21世纪经济报道记者唐韶葵 宋红卫认为，地标盘活潮起，释放出一个明确信号：房地产风险已进入出清最后阶段。 回溯天津117大厦的发展历程，其命运转折充满波折。2007年，高银地产斥资20.26亿元与海泰控股签订 土地收购协议，拿下项目所属地块。按照最初规划，这里将被打造成集117大厦中心商务区、富国高银 豪宅、天津环亚国际马球会于一体的高端综合体，且计划在2017年内分期完成建设。 2015年，该项目迎来高光时刻，大厦顺利封顶，一举创下多项重磅纪录——不仅是中国结构第一高楼， 还坐拥国内房建领域最长桩基、国内单根最重防屈曲钢支撑、超高层建筑混凝土底板世界之最等多项殊 荣，成为当时建筑领域的焦点之作。 然而，封顶不久高银地产便陷入资金危机，天津117大厦项目建设被迫按下暂停键。今年2月，天津市第 二中级人民法院正式裁定受理高银地产（天津）破产清算一案，并指定高银地产（天津）清算组担任管 理人，项目重整工作正式提上日程。4月，全国建筑市场监管公共服务平台发布的建筑工程施工许可证 电子证照，释放出明确的复工信号，让外界对项目重启充满期待。如今，资产包虽已成功拍出，但具体 的后续盘活方案，仍处于待明晰状态，其未来走向依 ...

Core Insights - Major landmark projects that were previously stalled are now showing signs of revival, with specific examples including the Chongqing Bay project and the Shenzhen-Hong Kong International Center [3][5] - The revival of these projects is attributed to a combination of policy support, market conditions, and financial backing from various institutions [6][5] Group 1: Project Revitalization - The Chongqing Bay project is set to restart with an investment of up to 2.476 billion yuan for debt restructuring and new financing, with plans for construction to begin soon [3][4] - The Shenzhen-Hong Kong International Center is transitioning from a primarily commercial focus to a mixed-use development that includes residential components, following a recent zoning adjustment [4][5] - The "World's First Water Bureau Building" in Guizhou has been transformed into a luxury hotel, indicating a successful pivot from a previously stalled project [5] Group 2: Challenges in Revitalization - Despite some projects moving forward, others like the Guangzhou Round Building are still struggling to find buyers, highlighting the complexities involved in reviving stalled developments [7] - Key challenges for project revitalization include funding gaps, legal disputes among creditors, and the need to rebuild market trust and brand value [9][10] - Financial institutions are increasingly playing a crucial role in project recovery by providing structured financing and facilitating debt restructuring [11]

Core Viewpoint - The article discusses the recent progress in revitalizing previously stalled landmark projects in various cities, highlighting the potential for these "zombie projects" to be brought back to life through coordinated efforts from government, financial institutions, and private investors [3][4]. Group 1: Revitalization of Landmark Projects - Multiple previously stagnant landmark projects are showing signs of potential revitalization, including the Chongqing Bay project and the Shenzhen-Hong Kong International Center [5][6]. - The Chongqing Bay project, acquired by Sunac from Sunshine 100, is set to receive up to 2.476 billion yuan for debt restructuring and new financing, with plans for construction to commence soon [6][7]. - The Shenzhen-Hong Kong International Center, originally acquired by Shimao Group for approximately 23.9 billion yuan, is undergoing a zoning change to allow for mixed residential and commercial use, paving the way for future development [8]. Group 2: Factors Driving Revitalization - The revival of these projects is driven by a combination of policy support, market conditions, and financial backing from institutions, with local governments playing a crucial role in resource coordination [9]. - The 2025 government work report emphasizes the importance of revitalizing existing land and commercial properties, providing a policy basis for the resumption of stalled projects [9]. Group 3: Challenges to Overcome - Despite some projects making progress, others, like the Guangzhou Round Building, continue to face challenges, including failed auctions and complex debt situations [11][12]. - Key challenges for large project revitalization include funding gaps, legal disputes among creditors, and the need to rebuild market trust and brand value [13][14]. - Financial institutions are increasingly important in this process, providing expertise and resources for restructuring and risk management [14].

