On the morning of August 8, the commencement ceremony was held at Xintang Baisheng square in Zengcheng, Guangzhou. The reporter of Southern + real estate channel learned that this is the first successful case of bankruptcy and pre reorganization in Guangzhou, and blue-green Shuangcheng Technology Group has become the co builder of the project.
Xintang Baisheng Plaza project covers an area of 16712 square meters, with a plot ratio of 5.44 and a capacity building area of 83169 square meters, of which 32000 square meters are affordable housing, divided into North and south areas.
According to the public information of WeChat official account of the intermediate people’s law of Guangzhou, Baisheng Plaza in Xintang was built and developed by Baicheng company in 2013. After being forced to prosecute by many creditors due to the breakup of capital chain, the project assets were sealed up by the court. Considering that the project has entered the final stage and also includes affordable housing, after multi-party coordination, the project finally entered the “pre reorganization” procedure.
Being able to enter the “pre reorganization” is due to the special provisions on the pre reorganization rules in the guidelines on the trial of bankruptcy reorganization cases issued by Guangzhou intermediate people’s court last May. On June 17 this year, the reorganization plan of Baizhu company was approved and the reorganization procedure was terminated. According to the reorganization plan, 80 million mutual benefit debt funds were introduced, that is, the debtor’s corporate assets were revitalized, the debtor’s debt of more than 1.4 billion was solved, and the repayment rate of each creditor was significantly higher than that of bankruptcy liquidation.
From the approval of the reorganization plan to the commencement conditions and construction, Xintang Baisheng Plaza took only more than 50 days. In order to first realize the quality delivery of affordable housing and ensure the rights and interests of creditors, under the auspices of Guangzhou intermediate people’s court, Guangdong Jinlun law firm is the key manager, Dongguan Asset Management Co., Ltd. and Guangdong zheyin Huachuang Asset Management Co., Ltd. are the key investors, and blue-green Shuangcheng Technology Group Co., Ltd. is the key asset manager.
Blue and green cities said that they would strictly control the project quality, cost and schedule, and deliver Baisheng Plaza project with high quality on schedule to add color to the urban renewal.