The establishment of Yunnan Urban Construction Investment Co., Ltd. (referred to as "provincial capital investment company") can be traced back to 2003. At that time, Yunnan Province held a provincial fixed assets investment work conference, at which it proposed to set up eight investment and financing platforms to reform the investment and financing methods in Yunnan Province. The lag of urbanization in Yunnan has become the main obstacle to the economic and social development of the province. At the same time, the unreasonable urban development pattern of 1 mega-city, 4 medium-sized cities, 12 small cities and 462 established towns (excluding 1 18 Chengguan town where the county and municipal governments are located) has also prompted the provincial party committee and government to realize that Yunnan Province needs to set up one. In view of the fact that investment in fixed assets has become an important factor to promote the economic restructuring in Yunnan Province, and the role of large-scale investment companies as "main engines" has become increasingly important, the provincial party committee and government decided to set up investment companies in the field of provincial-level urban construction to further promote the urbanization process in Yunnan.

The provincial capital investment company was formally established in April 2005. It is a modern large-scale state-owned enterprise approved by the provincial people's government, and an investor representative and implementing agency of urban construction investment projects authorized by the provincial people's government. In February 2009, it was officially included in the provincial SASAC supervision.

Yunnan Chengtou Real Estate Co., Ltd. met with difficulties in Kunming. After three years' waiting, the first batch of land in the first-class development project around Donghu East Road in Dianchi Lake, which was highly anticipated by the market, finally entered the "bidding, auction and hanging" transfer link at the end of June this year, but the result was a large proportion of auction. This not only makes its "tens of billions of profits" a mirage, but it is also a suspense whether the cost of 6.2 billion yuan invested before can be recovered smoothly.

More seriously, local policies are changing. In July last year, the Kunming municipal government began to strongly control the first-level land development, and handed over the first-level land development and consolidation projects within the city to the city investment company for overall responsibility. This makes Yunnan Chengtou, a provincial development platform, fall into embarrassment. At the same time, according to the new policy, the first-class land development and consolidation projects designated by Kunming are rewarded uniformly according to 16% of the total investment, which is far from the distribution ratio of 50-50 share of net land transfer income signed by Yunnan Chengtou and Kunming Municipal Government three years ago, which is the core contradiction that leads to the current predicament of Yunnan Chengtou.

"The funds can't roll, and the cash flow pressure is high." On September 6th, an insider of Yunnan Chengtou told Caixin New Century that due to the bottleneck of funds, the first-level development of the land around Lake East Road in Dianchi Lake came to a standstill, and "the land will no longer be demolished, sorted out and stored".

Land auction makes it difficult to recover the first-level development investment, several bank loans are approaching the repayment period, and all financing plans such as trust and corporate bonds have failed, which puts the capital chain of Yunnan Chengtou under heavy pressure. 20 1 1 semi-annual report shows that the total liabilities of Yunnan urban investment reached 9.6 billion yuan, of which current liabilities accounted for 510.40 billion yuan.