts off investment demand - those who invest money in the calculation not only get a living space, but the income from the growth of its value at the end of construction.
Even more serious was the news that Sberbank began to wind down its mortgage programs in the projects of the Urban Group, thus interrupting the ten-year partnership. The unpleasant event itself was overshadowed by Sbere's unofficial commentary, in which the representatives of the credit institution explained their decision by the failure of the construction deadlines, which increased the risks for customers. The company is facing a loss of 20 billion rubles. in year.
But much more terrible for her business was the very fact of the appearance of such information. The matter is that developers, as a matter of fact, represent a financial business, as a result of which any complications with crediting automatically lead to irreversible consequences. For this, it is enough to recall 2008, which buried a huge number of mega-projects only because the market for their financing was closed.
Urban Group was trying to calm the customers, promising to restore cooperation with Sberbank, but at that moment there was a "knock" from the equity holders. It turned out that buyers of apartments in the facilities of the Urban Group can not achieve registration in Rosreestr. And this is not a technical mistake: it turns out that back in April Rosreestr suspended the registration of trust management agreements (DDU) concluded with the daughters of the developer responsible for the construction of specific facilities in the Moscow region.
Problems with Rosreestr is related to the payment of contributions to the Fund for the Protection of the Rights of Shareholders - an insurance fund that performs the functions of compensation, in the event of failure of agreements. Refusal to register the DDU means withdrawal of the holders of the Urban Group outside the legal field. The company simply can not take from them the money needed to continue construction. As a result, 15 thousand shareholders will turn into venture investors, which is hardly included in the plans of people who continue to believe that investment in real estate is a guaranteed, albeit profitable, business.
"Unfortunately, urban planning does not serve developers today"
The fact that the founder of the company is architect, urbanist and the whole professor of the Higher School of Economics Alexander Dolgin gives a special charm to the development of the situation with the Urban Group. At one time the professor was amazed at the very possibility of selling townhouses for the middle class in the Moscow region for $ 750,000, and he entered this market at a discount. Then, in 2008, after the crisis actually destroyed the old world of development in Moscow and the region, it entered the business with great scope, becoming one of the leaders of this difficult market. At the same time, the professor delivered lectures, distributed conceptual interviews and gave recommendations to the Moscow authorities.
On the issuance of recommendations was built and another business of Alexander Dolgin - Imhonet site. It started with incredible pomp, and it was to become a new milestone - a kind of WEB 3.0, in which authoritative gurus were supposed to give content-rich assessments of things and services. But in the end, the service was not in demand, and in 2017 just closed.
The professor-urbanist explained the failures of his Internet business by intrigues of the social network Facebook, which "cold-bloodedly and talentedly gave out complications with such speed with which the society could digest them." Now the expert will have to tell what went wrong in the development. The mere fact of the failure of "beautiful ideas" implemented in business is an entirely ordinary story in the world practice. The most notorious scandal was the collapse of the hedge fund LTCM in 1998, which nearly put the entire global financial system after its founders decided to put into practice a new model for calculating the cost of derivatives, for which, incidentally, they received the Nobel Prize in economics. Alexander Dolgin won no prizes, but attention to him will be guaranteed. As well as to the Higher School of Economics, as well as to urbanism.
Way down
At first, information appeared on the market that VTB credit services tightened the working conditions with Urban. Mortgage loans began to give out to the company's clients only on condition that the construction of the house is completed by 40%. This is a serious restriction, given that it, in fact, cuts off investment demand - those who invest money in the calculation not only get a living space, but the income from the growth of its value at the end of construction.
Even more serious was the news that Sberbank began to wind down its mortgage programs in the projects of the Urban Group, thus interrupting the ten-year partnership. The unpleasant event itself was overshadowed by Sbere's unofficial commentary, in which the representatives of the credit institution explained their decision by the failure of the construction deadlines, which increased the risks for customers. The company is facing a loss of 20 billion rubles. in year.
But much more terrible for her business was the very fact of the appearance of such information. The matter is that developers, as a matter of fact, represent a financial business, as a result of which any complications with crediting automatically lead to irreversible consequences. For this, it is enough to recall 2008, which buried a huge number of mega-projects only because the market for their financing was closed.
Urban Group was trying to calm the customers, promising to restore cooperation with Sberbank, but at that moment there was a "knock" from the equity holders. It turned out that buyers of apartments in the facilities of the Urban Group can not achieve registration in Rosreestr. And this is not a technical mistake: it turns out that back in April Rosreestr suspended the registration of trust management agreements (DDU) concluded with the daughters of the developer responsible for the construction of specific facilities in the Moscow region.
Problems with Rosreestr is related to the payment of contributions to the Fund for the Protection of the Rights of Shareholders - an insurance fund that performs the functions of compensation, in the event of failure of agreements. Refusal to register the DDU means withdrawal of the holders of the Urban Group outside the legal field. The company simply can not take from them the money needed to continue construction. As a result, 15 thousand shareholders will turn into venture investors, which is hardly included in the plans of people who continue to believe that investment in real estate is a guaranteed, albeit profitable, business.
"Unfortunately, urban planning does not serve developers today"
The fact that the founder of the company is architect, urbanist and the whole professor of the Higher School of Economics Alexander Dolgin gives a special charm to the development of the situation with the Urban Group. At one time the professor was amazed at the very possibility of selling townhouses for the middle class in the Moscow region for $ 750,000, and he entered this market at a discount. Then, in 2008, after the crisis actually destroyed the old world of development in Moscow and the region, it entered the business with great scope, becoming one of the leaders of this difficult market. At the same time, the professor delivered lectures, distributed conceptual interviews and gave recommendations to the Moscow authorities.
On the issuance of recommendations was built and another business of Alexander Dolgin - Imhonet site. It started with incredible pomp, and it was to become a new milestone - a kind of WEB 3.0, in which authoritative gurus were supposed to give content-rich assessments of things and services. But in the end, the service was not in demand, and in 2017 just closed.
The professor-urbanist explained the failures of his Internet business by intrigues of the social network Facebook, which "cold-bloodedly and talentedly gave out complications with such speed with which the society could digest them." Now the expert will have to tell what went wrong in the development. The mere fact of the failure of "beautiful ideas" implemented in business is an entirely ordinary story in the world practice. The most notorious scandal was the collapse of the hedge fund LTCM in 1998, which nearly put the entire global financial system after its founders decided to put into practice a new model for calculating the cost of derivatives, for which, incidentally, they received the Nobel Prize in economics. Alexander Dolgin won no prizes, but attention to him will be guaranteed. As well as to the Higher School of Economics, as well as to urbanism.
Business
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