House prices diving, non -debt debts, what happened to Sanya Phoenix Island

The island with infinite scenery

Now falling into the dilemma of reorganization

Due to the reorganization of Sanya Phoenix Island, he was trapped in the vortex of public opinion.

China Jiaotong Construction disclosed on the evening of June 13 that its participating company Sanya Phoenix Island International Cruise Port Development Co., Ltd. (hereinafter referred to as "Phoenix Island International Cruise Port"), received the "Civil Ruling Book" delivered by the Sanya Intermediate People's Court, On the grounds that Phoenix Island International Cruise Port cannot settle its debts and instead of debt, it is determined that the creditors Sanya Development Holdings has made a reorganization application for the reorganization of Phoenix Island International Cruise Port (this company).

Phoenix Island is an artificial island that is filled in in the reef of Sanya. Phoenix Island International Cruise Port is the main company of Phoenix Island. As one of the most well -known landmarks in Hainan, Phoenix Island has attracted much attention at the beginning of construction, but does not want this once -upded island to fall into the dilemma of debt and difficulties.

As of December 31, 2021, the total assets of Fenghuang Island International Cruise Port were approximately 50.040 billion yuan, and the total debt was about 18.605 billion yuan.

"Oriental Dubai"

Standing on the beach of Sanya Bay, five streamlined sailing buildings stand on the wind. They frequently appear in TV pictures and promotional pictorials related to Sanya. It has also been the landmark of Sanya.

Sanya Phoenix Island. Figure/Figure insect creativity

The first phase of Phoenix Island covers an area of ​​365,000 square meters, and the second phase (also known as "Two Islands") is 474,000 square meters. The two phases are connected by the entire beach. The initial idea of ​​the project was an international passenger terminal, which was established by the Sanya Port Affairs Bureau.

From 1996 to 1998, the project was fully demonstrated in the aspects of hydrological weather and environmental protection, and obtained the approval of the competent authorities at all levels of Hainan Province.

After that, the Sanya Port Affairs Bureau and the Ministry of Justice's subsidiary Zhongcheng Group jointly established Sanya Zhongcheng International Passenger Transport and Tourism Co., Ltd. (hereinafter referred to as "Zhongcheng International") to start the project.

Then, after 20 years of development, Phoenix Island developed, ups and downs, and easily changed the master.

In 2002, Zeng Xianyun, a real estate agent from Hubei, acquired Zhongcheng International and became the "island owner" of Phoenix Island.

According to public information, the investment contract signed by Zeng Xianyun and the Sanya Municipal Government includes international cruise ports, 1 international conference center (seven -star hotel), 5 international health and resort centers, business villa clubs, international yacht clubs, Olympic Plaza parks , 7 investment projects on the Maritime Tropical Style Street, with a total investment of over 5 billion yuan.

Since then, Phoenix Island has entered a period of rapid construction. With the completion of projects such as the dock and the cross -sea bridge, the international cruise port on the island began to stop the cruise ship.

In 2006, Zhejiang Guodu Holdings became the largest shareholders of Zhongcheng International, and adjusted the Phoenix Island project into a tourist complex in the following year, claiming to create "Oriental Dubai". The investment amount of Phoenix Island has also expanded to 10 billion yuan.

However, with the gradual fading of the Hainan property market, the price of the Phoenix Island project has fallen sharply, and the reduction of investors' reduction in transaction volume has declined year by year, resulting in slow recovery of funds.

In March 2014, China ’s Federation of Construction invested 4.962 billion yuan to acquire 45%equity of Sanya Phoenix Island International Cruise Port. After a series of operations, it became the new controller of Phoenix Island.

"In the future, Phoenix Island will be built into the capital of Asian cruise ships, becoming the top international tourist resort island integrating catering, entertainment, leisure, vacation, and shopping." The official WeChat signal of China Communications Construction was once said.

Luo Yu, a person familiar with the person in charge of Phoenix Island, told China News Weekly that Phoenix Island's several times and their complex debt relationships are closely related to financing. The Phoenix Island was not as beautiful as on the surface. During Zeng Xianyun's development of Phoenix Island, two cooperative shareholders chose to leave, causing the construction at the time to fall into trouble.

Luo Yu also revealed that at that time, in order to make up for the lack of funds, private lending was over -used, and some private capital also added to the construction and development of Phoenix Island through the form of equity acquisition.

For example, Zhejiang Guodu Holdings, which became a major shareholder of Phoenix Island in 2006, is one of the companies earlier in Zhejiang real estate companies that earned up real estate trust.

However, Obviously, Zhejiang State Holdings, who is good at capital operation, did not bring Phoenix Island out of the predicament. Although the strong central enterprise entered the shareholding, Phoenix Island, which was impacted by Hainan Island's severe environmental protection storm, did not realize the flying.

Environmental protection storm

It is reported that since Phoenix Island, Hainan has begun large -scale reclamation of the island.

In order to build a world -class tourist vacation destination, Hainan has successively launched a number of reclamation islands and islands. Haihua Island, Ruyi Island, Huludao and other artificial islands have built flat land.

From August 10th to September 10th, 2017, the Fourth Environmental Protection Inspection Team of the Central Committee entered Hainan Province to carry out inspection work, which opened the "environmental storm" in Hainan Island.

Hainan's continued decades of reclamation islands and islands to build an island.

The inspection team mentioned to Hainan Province to feedback the inspection situation that Phoenix Island obtained the right to use the waters in the name of international passenger transport ports and cruise ports, but it is actually mainly used in real estate and hotel development. In the erosion, we had to make a huge sum of money to repair the Sanya Bay in order to repair the shore beach.

