Located in Wuhan East Lake High-tech Zone, gathering the headquarters of high-precision enterprises, the once "nine open and nine out" Wuhan hot plate - Greenland Optics Valley Galaxy Painting rushed to the hot search in the middle of last year with a notice of loan suspension from the owner.
In July 2022, this loan suspension notice directly pointed to the problems of Optics Valley Galaxy Painting's delayed delivery, project stoppage and shortage of real estate construction funds, and also tore a corner of the suspended real estate in Wuhan. In July 7, after a year of policy support and resumption of work efforts to ensure the delivery of buildings, this project ushered in the first batch of deliveries, which also gave a "reassuring pill" to the owners who had no choice but to stop lending.
According to the Beijing News reporter, Optics Valley Xinghe Painting has started delivery on June 6, and has achieved "delivery is delivery". However, as the project is delivered in batches, some public area facilities and greenery are still under construction.
Since the "Baojiao Building" policy was proposed in the middle of last year, a number of "Baojiao Building" projects in Wuhan, such as Optics Valley Xinghe Painting, Sunac Wuhan 1890, Sunac Park Grand View and other projects, have received relief funds and resumed work, and projects such as Greenland Haige Mansion, Greenland Haipo Riverside, Wuhan Optics Valley Zhengrong Mansion have also ushered in delivery.
Greenland Optics Valley Galaxy Painting ushered in the first batch of deliveries
In July last year, the owner of Optics Valley Galaxy Painting issued a notice of loan suspension, showing that the Optics Valley Galaxy Painting project has been suspended since August 7, and as of July 2021, the construction volume of the real estate has been completed by less than 8%, and there are only 2022 months left before the contract delivery date of December 7, 35, and the construction gap of the real estate is nearly 2022 million yuan, and the developer Wuhan Xingao Real Estate has constituted a de facto breach of contract. Based on this, the buyer of Optics Valley Galaxy Painting Project submitted an application to stop repaying the monthly repayment of personal loans to the lending bank from December 12, 31, the contract delivery date, until the completion of the property acceptance and delivery.
Since the implementation of the "guaranteed delivery building" policy last year, Optics Valley Xinghe Painting has also become one of the key "guaranteed delivery building" projects, in this regard, the relevant departments in Wuhan have set up a special class, according to the "first floor one policy" and "one enterprise one policy", according to the monthly meeting and construction progress publicity work mechanism, urge the construction unit to formulate a detailed construction plan, and regularly report the project progress to the owner.
According to the reply of the Natural Resources and Planning Bureau of East Lake High-tech Development Zone on the "Wuhan City Message Board", Optics Valley Xinghe Painting applied for a special loan fund of 4 million yuan for "Baojiao Building", according to the on-site construction situation and the corresponding output value, Greenland Company formulated a project capital plan, since November 17, a total of 2022 special loans for "Baojiao Building" have been allocated, a total of about 11 million yuan, according to the special fund allocation requirements, the audit company will track and allocate to the construction unit according to the actual output value of the general contracting unit in Area A and B, to ensure that all funds are used for the construction of the Optics Valley Galaxy Painting Project.
On June 6 this year, Optics Valley Xinghe Painting began the first batch of deliveries, which are some buildings in Area B, but because Area B has not yet been completed, the greening and public facilities in the public area are still under construction.
As one of the representative projects of "Baojiao Building", the suspension of Optics Valley Galaxy Painting also reflects the problems in the supervision of pre-sale funds. An internal person in charge of a TOP50 real estate company said: "The suspended real estate is mostly hot-selling projects, and as soon as the project has an income, it is 'transferred' by the group, and eventually the group's capital chain is tight and the project cannot operate." ”
On the same day, the Wuhan Municipal People's Government issued the Notice on the Measures for the Supervision of Pre-sale Funds for New Commercial Housing in Wuhan, which stipulates that real estate development enterprises shall not use non-supervised accounts in any form to collect house price payments. At the same time, the supervisory bank shall do a good job in monitoring the supervision account, and if it is found that the real estate development enterprise has illegally misappropriated the pre-sale funds within the supervision limit, it shall stop the allocation, and immediately inform the regulatory authority, and the regulatory authority shall deal with it in a timely manner.
A local real estate insider in Wuhan told reporters: "In the project of 'guaranteeing the delivery of buildings', although some complex projects have been sold out, but there are still remaining commercial assets for sale, it is recommended to clearly include the pre-sale funds from the sale of parking spaces and shops into the supervision account, which is also a lot of money." ”
"Baojiao Building" has entered a period of fortification
In September 2022, a news that the lock cylinder of the safe of the Wuhan Sunac project was replaced and the pre-sale supervision funds were "carved away" aroused the attention of the industry, reflecting the conflict of interest between real estate enterprises and trust companies in the context of "guaranteeing the delivery of buildings".
