On the eve of the auction, why was this very popular property in Chengdu urgently withdrawn?
Every reporter | Cai Yayun every editor | Lin Jingjing
Unlimited purchase and loan, 108 sets of judicial auction houses have attracted great attention in Chengdu real estate market after entering the market.
The reporter of national business daily learned that these houses with a starting price of 500 million yuan are located in Chengdu’s once-popular project — — Nanhu international community, mostly 200 ~ 400 square meters of large huxing, and the unit price is lower than the market price.
However, just before the upcoming judicial auction, the first batch of 10 suites originally scheduled for auction on the 22nd suddenly "withdrew".
Chengdu Senyu Industrial Group, which expected to pay off part of its debts through this judicial auction, has the already difficult road of debt repayment experienced twists and turns again?
Nanhu international community. Every reporter Cai Yazhen photo
The reporter found on the 21st that the first batch of 10 suites originally planned to be auctioned on October 22nd had all been withdrawn. The reason for the withdrawal shows: "The applicant executor applied to withdraw the auction on the grounds of reconciliation with the executed person."
Judicial auction houses are not affected by Chengdu’s purchase restriction policy (that is, they don’t need the qualification of purchasing houses in Tianfu New District), and they can be mortgaged, so they have great advantages under the current regulatory background.
However, judging from the judicial auction of Nanhu International’s 108 suites, although each suite has attracted thousands or even more than 4,000 times of attention, the number of applicants for each suite is always zero.
The next auction of 10 suites will be held on October 26th.
"The house of judicial auction should go to see the house in advance, and the court is not responsible for whether the house is flawed." The staff of the Intermediate People’s Court of Chengdu, Sichuan Province, who is in charge of the auction, told the reporter.
Ali auction shows that there are 108 sets of judicial auctions in Nanhu International Community, which are distributed in buildings 20, 21, 22, 23, 32, 39, 40, 41 and 42 of Nanhu International Community. The size of the units is between 850 and 442 square meters, and the total starting price is between 1.367 million yuan and 4.899 million yuan, but most of them are large units, with 11.
Nanhu International Community used to be a smash hit in Chengdu. It is located in Section 2 of Lushan Avenue in Tianfu New District, a national new district, close to Nanhu Park and surrounded by Jiang ‘an River, with high living comfort.
Because of this, Nanhu International has set a record of "selling 450,000 square meters in one year and selling 10,000 suites in three years" and has a glorious past of "Chengdu property market winning three consecutive titles".
Today, in Nanhu International Community, Huayang Street, Tianfu New District, the reporter saw that the whole community was divided into seven phases and developed in batches, covering an area of about 6,000 mu, one of which was delivered in 2010.
"After the purchase restriction upgrade in Chengdu in May this year, the transaction volume of this property is still relatively good compared with several surrounding properties, and about 3 or 4 sets will be sold every month." The staff of the second-hand housing agency near Nanhu International Community told the reporter.
However, compared with before the adjustment and upgrading, the second-hand housing prices in Nanhu International Community have been reduced a lot. Before May of this year, the transaction unit price of Nanhu International Qingshui second-hand house was 17,000 ~ 18,000 yuan. After the adjustment and upgrading, the transaction unit price dropped to 13,000 ~ 14,000 yuan.
The average price of this judicial auction is about 10,000 yuan, which has certain advantages over the market price, but there are still many market participants who think that the area of these houses is too large and the total price is high.
China Huarong Asset Management Co., Ltd. (hereinafter referred to as "Huarong"), as the mortgagee, hoped to recover the debt through judicial auction, but with the withdrawal of the first batch of 10 suites, Senyu’s debt problem was also veiled.
Chengdu Senyu Industrial Group is a local real estate enterprise in Chengdu. Founded in 1995, it has successively developed Huayang Fuhe Music Garden, Wenjiang Senyu Music Garden, Mumashan Vienna Forest Villa, Wenjiang Meiyin Valley, Airport Hanlin Island, Shuangliu Haitang Bay, Haitang Mansion and Jintang Kema Town in Chengdu. Since 2000, it has been rated as "Top Ten Real Estate Development Enterprises in Sichuan Province" for 13 consecutive years.
Mori Yu, who has problems in the capital chain, worries many creditors. Mori Yu, who has been widely recovered from debts, has no choice but to shut down the company and neither repay interest nor principal to the creditors.
As a result, many creditors, such as Minmetals Trust, Huarong, Huaxia Bank, Industrial Bank and Agricultural Bank, had to take measures such as communication and consultation, seizure of assets and judicial auction to solve their debts.
