CK ASSET(01113) 中国经营报·2025-04-03 07:16Core Viewpoint - The Chengdu Nancheng Duhui project, previously owned by Li Ka-shing's Cheung Kong Group, has faced significant delays and legal issues, with over 5,000 residential units still under construction and a recent announcement of 1,100 units set for sale without completed renovations [1][2][4]. Group 1: Project Background - The Nancheng Duhui project was acquired by Cheung Kong in 2004 for approximately 2.135 billion yuan, with initial development slow to start [2]. - By 2020, only six of the planned eight phases had been developed, with the average selling price of residential units reaching 24,000 yuan per square meter [2]. - Cheung Kong sold the project in 2020 for about 7.847 billion yuan, despite significant unsold inventory remaining [2][3]. Group 2: Financial and Legal Issues - The project has been embroiled in debt disputes, with Cheung Kong taking legal action against RZ Company and Shunhong Chengdu for unpaid debts totaling approximately 3.8 billion yuan [7]. - RZ Company, which is partially owned by Yuzhou Group, has faced multiple financial challenges, including loans from various entities that have not been repaid [7][8]. - The project has been subject to court-ordered asset seizures, with the Chengdu High-tech Zone's land use rights and buildings being frozen until June 2026 [8]. Group 3: Current Developments - Recent reports indicate that 1,100 units are set to be sold, but suppliers like Sichuan Yijia Construction have not received contracts for renovation work, raising concerns about project viability [1][5]. - A new agreement involving multiple parties aims to facilitate the project's debt restructuring and construction resumption, although the legitimacy of this agreement is questioned by some stakeholders [9][10]. - Legal representatives have warned suppliers to verify the authenticity of agreements before making financial commitments, highlighting ongoing uncertainties in the project's management [12].