New progress has been made in the southwest sea of ??Kunming Dapan, which has been suspended for nearly 7 years.

A reporter from Kaiping News recently learned that the Kunming Southwest Sea, which has been under construction for nearly 7 years and covers an area of ??nearly 2,000 acres, is turning around. Shanghai Dongyuan Tianmeng Investment Center, a subsidiary of Oriental Asset Management Company, is serving as a key investment. Reorganization investors will receive the equity of Yunnan Renze Real Estate Development Company for free and lend up to 4.5 billion yuan in restructuring funds to Renze Real Estate. After receiving the equity transfer, Shanghai Dongyuan Tianmeng will introduce Longfor Real Estate to continue developing Southwest China Sea. At this point, Longfor’s takeover of Southwest China Sea, which has been in operation since 2017, has finally been realized in a curved way.

Since its completion in 2013, the debt has reached 16.9 billion.

In Kunming’s real estate market, Southwest China Sea can be regarded as a phenomenal project. In 2011 and 2013, Renze Real Estate, a local developer in Yunnan, acquired two plots of land in Kunming Dianchi National Tourism Resort at prices of 3.313 billion yuan and 1.483 billion yuan respectively to build the Southwest Sea. According to the plan, the project covers a total area of ??about 2,000 acres, with a total construction area of ??about 1.8 million square meters, covering residential, commercial, commercial, education and other sectors, of which the commercial scale reaches 490,000 square meters.

Data show that Southwest China Sea is “the only ultra-low-density, high-quality and livable market in the Dianchi National Tourism Resort.” Due to its excellent location and land parcel, this project has been widely sought after. It was a hit when it opened in 2013. The average price of 10,000 per square meter is still hard to find a house. Reports of the grand opening can also be found online: more than 100 people visited the site 1,000 people, the opening is only 3, and 95% of the houses are sold well." It is reported that there was a drum performance by the Yunnan Imaging Art Troupe at the opening site, and helicopters were even used to receive customers around the Dianchi Lake to see the project.

However, as As a small local real estate company established in 2008, Renze Real Estate still couldn't afford such a huge project. Not long after its launch, the funds ran out, and the Southwest China Sea project was suspended for a long time since the end of 2013.

In the past seven years, Dianchi Lake Tourist Resort, Country Garden, Greenland, etc. all had intentions to take over the project, but in the end they fell through due to debt issues of up to 16.9 billion yuan.

While waiting for the project to resume work, the owners failed. We have jointly denounced it many times, but the problem has never been solved. Like the other happy cities, the unfinished Southwest China has also welcomed a group of "special" residents. Almost every unfinished building has people who are owed wages. Migrant workers or waste pickers, some of whom have even lived there for at least three years, live like "gypsies in the city." Some unfinished buildings have no water or electricity, and they rely entirely on domestic water and electricity. The delivered buildings across the road, or the water and electricity (facilities) left during the construction of the project, meet daily needs.

Shanghai Dongyuan Tianmeng lent funds and Longfor built it on its behalf. Undelivered parts

The reporter learned that the Dianchi Lake Tourism Resort Management Committee has made a lot of efforts on the issue of resumption of work in the Southwest China Sea. On March 12, 2019, the Dianchi Lake Resort Management Committee established the resort. The special working group for the reorganization of the Chengzhong Village (Southwest Sea) project in Hepian District has five working groups stationed in Renze Real Estate, carefully sorting out and accurately verifying the project situation, and re-formulating the reorganization plan.

At the end of November of the same year. , the Dianchi Resort Management Committee promised to make substantial progress in the judicial reorganization of the Southwest China Sea Project by December 31, and rectify the reorganization issues in place.

However, it was originally scheduled for February 10 this year. The first creditors meeting for the bankruptcy and reorganization of Renze Real Estate was postponed until March 23 due to the impact of the epidemic. It successively passed the "Debtor's Proposal to Continue Business" and "Property Management Plan", and agreed to the developer Renze Real Estate to resume operations in accordance with the law. business; and the "Reorganization Plan (Draft) of Yunnan Renze Real Estate Development Co., Ltd." (hereinafter referred to as the "Draft Reorganization Plan") passed at the second creditors meeting on June 9 will allow these people to live in unfinished buildings. Residents for many years have seen hope for the revival of Southwest China Sea.

On August 3, the administrator of Renze Company announced on its WeChat official account that at the second creditors’ meeting of Renze Real Estate’s bankruptcy reorganization, creditors Agree to implement the "Draft Reorganization Plan" submitted by the manager. Shanghai Dongyuan Tianmeng, a subsidiary of Oriental Asset Management Company, will serve as a reorganization investor, transfer the equity of Renze Real Estate free of charge, and lend up to 4.5 billion yuan for the reorganization. The funds will be provided to Renze Real Estate. After receiving the equity transfer, Shanghai Dongyuan Tianmeng will introduce Longfor Real Estate to continue developing the Southwest China Sea project.

It is reported that there are currently 273 acres of undeveloped land in the Southwest China Sea project, and Renze Real Estate still needs to complete the repurchase of some land parcels, adjustment of planning and other related work. In addition to taking over the development of Southwest China Sea, according to the restructuring plan, the commercial part of the Southwest China Sea project will also be entrusted to Longfor Commercial Management Company for unified operation. An announcement on the WeChat account of the manager of Renze Company stated: "As of now, the work of lifting the asset seizure has been basically completed, and we strive to complete all preliminary work for the release of reorganization funds within 2 months. At that time, claims will be fully paid off in accordance with the provisions of the reorganization plan and restoration will be restored. Enterprise operation, start subsequent development and construction, and gradually implement handover.

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