On May 10, The Paper (www.thepaper.cn) learned that Sunac China (01918.HK) was negotiating with several potential buyers to sell a 51% stake in the Ice and Snow Cultural Tourism City project in Shenzhen.

In the list of potential buyers, Shenzhen Metro Group is in contact with Sunac to discuss taking over the stake.

  According to The Paper, Sunac’s sale of equity is still under negotiation, and the receiver and contract have not been finalized.

  On November 23, 2020, Sunac and Huafa Co., Ltd. (600325.SH) jointly won the plot numbered A301-0575 in Baoan District, Shenzhen at a reserve price of 12.71 billion yuan.

The plot is located in Shajing Street, Bao'an District, Shenzhen, next to the International Convention and Exhibition Center, with a land area of ​​436,809.61 square meters and a construction area of ​​1,310,703 square meters, including 742,500 square meters of office, 300,000 square meters of residential (saleable talent room), and 100,000 recreational facilities. Square meters, 99,733 square meters for business (including 7,291 square meters for green axis underground business), 49,000 square meters for supporting hotels, and 19,470 square meters for public facilities.

Among them, the saleable talent housing is allowed to be sold separately, and 30% must meet the requirements of the regulatory agreement before it can be sold.

The price of talent housing shall be determined by 60% of the market price of commercial housing in the same location at the time of sale, and the maximum sales price shall not be higher than 40,000 yuan/square meter.

  According to the agreement between Sunac and Huafa Co., Ltd., the two parties jointly invested in the establishment of a joint venture company, Shenzhen Ronghua Land Investment Co., Ltd., and participated in the bidding of the land parcel located in Shajing Street, Baoan District, Shenzhen in the name of Shenzhen Ronghua. The registered capital of Shenzhen Ronghua is 7 billion yuan. Among them, Huafa Real Estate subscribed for 3.43 billion yuan, holding 49% of the equity of the project company; Sunac Cultural Tourism subscribed for 3.57 billion yuan, holding 51% of the equity of the project company.

  According to the transfer conditions, after the completion of the land parcel project, 100,000 square meters of recreational facilities are limited to the overall transfer, and 49,000 square meters of supporting hotels are limited to the overall transfer. The total commercial area is 99,733 square meters (including 7,291 square meters of underground business in the central green axis), and the office area is 742,500 square meters. Rice, can be sold separately; the commercial service land part of the land to be transferred must start construction within 2.5 years and be completed within 6 years from the date of signing the "Transfer Contract", and the residential land must start construction within 1 year and 4 years from the date of signing the "Transfer Contract". Completion.

  This project is an ice and snow cultural tourism complex to be built by Sunac, including the world's largest indoor snow world. This is also the first time Sunac Cultural Tourism has entered Shenzhen.

  In fact, on December 18, 2019, at the 2019 Shenzhen Global Investment Conference, Shenzhen Bao'an District signed a cooperation agreement with Sunac China with a total investment of 36.7 billion yuan.

According to the agreement, Bao'an and Sunac China will establish a strategic partnership, invested by Sunac China, to build Sunac China's Greater Bay Area headquarters and an ice-snow cultural and tourism complex project (tentative name) in Bao'an.

Among them, the ice and snow cultural tourism complex project plans to invest about 33.83 billion yuan, and will be built into a world-class cultural tourism project integrating the world's largest indoor snow world, ice and snow themed hotels, ice and snow themed shopping streets and other facilities.

  On March 22, 2021, the Shenzhen Shajing A301-0575 plot was named Sunac Huafa Shenzhen Ice and Snow Cultural Tourism City and construction began.

In addition, the project is also included in Bao'an's major project plan in 2021, with a total investment of 18.29 billion yuan. In 2021, the construction of talent housing, public supporting housing, business, and office (Phase I) is planned to be completed by December 2026.

  The Paper reporter Li Xiaoqing

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