市场低迷造成三方困局，项目体量巨大难寻白衣骑士。 ◎ 文 / 易天宇 日前，一张关于中信信托·深圳龙岗融资集合资金信托计划2025年第一次受益人大会的表决文件在网络上流 传，内容涉及龙岗区政府拟以68亿的价格收回世茂曾计划在深圳打造的"中国第一高楼"项目，而世茂集团当初 是以239亿竞得，因差距悬殊而引起热议。围绕收储价格，政府、世茂、债权人三方态度均有不同，68亿补偿 款价格是否合理？又是否能真的能盘活该超级地标项目？ 深港综合体项目无人接盘，龙岗政府四折收储 01 然而2022年初，世茂集团陷入流动性危机，深港国际中心也因此停工。2022年2月深圳龙岗信托计划出现兑付 异常，中信信托随即启动风险处置程序。由于14幅地块中的10号及11号地块（公寓项目世茂之都一期二期）已 对外出售，故剩余12宗地块（包括西安信托抵债地块）于2023年分别 以130.44亿元、104.35亿元的起拍价进行 了两次司法拍卖，但均因无人竞买流拍。 根据彼时土地估价报告，12宗地块的登记价合计176亿，地块估价 150亿，在建工程估价13亿，合计估价163亿。 2024年7月，市场流传《中信信托深圳龙岗融资集合资金信托计划受益人大 ...

Company Dynamics - CITIC Trust has sent a notification regarding the first beneficiary meeting of the CITIC Trust Shenzhen Longgang Financing Collective Fund Trust Plan 2025, focusing on a land recovery risk mitigation plan [2] - The Shenzhen Longgang District plans to recover 12 plots of land acquired by Shimao Group in 2017, with the original acquisition cost being approximately 23.9 billion yuan, while the recovery compensation is set at only 6.8 billion yuan, indicating a significant price drop [4] - The meeting will take place from July 29 to July 31, where key matters such as government land recovery and asset transfer will be voted on [4] Investment Implications - If the proposed plan is approved, investors may receive a "discounted payout," with a cumulative payout ratio of about 85% of the total principal, but the payout period will extend until around January 2027 [6] - The CITIC Trust Shenzhen Longgang Financing Collective Fund Trust Plan was established on July 17, 2020, with a total scale of 8.7 billion yuan, primarily financing the construction of the Shenzhen-Hong Kong International Center project [6] - Following a default by Shimao in February 2022, CITIC Trust initiated legal proceedings and obtained 11 plots of land as debt repayment, although the transfer procedures have not yet been completed [7] Market Reactions - The upcoming beneficiary meeting and the land recovery risk mitigation plan are generating significant interest among investors, with ongoing developments expected to be closely monitored [8]

Core Viewpoint - The article discusses the challenges faced by Shimao Group regarding the recovery of 12 land parcels in Longgang, Shenzhen, with a compensation plan of 6.8 billion yuan, significantly lower than the original acquisition cost of approximately 23.9 billion yuan, raising concerns among investors about the project's viability and future returns [1][9][12]. Summary by Sections Land Recovery and Compensation Plan - Shimao Group's 12 land parcels, originally acquired for about 23.9 billion yuan, are set to be recovered by the Longgang district at a compensation price of 6.8 billion yuan, which is about 30% of the original cost [1][9]. - The compensation plan will be voted on by investors starting July 18, with a beneficiary meeting scheduled for the end of the month [1][2]. Investor Concerns and Voting Process - Investors have been informed that if the compensation plan is approved, they may receive approximately 85% of their principal by January 2027, but the repayment will be staggered [2][4]. - There is a possibility for investors holding over 10% of trust shares to propose a motion to suspend the voting on the compensation plan [2][3]. Project Background and Financial Status - The project was initially expected to mature in August 2022 but has faced liquidity issues since early 2022, leading to payment delays [3][4]. - As of June 2023, the trust principal balance for the project was 5.679 billion yuan, with around 800 individual investors involved [6][7]. Legal and Regulatory Challenges - Shimao Group has faced difficulties in obtaining necessary construction permits due to strict height regulations, which has stalled the development of the Shenzhen-Hong Kong International Center project [13][14]. - The group has initiated legal proceedings against the local government regarding the land transfer contract, which is still under review [14][15]. Future Implications - The outcome of the beneficiary meeting and the approval of the compensation plan will significantly impact the project's risk mitigation strategies and the potential recovery of investor funds [15][16]. - The trust has been exploring various options for asset recovery, including debt restructuring and judicial auctions, but has faced challenges due to the current real estate market conditions [15].

补偿回收价为拿地成本3折左右。 7月18日，世茂集团发布一则致中信信托·深圳龙岗融资集合资金信托计划（下称"中信龙岗项目"）全体 投资人的公开函，内容包括对深圳龙岗一份68亿元的土地收储补偿及分配方案的意见，并作出三项声 明。 第一财经记者独家了解到，中信龙岗项目投资人自7月18日上午9:00开始，可以针对上述方案进行投 票，并在月底就此召开受益人大会。 这份收地化险方案的核心内容是，深圳龙岗区相关部门将对世茂集团2017年竞得的12宗土地进行收回， 后者是曾经备受瞩目的深港国际中心项目的核心资产，当时拿地成本在239亿元左右，此次回收补偿定 价（68亿元）相当于打了三折。世茂集团曾计划在其中建设一座超过600米的国内第一高楼，目前该项 目大部分计划处于停滞状态。 据记者了解，上述12宗土地涉及两个中信信托项目，其一就是中信龙岗项目。这一回收定价将关系到信 托计划兑付资金。世茂集团也在声明中间接释放出信息：该项目规划审批不畅，上述方案补偿不足、周 期过长。 根据中信龙岗项目信托经理的说法，以及中信信托7月14日向投资人发布的关于召集2025年第一次受益 人大会的通知，如果上述方案投票通过，该项目将在此基础上推 ...