Jiang Xiaoting / from Dongguan
According to the contract, the end of May is the delivery date of Wanjiang Aoyuan Jade Lanwan, but judging from the current construction progress, many owners are worried about whether the project can be delivered on schedule and the final delivery quality.
Aoyuan Jade Lan Bay real picture
01
At the end of the month, the building will be closed, and many districts are currently unfinished
"I was full of hope and was ready to take over the building on May 31, 2024 as agreed in the purchase contract, but I didn't expect that when I went to the site to see the progress on May Day, it was really like a bolt from the blue, and the progress of the real estate project was seriously lagging behind, not to mention May, and I couldn't pay the house in December" Recently, a self-proclaimed owner of Aoyuan Jade Lanwan shouted on the political platform.
There is more than one similar concern and complaint.
Source: Sunshine Network
In fact, concerns about whether its Wanjiang project can be delivered on time have haunted owners since the accident began, and now as the agreed delivery date approaches, owners can hardly hide their anxiety about the current situation of properties that have not yet met the delivery standards.
Judging from the current status of the project, the main project of the building has been completed and has entered the stage of public area and interior decoration. However, as far as the current situation of the public area is concerned, the amount of work is not small to be delivered before the end of the month.
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According to the news of the project party, the project has been in progress, and as far as Zhongfang Jun has seen the actual site recently, he has also seen that some workers have entered the site for construction.
Referring to the monthly update of the project progress on the official WeChat account of Aoyuan Jade Lanwan, as of the end of April, the hardcover of the main body of each residential building and the public area has been basically completed, and the focus at this stage is on the construction of interior decoration, garden and basement.
Among them, compared with the progress of the project announced at the end of March, the construction in each area is actually advancing, but the overall progress may be slow.
For example, taking the No. 3 residential building as an example, as of the end of April, the interior decoration part mentioned in the progress of the project, including the completed indoor leveling, indoor power test, carpentry base, ceiling sealing board, bathroom backfill, bedroom window sill stone, wall putty, etc., in fact, as early as the end of March, almost all of them have been completed 2/3-29F; In addition, compared with the wall tiles and floor tiles that were only completed on the 3rd floor at the end of March, a month later, the wall tiles were newly completed by 29-28F, and the floor tiles were newly completed by 29-22F.
In the landscaping part, compared with the end of March, the project at the end of April is mainly for the comprehensive pipeline construction from 70% to the full completion, the fire road hardening from about 90% to the full completion, the green planting area from 50% to 75%, and the completion of the community wall from 70% to 90%.
For the progress of the project, there is no shortage of owners to describe it as "semi-suspended".
However, even if it can be delivered on time, whether the quality can be guaranteed is also a common problem faced by the projects of insuring real estate companies, including Aoyuan Jade Lanwan, and the owners of Aoyuan Jade Lanwan can hardly hide their worries.
In fact, complaints about "cutting corners" in the construction process have appeared, in this regard, the Wanjiang Street Housing and Urban-Rural Development Bureau also replied that it will require the construction unit to strictly control the quality in accordance with the construction specifications, and rectify the situation that does not meet the standards, and at the same time require the developer to strengthen the inspection process of construction quality inspection to ensure the quality of delivery.
02
There is a debt dispute with China Everbright Bank
The developer is included in the list of persons subject to execution
According to a number of owners, the reason may be that there is a debt dispute between Everbright Bank, the unit to which the real estate supervision account belongs, and Aoyuan, and the funds are not allocated in accordance with the regulations to support the continuous construction of the project, resulting in the current hardcover, gardening, electricity, and acceptance of the project cannot be completed as scheduled.
"The existing balance of the pre-sale fund supervision account of the Aoyuan Jade Lanwan project is more than 300 million yuan, which is sufficient to complete the project, but Everbright Bank refused to allocate the invoices provided by Shengxin Property (the grandson of Aoyuan Group) on the grounds that the purpose of the invoices provided by Shengxin Property (the grandson of Aoyuan Group) is unknown," one owner further said.
It is worth noting that, according to the public information of the court, Shengxin Property, the developer of the Aoyuan Jade Lanwan project, and the controlling entity behind it, Aoyuan Group, and China Everbright Bank Co., Ltd. Dongguan Branch have a judicial lawsuit over a dispute over a financial loan contract, and the affiliated company of the project has also been included in the list of persons subject to enforcement by the court.
At present, the total amount of the subject matter of the two enforcement cases has reached 664 million yuan.
