The core issue of the Zhejiang Gold Center's recent crisis is its transformation into a financing channel exclusive to the Xiangyuan Group after losing its state-owned background. This, combined with the Xiangyuan Group's broken capital chain due to a downturn in real estate, ultimately led to a crisis of over 20 billion yuan in product redemption. The following are the detailed causes and effects:
Background
1. The Zhejiang Gold Center quietly 'changed its blood', misleading investors: When the Zhejiang Gold Center was established in 2013, it had a state-owned background, which made investors believe in its safety. However, in October 2024, it was stripped of its qualifications for financial asset trading and only needed to handle existing businesses; at the beginning of 2025, it was renamed Zhejiang Zhejiang Gold Asset Operation Co., Ltd., with a significant dilution of state-owned shares, and the largest shareholder became a private company related to the Xiangyuan Group. Meanwhile, the platform continued to use the old name, implying a state-owned background, without fully informing investors of the critical changes, causing them to let their guard down. Subsequently, the Zhejiang Gold Center gradually became an exclusive financing channel for the Xiangyuan Group, with almost all products on the platform being from the Xiangyuan Group.
2. The Xiangyuan system's 'land-based tourism' model has collapsed, and the capital chain has broken: Although the Xiangyuan system publicly emphasizes cultural tourism business, it is fundamentally reliant on real estate business for revenue. From 2020 to 2024, several real estate projects faced sluggish sales, and some projects even encountered unfinished constructions, resulting in a significant decline from the original annual sales of two to three hundred billion yuan. As of June 2025, the total assets of the Xiangyuan system were approximately 59.568 billion yuan, with total liabilities exceeding 40 billion yuan, and most of the assets were illiquid real estate projects, stocks, etc., while liabilities were mostly of a rigid redemption demand. The financing cost of products issued through the Zhejiang Gold Center reached 8%-9%, yet it was packaged as a stable product with an annualized yield of 4%-5%. The stagnation of real estate cash flow caused this financing model to completely collapse.
Consequences
1. Investors are deeply trapped in payment and rights protection dilemmas: Starting from the end of November 2025, hundreds of products related to the Xiangyuan system at the Zhejiang Gold Center have successively been unable to be redeemed. After December 3, the platform's withdrawal channel was closed, with over 20 billion yuan of funds waiting for redemption stagnating, affecting nearly 10,000 investors. Investors tried to contact customer service to no avail, and multiple rights protection efforts only allowed them to register information without seeing core responsible persons. Even though the products had guarantees from Xiangyuan Holdings and its actual controllers, they found it difficult to cash out due to the other party's cash flow exhaustion, and even facing a favorable judgment would not guarantee they could get their money back.
2. The stock prices of Xiangyuan system listed companies plummeted, and an emergency 'cut seat' was implemented: On December 7, the companies controlled by the Xiangyuan system, including Xiangyuan Cultural Tourism, Haichang Ocean Park, and Jiaojian Co., issued announcements to clarify their relationship with the redemption crisis. However, the next day, the stock prices collectively dropped, with Jiaojian Co. hitting the limit down. In the following days, these stocks continued to decline, accumulating a significant drop over nearly three trading days, reflecting the capital market's concerns about the risks of the Xiangyuan system.
3. Multiple parties are involved, but the solutions have yet to be clarified: Currently, the Zhejiang Provincial Local Financial Management Bureau has established a special work team to investigate related products, and the Shaoxing Municipal Government is also in talks with the Xiangyuan system about capital injection. However, whether the government has sufficient financial strength to take over the debts and how to revitalize depreciated assets are challenges. The Xiangyuan system hopes for government funding to 'stop the asset decline,' but the related demands still have multiple uncertainties, and specific disposal and redemption plans for this crisis have not yet been issued.#金融投资