1.9 billion for $4 billion for delivery and Li Ka-shing for asset sales

 1.9 billion for $4 billion for delivery and Li Ka-shing for asset sales

Dalian Xigang Project has been in the hands of Changshi Group for 8 years.

According to Kaixinbao data, in September this year, Dalian completed the change of directors and management. Xu Mai, the new chairman, became Vice President and Chief Architect of China North China Regional Group.

Dalian Municipal Government website shows that two years after taking the land, in December 2013, the Dalian Planning Bureau first announced the project planning plan. Only in 2017 and 2018 did the Dalian Planning Bureau disclose the detailed planning of four groups of plots of Xigang Project.

From the map, the location of the Black Bill Wharf and its surroundings is very good. The publicized plan shows that the total land used for the project is 142,900 square meters and the total building area is 725,800 square meters (450,000 square meters above ground and 275,800 square meters below ground). The project will build eight residential buildings, one apartment and more than 10 public buildings, including a kindergarten. Eight houses are all high-rise, 37, 40, 33 apartments.

This project is a local key project, and government departments also attach great importance to it. According to the website of Xigang District Government of Dalian, in January 2013, major local government officials inspected the reconstruction project of Heizuizi wharf area. Officials said that the regional renovation project of Heizuizi Wharf is a key construction project in Dalian and a landmark project for the construction of Diamond Bay in Dalian, which is of great significance for improving and upgrading the urban function of Xigang District.

In February 2018, Xigang District held a meeting on the implementation of key tasks, which indicated that it would strengthen the supporting role of key projects, including the planning and construction of business, commerce, housing and apartments for Heizuizi Wharf and surrounding land renovation projects.

According to Pengchao News, Changshi said that the long-term development of the project was due to the delayed handover by the government. At present, some buildings of the project have been closed to the roof.

The Yangtze River Business Daily has calculated that Li Ka-shing has sold nearly 20 assets in the Mainland and Hong Kong in the six years from 2013 to now, involving billions of dollars in small amount and tens of billions in large amount. Most of the assets sold are real estate assets, with a cumulative cash flow of more than 170 billion yuan. Contrasting with selling assets, Changshi Group has not taken a piece of land in the mainland in the past four years.

In October 2013, the Li Ka-shing family sold the Shanghai Lujiazui Oriental Meridian Center for $1.155 billion (about 7.038 billion yuan); in April 2014, the Li Ka-shing family sold the Beijing Yingke Center for $7.2 billion; in August 2014, the Singapore Real Estate Fund Yateng Asset Management (ARA), which owned 784% of Li Ka-shings shares, sold the Shanghai Shengbang International Building for $1.54 billion; and in November 2014, Li Ka-shing sold the Beijing Yingke Center for $7.2 billion. The Chongqing metropolis, which is called golden chicken by the media, will be sold for 3.91 billion yuan. In October 2016, Changshi Real Estate sold the Shanghai Pudong Century Hui Plaza project at a price of 20 billion yuan.

In recent years, Li Ka-shing sold property, the biggest one was in October 2016, Changshi 20 billion yuan sold Shanghai Century Hui Square. Changshi has also indicated that the project is self-supporting because of its superior geographical location.

Project source of Changshi group in mainland development: website of Changshi group