After nearly four years, Guangyao Group, which applied for bankruptcy reorganization on December 11, 2017, officially declared the bankruptcy of Guangyao Group on the morning of today (September 26) by the "Manager of Guangyao Group Co., Ltd.", which is responsible for bankruptcy reorganization.
The full text of the announcement is as follows:
Creditors of Guangyao Group Limited:
On December 11, 2017, the Huizhou Intermediate People's Court (hereinafter referred to as "Huizhou Intermediate People's Court") ruled in accordance with the law to accept the bankruptcy case of Guangyao Group Co., Ltd. (hereinafter referred to as "Guangyao Group") [(2017) Yue 13 Broken No. 19], and on February 26, 2018, Shenzhen Jindaan Clearing Affairs Co., Ltd. and Guangdong Zhuofan Law Firm were appointed as the joint administrators of Guangyao Group.
After two votes at the creditors' meeting in this case, the "Reorganization Plan (Draft) of Guangyao Group Co., Ltd." was not approved, and Guangyao Group complied with the circumstances stipulated in Articles 2 and 88 of the Enterprise Bankruptcy Law of the People's Republic of China that the reorganization procedure should be terminated and declared bankrupt, and the administrator had submitted a ruling to the Huizhou Intermediate Court on March 15, 2021 to terminate the reorganization procedure of Guangyao Group and declare Guangyao Group bankrupt.
On September 8, the Huizhou Intermediate People's Court issued the (2017) Yue 13 No. 19-67 Civil Ruling, ruling to terminate the reorganization procedure of Guangyao Group and declare Guangyao Group bankrupt. In the next step, the administrator will promote the bankruptcy liquidation work in accordance with the law under the guidance of the court and the cooperation of all creditors and home buyers.
This is hereby announced
Manager of Guangyao Group Limited
September 26, 2021
Huizhou people's memory: once was the local real estate boss
Guangyao Group was established in Huizhou in 2002, and in 2007, it became the champion of real estate sales in Huizhou, and in 2011, it became one of the top 100 real estate enterprises in China.
According to The official website of Guangyao, Guangyao in the glory period has a total of 29 projects, distributed in Shenzhen, Huizhou, Dongguan, Shanwei, Shanghai, Hangzhou, Beijing, Tianjin, Weihai, Hong Kong and other 12 places.
The product categories include suburban villa resource communities, urban high-end comprehensive communities, urban boutique art communities, high-end holiday villas, and are also one of the earliest domestic real estate enterprises involved in overseas real estate.
Guangyao's projects in Huizhou include: Guangyao Silver Eagle Garden and Guangyao City Square in Maidi; Xiaojinkou: Guangyao Dutch Fort; Guangyao Orange and Guangyao Fortune Apartment in Jiangbei; Zhongkai: Guangyao Dutch Town; Huiyang: Guangyao City Phase I and Guangyao City Phase II Mr. Lake.
Some project dynamics of Guangyao Group
Guangyao Fei Li Port
It is understood that Guangyao Group has a number of rotten projects, of which the more well-known is the "Fei Li Port" project located in Dongping, Qiaodong Street, Huicheng District.
The real scene of the Guangyao FeiLi Port project
Located in the Dongping area of Qiaodong Street in Huicheng District, near the Xinkai River, Guangyao Feili Port began construction in 2011 and was suspended in 2014 due to the outbreak of a debt crisis in Guangyao. In October of the same year, Yuandong Group took over the remaining works, but in 2015, due to the debt problem of Yuandong Group, it has been stopped again.
Fei Li Port's first-line high-end riverview residential project for Guangyao was once positioned as a "luxury house in a low-density city in Shuangjiang, South China". With a total construction area of about 300,000 square meters, a greening rate of 30% and a building density of only 27%, Feili Port is a low-density comfortable community in Dongping.
(Click on the link to view the latest aerial photography of Feili Port, "Aerial Photography of Two Well-known Rotten Tail Buildings in Huizhou!") The community becomes a "forest", but someone lives there")
Guangyao General Lake
Guangyao General Lake is another super large-scale million square meters of original ecological villa-level market of Guangyao Real Estate Pearl River Delta Regional Company following the "Guangyao City" and "Global Migratory Bird Resort".
Renderings of General Guangyao Lake
The project opened in 2012. After May 31, 2014, Guangyao Real Estate was broken due to the break of the capital chain, resulting in the rotten end of Guangyao General Lake and the overdue delivery.
At the end of 2016, Evergrande Real Estate acquired three undeveloped plots of land in Huiyang Qiuchang Guangyao General Lake Million Flower City, covering an area of 130,000 square meters.
In August 2018, the small high-rise of Guangyao General Lake passed the completion acceptance and filing, and the official delivery began on August 30. In August 2019, the Villa Area of Guangyao General Lake passed the completion acceptance and record, and the official delivery of the house began on August 10.
