Guangyao Group is in bankruptcy and liquidation, and nearly 400 million yuan of assets will be publicly auctioned

Guangyao Group is in bankruptcy and liquidation, and nearly 400 million yuan of assets will be auctioned by the public

Guangyao Group is in bankruptcy and liquidation, and nearly 400 million yuan of assets will be auctioned by the public. It is the first "Top 100" company in Huizhou, Guangdong More than four months after real estate company Guangyao Group declared bankruptcy, its assets were auctioned online for the first time. Guangyao Group went bankrupt and liquidated, and nearly 400 million yuan in assets will be auctioned publicly. Guangyao Group is in bankruptcy and liquidation, and nearly 400 million yuan of assets will be publicly auctioned1

On February 9, according to the official account of the "Guangyao Group Manager", it plans to acquire bankrupt properties such as the "Feili Port" project Public auction. The above-mentioned bankrupt property will be disposed of on the Alibaba Auction Bankruptcy Qianqing Clearance Channel, which is expected to be online on February 28, 2022, and will be auctioned from 10:00 on March 28 to 10:00 on March 29.

According to the release, the scope of property to be auctioned specifically includes 114 properties and 2,500 square meters of land use rights in the eighth phase of the "Feili Port" project under construction in the Dongping Dutch Water Village in Huizhou City under the name of Guangyao Group. , the land use rights and contract rights of "Dongping Land C-04" and 11 single-building properties in "Dongping Land C-04", with a total assessed value of approximately 399 million yuan. Among them, the land use rights and contract rights and interests of "Dongping Land C-04" have the highest value, with an estimated price of approximately 215 million yuan.

The manager of Guangyao Group stated that since the "Feili Port" project developed and constructed by Guangyao Group has been unfinished for many years, if it is disposed of separately in its current status, the auctioned properties cannot be resumed alone. Pre-sale after reconstruction, the funds invested by the bidders cannot be effectively recovered, which will inevitably lead to a huge loss of value; at the same time, in order to properly solve the housing problems of the buyers involved in the "Feili Port" project, it will resume work on the Feili Port project. The project will be constructed in conjunction with the overall planning, development and construction plan of "Dongping Land C-04" for overall consideration.

Therefore, this auction will set up additional obligations for the resumption of work and reconstruction of the "Feili Port" project, requiring the buyer of the packaged auction assets to pay a deposit (or bank guarantee) for the resumption of work and reconstruction. After the bidding is completed, The construction of the "Feili Port" project will continue until the project is completed and accepted.

It is reported that on December 11, 2017, the Huizhou Intermediate People’s Court ruled to accept the bankruptcy and reorganization case of Guangyao Group in accordance with the law, and on February 26, 2018, designated Shenzhen Jindaan Liquidation Services Co., Ltd. and Guangdong Zhuofan Law Firm jointly serves as the administrator of Guangyao Group and is responsible for the reorganization of Guangyao Group. On September 8, 2021, the Huizhou Intermediate People's Court ruled to terminate the reorganization procedures of Guangyao Group and declared Guangyao Group bankrupt. Guangyao Group is in bankruptcy and liquidation, and nearly 400 million yuan of assets will be auctioned publicly 2

More than four months after Guangyao Group, the first "Top 100 real estate company" in Huizhou, Guangdong, declared bankruptcy, its assets were auctioned online for the first time. The bidding announcement shows that the manager of Guangyao Group Co., Ltd. will conduct a public auction on the Ali auction platform from 10:00 on February 25, 2022 to 10:00 on February 26, 2022 (excluding delays), and the disposal unit is Guangyao Group The manager of the company is the Huizhou Intermediate People's Court. There were 17 bankrupt properties in the first batch to be auctioned, with a total starting price of about 548 million yuan. Click on Ali Auction on Taobao on your mobile phone and search for the keyword "Guangyao Group" to learn more about the auction details with one click.

The first batch of 17 bankrupt properties to be auctioned ***, with a total starting price of about 548 million yuan. Except for the Shenzhen Nord Center office building, the other 16 cases were Located in Huizhou, the birthplace of Guangyao Group, the property categories include land and above-ground buildings, commercial and residential buildings, comprehensive buildings, office buildings, shops, restaurants, shopping malls, parking spaces, etc. under the name of Guangyao Group. Among them, the most valuable are the six office buildings located in Nord Center, Futian District, Shenzhen, with a total area of ??nearly 2,000 square meters. The assessed price, which is the starting price, is 100.24 million yuan.

