Finance Association, November 12 (Reporter Li Jie) The landmark hotel in Chengdu was filmed twice and successfully changed hands.

On November 12, it was reported that Sunac's Chengdu Global Center Paradise Intercontinental Hotel has been transferred to Dongfang Yuhong in the form of a physical debt settlement.

In response, people familiar with the matter told reporters that the news is true; the Chengdu Global Center Paradise Intercontinental Hotel is already owned by Oriental Yuhong.

According to public information, the Chengdu Global Center Paradise Intercontinental Hotel is an asset of the Global Sunac Exhibition Cultural Tourism Group. Meanwhile, Global Sunac Exhibition Cultural Tourism Group is a subsidiary of Sunac. Among them, Sunac Southwest Group holds 51.65% of the shares, and Deng Hong, chairman of Global Sunac Exhibition Cultural Tourism Group Co., Ltd., personally holds 23.03% of the shares.

Meanwhile, Chengdu Global Center Paradise Intercontinental Hotel was acquired by Sunac from Yunnan City pitchers in 2019.

According to Sunac China's November 27, 2019 announcement, it acquired 51% of the shares of Global Century & Era Global (target company) held by Yunnan City Investment Group at a consideration price of 15.269 billion yuan. After the transaction was completed, Global Century & Era Global became an indirect subsidiary of Sunac China, and was renamed and reorganized as Global Sunac Exhibition Cultural Tourism Group. The deal involved 18 projects in cities such as Chengdu, Wuhan, Changsha, and Kunming, including the current Chengdu Global Center Paradise Intercontinental Hotel.

As Sunac faced financial difficulties, the Chengdu Global Center Paradise Intercontinental Hotel was also put up for auction and was filmed twice.

The project was first auctioned between January 25 and January 26, 2024. At that time, the Second Intermediate People's Court of Beijing held a public auction on the Jingdong Judicial Auction Platform of part of the property at No. 1,700 Tianfu Avenue North Section in the Chengdu High-tech Zone. The construction area of the bid was about 0.115 million square meters, and the starting price was 1.15 billion yuan, which was 7.15% off the assessed price of 1.609 billion yuan.

Since there were no auctions, the title's first shot was streamed. Then, on February 26, the project was put up for auction again, and the starting price was reduced to 1 billion yuan. However, despite the drop in the starting price, no one paid attention to it, and it was once again streaming.

Subsequently, according to the property debt settlement ruling issued by the Beijing Second Intermediate People's Court on March 26, 2024, it was decided that “the above land use rights and corresponding rights to the above ground were transferred from the time this ruling was delivered to Beijing Oriental Yuhong Waterproofing Technology Co., Ltd.”

As can be seen, after going through two streaming shoots, the Chengdu Global Center Paradise Intercontinental Hotel finally transferred the ownership of the hotel to Dongfang Yuhong in the form of debt repayment.

According to public information, the Chengdu Global Center Paradise Intercontinental Hotel has a total construction area of 0.105 million square meters. It is the largest five-star luxury hotel in the Chengdu metropolitan area. The operating revenue in the past five years was about 0.19 billion yuan, and the owners' assessed profit was 50 million yuan. Currently, the hotel is still operating normally on a daily basis, and the rental period is until 2041.

It is worth noting that on November 4, the Chengdu Global Center Paradise Intercontinental Hotel is still soliciting interested parties, and the Shenzhen Joint Property Exchange is responsible for bidding.

Industry insiders believe it is not ruled out that Dongfang Yuhong will continue to transfer this asset in the future.

Dongfang Yuhong, the successor to the aforementioned project, is known as the “waterproof brother” in the market, and has already crossed borders into the real estate market as early as 2020 and appeared in the land market.

According to the reporter's incomplete statistics, in August 2020, Dongfang Yuhong teamed up with Aoyuan Group to bid for a residential land plot in Zhongxin Town, Zengcheng District, Guangzhou, at a price of about 0.8 billion yuan. Dongfang Yuhong held about 20% of the shares. In April 2021, Dongfang Yuhong obtained a commercial and residential plot in Huadu District of Guangzhou at a price of about 0.112 billion yuan through its wholly-owned subsidiary Guangzhou Oriental Yuhong Real Estate. In October 2023, the company won a residential land project in Nanyuan, Fengtai District, Beijing at a price of 4.0135 billion yuan, but it was sold at a price of 0.475 million yuan in less than a month, drawing attention from the outside world.

Financial reports show that Dongfang Yuhong achieved operating income of 21.699 billion yuan in the first three quarters of this year, a year-on-year decrease of 14.44%; net profit attributable to shareholders of listed companies was 1.277 billion yuan, a year-on-year decrease of 45.73%.