The above-mentioned Wuhan Sunac project is Sunac Park Grand View. The project introduced Zhongrong Trust and was controlled by Zhongrong Trust, with a shareholding ratio of 90%, and the remaining 10% was held by Sunac's subsidiaries. In September 2022, Zhongrong Trust said that the cylinder of the safe where Zhongrong Trust and Sunac jointly kept the Tazihu real estate seal certificate and seal was replaced, the safe could not be opened, and about 9.11 billion yuan of funds in the pre-sale fund supervision account of Tazihu Real Estate were transferred.
In response, Sunac Group responded: "In order to better protect people's livelihood and ensure delivery, Sunac Wuhan 1890 and Sunac Park Daguan projects have been included in Wuhan's key supervision guarantee delivery projects, and the project funds have been strictly managed in accordance with the requirements of the government's special supervision account." ”
Regarding the "transfer" of funds, Zhongrong Trust said in an interview with the media at that time that it immediately made solemn representations to Sunac, reported the case to the local public security organ as soon as possible, and quickly took legal measures to complete the seizure of the remaining 10% equity of Tazihu Real Estate and the remaining unsold project under construction of Sunac Park Grand View Project. At the same time, it repeatedly reported the situation to the relevant government departments of Jiang'an District and negotiated a solution to the delivery of the Sunac Park Grand View project and the realization of the interests of the investors of the trust plan.
A local industry insider in Wuhan said: "For example, after the 'thunder' at the level of the housing enterprise group, the project companies in various places are independent closed-loop operations, and if the project has a surplus source of goods and sells well, it can continue to be revitalized with continuous pre-sale funds." However, if the remaining saleable housing in the real estate project is frozen by judicial seizure, it can no longer be sold, nor can it be mortgaged to apply for the bailout fund, and the saleable housing after the seizure also loses its financing function and cannot apply for bank loans, which leads to no live money coming in, and it is difficult for the project to continue to be revitalized. ”
Regarding the recent situation of Sunac Park Grand View, Sunac said that the project has resumed work, and the project is scheduled to be delivered in batches on September 2023 and December 9, 30, with a total of more than 12,30 households. At present, the buildings to be delivered have been topped out, and internal fine decoration construction is underway.
At the same time, with the support of Wuhan's "guaranteed delivery building" policy, Sunac's many projects in Wuhan have made new progress. Among them, Sunac City Yijiangfu, Sunac Wuhan 1890, Sunac Park Daguan, etc. all have government-led special classes for guaranteeing delivery, and Sunac City Yijiangfu and Sunac Wuhan 1890 have received relief funds. Sunac City Yijiangfu's first batch of listings will be delivered on August 2023, 8, and Sunac Wuhan 30 will be delivered in batches on October 1890 and December 2023, 10.
"Baojiao Building" still needs more "living water"
There are many links involved in the promotion of "guaranteed handover building", one end is to contact buyers who are waiting to collect houses, one end is to contact developers, contractors, construction parties and other upstream and downstream units, and the other end is to contact banks, trusts and other financial institutions.
"The core problem is still a lack of money." An insider of a construction unit in Wuhan told reporters: "At present, the rescue funds are very limited, and for the arrears of project funds, we can only adopt the method of 'releasing old accounts and settling new accounts'." ”
"Not all suspended projects can be included in the list of 'guaranteed buildings', 'guaranteed buildings' currently more point to projects with good sales in the early stage and involving more buyers, and for slow-selling projects involving fewer buyers, they also urgently need attention and relief." Local industry insiders in Wuhan said.
Beijing News reporter Xu Qian
■ Number said
More than 400 billion yuan
In December 2022, Bank of China Hubei Branch signed a Strategic Cooperation Agreement with six real estate enterprises, including Wuhan Real Estate Group, Wuhan United Investment Real Estate, Wuhan Vanke, Wuhan Zhonghai, China Resources Huazhong and Huazhong Greentown, providing intentional credit with a total amount of more than 12 billion yuan, deepening all-round cooperation in key business areas such as real estate development loans, M&A loans, bond underwriting and investment, personal housing loans, and letters of guarantee.
600 billion yuan
In December 2022, CCB Hubei Branch signed a cooperation agreement with eight real estate enterprises totaling RMB12 billion to support the stable and healthy development of the real estate market.
240 billion yuan
In December 2022, Ping An Bank Wuhan Branch also signed a strategic cooperation agreement with five real estate enterprises, including Wuhan Real Estate Group and Fuxing Co., Ltd., Huafa Group and OCT Group's Huazhong Company, providing intentional financing of RMB12 billion for these enterprises, and deepening cooperation in real estate development loans, M&A loans, personal housing mortgage loans, bond underwriting and investment.
7 nodes
In July 2023, the Wuhan Municipal People's Government issued the Measures for the Supervision of Pre-sale Funds for New Commercial Housing in Wuhan, which requires that the pre-sale funds within the supervision quota shall be allocated in accordance with the progress of project construction, and the competent departments shall set up fund allocation nodes in accordance with seven links, including 7/1 of the main structure, 3/2 of the main structure, structural capping, completion of the façade, planning acceptance, completion acceptance, and first registration of real estate, and the pre-sale funds within the supervision quota shall apply for use and allocation in accordance with the allocation node.
Data from government reports, government meetings, local media reports (Source: Beijing News)