The construction process of the Oriental Gate

Known as the "first door in the world", Suzhou Oriental Gate has ushered in the fate of equity transfer after ten years of development.

20 14, 14 On February 29th, Golden Eagle Trading Group Co., Ltd. announced that Golden Eagle (China), a wholly-owned subsidiary, would acquire 5 1% of the equity of Suzhou Ganning Real Estate Co., Ltd. at the price of12.86 million yuan. Suzhou Ganning Real Estate's project is the Oriental Gate of Suzhou.

Located at the east gate of the Central Business District of Singapore Industrial Park in Suzhou, adjacent to the west side of Jinji Lake, with a total construction area of about 455,000 square meters, it is a large-scale commercial complex property development project and is also positioned as one of the landmarks in Suzhou, with a building height of about 30 1 meter.

It is understood that the shareholder structure of Suzhou Ganning Real Estate, the project company of Oriental Gate, is that Beijing Rongputang Investment Center holds 50%, and Nanjing Oriental Investment Group Co., Ltd. and Jiangsu Tiandi Industrial Investment Group Co., Ltd. controlled by Yang Xiu, Hu Yuling and Yang Xiu hold 50%.

The sellers selling 565,438+0% equity to Golden Eagle Trading this time are Nanjing Oriental Investment Group Co., Ltd. and Jiangsu Tiandi Industrial Investment Group Co., Ltd. controlled by Yang Xiu, Hu Yuling and Yang Xiu.

According to the agreement, Golden Eagle Trade will assist Suzhou Qian Ning Real Estate to obtain new bank financing of 3 billion yuan on 20165438 to pay its existing debt of about 2.367 billion yuan, and cancel 50% equity of Suzhou Ganning Real Estate held by Beijing Rongputang to the seller.

Yang Xiu, Hu Yuling, Nanjing Dongfang and Jiangsu Tiandi are responsible for reducing the registered capital of Suzhou Ganning Real Estate from 65.438+02 billion yuan to 600 million yuan, and then transferring its 565.438+0% equity to Golden Eagle Business.

After the transaction is completed, Golden Eagle Trading owns 565,438+0% interest in Suzhou Ganning Real Estate, and will appoint four directors to join the board of directors, and its financial performance will be recorded by the equity method.

It is worth mentioning that when Golden Eagle Trade accepted the Oriental Gate, it also set up a security wall to ensure the cash flow of the project.

According to the guarantee requirements of the agreement, Yang Xiu, Hu Yuling, Nanjing Oriental and Jiangsu Tiandi, as sellers, guarantee that the proceeds from selling the saleable area of about 200,000 square meters of Oriental Gate will not be less than 7 billion yuan, otherwise, the sellers will compensate the proceeds and make up the difference before 2020 1.

It is understood that the Oriental Gate has a total construction area of about 455,000 square meters, including residential apartments, office buildings, businesses and facilities, hotels and 1.880 parking spaces. The saleable area of 200,000 square meters includes about 65,438+046,5438+00,000 square meters of houses and apartments, about 26,000 square meters of office buildings and about 33,000 square meters of businesses and facilities.

In addition, the seller further assured Golden Eagle Business that from 20 15 1 to 2018 on June 30th, the sales area of Oriental Gate was not less than19,000 square meters, and the sales revenue was not less than 4 billion yuan. If it fails to meet the expectation, the seller will make up the compensation income and the difference completed before July 3 1, 2065438. According to the sales revenue of 7 billion yuan, the overall average sales price of Oriental Gate must reach 35,000 yuan/square meter.

In short, Golden Eagle Trading did not pay its sales revenue after acquiring 565,438+0% equity of Oriental Gate, and only held 255,000 square meters of property except the sales department, including 654,380 square meters of shopping center, about 50,000 square meters of hotels and 654,38+0,880 self-owned property management parking spaces.

In Golden Eagle's view, the seller's sales revenue guarantee of 7 billion yuan ensures the cash of the Oriental Gate Project Company, and also achieves its goal of expanding urban commercial properties at low cost.

