The debt crisis of China Evergrande (3333) broke out more than two years ago, and the group's development projects in Yuen Long and Sang Wai were also suspended because the land was taken over by creditors.
Evergrande originally planned to develop more than 260 houses in Wo Sang Wai, one of which has a floor area of nearly 250,000 square feet and is planned like a palace.
Looking through the information, the Buildings Department and the Architectural Services Department had questioned the "Palace House" being too high at the planning stage, but the application was finally approved by the Town Planning Board under certain conditions.
After Evergrande's debt crisis broke out, the Heshengwei land involved is currently locked, and there is no sign of construction and development.
(Photo by Zhou Zhijian)
Evergrande and Shengwei's land compensation lawsuit revealed that the price was reduced by 2.7 billion yuan in one appeal by nearly 40%
Evergrande purchased land from Henderson for 4.7 billion in 2018
Ying Bang Enterprise Co., Ltd., which held the involved Heshengwei land, was originally a subsidiary of Henderson Land Development (0012). conditional approval.
In 2018, a report quoted news that Henderson actively discussed with the government about the land premium of the Heshengwei project, but Henderson announced the interim report of the following year, and signed an agreement with a third party in July of the same year to sell the holdings of Heshengwei for 4.705 billion yuan. The company's equity in the land was surrounded, but it was not disclosed that the buyer was China Evergrande.
Evergrande once planned to develop 268 houses in Heshengwei. The No. 1 house in the center has a floor area of nearly 250,000 square feet and is known as the "Palace House" by the outside world.
(Town Planning Board document)
Applying to the Town Planning Board to build a 250,000-square-foot palace house is the most eye-catching
Although it has decided to sell the company holding the Heshengwei project, Henderson still applied to the Town Planning Commission on behalf of the buyer Evergrande in January 2020 to revise the project plan.
The amendment application greatly reduced the originally approved 400 houses to 268, and reduced the parking space, but in the center of the project, a nearly 250,000-square-foot "Palace House" No. 20,000 sq. ft. house two.
The "Palace House" has three floors, with a height of 21 meters, one of which is as high as 9 meters, with eight bedrooms and two suites.
In addition, there will be one to two-storey annexes surrounding the main house and private gardens, as well as home theater, swimming pool, children's room, fitness room and other facilities.
According to the application documents, the "Palace House" can accommodate a large family of three generations or more and about 24 people.
If the project is completed, it is believed that the "Palace House" will be the largest private villa in Hong Kong.
The "Palace House" has a floor area of 250,000 square feet, with annexes surrounding the main house and private garden, with home theater, swimming pool, children's room, fitness room and other facilities.
(Town Planning Board document)
Architectural Services Department has suggested that the Town Planning Board will finally approve the construction
According to the meeting document of the Town Planning Board in July of the same year, the representative of the Buildings Department had reservations about the height of the "Palace House", pointing out that the Yingbang enterprise should attach supporting reasons when applying for the building approval to the Department in the future.
The representative of the Architectural Services Department also believed that the "Palace House" was too high (excessive), and suggested Yingbang to reduce the height of the building to minimize visual disturbance.
However, in the absence of objections from the Planning Department, Environmental Protection Department, Fisheries and Conservation Department and other departments, the Town Planning Board finally approved the amendment application under conditions.
Once the project is completed, "Palace House" will be the largest private villa in Hong Kong
Henderson later announced that it had completed the sale of Yingbang on July 17 of the same year and had received half of the total consideration.
On the same day that Henderson received half of the payment, all equity of Yingbang Enterprise was transferred, and Kaohsiung, a senior executive of the Hong Kong branch of Evergrande Group, became the director.
"Hong Kong 01" once inquired about the transaction of selling Yingbang Enterprise, but the group only stated that the buyer had paid the full amount and the transaction had been completed, and refused to reply to other questions.
The reporter also made inquiries to China Evergrande, but no reply was received by the time of writing.
China Evergrande, through its subsidiary Ying Bang Enterprise, holds a plot of land of more than 2.4 million square feet in Yuen Long and Sang Wai.
(Photo by Zhou Zhijian)
The investment of nearly 8.9 billion was unsuccessful in selling at 8 billion
Evergrande acquired the 4.705 billion yuan from Yingbang Enterprise, plus the land premium of nearly 4.2 billion yuan to the Lands Department for the land in Heshengwei, excluding legal, surveying and other expenses, it has invested nearly 8.9 billion yuan in the project.
With the outbreak of Evergrande's debt crisis, the group also tried to sell and cash out projects around it.
In August last year, there were media reports that Evergrande had sold the project in a dark market at an intentional price of 8 billion yuan, which was nearly 10% less than the investment amount, but it was said that the market response was lukewarm.
As of January this year, Evergrande confirmed that the Heshengwei land had been taken over by Oaktree Capital, an American asset company, and the creditors also appointed a representative to take over the Yingbang enterprise that holds the land.
However, Evergrande reportedly still plans to continue to put on sale and Shengwei projects.
Evergrande and Shengwei land compensation lawsuit revealed that an appeal was cut by 2.7 billion yuan, and the price was nearly 40%. Evergrande sold the whole building of China Evergrande Center in Wanchai. The star fruit basket is directly sent to the high-level residence of the Immigration Department, and the prescription says it will be followed up seriously
