Taihe Beijing Courtyard: Deadlock in House Delivery under the Shadow of "Unlicensed Sales"

Last Friday night, the Beijing Municipal Commission of Housing and Urban-Rural Development issued a heavy penalty notice, and the long-rumored Taihe Beijing Yard Phase II was on the list, confirming the previous market speculation.

According to the circular, Beijing Taihe Jinxiu Real Estate Co., Ltd. (hereinafter referred to as Taihe Jinxiu) sold 74 apartments in Building 3 1 ~ 38 of Taihe Lijing Jiayuan Project (Taihe Beijing Yard Phase II) without obtaining the pre-sale permit, and received an advance payment of1.28.6 million yuan.

According to Article 38 of the Measures for the Administration of Commercial Housing Sales, the Municipal Commission of Housing and Urban-Rural Development decided to order Beijing Taihe Jinxiu Real Estate Co., Ltd. to stop its illegal activities on June 5438+February 3, 2020, and impose a fine of12.86 million yuan according to the upper limit.

On this day, for the owners of the second phase of Beijing Yard, it is a mixture of sadness and joy.

The official finally qualified Taihe's unlicensed house sales, but the owners were more worried that the project was punished and the funds in the supervision account were misappropriated, and everyone fell into a more passive situation.

The second phase of Beijing Siheyuan is almost the development history of Taihe in 2020.

Limited price land in villa area

This so far unsuccessful real estate circle drama began with a local auction in July 2065438+2007.

At that time, Taihe (the land acquisition unit was its subsidiary Zhangjiakou Hongyun Real Estate) beat many developers such as Zhonghai, Financial Street, Jindi and Jinmao with a self-sustaining area of 5.96 billion yuan, and won the second-class residential land in the R2 plot of Beidian West Village and Xidian Village in Sunhe Township, Chaoyang District, and the land for comprehensive service facilities in the 2902- 17 A8 plot.

Importantly, this is a price-limited plot located in the villa gathering area. The average selling price of commercial housing does not exceed 68,245 yuan/m2, and the highest selling unit price does not exceed 7 1.657 yuan/m2. In Huang Qisen's later words, the land price around Beijing Yard Phase II has reached 70,000 yuan/square meter. However, because of the price limit of Beijing yard, it can only be sold for 68,000 to 69,000 yuan/square meter. He said, "If you buy it, you earn it."

What many people don't know is that in less than two months, Taihe mortgaged the second phase of Beijing Yard to Huarong, which is like a hidden time bomb.

A year later, in June of 20 18, the second phase of Beijing quadrangle opened. Faced with a small courtyard with a total price of100000 yuan and an area of about 200 square meters, Ning Xun, who has a certain economic foundation, did not hesitate too much and quickly paid the deposit. According to Taihe's plan, the second phase of Beijing Market will be completed on April 30th, 20021,and officially delivered on June 30th of the same year.

So far, everything is fine, but the undercurrent under calm conditions has not stopped for a moment.

Annual report crisis forecast

In April 2020, Taihe announced that it would extend the release date of the annual report to June 15, which triggered many speculations. Rumors such as "the annual report is difficult to produce" and "the capital chain is broken" were quietly circulated.

The dilemma at the enterprise level is quickly transmitted to specific projects and upgraded to the anxiety of owners.

Taihe Beijing Yard Phase II Project Site Image Source: Photo courtesy of the interviewee

Almost at the same time, some owners who rented near Sunhe sent a message in the group, and the tower crane in the second phase of Beijing Yard did not seem to move. The flood season in Jeannin was crazy. Plus, he had paid the down payment for more than a year, and there was no smooth online signing. He suddenly had a bad feeling.

Ning Xun told Bian Mei that the online signing of Beijing Yard Phase II was suspended in April of 20 19, and only 100 households signed online. Taihe never gave a formal notice of delayed delivery, but predicted at the previous meeting that the planned project progress was not completed as scheduled.

In mid-April, 2020, unable to bear the bad news conveyed by more and more owners in the group, Ning Xun and several owners once again came to the second phase construction site of Beijing Yard, dumbfounded, because the construction site really stopped working.

Owners had to use their social resources in all aspects, and then found one amazing fact after another.

Three open letters

Over the past year, three open letters have pushed the contradiction between the owners of Beijing Yard Phase II and Taihe to a climax again and again.

On May 7, 2020, a joint letter signed "Defending the Owner of Taihe Beijing Courtyard Phase II" suddenly appeared on the screen. According to the letter, Taihe's financial situation is worrying, and the second phase of the Beijing market project has been shut down for nearly half a year, and the construction period is seriously lagging behind.

The owners' demands are: first, hope Thai? May 65438+Complete reply before May 2020? Because? Some owners don't want it? Please sign. Completed before June 15? Sign? Work; Second, I hope that the Beijing municipal government will build? Hospital? Construction period? Capital? Supervision account, take over the right to sell 1200 parking space, exceeding 400 million, and the next mortgage should be no less than 800 million. Please take it out? Half as a construction guarantee? .

