Huang Guangyus 4 billion resale project was once the largest footwear market in Asia

 Huang Guangyus 4 billion resale project was once the largest footwear market in Asia

On August 10, reporters from daily economic news (micro signal: nbdnews) visited Yuexiu city on the spot. The project is a 12 storey commercial office complex with a total construction area of about 130000 square meters. It is only a road away from Beijing South Railway Station, and a green partition has been built around it.

Photo by Wang Jiafei, reporter of yuexiucheng

A staff member told reporters: all businesses here have closed down and will be renovated immediately. The notice of comprehensive rectification and transformation of the project is prohibited for irrelevant personnel is posted everywhere. Reporters saw that there were several cars parked in the partition board, only a small door was reserved for one person to enter and exit.

Although the overall facade of the building is as clean as new, it is difficult to find the traces of Yuexiu city. Most of the exposed billboards are mottled, which is out of keeping with the traffic. There are security personnel changing their posts to inspect the building from time to time.

Before the acquisition, yuexiuchengs life experience was quite rough.

In 2003, Gomes Pengrun real estate developed Dakang international shoe city, which was the initial form of the project and was once the largest footwear market in Asia.

However, in 2010, seven years later, it was reported that the United States wanted to transfer the project for 1.1 billion yuan, but the family did not appear in time. In February 2011, Dakang international shoe city announced the closure of business. Since then, Dakang international shoe city has been transformed into Gome life square, and many commercial formats have been introduced. Later, it was renamed u-show Yuexiu city, but it has never been warm or hot.

In 2015, Beijing Yuexiu city officially opened, which also became the first opening project of Yuexiu city product line of Gomes commercial real estate.

However, it is understood that although it has experienced many times of renaming and format changes, it has been cold and quiet since its opening to the end of business in 2019. Finally, after the withdrawal of Gome, there have been repeated reports of merchant disputes and rights protection.

Photo by Wang Jiafei, reporter of yuexiucheng

Haoteng, the buyer of the contract, had previously purchased Beijing Dinghao building, a landmark building in Zhongguancun. This time, it announced that it had reached the transaction with RMB 4 billion.

Referring to the acquisition, Chi Miao, chairman of Haoteng investment, said: due to historical reasons, there are not many high-quality office properties in the South Railway Station area, and the vacancy rate is very low. The renovation of Yuexiu city will help to greatly improve the property quality and regional image around the South Railway Station.

We are optimistic about the domestic market, as well as Beijings development potential and attraction to foreign investment. Moreover, the geographical location of the project is superior, the surrounding traffic network is mature, and Beijings transportation network and commercial supporting facilities are also increasingly improved. Therefore, the project has great potential in the later stage, which is a rare investment opportunity.

Haoteng investment also told the reporter of daily economic news (micro signal: nbdnews) that it will carry out comprehensive renovation and transformation of the project, optimize the customer portfolio, build the project into a new regional landmark of the South Railway Station as a transportation hub, attract domestic and foreign excellent technology, finance, and modern service enterprises to settle in, and is expected to open 2-3 years after the acquisition.

Gomes largest commercial real estate flagship project: 11 years of vacancy

Gomes poorly operated commercial real estate projects also include Gome commercial capital, which is its largest commercial real estate flagship project, bearing Huang Guangyus dream of commercial real estate empire.

What are you doing? Its not allowed to take pictures.

At Gomes commercial capital, located outside the Fourth Ring Road southwest of Fengtai District in Beijing, a staff member at the scene issued a verbal warning to the reporter. Different from the general uncompleted buildings, the exterior of this building has been completed, and the huge advertising space is mottled and even eye-catching. There are several banners on the first floor of the building with the words 30 meters in front of the building at the construction site and high interest return trap. It is found that this kind of fast report and falling objects, please do not get close to it .

Gome commercial capital by reporter Wang Jiafei

Looking in from the outside, the building is still in a rough state. Its not decorated. Its been empty for several years. Ive been here for three years. Field staff said so.

The cordon around Gome commercial capital has faded. From time to time, security personnel patrol around to remind passers-by who are suspected of taking photos. The gray and white building, against the backdrop of lush green plants, is somewhat solemn, which is incompatible with the Nord center and Hanwei international office buildings along the way.

In 2005, when Huang Guangyu was the most beautiful, Gome began to make a large-scale layout of commercial real estate. In the first battle, it won the plot 35-a1 of Zhongguancun Science and Technology Park in Fengtai District with 805 million yuan, and named Gome commercial capital, which is also the largest commercial real estate flagship project of Gome. In 2006, the construction of Gome commercial capital was started and completed three years later.

According to public information, Gomes total construction area is 556000 square meters, including 344000 square meters for shopping centers, 54000 square meters for hotels and 34000 square meters for office buildings.

Adhering to Huang Guangyus consistent concept of do what you want to do, Gome commercial capital was said to have invested 3 billion yuan at that time. However, the newly established Gome commercial real estate team did not have the ability to handle such large-scale projects. Since then, the five principals, namely Gome commercial capital, Pengrun Times Square, Pengrun international fashion trading center and Gome Plaza, were changed back to Gome commercial capital From the high-tech experience center, the clothing center to the small commodity market, we can see one or two.

After the completion of the project in 2009, the market spread the news that all American businessmen would sell. HNA real estate was the offeror. According to the agreement, HNA should pay 5.75 billion yuan of transfer money before the end of July 2011. In March 2013, due to the buyers breach of the asset transfer contract of Gomes commercial capital, Gome sued HNA to Beijing Higher Peoples court to recover arrears and liquidated damages, but eventually withdrew the lawsuit. However, at the end of that year, HNA sued Gome to Beijing Higher Peoples court for contract fraud, and Gome won. In the following years, the two sides fought in court for many times. Until 2019, the Supreme Peoples court rejected all the claims of HNA and declared Gome the winner. Around the corner, Gome businesses are back in the hands of Gome.

Gome commercial capital by reporter Wang Jiafei

However, for Gome, the strength of the project is still there. After all, the land price of Gomes commercial capital is no longer the same as that at that time.

The evidence of the data is that Wanda won the land price of the adjacent Wanda Plaza in 2015, with a total construction area of 240000 square meters and a land price of 2.55 billion yuan. According to this calculation, the area is less than half of that of Gome commercial capital, but the land price is more than three times. In July last year, the price of another 216000 square meter plot near Fengtai Science and Technology Park was nearly 8 billion yuan.

From Yuexiu city to Gome commercial capital, Huang Guangyus commercial real estate road is a bit difficult to walk due to the repeated changes in positioning and poor operation.