Developers indepently appreciated by 30 times in 9 years

Less than 200 million yuan of funds will be able to incite 370,000 square meters of villa land. Do you believe it? Recently, Ms. Xu, who lives in Jiayi Villa in Shunyi, reported to reporters that the project site for his villa was transferred with a price of only 236 million yuan. The average floor price was only 637.8 yuan per square meter. At present, the price of villas in Baiyizhuang, Shunyi, is around 40,000 yuan per square meter. A developer of surrounding projects said that even in the current market environment, the price of the land will not be less than 15,000 yuan per square meter. The total land price is about 6 billion yuan. It also does not rule out the possibility of developers exploiting debt relationships.

The complex transfer reporter found out from the information provided by Ms. Xu that the piece of land had gone through several downswings and currently only a small part of it was developed.

The reporter learned that the earliest developer of this project was Yuantai Holdings Co., Ltd. (hereinafter referred to as “Yuantai Company”). According to the regulations at that time, the development company held no more than 500 acres of land, so Yuantai Company established two subsidiaries, the “Bailian Project” and “Jiahao Project”, holding 500 mu of land respectively, and Yuantai became a company. For the actual holding of 1,000 acres of villa land, due to various reasons, only Jiahao project was developed into a villa.

On September 16, 2002, Yuantai Company and Chengqi Investment Co., Ltd. signed the "Share and Responsibility Transfer Contract", which transferred the 500-acre land of the Bailian Project to the City Qi.

After Chengqi Investment took over, the three companies of Cheng Kai Department jointly invested 100 million yuan to establish Beijing Chengqi Real Estate Development Co., Ltd., and then the three companies transferred the equity of Bailian Project to Beijing Zhongyue Real Estate respectively in 2005. Co., Ltd. and Oriental Asset International Co., Ltd. However, due to payment disputes, three shareholders of Beijing Chengqi Real Estate Development Co., Ltd. filed an arbitration with the China International Economic and Trade Arbitration Commission, requesting that the agreement be rescinded and apply for property preservation.

In March 2009, Beijing No. 1 Intermediate People's Court issued a civil mediation document confirming that Beijing Chengqi Real Estate Development Co., Ltd. had principals of PPG and Beijing Aode Real Estate Development Co., Ltd. with principals of 154 million yuan and 13.64 million U.S. dollars, respectively. The debt of the U.S. dollar totals 236 million yuan***. Beijing Yushuntong Real Estate Development Co., Ltd. (hereinafter referred to as “Yushuntong”) was involved in this matter due to debt transfer.

On March 7, 2011, the First Intermediate People's Court issued a ruling to transfer the bonds under the two creditors to Yushuntong. Therefore, the applicant's executor was changed to Yushuntong. Yushuntong subsequently obtained the “State-owned Land Use Certificate” issued by the Land and Resources Bureau of Shunyi District on August 9, 2011, and became a land-use right holder of the Bailian Project located in Baixinzhuang Village, Houshayu Town, Shunyi District. Area of ​​370,000 square meters.

In other words, through the debt relationship, Yushuntong Company became the actual owner of the Bailian project at that time, and the price paid was only 236 million yuan.

The profits of the land were transferred from the land for the first time on September 16, 2002, and transferred to the Yushuntong company name through the debt relationship on March 7, 2011. After nine years, Yuantai Company The 1,000-mu plot of land has only developed a project of Jiahao, but the Bailian project has been in the process of complex transfer. Although it was impossible to verify the initial price of the original 500-mu land, in the end the land only offset RMB 236 million in debt, and the value of the land has soared by 30 times.

"Although the book debt is only 236 million yuan, it is not known whether there are any other costs at that time. For example, a developer had a project last year, the transaction amount on the book was 1.5 billion yuan, but there are still 900 million behind it. Yuan’s debt,” an industry source told reporters.

The reporter learned that, according to the regulations of the Ministry of Land and Resources, the two years of idle land will be recovered without compensation. To meet the inspection of the Ministry of Land and Resources, Yuantai Company not only completed the Jiahao project, but also developed the border with the Bailian project. The five villas, although also called Jiahao Villa, actually belong to the Bailian project.

According to the original agreement between Yuantai Company and Chengqi Investment Co., Ltd., the five villa projects that have been completed at the two land handover sites are not in the scope of transfer. In 2007, Ms. Xu and five other people bought the property rights of five villas in the auction of Beijing No. 2 Intermediate People's Court and obtained a title certificate. But then, in the process of debt transfer between Chengqi Investment Co., Ltd. and Yushuntong Co., Ltd., five villas were also transferred to Yushuntong. This led to the emergence of two legal land certificates for five villas.

“Despite the complex debt relationship, the market is no longer able to see such a large-scale plot, but also retained the previous planning permit, despite a certain shrinkage in the land age, but its value has little effect. Zhang Lei, a famous real estate person.

"In fact, in the process, developers are not excluded from using the debt relationship to achieve the purpose of depression." One developer bluntly said.

The reporter learned that Yushuntong’s actual controller is Hong Kong businessman Long Ruiming, who once built the Gongyuan No. 9 project in Beijing, but the reporter failed to find the company’s contact information with him through multiple searches.