A piece of shareholder change information announced that Sunac’s “under-the-box” project has ushered in a turning point.
According to recent industrial and commercial data, Sunac transferred its 89.678% stake in Oceanwide Construction Holdings Co., Ltd. to CITIC Trust and Wuhu Huarong Capital Chuangyu Investment Center. The latter held 64.678% and 25% of the shares respectively. After the completion, Sunac’s shareholding ratio dropped to 10.322%.
It is reported that Oceanwide Construction Holdings Co., Ltd. was acquired by Sunac from Oceanwide Holdings in January 2019. The total consideration for the acquisition was 14.887 billion yuan. The company owns Shanghai Dongjiadu Project and Beijing Oceanwide International Project No. 1 Plot.
According to people familiar with the matter, this time it is not for project sale, but project equity financing cooperation, and it is only for Dongjiadu project.
The funding parties are China Huarong, CITIC Trust, and a syndicate of 6 banks led by Shanghai Pudong Development Bank (Shanghai Bank, Shanghai Rural Commercial Bank, Bank of Communications, Industrial Bank, Bank of Beijing) and other partners. The total amount of new financing will exceed 120 The injected funds will be used for the overall development, construction and operation of the project.
When the investment is withdrawn, the financing of AMC and the bank has priority, and after the financing is fully repaid, Sunac will repurchase the equity.
The Dongjiadu project is the only remaining undeveloped plot on the Bund in Shanghai. In May 2002, Oceanwide Holdings acquired three plots of Dongjiadu No. 10, No. 12, and No. 14 at zero cost, with a total of about 120,000 square meters. The price was to undertake the demolition work of the plots.
After Sunac took over, it quickly developed Sunac Bund No. 1 Courtyard on Lot 10, which was opened twice in July and September 2019, with a price of about 121,000 yuan per square meter and sales of over 15 billion yuan . It is understood that the total area of the project is about 688,000 square meters, and the corresponding value of the unsold part exceeds 50 billion yuan.
An industry insider who had been in contact with the project in the early years told 36 Krypton that the demolition cost of Plot No. 10 was about 40,000 yuan per square meter. “At that time, we estimated that the demolition cost of No. 12 and No. 14 would be around 100,000 yuan.”
In 2016, Oceanwide reached an agreement with Shanghai Huangpu District Management Committee on house expropriation of some plots No. 12 and No. 14 of the Dongjiadu Project, and the collection fee for the two plots was set at 9.577 billion yuan.
Signing progress
At present, the demolition and relocation of the No. 12 plot has been completed, and the project is under construction. As of June 2022, information from the on-site house expropriation office shows that the second round of consultation and signing of the third phase of the No. 14 plot has reached 99.90%.
Regarding whether Beijing Oceanwide International Project Land No. 1 held by Oceanwide Construction will also carry out related cooperation in the form of equity financing in the future, Sunac has not responded.
However, in April this year, Sunac Beijing disclosed the name of the Oceanwide International project plot on its official WeChat video account, which is Sunac No. 1 Courtyard. A real estate salesperson told 36 Krypton that the products are four high-rise buildings with 15 to 25 floors, and the apartment types are around 215㎡ to 291㎡, and the estimated selling price is 120,000/㎡. However, the author of 36 Krypton has not yet found the publicity information of the project pre-sale permit project on the website of the Beijing Municipal Commission of Housing and Urban-Rural Development.
In addition to the new progress in project equity financing, Sunac also recently released a performance forecast. According to the announcement, it is expected that the loss attributable to the company’s owners in 2021 will be about 38.3 billion yuan, the core net loss will be about 25.3 billion yuan, and the core operating profit after excluding the impact of impairment will be about 12 billion yuan.
media reports
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Event Tracking
- 2022-12-02 Why is the Sunac Dongjiadu project sought after by AMC, trust and six banks
- 2022-11-30 Sun Hongbin moved to “rescue soldiers”: Shanghai Dongjiadu project will attract more than 12 billion yuan
- 2022-01-20 Sunac paid two open market products of about 4.25 billion yuan as scheduled, and the stock price rose by more than 16%
- 2021-11-16Sunac’s allotment is expected to raise US$952 million, about 50% of which will be used to repay loans
- 2021-09-28Sunac China denies submitting a request for help to the government
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