After the first open letter, the owners made some progress-the second phase of the Beijing market resumed work and the online signing was finally reopened.

Then on June 5, the owners issued a second open letter, aiming at Huang Qisen. Owners said that at present, the project is only partially resumed, and half of the project has not yet left the ground, and the construction progress is seriously lagging behind. The construction party will soon stop working and leave because of the arrears of project funds. The owner's appeal is to sign online and stay as scheduled.

After the second open letter, the Beijing Municipal Commission of Housing and Urban-Rural Development coordinated Taihe Jinxiu, the creditor Huarong De and the construction party China Railway Construction Engineering to hold a five-party meeting, which formed the Minutes of the Meeting on the Restoration of Online Sign for Taihe Lijing Jiayuan Project, with the contents as follows: "Beijing Courtyard resumed the qualification of online sign in the second phase", "the purchaser deposited all the remaining house purchase money or loans into the supervision account" and "the funds in the supervision account are exclusively used for the construction of overlapping products and shall not be used for other projects".

The owners soon looked forward to the first project payment, and the supervision account borrowed 25.6 million yuan. At the beginning of July 2020, Ning Xun and the owners finally embarked on the long-awaited online signing process, and about 180 the owners began to handle the mortgage loan procedures.

However, on June165438+1October 12, the owner issued an open letter for the third time, claiming that the direct cause of the project shutdown was the debt dispute between Taihe and the general contractor China Railway Construction Engineering. The owners said that Taihe claimed that the output value of the project was 280 million, paid more than 200 million to the general contractor, and actually owed about 70 million. However, China Railway Construction claims that the project has completed an output value of 400 million yuan, and Taihe is in arrears with the project payment of 225 million yuan.

Photo by Chen Mengyu, reporter of Taihe Beijing Yard Phase II Sales Office.

"The shutdown is by no means because the owner does not pay the final payment." Ning Xun said.

According to an investigation report obtained by Bian Mei, firstly, the official supervision account name of Taihe is "Beijing Taihe Jinxiu Real Estate Co., Ltd. Taihe Lijingjiayuan" with the tail number of 08 1, but they also set up an account named "Beijing Taihe Jinxiu Real Estate Co., Ltd.", which is different from the official supervision account only in the last three digits with the tail number of 099. The bank of deposit is the business department of bank of dalian Beijing Branch, and the owner. Second, there is no pre-sale certificate for the quadrangle part of Beijing Siheyuan Phase II.

"In any case, the signature confirmation of the overlapping part by the Housing Construction Committee has been a great success for us." The future of tens of millions of houses is uncertain. At this point, Ning Xun and the owners have smoothed their hearts. In particular, CCTV exposed the status quo of the second phase of Beijing market at the end of 10, and everyone was very optimistic after the overlapping part was signed online.

When everything goes back to the beginning

However, the mortgage proposal 165438+ from Taihe on October 27th, 2020 completely lost everyone's confidence.

Judging from the proposal received by Magnesium Light, Taihe has admitted several facts: First, the project construction is basically "stagnant", some buildings in Building 5 ~ 2 1 are not above the ground, and the general contractor's willingness to cooperate with the project construction is extremely low, so the possibility of introducing new general contractor units is not ruled out; Second, the current balance of the supervision account is 225.7605 million yuan, and the funds available for construction are only 4.4037 million yuan.

Taihe denied the previous statement that the owner had transferred extra funds, saying that 8.9 million yuan and 1 1 10,000 yuan of supervision funds had been withdrawn on September 27, 2020 and October 23, 2020, respectively, all of which were used to pay for the project, and the subsequent withdrawal of supervision funds will still be carried out after multi-department approval.

Photo courtesy of respondents

The owner thinks that Taihe's proposal that "the method of reducing his own losses is in his own hands" is absolutely unacceptable. "Which owner dares to borrow now?" Ning Xun was filled with indignation.

After that,165438+June 30th, the owner began to complain to the Housing Authority, the Housing Construction Committee and a series of regulatory authorities. "The workers are dismantling the shelves, and those that are not capped are also dismantled." Different from the excitement after the online signing, Ning Xun returned to the previous loss when communicating with Bian Mei.

65438+ At the beginning of February last year, Bian Mei went to the location of the second phase of Sunhe Jingyuan in the central villa area of Chaoyang District, where a number of improved projects, such as Zhang Chen in Tian Rui, original works in Lin Jing and Chunqiu in Xi Rui, were gathered. In addition to Taihe, developers such as Longhu, Ocean Shipping, Xuhui and COFCO are all here.

Editor Mei saw at the scene that the second phase project of Beijing Yard has been completely closed, and the brand-new enclosure has surrounded the project. The signboard of "China Railway Construction Project" has fallen off, leaving only the words "China" and "Construction" and some faded "Taihe" signs not far away.