Source: Tianyancha
In the view of the owner, due to the loan dispute between the developer and the bank, it is understandable to require Shengxin Property to fulfill its repayment obligations in order to protect its own creditor's rights, but it should not be used to delay the allocation of pre-sale funds.
In response to the questions raised by some owners, the bank has not yet made a clear public response.
"Now the policy of guaranteeing the delivery of real estate is high-pressure, and the China Banking Regulatory Commission and the Housing and Urban-Rural Development Bureau will supervise the allocation or use of the bank's supervision account for the pre-sale funds of the real estate. If it is complained to the CBRC, the bank may be punished, and it is estimated that it will not dare to mess around. Yang Dengji, a lawyer at Guangdong Hebang Law Firm, said.
Wanjiang Sub-district also gave a clear response to the issue of the application for the allocation of project funds, mentioning that the Wanjiang Sub-district Housing and Urban-Rural Development Bureau and the Dongguan Municipal Housing and Urban-Rural Development Bureau have both received the application for the allocation of project funds from the supervision account submitted by the Aoyuan Jade Lanwan Project, and have approved it, but the developer and Everbright Bank have not implemented the provisions and have not allocated them in time;
At the same time, the official stressed that the next step will continue to urge developers and construction units to speed up the construction progress to ensure that the delivery of the building is completed before the end of the month.
03
During this period, I have been looking for a "partner"
In the Dongguan market, urban renewal has always been the main direction of Aoyuan's expansion, and its old reform territory has also penetrated into many towns and streets in the city.
According to incomplete statistics, Aoyuan has obtained at least 14 pre-service provider projects in Dongguan, distributed in Wanjiang, Nancheng, Qingxi, Chang'an, Qiaotou and other major towns and streets, making it one of the largest developers in Dongguan in terms of the area of updated units.
In the face of the spread of the big stalls, on the one hand, the relatively long development cycle of the urban renewal project itself, and on the other hand, the ensuing group danger turmoil.
From a horizontal point of view, 2020~2021 can be described as a period of crazy expansion of Aoyuan in Dongguan, but when the time came to January 2022, with a "inside information" released by China Aoyuan, it was mentioned that after careful consideration of the liquidity situation, the company will not repay the principal and last interest of the US dollar senior notes due in January on time; At the same time, the latest interest payments under the two US dollar senior notes due in June 2023 and June 2024 will not be made after the expiry of the 30-day grace period.
The company is mired in debt, which has also led to the fact that Aoyuan's projects in Dongguan have finally turned into only a handful of results.
Up to now, in addition to Wanjiang's Aoyuan Jade Lanwan, only Tangxia Aoyuan, Guanlan Yufeng, which was developed earlier, and Zhangmutou Aoyuan City World (Aoyuan Commercial Real Estate Group), which was successfully entered the market.
In addition, there are individual projects that have made some progress, but eventually have no choice but to stall.
Including the Aoyuan Jade Pine Lake (Aoyuan Yusong Lake) project located in Shipai, the marketing center was officially opened in October 2022, and some buildings have more than 10 floors above the ground, but they did not wait for the market to open in the end, and are currently in a state of suspension; Aoyuan Jade Lanting, located in Wanjiang Shimei Community, also completed the investment filing as early as October 2021, but there was no further action in the follow-up.
It is worth mentioning that in the face of the maturity of US dollar bonds, Aoyuan, which blew itself up in advance as "unable to repay", also mentioned in the "inside information" that it will actively look for opportunities to release the value of existing urban renewal projects.
At the beginning of the same year, focusing on Dongguan, including the Wanjiang Aoyuan Jade Lanwan for sale, began to actively seek "partners", among which due to the location conditions of the project itself, according to people familiar with the matter, there are several companies involved in the process of communication, but considering that the project also has a commercial apartment, and the commercial market is more difficult to go to the status quo, it was finally closed.
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It is worth mentioning that, aside from the problem of developers, focusing on the Aoyuan Jade Lanwan project itself, it enjoys certain advantages in terms of location and supporting facilities, such as the project is only about 500 meters away from the R1 line bus terminal under construction, and at the same time opposite Wanjiang Middle School, which is only about 2 kilometers away from the large business district supporting South China Mall.
"For buyers who intend to buy houses in this area, if they think the price is appropriate, they can wait until the follow-up project is successfully handed over before considering starting."
According to the query of "Dongguan e subscription", there are still 66 sets of Aoyuan Jade Lanwan showing the status of being sold, with an average price of 28,000 yuan ~ 30,000 yuan / square meter after discount.