Tianjin Sinosteel International Plaza was forced to close.

20 12 April, in the audit report of SASAC on Huang Tianwen, the former president of sinosteel (hereinafter referred to as sinosteel), Tianjin Xiangluowan project was one of the investment projects that Huang Tianwen was directly responsible for.

Tianjin Xiangluowan project, also known as Sinosteel Tianjin International Plaza, is located in the south of Tianjin Binhe South Road and east of Yingbin Road, covering an area of 26,700 square meters and a construction area of 3 1 1,000 square meters. Upon completion, it will become a veritable landmark building in Tianjin Binhai New Area, and it will be the operation center, logistics center and technology research and development center of sinosteel in North China.

According to the planning of sinosteel, the project is a ***88-story honeycomb building with a height of 358 meters. Once played the slogan "Beijing has a bird's nest, Tianjin has a beehive".

Now, due to the lack of funds for the follow-up construction of Sinosteel, the project has been forced to stop work after spending about 200 million yuan to complete the foundation pit project. This is not the first time the project has stopped working. In 2009, due to sinosteel's inability to replenish funds, the Xiangluowan project was suspended for a period of time.

After stopping work again, Sinosteel proposed to the Tanggu District Government of Tianjin to backfill the project, but the latter refused, because as the core geographical location of Binhai New Area, it may not be possible to build a high-rise building after backfilling.

Sinosteel's management's preference for landmark projects and large projects has been summarized by the industry as one of Sinosteel's investment characteristics. "200 million yuan dug a big hole", which seems to be a great irony to the management of Sinosteel.

This investment project also obviously violates the relevant provisions of SAAC on non-main business investment of central enterprises, especially in the context that SAAC explicitly requires some central enterprises to withdraw from real estate.

In fact, Li Rongrong, the former sasac director, explicitly asked Huang Tianwen not to set foot in the project, on the grounds that "the Xiangluowan project does not belong to sinosteel's main investment".

But Huang Tianwen did not implement Li Rongrong's request. In order to evade the audit authority of SASAC, Huang Tianwen designated the investor of the Xiangluowan project as Sinosteel International Holdings Limited, a wholly-owned subsidiary of sinosteel. As SASAC also has the right to supervise the important secondary subsidiaries of central enterprises, Sinosteel International Holdings Co., Ltd. moved the project to Sinosteel International Real Estate Co., Ltd., and Sinosteel International Plaza (Tianjin) Co., Ltd. was established by Sinosteel International Real Estate Co., Ltd. with an investment of/kloc-0.45 billion yuan to operate the Xiangluowan project.

20 1 1 The National Audit Office informed that as of June 20 10, the Sinosteel Tianjin Xiangluowan project invested by sinosteel was not approved by the National Development and Reform Commission, the establishment of Tianjin Company was not approved by the Ministry of Commerce, and sinosteel did not declare the project to SASAC as a non-main real estate investment project. In addition, the sub-project of Sinosteel Tianjin Xiangluowan Project 17 was invited for bidding.

The reason why sinosteel's management insisted on investing in Tianjin Xiangluowan despite the orders of its superiors was because the central government sent a signal that Tianjin Binhai New Area would become the third economic growth pole after Shenzhen Special Economic Zone and Shanghai Pudong New Area.

Another main reason for attracting Sinosteel's investment is that "the land transfer fee 100% is used to support and reward investment projects" in Tanggu District, Tianjin, but the premise is that the investor obtains the land in the open land transfer and makes it clear in the investment agreement. In order to attract investment from central enterprises, the Tanggu District Government of Tianjin gave Sinosteel a relatively high land transfer fee as a reward.

The value of the headquarters building of Sinosteel Group in Zhongguancun doubled, which directly stimulated Huang Tianwen to invest in real estate projects again. During Huang Tianwen's tenure, the most prominent investment was to buy this headquarters building for1400 million yuan, which is currently worth about 5 billion yuan.

Afterwards, an official of the State-owned Assets Supervision and Administration Commission complained that sinosteel "had no investment principle, where could he make money".

At present, due to the suspension of project construction, no enterprise is willing to take over for the time being, and the Tanggu District Government of Tianjin is suffering from this. Under the coordination of government departments, in March this year, sinosteel introduced "other central enterprises" as strategic investors in a general way of "not limiting the controlling interest of the other party".

It can be predicted that before other central enterprises are willing to take over, Sinosteel Xiangluowan project will be in an unfinished state.