Source: Bloomberg
Author: Pearl LiU, Dorothy Ma
The Hong Kong building bought by China Evergrande's $ 1.6 billion in that year was almost a year after being taken over by the creditors, and it is still unaccussion now.The once -dazzling pearl is now dim, and it also symbolizes the decline of the Evergrande Empire.
In recent years, the Hong Kong office building market has entered a trough. Even if the name of this building has been changed from the China Evergrande Center to Wantong Insurance Center, it has been clearly related to the old Dongjia, and no buyer is willing to take over.
This building is located in the busy Bay Chai District in Hong Kong. After Evergrande's funds encountered problems, it even affected the operation of the building.Godfrey Cheng, deputy senior director of the Acting Agent of the Petrown Fang, said that because Evergrande did not pay the contractor, 3 elevators in the building were not running.ChenG said that the building has begun to maintain work since then.
But these are not enough to increase the value of this building. The low -end valuation is nearly $ 1 billion lower than Evergrande's 2015 starting price.In other words, whether it is Evergrande or the mortgage party of this building, it will suffer major losses, and the creditor who will wait for the creditor who will get the recycling funds from the Evergrande debt restructuring plan will also blow.Recently, China Evergrande has announced its long -term delayed performance. In the past two years, a total of more than 81 billion U.S. dollars in the past two years, saying that it will work hard to speed up the debt restructuring process.
On the other hand, it also reflects the brutal reality faced by Chinese -funded liquidated housing companies.At that time, these ace assets in Hong Kong were acquired by sky -high prices. Now even if they have greatly reduced their worth, it is difficult to attract suitable buyers, and debt recovery is more complicated.It is difficult to record the high vacancy rate of commercial real estate, and buyers and sellers are trapped in a tug -of -war.
Tiffany Wong, the managing director of Hong Kong's reorganization business, said in an interview that, including the former China Evergrande Center, the non -performing assets received a lot of positive inquiries in an interview.The expected gap between the fair value of the property is very large, and there are few transactions.
When responding to the Bloomberg News Agency inquiry, Wong did not want to disclose more information about the sales of the building in Evergrande.
The first Taiping Davis did roadshow in Beijing and Shanghai, looking for buyers for this 26 -story building and other assets.ChenG said that after the customs clearance of Hong Kong and the Mainland, many people came to Hong Kong to check the situation of the building. This was at least a good sign, but no agreement was reached.
The disposal of this building is still underway.
China Evergrande, the agency of the building, the receiver and the creditor CITIC Bank International did not provide the valuation of the building to Bloomberg News.However, some appraisers in this field are estimated from HK $ 5.2 billion to HK $ 7 billion (US $ 670 million to $ 900 million).Because the information is non -disclosure, the appraiser requires anonymous.
In the early years, this building was used as a mortgage and received 7.6 billion Hong Kong dollar loans from CITIC Bank International and other institutions.
China Evergrande and CITIC Bank International have not responded to the review request.