The building on the north side of the project is still at the frame structure level, and neatly placed building materials can be seen everywhere. Several places where only the foundation has been dug are overgrown with weeds, and the attached iron frame has long been rusty and mottled. The sales office of the second phase of Beijing market has been closed, and the notice of expiration of the contract is posted at the door. The on-site staff said that the interior is being renovated.

The second phase of Beijing Siheyuan was filmed by reporter Chen Mengyu.

Steering variable

In fact, Taihe did not respond to the demands of the owners, but the commitment of the company's capital level was not enough to appease the anxiety of the owners.

Late at night on May 13, 2020, Taihe announced five times in a row, and the official announcement introduced the war vote. Huang Qisen also showed enough sincerity to give up his position as the largest shareholder.

But internally, the owners did not wait for substantial progress. A week later, the owner's representative released ten questions about Taihe. The problems mainly include the expiration of the pre-sale certificate, unlicensed sales, the down payment not being credited to the supervision account, illegal lending, and construction plans. And asked Taihe to give a positive answer.

The reply given by Taihe later is that it is expected that there will be online signing conditions for overlapping houses before June 15, 2020, and some houses will be slightly delayed due to their own problems. At present, the funds of Taihe's supervision account in the Housing Construction Committee are about 220 million yuan, all of which will be used for project construction, and the regulators will also earmark funds according to the company's project progress. The project has been fully resumed, with 300 workers on site. Subsequent subcontractors have entered the site one after another, and the number of construction personnel will reach about 800 in July. At present, the hospital has been capped, and some small stacks will be capped in about a month.

This is a flash in the pan, and financial data is more rational evidence.

Taihe's 20 19 financial report was postponed for a whole month, with revenue down by 23.77% and net profit attributable to the mother down by 8 1.74% ... As usual, Taihe did not announce the actual sales. According to the data of Ke Rui, the sales of Taihe in 20 19 was 80.87 billion yuan, down 37.95% year-on-year. On July 6, 2020, Taihe defaulted on its first debt, and the former 100 billion housing enterprises were even more precarious.

The first turning point occurred on July 3, last year1. Taihe announced the transfer of 19.9% shares to Vanke, with a total consideration of about 2.43 billion yuan. However, the precondition of Vanke's shareholding is that Taihe needs to formulate a debt restructuring plan and reach an agreement with creditors, which can support Taihe to resume normal production and sustainable operation. Vanke does not undertake debts and does not provide financial assistance. The deadline for Taihe is September 30th.

Now it is obvious that the extension of Taihe's restructuring plan has become a reality, and whether Vanke can eventually become a war investor is also full of variables. 2.43 billion yuan is just a drop in the bucket for Taihe's big hole.

Last year, the second turning point occurred on February 22nd of 10. Many media used the words "Taihe got Great Wall assets" to evaluate the debt rollover opportunities obtained by Taihe. According to magnesium editor, the principal of this debt restructuring is 65.438+0.2003 billion yuan, and the debt will be extended to 654.38+08 in February 2023, while the original term is 2065.438+07 to 265.438+0 in April 2020.

"I can't give a statement for the time being."

The Beijing Municipal Commission of Housing and Urban-Rural Development replied to the supervision account that triggered the system warning due to the excessive funding gap in the second phase of Beijing Yard, saying that it would not respond for the time being. However, since then, the Beijing Municipal Commission of Housing and Urban-Rural Development has issued the above penalty notice.

Some owners gave feedback to Bian Mei. At present, the official seal of Taihe Jinxiu project is in Huarong, so that everyone can't get the sealed contract. Taihe also said that it could not give a statement about this, as well as "Taihe misappropriated 5 billion yuan for the project" and the repayment plan with Huarong, including the latest progress of the war investment.

As for the possibility of becoming a new general contractor, Bian Mei also asked Beijing Urban Construction for verification, and the reply was "unclear".

The second phase of Beijing Siheyuan was filmed by reporter Chen Mengyu.

Going around, everything seems to be back to the starting point. The unfinished thin building on the north side of the project is particularly dazzling in the warm winter sun.

Before the press release, some owners of the second phase of Beijing Yard took stock of their joys and sorrows in this incident in 2020, got a hard-won online sign, and the developer resumed production and work. Recently, the general contractor of the project left, which was completely stagnant. Fortunately, we met a group of friendly and United owners who never gave up. Let's work together and believe that beauty can still be expected.

"I will urge to return to work in March." Ning Xun is very calm. After the past year, he was a little tired.

It's no problem to exchange time for space, but the bombs buried during the triumph always need to be arranged by someone.

The year of 20021has begun, and two debt extensions totaling 654.38+0.38 billion yuan, as well as the Shanghai freight yard and Taicang freight yard officially announced for delivery a few days ago, may be the best response that Taihe can give at this stage.