It is reported that Holland Water Village is one of the most well-known and largest residential communities built by Guangyao Group, and related properties have also become the highlight of this auction. Among them, the shopping malls, office buildings and garages in the first phase of Holland Water Town, the shopping malls and garages in the third phase, the shops and garages in the fifth phase, and the garages in the second and eighth phases, etc., will be packaged and auctioned as a whole, with the starting price being 2238.42 respectively. Ten thousand yuan, 14.9404 million yuan, 16.1148 million yuan, 410,000 yuan, 31.4962 million yuan, a total of 85.3446 million yuan.

The Holland Water Town commercial and residential building and the Holland Water Town Phase 8 comprehensive building will be disposed of separately, with starting prices of 52.3587 million yuan and 30.6548 million yuan respectively.

Public information shows that Guangyao Group was established in Huizhou in 2002, and 2022 is the 20th year of Guangyao Group’s establishment. In the early days of China's real estate industry, Guangyao Group and its founder Guo Yaoming were both legends.

In 2002, Guangyao Real Estate was established. At that time, Guo Yaoming had not changed his name and was called Guo Zanming. In five years, Guo Yaoming built Guangyao Group into Huizhou's leading real estate company. From 2007 to 2013, Guangyao has always occupied Huizhou's sales champion.

Guangyao Group became one of the top 100 real estate companies in the industry in 2011. It is the first and currently the only top 100 real estate company in Huizhou.

In its glory days, Guangyao *** had 29 projects located in 12 places including Shenzhen, Huizhou, Dongguan, Shanwei, Shanghai, Hangzhou, Beijing, Tianjin, Weihai, and Hong Kong. It was also one of the earliest projects in China. One of the real estate companies in overseas real estate.

However, in 2014, in Huizhou, where Guangyao Group made its fortune, there was news that many real estate projects could not be delivered on time. There were also cases of owners defending their rights. Guangyao Group was exposed to capital chain problems.

In 2017, Guangyao Group officially applied for bankruptcy and reorganization.

On December 11, 2017, the Huizhou Intermediate People’s Court ruled to accept the bankruptcy and reorganization case of Guangyao Group. On September 8, 2021, the Huizhou Intermediate People’s Court ruled to terminate the reorganization proceedings of Guangyao Group and declare Guangyao Group bankrupt.

On January 20, 2022, the administrator of Guangyao Group announced the disposal of the bankrupt property under the name of Guangyao Group.

After Guangyao Group applied for bankruptcy and reorganization, according to an investigation by the Huizhou Intermediate People’s Court, as of June 30, 2016, Guangyao Group’s total debts totaled nearly 10.6 billion yuan, making it insolvent.

By May 2, 2018, according to media reports, more than 1,100 creditors of Guangyao Group had declared claims, totaling more than RMB 21.2 billion. At that time, Guangyao Group only had 9,863 yuan in its account. Looking back, it was the radical development strategy, the market model, over-reliance on private lending, and the real estate downturn cycle that led to Guangyao's collapse.

Some media reported that after the Kuang Yao Group scandal, Guo Yaoming had left Hong Kong.

On Tianyancha, Guo Yaoming was involved in more than 900 legal proceedings, most of which were commercial housing contract disputes and financial loan disputes.

In 2020, the Dongguan Third People's Court also issued a "reward order" to find clues about Guo Yaoming's legal property, with the maximum reward being as high as 1.6 million yuan. Guangyao Group is in bankruptcy and liquidation, and nearly 400 million yuan of assets will be publicly auctioned3

In September last year, the "Guangyao Group Manager" WeChat public account announced that Guangyao's reorganization was hopeless and it was officially bankrupt and liquidated. Four months later, the assets of Guangyao Group, once Huizhou's first "Top 100 real estate company", went bankrupt and liquidated for the first time on the Taobao Ali auction platform.

According to the bidding announcement, the manager of Guangyao Group Co., Ltd. will conduct a public auction on the Ali auction platform from 10:00 on February 25, 2022 to 10:00 on February 26, 2022 (excluding delays) The handling unit is the manager of Guangyao Group Co., Ltd., and the supervision unit is the Huizhou Intermediate People's Court. There were 17 bankrupt properties in the first batch to be auctioned, with a total starting price of about 548 million yuan.