In January 2018, Hainan Province required cities and counties to implement the "dual -pause" (that is, the suspension of construction and suspension of business) mentioned in the feedback of the central environmental protection inspectors in various cities and counties. At this point, some of these once popular artificial islands were ordered to rectify or suspend development, and some were demolished across the island.

The Phoenix Island, named by the inspector team, is even more unavoidable. While implementing the "dual -suspension", it is necessary to compensate more than 37 million yuan of ecological compensation funds.

Regarding the ecology and development caused by Phoenix Island, Sanya is also dilemma.

Luo Yu revealed that the Sanya Municipal Government has communicated with China Communication and Phoenix Island to communicate with the disposal and compensation of Phoenix Island, but has not reached an agreement.

However, due to the slow rectification of the Phoenix Island, in 2020, the Office of the Leading Group of the Ecological Environmental Protection Supervision and Rectification of Ecological Environmental Protection in Hainan publicly interviewed the Sanya Municipal People's Government. The person in charge of the Sanya Municipal Government stated on the spot that the issues pointed out in the interview were fully accepted.

The "Rectification of Hainan Province Implementing the Central Ecological Environmental Protection Supervision and Rectification" released on November 20, 2021 pointed out that it was determined that the "Phoenix Island Phase II project was removed and the original state before the construction was restored. Phoenix Island Second Phase Project Rectification and Demolition Technology Plan.

But the disputes and troubles caused by Phoenix Island are far more than that.

Diving house price

The house price of Phoenix Island has always been the focus of public opinion.

2010 is a special significance for Phoenix Island. On January 4 of that year, the State Council issued the "Several Opinions of the State Council on Promoting the Construction and Development of Hainan International Tourism Island." So far, the construction of Hainan International Tourism Island has officially entered the right track.

At that time, the market funds were full of imagination of Hainan's tourism investment. The irrational speculative boom made Hainan the investment "new hot land". Phoenix Island also went straight through the Dongfeng of this wave of property market.

Related data show that within 5 days after the approval of the International Tourism Island, Hainan's commercial housing sales have exceeded the total number of annual total of 2008, which is 17.112 billion yuan.

At the same time, the average price rose to 70,000 yuan/square meter after approval one week later, and 700 houses between the two buildings of the two buildings were snapped up that day. This data not only set a record for Hainan's sales, but also extremely rare in the country at that time.

Just half a month ago, the price of the disk was only 50,000 yuan/square meter.

After that, the house prices of Phoenix Island once soared to 160,000 yuan/square meter of "sky -high price", and speculators from Zhejiang and Shanxi flock to the swarm, and Phoenix Island "one room is difficult to find."

But soon, this out of control's house price was quickly suppressed by Hainan's punch. As the market's popularity gradually faded, the house prices in Phoenix Island fell to about 70,000 yuan/square meter in 2013.

However, no one thought at the time that this was not the bottom. After experiencing several rounds of environmental protection storms, the house prices of Phoenix Island were hit again, and even once fell to 35,000 yuan/square meter. Investors who started a high position in 2010 were deepened.

Liu Jiewu, a researcher at the Shenzhen University Tourism Development Research Center, told China News Weekly that the past housing price bubbles were mainly paid for the future and expectations, and the current low price reflects the uncertainty of the current policy.

However, he believes that in Sanya, the sea view room is still a scarce resource. Once a good policy appears, he can still warm up slowly, but he is not optimistic about whether he can return to the high position again.

Wang Lu, the executive secretary of the Hainan Real Estate Association, also believes that the house on the Phoenix Island does not have too high investment value.

In an interview with China News Weekly, Wang Lu said that "small units, large open rooms, are not suitable for daily residence; most of the houses on the island are 40 years of property rights hotels, and the current purchase restriction policy of Hainan is not friendly to such real estate; The second phase has been demolished, and the third phase is far away. Only the first phase of this period is left, and the development prospects cannot be seen. "

Wang Lu believes that the current price has fallen below the psychological defense line of some owners. Most of the owners will choose to temporarily put them on hold and wait for a new machine. "Even if you want to" cut the meat to leave the place ", it is difficult to find the real pick -up."

Uncertain future

Whether it is Wang Lu, Liu Jiewu, or Luo Yu, they think that Phoenix Island can only have the opportunity to go into battle and re -develop after peeling off the debt.

"Clean up the original creditor's rights and debts through legal channels, and it's broken." Wang Lu believes that there is not much room for development in this project in the future, and it should be here.

However, the problem of Phoenix Island is still sensitive, especially the cruise mother port is related to the construction of the Sanya International Tourism Consumption Center.

In the "Fourteenth Five -Year Plan" Tourism Development Plan issued by the State Council, it was mentioned that the construction of Hainan International Tourism Consumption Center was mentioned, and at the same time, it was also proposed to promote the construction of international cruise home ports in Sanya.

The development of cruise home port is not only the initial plan of Phoenix Island, but also the central government's clear requirements for Sanya.

Liu Jiewu is cautious about the subsequent development potential of Phoenix Island.

He said that the second phase of the second phase has been demolished and subsequently planned to be a supporting facility land for cruise mother port. The first phase of the seven -star hotel, business villa club, and tropical streets of the sea in the first phase of the plan are weak. It is a commercial property that heavy investment and slow returns.

"These are the remaining assets, how can there be any breakthroughs?" Liu Jiewu said.

(At the request of the interviewee, Luo Yu is a pseudonym in this article)

Author: Chen Shulian ([email protected]) Editor: Sun Xiaobo

- END -