What is the secret behind Xiamens first tallest building

 What is the secret behind Xiamens first tallest building

On October 21, the first public auction of Xiamens tallest building was held, with an initial price of 3.64 billion yuan. Source: Ali auction

As the tallest building in Xiamen, Xiamen international center faces Gulangyu across the sea. It is a super complex integrating super grade A office building, unit office, high-grade club, sightseeing and other functions. It is also the key project of Xiamens high, new and special project in the early years. Because of years of unfinished business, it is very attractive on Lujiang road in the prosperous Siming District. This time, the starting price of Xiamen International Center is 3.64 billion yuan, while the valuation is 5.199 billion yuan. In Xiamen, where the first 10 billion land plots were sold this year, the industry thought that the auction would attract many enterprises, but the fact is just the opposite.

In the second phase of the project, the aboveground construction area is 17840.1 square meters, of which the commercial area is 7360 square meters. At present, no planning and construction permission has been obtained for this phase of the project, and no construction has been started.

As the same subject, the project of Xiamen Baojia center, which is connected with Xiamen International Center project, is the asset of Xiamen Yongrong Real Estate Co., Ltd. The purpose of Xiamen Baojia center is for business and hotel. It covers an area of 13041.367 square meters. It has 30 floors above the ground and the total construction area is about 122500 square meters. At present, the project has not been constructed except the foundation pit support engineering (constructed in 2013, which has exceeded the design service life).

According to the appraisal report issued by Xiamen Hanhe assets appraisal company, the market value of the real estate and office electronic vehicles of Xiamen International Center Phase I and II is about 4.6 billion yuan, and the market value of land use right value, construction in progress foundation and preliminary expenses of Baojia center is about 599 million yuan, and the total value of the two is 5.199 billion yuan.

The past and present life of Xiamens tallest building

Looking back on the past and present life of Xiamens tallest building, we have experienced ups and downs. Xiamen International Center, formerly known as Xiamen post and telecommunications building, has a history of 23 years.

At that time, although the post and telecommunications building took the initiative to devalue itself in search of in laws, it was always a hot potato. The most typical example is that in December 2009, the post and telecommunications building set up a 500 million yuan cabbage price at Fuzhou Strait auction house, but no one came to the scene to bid, and finally failed to bid.

According to media reports, Xiamen International Center officially entered the construction stage in 2012. It was originally expected to be completed in 2017 and become a new landmark on Lujiang road. However, after the glass curtain wall was basically completed, Yuansheng real estate and Yongrong real estate stopped work again around 2016 due to the broken capital chain of Li Bingjiang, the actual controller.

In 2017, with the supply chain finance platform Jinhe Institute of Jingpeng company of Li Bingjiang and its related P2P platform Donghong finance, Yuansheng real estate and Yongrong real estate experienced difficulties. In July this year, the two companies officially entered the stage of bankruptcy reorganization.

Compared with the first announcement that bidders need to be real estate enterprises with grade I qualification or top 500 real estate enterprises in China, the announcement in September raised the threshold of bidders, including requiring bidders to control more than 5 billion yuan of funds.

Why cant I find my next home?

Generally speaking, the threshold of the bidding candidates is not low. In the view of many industry insiders, this is also one of the factors restricting the success of the auction.

The announcement requires bidders to meet one of the following five conditions: the top 500 real estate development enterprises in China (according to the Research Report on the evaluation of Chinas top 500 real estate development enterprises in 2020) in China; the worlds top 500 enterprises selected and published by Fortune magazine of the United States; or the top 500 Chinese enterprises published by the China Enterprise Federation and China Entrepreneur Association Enterprises, or Chinas top 500 service enterprises; central enterprises managed by the state owned assets supervision and Administration Commission of the State Council; domestic industry leading enterprises (with revenue no less than 10 billion yuan in the previous year) or top 10 enterprises in domestic industry (subject to the ranking published by the authoritative agencies of the subdivided industries); real estate development enterprises with grade I quality.

And in the most obvious position after the name of the auction target, it is indicated with brackets: please pay attention to the conditions of bidders. According to the regulations, if the winner does not meet the above conditions after the auction is completed, the auction will be invalid and the deposit will not be returned.

Wang Shenglan, general manager of the blue whale auction, said that for this landmark building, it is still under construction. This setting should be in the hope that the bid can be accepted to really have the strength to do a good job in this project that affects the image of the city.

Although compared with the evaluation price, the starting price has been greatly discounted, but according to the local industry in Xiamen, from the market point of view, the auction price is not low. In addition, after so many years of unfinished projects, ordinary people are not willing to take over this mess.

Due to historical reasons, there are indeed various defects in the auction target. According to the content of the auction announcement, there are restrictions on mortgage and seal up on the subject matter of the auction, and it may take a certain time to complete the procedures of mortgage cancellation and unsealing.

In addition, there are potential safety hazards and risks in the elevator, glass curtain wall installation basket, planning change and completion acceptance of Xiamen International Center project. Xiamen Baojia center project, as an auxiliary building, has not been constructed, but its foundation pit support engineering has exceeded the design service life, and there are also risks in planning approval and change.

Wang Shenglans analysis of the second auction of Xiamens tallest building should be due to the following reasons: first, the requirements for bidding enterprises are too high, and the enterprises that meet the conditions can be screened out almost immediately, with a small visible range; second, there may be differences between the evaluation price and the price recognized by the buyers. According to the rules, if the first auction ends with a failed auction, the starting price of the second auction will be discounted. Therefore, even if there are qualified bidders and no one has signed up, they will wait for the second auction; third, from the auction announcement, all taxes and fees will be borne by the family. If there is not sufficient research and Research on the planning and payment of taxes and fees, it is difficult to find out how much the taxes and fees are.

Xiamen International Center, as the tallest building in Xiamen, has a hard time. After many times of dying and dying, who can rewrite its final fate will still be a matter of concern.