Hainan Airlines sells Shenzhen's old reform project Tianzhu Fortune plans to take over 1.6 billion
On July 19th, it was reported that Hainan Airlines, a subsidiary of HNA Group, was disposing of Shenzhen Haihang City. The takeover side was Shenzhen Qianhai Tianhao Wealth Management Co., Ltd.
According to the view of real estate new media, Shenzhen Haihang City is the first project of Hainan Airlines in Shenzhen and the only real estate project of Hainan Airlines in Shenzhen. The project is located at the intersection of Longgang Avenue and Bixin Road in Shenzhen, covering an area of 143,300 square meters. The planned total construction area is 622,800 square meters, including 344,300 square meters of residential construction, 148,500 square meters of commercial buildings and 82,000 square meters of office buildings. 31,000 square meters, etc., the project is positioned as a large urban complex.
According to the view, the real estate new media reported at the time that HNA City had gone through several turnovers, and the construction period was postponed several times before it finally came to market. Today, Hainan Airlines wants to dispose of Shenzhen Haihang City. It is reported that Tianyi Fortune, as the takeover party, has launched a private equity fund product, and plans to raise 1.6 billion yuan in acquisition funds.
The predecessor of Haihang City was the Nanlian Hong Kong and Taiwan Old Reform Project. It was first acquired by Hong Kong-funded Shenzhen Anyuan Creation Co., Ltd. in May 2010. The company was oriented to develop the “Southern Port, Hong Kong and Taiwan Blocks Old Reform”.
However, in October 2010, Guangzhou Haihang Real Estate Co., Ltd. obtained 100% equity of Shenzhen Anyuan Creation Co., Ltd., and changed the business scope of the company from “Orientation of Southern Union and Hong Kong and Taiwan” to “Land of legally acquired land”. Engaged in real estate development and management within the scope of use rights."
After obtaining the development rights of the Nanlian Port and Taiwan Old Reform Project, Hainan Airlines began to raise funds for the project.
On February 28, 2011, Hainan Airlines and CITIC Trust Co., Ltd. initiated the establishment of the “Equity Investment Collective Trust Plan of CITIC•Shenzhen Nanlian Old Reform Project”.
According to the information released by the product at the time, the duration of the trust plan was 2.5 years and the total scale was 300 million yuan. The trust funds will be used to transfer part of the equity created by Baoyuan and increase capital to the project company. The capital increase will be used for the development and construction of the first phase of the Nanlian old reform project.
In September 2011, “CITIC Trust” added another 200 million yuan of investment, which changed the paid-in capital to 599.7 million yuan. At this time, CITIC Trust’s shareholding in Baoyuan’s creation was close to 84%.
On October 20, 2011, CITIC Trust held the equity of Baoyuan to be adjusted to 99.46%. This also means that HNA has used CITIC Trust to replace 99.46% of the shares in an eight-month period, with a total financing of nearly 600 million yuan. At this time, the Nanlian Hong Kong and Taiwan projects have basically belonged to CITIC.
After using nearly 600 million yuan for development, the Nanlian Hong Kong and Taiwan project finally reached the market stage in 2013. On March 25, 2013, HNA Huanan Holding Group Co., Ltd.
redeemed Anyuan with a price of nearly 600 million and re-owned 100% of its shares. Until then, the Nanlian Hong Kong and Taiwan project was once again wholly owned by HNA. It was only after the later Haihang City.
Ref : Property Report