Core Insights - Major urban landmark projects that were previously stalled are now showing signs of revival, with specific examples including the Chongqing Bay project and the Shenzhen-Hong Kong International Center [1][3] - The revival of these projects is driven by a combination of policy support, market conditions, and financial backing from institutions [5][6] Group 1: Project Revitalization - The Chongqing Bay project is set to be revitalized with an investment of up to 2.476 billion yuan for debt restructuring and new financing, with construction expected to commence soon [1][2] - The Shenzhen-Hong Kong International Center is undergoing a zoning adjustment to transform the area into a mixed-use development, enhancing its potential for future growth [3][4] - The "World's First Water Bureau Building" in Guizhou has been successfully converted into a luxury hotel, demonstrating a successful case of project transformation [4] Group 2: Financial and Institutional Support - Financial institutions are playing a crucial role in the revitalization of these projects, with entities like China Great Wall Asset Management stepping in to provide necessary funding [2][9] - The establishment of special purpose vehicles (SPVs) is being utilized to isolate risks and facilitate the restructuring process for these projects [3][9] - Various financial instruments, including trust services and structured financing, are being employed to manage risks and ensure the safety of new investments [10] Group 3: Challenges to Overcome - Despite some projects moving forward, others, such as the Guangzhou Round Building, continue to face challenges, including failed auctions and unresolved debt issues [6][8] - Key challenges for project revitalization include addressing funding gaps, legal disputes among creditors, and rebuilding market trust [8][9] - The complexity of debt relationships and the need for coordinated efforts among stakeholders are critical for successful project recovery [8][9]

Core Insights - The article discusses the revival of previously stalled large-scale urban projects, highlighting recent progress in cities like Chongqing and Shenzhen, with specific examples such as the Chongqing Bay project and the Shenzhen-Hong Kong International Center [2][3][4]. Group 1: Project Revitalization - Multiple large-scale projects that were once stagnant are now showing signs of potential revitalization, including the Chongqing Bay project and the Shenzhen-Hong Kong International Center [3][4]. - The Chongqing Bay project, which has a total construction area of approximately 1 million square meters, is set to be revitalized with an investment of up to 2.476 billion yuan for debt restructuring and new financing [3][4]. - The Shenzhen-Hong Kong International Center project, originally acquired by Shimao Group for about 23.9 billion yuan, is undergoing a transformation from a commercial focus to a mixed-use residential and commercial area [5]. Group 2: Challenges and Solutions - Industry experts indicate that while some projects are making progress, many still face significant challenges, including complex debt relationships and lack of interest in assets [2][6]. - The revival of these projects is driven by a combination of policy support, market conditions, and financial backing from institutions, with local governments playing a crucial role in resource coordination [6][9]. - Key challenges for project revitalization include funding gaps, legal disputes among creditors, and the need to rebuild market trust and brand value [9][10]. Group 3: Financial Institutions' Role - Financial institutions are increasingly important in the revitalization process, providing expertise and resources for restructuring and risk management [10][11]. - Asset management companies (AMCs) are taking control of projects to isolate risks and are collaborating with brand developers for subsequent operations [11]. - Trust companies are establishing service trusts to ensure risk isolation and safeguard new funding, while insurance companies are looking to acquire quality commercial real estate in prime locations during market downturns [11].

Core Viewpoint - Shanghai Shimao Construction Co., Ltd. has disclosed significant legal issues and overdue debts, including a pending lawsuit involving a claim of 11.291 billion yuan, which may be related to the Shenzhen-Hong Kong International Center project [1][5] Group 1: Legal and Financial Issues - The company is facing a new lawsuit with a claim amount of 11.291 billion yuan, with the plaintiff being China CITIC Financial Asset Management Co., Ltd. [1] - The lawsuit is based on a contract dispute, and the first-instance hearing is scheduled for September 30, 2025 [1] - The company has also been involved in a land recovery situation, where 12 plots related to the Shenzhen-Hong Kong International Center are being evaluated for a compensation of only 6.8 billion yuan, significantly lower than the original acquisition cost [4][6] Group 2: Project Development and Challenges - The Shenzhen-Hong Kong International Center project was initially acquired for 23.943 billion yuan in December 2017, but the project has faced multiple delays and adjustments in height from 700 meters to below 500 meters [3][4] - Originally planned for completion by July 2025, the project has not progressed as expected, leading to speculation about government land recovery [4][6] - The project aims to be a comprehensive development including a conference center, hotel, and commercial spaces, but has been stalled due to financial difficulties and legal challenges [3][5] Group 3: Financial Performance - The company has reported continuous losses since 2022, with a net profit of -2.056 billion yuan for the first nine months of 2025, which is over 100% of its net assets at the end of 2024 [8] - The total contracted sales for the first ten months of 2025 were approximately 20.919 billion yuan, reflecting a year-on-year decline of 26.5% [8]

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].