Interested units or individuals can click on Ali Auction on Taobao mobile phone and search for the keyword "Guangyao Group" to learn more about the auction details with one click.

The total starting price of the first batch of bankrupt properties to be auctioned reached approximately 548 million yuan.

Sorting out the asset list, Guangyao Group’s first batch of bankrupt properties to be auctioned *** 17 cases, with a total starting price of approximately 5.48 million yuan. billion. Except for the Shenzhen Nord Center office space, the other 16 projects are located in Huizhou, the birthplace of Guangyao Group. The property categories include land and above-ground buildings under the name of Guangyao Group, commercial and residential buildings, comprehensive buildings, office buildings, shops, restaurants, Shopping malls, parking spaces, etc.

Commercial and residential buildings in the Dutch water town.

Among them, the most valuable are the 6 office buildings located in Nord Center, Futian District, Shenzhen, with a total area of ??nearly 2,000 square meters, and the assessed price, which is the starting price, is 100.24 million yuan.

Shenzhen Nord Center office space.

The bankruptcy property located in Huizhou focuses on properties related to the Dutch Water Village Project. As a mature large community in Huizhou built by Guangyao Group, the shopping malls, office buildings and garages of the first phase of Holland Water Village, the shopping malls and garages of the third phase, the shops and garages of the fifth phase, and the garages of the second and eighth phases will be packaged as a whole. In the auction, the starting prices were 22.3842 million yuan, 14.9404 million yuan, 16.1148 million yuan, 410,000 yuan, and 31.4962 million yuan respectively, totaling 85.3446 million yuan. The Holland Water Town commercial and residential building and the Holland Water Town Phase 8 comprehensive building will be disposed of separately, with starting prices of 52.3587 million yuan and 30.6548 million yuan respectively.

Holland Water Town Phase 8 comprehensive building.

In addition, multiple parcels of land and above-ground buildings will also be auctioned together, including: Huifu Guoyong (2010) No. 13021920079 Land use rights and above-ground buildings, Huifu Guoyong ( 2008) No. 13020701188 land and comprehensive building, Huifu State (2012) No. 13020700021 land use rights, the starting prices are: 13.0936 million yuan, 28.6208 million yuan, 1.3454 million yuan respectively.

Guangyao Group has expanded radically and has deployed 29 projects in 12 cities

According to public information, Guangyao Group was established in Huizhou in 2002 and quickly became Huizhou’s largest city in just five years. The leading real estate company has been the sales champion in the Huizhou market since 2007. In 2011, it was rated as one of the top 100 real estate companies in China. In 2012, the sales amount once reached 6 billion yuan. During its glory days, it deployed various types of real estate projects in 12 cities including Huizhou, Shenzhen, Tianjin, Weihai, and Hong Kong, totaling 29 indivual.

Overexpansion of enterprises combined with changes in the market environment. In 2014, news came out that multiple properties developed by Huizhou Guangyao could not be delivered on time. Problems with the capital chain of Guangyao Group rapidly developed, and the company quickly came to a standstill. Its properties The project has entered the process of dealing with problematic real estate.

In 2017, Guangyao Group officially applied for bankruptcy and reorganization. On December 11, 2017, the Huizhou Intermediate People's Court ruled to accept the bankruptcy and reorganization case of Guangyao Group. On September 8, 2021, the Huizhou Intermediate People's Court ruled to terminate the reorganization proceedings of Guangyao Group and declare Guangyao Group bankrupt. On January 20, 2022, the administrator of Guangyao Group announced the disposal of the bankrupt property under the name of Guangyao Group.

According to the inspection results of the Huizhou Intermediate People's Court, as of June 30, 2016, the total debt of Guangyao Group totaled nearly 10.6 billion yuan, and it was insolvent. By May 2, 2018, according to public reports, more than 1,100 creditors of Guangyao Group had declared claims, totaling more than RMB 21.2 billion.

Currently, with the official bankruptcy and liquidation of Guangyao Group and the assets entering the auction process, various types of problems arising from the difficulties of Guangyao Group will also be gradually clarified. Problems such as radical expansion, over-reliance on private lending and diversified investment in enterprise development will also become negative teaching materials that need to be vigilant in promoting healthy market development.