Unexpectedly, no one is interested in the project of "China's tallest building".
A few days ago, Shenzhen Shimao Shenzhen-Hong Kong International Center project conducted the first round of judicial auction, even attracted more than 30000 people to watch, but eventually failed because no one bid.
According to the announcement issued by the Third Intermediate People's Court of Beijing on May 31, the auction target is 12 land use rights and above-ground objects in Longcheng Street, Longgang District, Shenzhen under the name of Shimao New Mileage Industrial Co., Ltd. The auction is the first auction of the subject, with an appraisal price of about 16.305 billion yuan and a starting price of about 13.044 billion yuan, which is equivalent to a 20% discount on the basis of the appraisal price.
Photo: Jingdong Auction
As early as the beginning of the auction, the industry predicted the end of the auction. There are three main reasons:
First, even with a 20% discount, the starting price of over 10 billion yuan is a huge test for any developer at the moment. After all, a deposit of 652 million yuan is required for admission alone, with a price increase of 65.22 million yuan. At the same time, the court requires the bidder to pay the balance of the auction in addition to the deposit within half a month (July 20).
Secondly, in addition to the high threshold brought by the total price, there are many risk points behind the project, including the complex creditor's rights relationship behind the project, the capital precipitation needed for long-term development and the de-investment after entering the market in the future, which are full of unknowns.
Thirdly, according to the data disclosed by Gaoli International, the Q2 Shenzhen office market has declined again this year, with the lowest net absorption in the past five years, showing a trend of insufficient new demand, expanding rent decline and rising vacancy rate, which shows the pressure of competition.
In addition, Ruihe think tank believes that even if the second auction of Shenzhen Shimao Shenzhen-Hong Kong International Center project is discounted again, the prospects are not optimistic, and the possibility of another auction is great. As far as the
starting price is concerned, even with a 20% discount on the basis of the appraisal price, the project of Shimao Shenzhen-Hong Kong International Center in Shenzhen is still considered to be the asset with the largest valuation in the judicial auction in the past seven years.
This was also the "trump card" project in Shimao's hands and the leading project in its layout in Shenzhen. In early December 2017, Shimao Group invested 23.943 billion yuan to acquire the commercial land of G01046-0095 in Longgang, Shenzhen, which also set a record of the second highest total price in the history of land auction in Shenzhen. According to the original plan, a super high-rise building of 668 meters will be built on the plot. If completed, the building will refresh the record of "the tallest building in China" and become a new landmark of the Universiade New Town in Longgang District, Shenzhen.
According to the plan, the project is named Shimao Shenzhen-Hong Kong International Center, covering an area of 321900 square meters, with a total construction area of 1.3645 million square meters and a total planned investment of more than 50 billion yuan. It is a large-scale high-end international complex integrating office, commerce, tourism, culture, popular science exhibition and apartments. Sadly
, in only six years, Shimao Shenzhen-Hong Kong International Center has changed from a brand landmark project to a debt chip and been put on the auction platform.
Photo: The suspended Shimao Shenzhen-Hong Kong International Center
Photo Source: Jingdong Auction
The reason for the auction is related to the dispute between Shimao and CITIC Trust. According to the information disclosed by the Third People's Court of Beijing, "In the case of CITIC Trust Co., Ltd. and Shenzhen Shimao New Mileage Co., Ltd. executed by the Court, the reference price for the disposal of the following property shall be determined."
Debt default and the auction of core assets reflect the financial dilemma of ST Shimao (600823.
It is worth noting that the auction of Shenzhen Shimao Shenzhen-Hong Kong International Center is not an isolated case, and there are many large assets that are still unsold after the recent price reduction.
For example, the Beijing Oriental Media Center, with an overall appraisal price of 2.36 billion yuan, was first sold on May 28 with an appraisal price of 1.65 billion yuan at a discount of nearly 7%; On June 13, the second auction of 1.32 billion yuan, which was nearly 50% off the appraisal price, failed again. At present, it is being sold as a whole with 1.32 billion yuan. The time is from 10:00 on July 2 to 10:00 on August 31, but no one has signed up and bid yet.
On June 28, part of the assets of Hefei Baoneng City, located in Binhu New District of Hefei, failed to be auctioned due to no application. It was divided into two projects. The auctioned assets included the residential land of Baoneng City and the land use rights of T7 & MALL, hotels and above-ground buildings, with a total starting price of more than 5 billion yuan. Shenyang Zhongjie Commercial City (600306), a core commercial landmark in Shenyang with an
overall appraisal price of about 1.65 billion yuan, failed to be sold on July 2 at a price of 1.15 billion yuan with an appraisal price of nearly 30%. It is expected that a second auction will be held on July 18, with the price lowered to 920 million yuan, which is equivalent to a discount of 5.6% on the basis of the appraisal price.
It can be seen that it is becoming more and more difficult for housing enterprises to cash in.
First of all, there are few people who dare to take over and have the strength to take over. The industry as a whole is still in a downward period, most of the housing enterprises are short of funds, even the state-owned enterprises are facing the situation of "saving food and clothing", especially in the face of the relatively more complex relationship between creditor's rights, the buyer is more cautious.
Secondly, landmark projects with high total price and large volume are particularly serious. In addition to the general housing enterprises can not undertake digestion, many projects are also subject to urban planning and other requirements, the requirements of the receiver are more stringent. This also makes the future of landmark projects, which are either suspended or unfinished, even more unknown.
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