行业透视｜68亿四折收储，能否盘活深圳第一高楼？

Core Viewpoint - The article discusses the ongoing situation regarding the Shenzhen Longgang financing trust plan, focusing on the government's proposal to recover the "China's tallest building" project from Shimao Group at a significantly reduced price of 6.8 billion, which raises questions about the reasonableness of this compensation and the potential to revitalize the landmark project [2][4][8]. Group 1: Background and Timeline - In December 2017, Shimao Group won the Shenzhen Longgang G01046-0095 land plot for 23.9 billion, setting a record for land auction prices in Shenzhen at that time [3]. - In July 2020, the CITIC Trust Shenzhen Longgang financing plan was established, raising 8.7 billion to support the project [3]. - By February 2022, Shimao Group faced a liquidity crisis, leading to the suspension of the project and the initiation of risk management procedures by CITIC Trust [4]. - The project was put up for auction twice in 2023, with starting prices of 13.044 billion and 10.435 billion, both resulting in no bids [4][6]. Group 2: Government, Shimao, and Creditor Perspectives - The government proposed a compensation of 6.8 billion for the recovery of 12 land parcels, which is 38% of the original auction price and 42% of the estimated value in 2023 [4][8]. - Shimao Group argues that the inability to progress is due to the lack of effective construction land planning permits and has filed a lawsuit against the government for compensation [9]. - Creditors are hesitant about the recovery plan, which requires a two-thirds majority vote for approval, and there are concerns about receiving only 85% of the principal back over an extended period [9][10]. Group 3: Market Conditions and Future Prospects - The current market conditions are challenging, with high vacancy rates in office buildings and a lack of interest from potential buyers for the remaining land parcels [16]. - The government is considering regulatory changes to the project, including reducing the height of the building and converting commercial land to residential use, which may help in revitalizing the project [15][16]. - Despite these efforts, the large scale of the project and the need for significant investment to attract buyers pose substantial challenges [14][16].