As for the Oriental Gate, after the transfer of 565,438+0% equity to alleviate the debt and capital problems, it may finally eliminate the lingering doubts about its repeated delay in delivery. On April 24th, 20 14, Suzhou "Qiuku Mansion" was reported to be shut down due to the developer's shortage of funds. On September 1 day, Suzhou "Qiuku Building" was accused of being unfinished. 65438+On February 29th, Golden Eagle Trading Group Co., Ltd. announced that Golden Eagle (China), a wholly-owned subsidiary, would acquire 5 1% equity of Suzhou Ganning Real Estate Co., Ltd. at a price of128.6 million yuan. Suzhou Ganning Real Estate's project is the Oriental Gate of Suzhou. The whole project is expected to be put into production at the end of 20 15. It is understood that Suzhou landmark "Oriental Gate" faces the risk of four-degree default.

2015,65438+10 month, 19, Suzhou landmark "Oriental Gate" faces four-level default risk. "The Gate of the East" has been rotten 1 1 year. After three delays in delivery, some good news finally came. Ganning Real Estate, the developer of Oriental Gate, transferred 565,438+0% equity to Golden Eagle Trading Group at a transfer price of 654,38+286 million yuan. Although the entry of Golden Eagle business helps to solve the capital problem, the sales problem is still difficult. According to the previous compensation agreement, the "Qiuku Building" should be delivered in June+10, 5438, but as far as the progress of the project is concerned, it is impossible to deliver the house, and the fourth breach of contract is almost certain. On the bank of Jinji Lake in Suzhou, the Oriental Gate Building, which looks like underpants, stands. This project, commonly known as "Qiuku Building", has been unfinished 1 1 year. Just when everyone doesn't care when it will be completed, the "Qiuku Building" has recently been announced to be capped.

This makes everyone focus on when the "Qiuku Building" will be completed and opened. According to an insider, the Golden Eagle Department, which previously announced that it would take over the "Autumn Pants Building" for 65.438+28.6 million yuan, hopes to hand over the house around June this year when the project is not completed. Of course, this did not happen.

However, the reporter of "China Business News" learned in an interview on August 25 that the Golden Eagle Department is ambiguous at present, and it is impossible to determine the investment process and opening time, which will make the completed "Qiuku Building" fall into a state of delaying commercial opening.

1 1 years later.

In February 2004, Suzhou Ganning Real Estate Co., Ltd. (hereinafter referred to as "Ganning Real Estate") won the land where the Oriental Gate is located for about 400 million yuan, equivalent to 1 1.04 million yuan/mu. The project has a total construction area of about 460,000 square meters and a total investment of about 4.5 billion yuan, and has been positioned as a landmark in Suzhou. Ganning real estate industry can be described as "unknown" in the local area. According to insiders, one of the founders of the company is a scholar, who is quite famous in a famous university. Many students in school have heard of the "autumn trousers" building.

However, since the foundation of Qiuku Building was laid in 2004, it has developed 1 1 year. It was originally planned to be completed in 2008, but construction started after the foundation was laid in 2008, and the delivery time was delayed again and again. It was once said that it would be delivered at the end of 20 14, but it was delayed again and again.

"Money is the fundamental problem, but after Golden Eagle entered, it gave great confidence. It was a sudden injection of' blood', so it has been under construction since then. " Insiders revealed.

The reporter of "China Business News" once saw that the workers were busy at the construction site of "Qiuku Building". At that time, the sales staff of "Qiuku Building" introduced that the project was a huge complex, including top luxury houses, Grade A office buildings, luxury five-star hotels and top shopping centers. There will be Suzhou garden landscape on the top floor. Because this landscape has a certain technical content, it will take some time to get to the top.

It has been "unfinished" 1 1 year, and people may not have too many ideas about "autumn trousers building" and gradually become indifferent to this matter.

But on 25th, "Qiuku Building" told reporters that the project was finally capped after 1 1 year.

Quite coincidentally, the "Suzhou Center" project, which belongs to the same region, has just been announced to be capped, which indicates that this rising brand-new "city" has entered the next stage of brand investment, marketing, apartment sales and office leasing.

The overall project of Suzhou Center covers an area of about167,000 square meters, with a total construction area of about1130,000 square meters, including seven towers and a large shopping center. Among them, 7 towers are 4 super 5A Grade A office buildings, 2 serviced CBD apartments with lake view and 1 W hotel.

