Latest on the Guang Group

Construction on several projects has halted and parties are taking legal steps to protect their interests. One industry insider says Guang was too aggressive and started projects before they had sufficient capital. At issue right now is the situation in Huizhou. Some have called it a ghost city, or a ghost city in waiting, see Huizhou, Zhuhai Become Ghost Towns; Tourist Areas Hit Hard By Real Estate Slump. Others point out an airport and light rail will open soon. Finally, Guang Group says it is working things out with the government and related parties, and just needs time to sort everything out.

Previous coverage of Guang Group here, here and here.

光耀资金链断多盘停工 上百业主无法收楼四处维权
Headquartered in Shenzhen, glorious group, due to funding strand breaks leading to its development in a number of cell Huizhou downtime, hundreds of owners unable repossession. May 15 morning, the desperation of the owners put a mirror to the building housing the Bureau of Huizhou City. Prior to this, Huizhou departments held a meeting to study related issues shine, shine event has entered the negotiation stage of the acquisition.

Rights owners took the long road

May 15 morning, some 200 Huizhou Fei Li Guangyao Port [ News Price apartment Review ] owners will be sent a mirror Huizhou City building housing the Bureau. It is understood that these owners should have the repossession last December 30, the developer dragged on, the owners began the long road of rights, to May 15, the owners have to Huizhou City Real Estate Board, Huizhou City Living Construction Bureau, Huizhou City Commission for Discipline Inspection, Hui District Housing Construction Bureau was removed 21 times to reflect problems.

Owner Su was a stranger, in 2008 to make a living in Huizhou, 2012 Su bought a flat located on the east Fei Li Guangyao Port D1 Building a house, thought December 30, 2013 can repossession, no thought received Guangyao group "due to internal company reasons that can not be timely handover, the handover will be April 30, 2014," the reply.

In times removed of the problem to the relevant departments, the Su found a correlation "shady" - owners of mortgage money did not follow legal procedures into the escrow account. Owners purchase contract developers and end-regulatory bank account bank account loans to developers inconsistent. According to the owners and marketing control table shows the average price of the property owners do understand statistical tables found Yushoukuan deficit of $ 0.6 billion.

For the current crisis, the owners, said: "Many of the owners are to take ten years or even generations own hard-earned money to buy this suite, and now we just want to have a house to live peacefully among."

To fund the rapid expansion of chain scission

Recently, the glorious group "on the verge of collapse," the news sensation, Huizhou become a real estate investment "ghost town" argument has also been speculation in the media again. Huizhou real estate industry, a senior official said, only shine as an established company for about 10 years, the project expanded to the whole country and very high-profile, today's outcome is inevitable. According to the sources, a few years ago began to shine through usury, anecdotal huge amount of its debt.

The source said that the general real estate business has 30 million yuan before daring to move a billion dollars in the project, Wan area employers capital chain issues arise, developers have an emergency fund. But glorious expansion too fast, resulting in funding strand breaks, resulting in a vicious cycle. The source said the initial shine headquartered in Huizhou, and later was moved to Shenzhen in order listed. Guangyao Group was founded in 2002 in Huizhou, five years after becoming Hui District sales champion. In 2010, the Group began to shine, "out of the" Huizhou, rapid business expansion to the Pearl River Delta, Yangtze River Delta, the Bohai Sea region, began extraordinary development. Then moved to the headquarters in Shenzhen, and was named the top 100 real estate enterprises in China for three consecutive years 2011-2013, with annual sales was approaching 8.0 billion. Huizhou tax glorious time have made a great contribution.

Allegedly, when done in Huizhou several large real estate companies are moving steadily, shine as a rookie, the blind expansion led to loss of control. However, the source said, little impact on prices glorious event Huizhou, Huizhou house current average price of 6,000 yuan, close to cost price, the price will not drop too much.

"Shine Dilemma" is not a case

Daya Bay, Huizhou City, Huiyang HS Tan, president, said, "glorious event" broke out, due to the regulation of the property market this year, buyers hold out, the real estate enterprise funds generally difficult to return. Guangyao not a case.

Tan said the president, glorious thought to the country, but the hit real estate regulation; the goal of turning Hong Kong, we are faced with the Hong Kong real estate regulation, was not able to successfully listed; After the acquisition of mineral and Shenzhen Century Plaza Hotel in Hunan, the encounter failed again; together wait to buy a house on the property market downturn, resulting in a glorious variety of reasons shortage of funds. Tan, president believes that the argument about the brilliance of bankruptcy, can only be considered a rumor, the outcome remains to be seen.

Tan said the president, glorious event can be said to be a typical case of the property market. On the one hand is the objective reasons of national macroeconomic, on the other hand is glorious beyond Huizhou expansion project in Huizhou, drag it, in fact, its project in Huizhou itself is not a problem.

Huizhou little impact on house prices

Earlier media reports Huizhou Daya Bay property market "ghost town" phenomenon, Huizhou, now really slow-moving real estate, coupled with the "glorious event", whether this is to enter the property market in Huizhou inflection point of the signal? Tan said this president, it will not, because Huizhou has a unique location in the Pearl River Delta city group in the fastest growing GDP, over two years will be gradually opened light rail and airport, in the background of deep integration Guanhui, Many white-collar workers in Shenzhen even managers are choosing to buy a house in Huizhou. Tan, president stressed that the Daya Bay called "ghost town" phenomenon, but the individual as the general media.

Huizhou University Economics Professor Wang Fu had told Huizhou City real estate research, Professor Wang Fu said, glorious is the case, Huizhou home prices declined slightly, but the decline is not large, compared to last year still have growth.

Professor Wang Fu believes shine involves a wide range of its real estate, including construction materials, hardware, renovation and many other industries will inevitably be affected in the short term, "glorious event" Huizhou's economy will have a negative impact, but this It does not have much impact on prices in Huizhou.

Guangyao insider: Please do not over-media "hype"

A glorious insiders, though there are already many companies are now approached with a glorious acquisition transaction, but the situation is not optimistic, "Any business has periods of volatility, shine is now united, are in active negotiations with the government and the owners, but the recent media too and more involved, and some irresponsible reporting directly worsened the problem, please give the company some patience and time. "

No comments:

Post a Comment