Recently, Shenzhen Tiangu building apartments in the delivery of the eve of the thunderstorm caused a big storm. Ltd. is facing bankruptcy, and more than 300 sets of properties in the building have been seized. A large number of owners who have paid the down payment and are carrying loans are likely to face the situation of having no money or housing.
As one of the world’s 10 most expensive cities, Shenzhen’s housing prices are described by the inch of gold is definitely not too much. People who work in Shenzhen may not be able to afford a home worth 10 million dollars in their lifetime. In contrast, a 1 million dollar apartment has moved many people’s hearts.
The mainland media reported that the Shenzhen Tiangu Building’s bachelor apartment is not only in a core location with high-end facilities, but also at a price of $1 million, which many people find relatively acceptable. The price of a single dormitory in the Tiangu Building was only 30,000 yuan per square meter at the time, even though the price of a business apartment in the same area had reached 70,000 yuan per square meter or more.
However, when the apartment was delivered, it was exposed to the bankruptcy reorganization of the developer, 330 apartments were seized by the court, and hundreds of owners were confused.
A notice from Shenzhen Intermediate Court on March 31, 2021 stated that Shenzhen Huaxun Ark Investment Co. Huaxun Investment is the developer of the Shenzhen Tiangu Building project.
The announcement indicates that Huaxun Investment has run out of funds and is unable to undertake the renewal project of the Tiangu project project under construction; at the same time, as the main asset of Huaxun Investment, the Tiangu project has difficulties in realizing, and the realization of the status quo may lead to a significant depreciation of the property value, which is obviously insufficient to settle all debts.
In fact, in November 2020, there were microblogs posted by homebuyers expressing their concerns about the inability to deliver the Tiangu building.
In addition, there is also a document circulating on the internet, “Minutes of Tiangu Owners’ Meeting”, which shows that if the restructuring of Huaxun Investment Company fails and enters bankruptcy liquidation, home buyers will only get back 10% of their money.
Public information shows that in 2019, the Sky Valley building project was granted a pre-sale license, and although it was a legal sale, the purchaser needed to be a business. The apartment is an industrial supporting dormitory, which simply means that on industrial land, supporting dormitories are built that can be used for housing and sold to enterprises.
In 2015, the Shenzhen Baoan authorities had high hopes for the Tiangu Building project, calling it a “100 billion dollar project” that would become a satellite Internet industry cluster in Asia and the world after completion.
When the Tiangu building is sold, because it can only be sold to enterprises, the developer also specifically found people to help exploit the loopholes, there are people at the entrance of the marketing center to teach how to register companies, only need to pay 100 yuan to operate.
However, in January 2020, the Shenzhen Municipal Government issued the “Notice of the General Office of the Shenzhen Municipal Government on the Issuance of the Management Measures for the Transfer of Industrial Buildings and Supporting Rooms in Shenzhen” (hereinafter referred to as the “Notice”). Almost blocked the path of personal purchase.
The Notice shows that the transferee of industrial supporting dormitories should be registered by law and hold the certificate of real estate rights of industrial buildings in the administrative district where the industrial supporting dormitories are located. Among them, the construction area of the plant shall not be less than 1,000 square meters; the construction area of the R&D room shall not be less than 300 square meters.
In other words, the future purchase of such supporting dormitories, in addition to the establishment of enterprises, but also need to first have 1,000 square meters of factory buildings or 300 square meters of research and development premises. This new policy basically keeps individual purchasers out of the market.
Currently, Huaxun Investment has been listed as an executee, with a total amount of about 2.029 billion yuan being executed. On the website of Shenzhen Municipal Housing Bureau, some of the pre-sale properties of the Tiangu Building project have been shown as “judicially sealed”, which means that the houses are locked by the judicial authorities. According to the relevant laws, whether or not the owner’s house can finally be protected depends on whether or not the subsequent project can finally complete the construction, delivery and real estate title certificate successfully.
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