Company’s legal litigation data in recent years. Image source: Enterprise Check
At the beginning of January 2016, in response to bankruptcy rumors in the market, Senyu issued a statement acknowledging that the company encountered a cash flow crisis, but it did not go bankrupt.
Today, Senyu still exists and still shuts down, but its company’s equity has quietly changed.
On July 25th this year, the shareholders of Senyu were changed from Chengdu Jinrui Investment Co., Ltd. and Chengdu TEDA Investment Co., Ltd. to Chengdu TEDA Investment Co., Ltd. and Sichuan West Huaxi Real Estate Co., Ltd..
The reporter inquired about industrial and commercial registration information of West Sichuan Huaxi Real Estate Co., Ltd., and found that its controlling parties include natural person shareholder Zhao Lingling and West Sichuan Real Estate Development Co., Ltd., which is a wholly-owned subsidiary of West Sichuan Development and Investment Co., Ltd., Behind Sichuan West Development Investment Co., Ltd. (hereinafter referred to as "Sichuan West Development") are seven shareholders, including Sichuan Trust, Sichuan Guotou Asset Custody Co., Ltd. (hereinafter referred to as "Sichuan Guotou"), Beijing Capital Venture Group Co., Ltd. (hereinafter referred to as "Beijing Capital") and China Small and Medium Enterprise Investment Co., Ltd. (hereinafter referred to as "SME Investment").
Image source: Enterprise Check
In addition to this judicial auction house, Senyu’s plot that has been shut down for three years and has experienced unfinished and auction has also attracted much attention.
On another plot on the south side of Nanhu International Community, you can see a construction site with bare red brick walls. When the reporter approached, he found that this site was unoccupied and unguarded.
Compared with the busy construction site across the street, this stopped construction site is particularly quiet. There is a fallen engineering enclosure outside the construction site, which confirms the present situation of unmanned management of this construction site.
"I came here the year before last. At that time, the construction site had been shut down. Look at the nets on it." A construction worker working in a nearby construction site told reporters.
And this site that has been shut down for a long time is the Nanhu International Center developed by Senyu.
The project has been suspended since December 2015, and it is divided into the first phase of Jinhui Pavilion and the second phase of Nanhu Riverside.
In April this year, the owner of Jinhui Pavilion reflected the problems that needed to be solved urgently in the unfinished No.6 building of Jinhui Pavilion on the message platform of local leaders. The Planning, Construction and Land Bureau of Chengdu Management Committee of Tianfu New District replied that since the project of Nanhu International Center was suspended, Tianfu New District had come forward to negotiate that the project contractor Chengdu Construction Engineering Group would advance the capital. After the resumption of work in September 2016, the project was suspended again at the end of June 2017 because Senyu was unable to raise construction funds.
Looking back on October 2012, Senyu won this plot for the construction of Nanhu International Center for a total price of 434 million yuan. On January 22, 2013, Senyu won a 93.7-mu commercial land adjacent to the above plot for a total price of 206 million yuan.
Now, under the situation that the capital chain is broken, Senyu has to raise funds by selling assets to solve the debt problem.
On July 11, 2017, the above-mentioned 93.7 mu commercial plot was listed for sale for the first time, but it was finally auctioned for the first time because no one bid at the auction site. Some insiders told reporters, "At that time, many enterprises were not optimistic about business, and everyone was more willing to buy residential land."
At the end of 2017, the above-mentioned plots were once again reported to be listed for sale, but the final auction was also lost.
On May 29, 2018, after 60 rounds of bidding, the last two plots with a total of about 253 mu were finally won by Sichuan real estate company Lanrun for a total price of 2.315 billion yuan. This auction is also regarded as Mori Yu’s "a glimmer of life".
In addition to the auction price, Lanrun has to pay another 250 million yuan for the resumption of construction of Buildings 1 to 6 of Jinhui Pavilion and the corresponding basement in the first phase of Nanhu International Center.
According to the reporter’s understanding, what Lanrun got was actually the remaining 320,000 square meters of buildable area and 93.7 mu of pure commercial land on the Nanhu International Center.
At present, Lanrun’s resumption of work has been paid in place. Recently, Lanrun also joined hands with Anxin Trust to raise 3.6 billion yuan for the development and construction of Nanhu Project in Tianfu New District of Lanrun Chengdu.
An owner of Jinhui Pavilion in Nanhu International Center told reporters that Jinhui Pavilion will still be built by Senyu, and now it is waiting for the site to resume work.