Junfa retreated again, this time it was Xingchen Junyuan.
According to the public reply of the Ciba Sub-district Office of Panlong District on the People's Daily Online, Xingchen Junyuan was built in the sales department, and some buildings have been built to four or five floors, due to the rupture of the capital chain of Junfa Group, the project was suspended in November 2022, and then Junfa negotiated with Panlong District to terminate the "State-owned Construction Land Use Right Transfer Contract" of Xingchen Junyuan, at the end of December last year, the special meeting on land storage work in Panlong District agreed in principle to terminate the land transfer contract with the project company Junbo Real Estate Company, and is currently carrying out the relevant matters of terminating the "contract".
The Ciba Sub-district Office also revealed that in order to solve the problems related to the suspension of the project and subsequent land management, the Panlong District People's Government is actively recruiting new project partners. On March 14, 2024, led by the Ciba Sub-district Office of Panlong District, relevant functional departments at the district level were convened to conduct on-site meetings and studies, and the district construction and investment company will dismantle the fence in the area in the near future.
The land transfer contract was terminated and the project fence was demolished, which means that the project of Xingchen Junyuan will no longer exist. At the same time, because Panlong District is re-recruiting new project partners, Ciba Village's urban reform has basically returned to the starting point and has to start from scratch.
Previously, Junfa had returned 160 acres of residential development land in Hongren Village, and also returned the second phase of Kunfang's old reform, but the 41 acres of land in Kunfang's second phase of the project was re-sold after last year's price reduction, and was won by Yunnan Huixian Real Estate Company, an affiliated company of Junfa.
In May 2022, two buildings have been built to the fourth or fifth floor of the ground
In May 2021, Junbo Real Estate Company, a subsidiary of Junfa, won the project development land at a reserve price of 499 million yuan, with a total of 110.87 acres. In March 2022, Xingchen Junyuan passed the regulations, and Junfa started construction, but after completing part of the foundation works and building the sales department, the project was suspended.
The development area of the Ciba Village Urban Reform Project (Plot 1) is 178.07 acres, a large part of which is the land of Junfa Group's Jingjing Mattress Factory, and the land that Junfa took the lead in 2021 is basically the original Jingjing Mattress Factory plot. After the outbreak of the Junfa debt crisis, not only Xingchen Junyuan was suspended, but the urban reform of Ciba Village was also effectively suspended.
The sales department of Xingchen Junyuan has long been built, but it has never been opened
Junfa's repeated retreat is actually a concession made by various districts in Kunming in order to ensure that Junfa's other projects under construction can obtain construction funds and achieve guaranteed delivery. After Junfa got a respite in terms of funds, it did make great achievements in ensuring delivery, and last year, Junfa delivered a total of 22,171 residential units.
However, Junfa withdrew, and Xingchen Junyuan restarted, which caused the development of the Ciba area to suffer another heavy blow, and the transformation of Ciba Village had to be restarted. Last month, Panlong District Construction Investment, which was originally responsible for the urban reform of Ciba Village, once again released a bidding plan for the urban reform project of Ciba Village, including the plots of Xingchen Junyuan, with a total renovation area of 587.37 mu.
Related Reading:
Junfa Group's urban reform in the north urban area is "addictive" and will participate in the first-level development of Ciba Village
With the introduction of trust funds, Junfa may have a new project this year, and Yi Tianfeng may usher in a sequel
Junfa returned nearly 10 billion yuan from the sale of the project, and tried his best to turn the debt ashore