"The project integrates various formats such as commerce, office buildings, apartments, hotels, etc., creating a new form different from the traditional complex, and forming an' urban * * * life body' that radiates urban economy and breeds urban vitality. After completion, it will cooperate with surrounding projects to form a regional' Suzhou Center' business circle, which will become an important landmark, city business card and top business center in Suzhou. " Qin Xiaojing, deputy director of Suzhou Industrial Park Management Committee, said.

Lin Jianrui, regional general manager of CapitaLand Commercial East China, said that the "Suzhou Center" shopping center is the largest shopping center that CapitaLand participates in cooperation in China at present, and hopes to build this platform with heart, so that various formats and development opportunities can meet here.

Interestingly, however, the "Qiuku Building" said that it is also a member of the overall project of Suzhou Center, while Kaide said that according to the official statement, the "Suzhou Center" does not include the "Qiuku Building", but it is close.

What time does it open?

Although the "autumn trousers building" has finally been capped, it is not clear when it will be opened.

At the beginning of this year, the average sales price of "Qiuku Building" office buildings was roughly 30,000 ~ 40,000 yuan per square meter. According to the data provided by Suzhou Zhongyuan Real Estate to reporters, the Oriental Gate had obtained the pre-sale certificate at that time, with a total area of169,500 square meters, but the sold area was only over 30,000 square meters. Project 20 1 1 starts to be sold, 20 1 12 sells 2067 1 m2, and 20 13 sells 10304 m2.

As can be seen from the above data, the sales situation of "autumn pants" is worrying. The data of Zhongyuan Real Estate also shows that in 20 14 years, only 16 sets of Oriental Gate residential buildings were sold. On the sale of office buildings, the Oriental Gate only sold a floor of office buildings ***2034 square meters.

After more than half a year, the "Qiuku Building" is still on sale, and the price has increased.

"At present, we are still selling. Some of the cost-effective floors with lake views sell better, and some floors are still on sale. The main sales formats are residential, office buildings and apartments. The current average price is 30,000 to 50,000 yuan per square meter. " The salesperson of the Oriental Gate said.

But when asked about the current sales situation, the sales staff are reluctant to be clear.

Some office buyers are worried about whether the Oriental Gate of "Qiuku Building" can be delivered as scheduled.

In this regard, the staff of the Oriental Gate said that according to the current progress, apartments, office buildings and houses are expected to be delivered by the end of this year, but office buyers must let the Oriental Gate be renovated in a unified manner, and the expenses are included in the price.

Everyone is most concerned about the part of the "Qiuku Building" shopping mall that Golden Eagle plans to operate.

Earlier, an insider revealed that according to the idea of Golden Eagle, it is hoped to be delivered around June this year, and Golden Eagle hopes to put into operation as soon as possible.

However, at present, the "autumn trousers building" has been capped, but the Golden Eagle department has fallen into an ambiguous state.

Golden Eagle 65438 announced on February 29th last year that its wholly-owned subsidiary, Golden Eagle (China), will acquire 5 1% equity of Suzhou Ganning Real Estate Co., Ltd. (hereinafter referred to as "Ganning Real Estate") at a price of128.6 million yuan, and the property owned by Ganning Real Estate is the Oriental Gate.

"Now more than half a year has passed, and the Golden Eagle Department has rarely mentioned the Oriental Gate. At that time, it was high-profile that it would be opened as soon as possible. However, if this year has passed, it is just capped. However, all the investment promotion or specific operations related to the' Autumn Pants Building' were not mentioned. The Golden Eagle Department kept the' Autumn Pants Building' project a secret, and it seemed that it was not very smooth. I can't say that I won't do it at all, but I haven't revealed any specific plans yet. Even if investment is invited from now on, the shopping mall of' Qiuku Building' will not be opened this year, because it will take at least half a year to attract investment, and it is difficult to attract investment now. " Insiders revealed.

The Golden Eagle official did not respond positively to the "Autumn Pants Building" project.

The reporter turned to interview Kaide and learned that Kaide is currently in the early stage of investment promotion and is positioned in the middle and high end. It is expected to open around 20 17. Taking the investment promotion progress of CapitaLand as a reference, if Golden Eagle Department still decides to take over the shopping center part of "Qiuku Building", it has not made any specific investment promotion operation plan now, so the opening time of its shopping center seems to be "in the foreseeable future". 2015165438+1On the evening of October 29th, a giant neon light was lit on the roof of the new landmark "Oriental Gate" in Suzhou, Jiangsu.