Housing enterprise bankruptcy, what should buyers do?
Once a real estate enterprise is bankrupt and reorganized, can an individual buyer in a disadvantaged position still get a house? The following are described in several cases:
1. The buyer has paid the full price.
In the case that the buyer has paid the full amount of the house, regardless of whether the house has been built or whether the property rights transfer is registered, according to article 71 of the 2002 Provisions of the Supreme People's Court on Several Issues Concerning the Trial of Enterprise Bankruptcy Cases, it belongs to a specific thing that has not yet been transferred but the counterparty has fully paid the consideration, and is not a bankruptcy estate, and the buyer may request the bankruptcy administrator to transfer the ownership of the house and apply to the real estate management department to change the registration of the house.
2. Although the house payment has not been paid, the house has been delivered for use.
Although the buyer has not paid the full price, the house has been used for habitation and there is no other habitable house under his name. According to the spirit of the existing law to protect the basic right to subsistence of consumer buyers, the bankruptcy administrator cannot terminate the contract but can only choose to continue to perform the contract, and the buyer may require the administrator to go through the formalities of transferring the ownership of the house and apply to the real estate management department to change the registration of the house.
3. The buyer has not paid the full price and has not used it.
The buyer has not paid the full purchase price and has not used it. According to the existing laws and judicial interpretations, the contract for the sale and purchase of commercial housing signed by the buyer is a contract that has not been completed by both parties, and the buyer has no special protection. In such a case, whether the buyer can acquire ownership of the house depends on whether the insolvency representative performs the contract. If the administrator decides to terminate the contract pursuant to article 18 of the Bankruptcy Law, although the buyer may claim damages, he can only participate in the distribution of the bankruptcy as an ordinary creditor.
Although it is very unfavorable to the buyer in this case, the buyer is not without a way to protect himself. According to Article 20 of the Property Law, "if a party signs an agreement on the sale and purchase of a house or other real property right, in order to ensure the realization of the property right in the future, it may apply to the registration authority for advance notice registration in accordance with the agreement." After the registration of the advance notice, the disposition of the immovable property without the consent of the obligee of the advance notice registration shall not have the effect of the property right. It can be seen from this that although the right to dispose of the pre-registration right holder is negative, the bankruptcy administrator's right to arbitrarily dispose of or liquidate the distribution of the house can be excluded, and the only way for the administrator to obtain benefits from the house that has been registered in advance notice is to continue to perform the "House Sale and Purchase Contract".
Buy a house in 2021 and pay attention to the biggest risks at the moment
Uncle Lou seems to see that the biggest risk of buying a house at this stage is not the current rise and fall of house prices, but whether the house you buy will directly collapse. How to avoid buying a problematic house, plan to buy a house in 2021, be sure to pay attention to the following "five checks":
1. Check whether the five certificates are complete.
The "five certificates" are the "State-owned Land Use Certificate", "Construction Land Planning Permit", "Construction Project Planning Permit", "Construction Project Construction Permit", and "Commercial Housing Sales (Pre-sale) Permit". The five certificates are incomplete, and the house that is found will be sealed, and the house bought cannot be completed in the later stage.
2. Check the brand and qualification level of the developer.
Generally speaking, the financial strength of large brand developers is stronger than that of small developers, and there is rarely a problem of bad tails due to insufficient funds, and defaults such as delayed delivery are not easy to occur, and they are relatively more secure.
After the developer's qualifications are certified, they are divided into first-level, second-level, third-level, fourth-level, and tentative level from high to low, and as far as possible, developers with higher qualifications are selected, and various debt disputes and lawsuit disputes should be paid attention to.
3. Check whether the developer's house has been mortgaged.
Before the property is sold, it has been mortgaged, and there must be a problem with the developer's capital chain. Specifically, you can check the housing pre-sale certificate on the official website of the Huizhou Housing and Construction Bureau (if you don't know how to check it, you can chat about Uncle Lou privately).
4. Go to the construction site for on-site inspection.
Real estate is a high leverage, high turnover industry, normal developers will try their best to rush the construction period, to ensure that the benefits are maximized, the construction site is stopped or the progress is very slow, 80% of the developer's capital chain has problems.
5. Check whether the deposit is paid to the fund supervision account.
In March 2021, Huizhou issued the Notice of the Measures for the Supervision and Administration of Pre-sale Funds of Commercial Housing in Huizhou City, which clarified that buyers should directly deposit the pre-sale housing funds into the special account for the pre-sale funds of commercial housing, and the supervision account should correspond to the pre-sale project of commercial housing, and real estate development enterprises shall not set up a separate account to receive and deposit pre-sale funds of commercial housing. Whether it's a deposit or a down payment, if the developer lets you pay to another account, be careful!
Attached: Civil Ruling of the Intermediate People's Court of Huizhou City, Guangdong Province
Source: "Guangyao Group Manager" WeChat public account