A Zhuhai court has issued an order requiring the appointment of an administrator for a Hengqin property developer in liquidation.
The order was issued by the Intermediate People’s Court of Zhuhai on 9 July, with an application deadline of 22 July.
According to an online notice, the property developer was registered with the Hengqin authorities in September 2013 with a capital of RMB760 million (US$104 million/ MOP842 million).
Its flagship project, the Haoyi Fortune Center, is a corporate tower block whose construction was completed in early December 2020 against a backdrop of the Covid-19 pandemic.
It is one of several major high-rise buildings facing the Hengqin Immigration Hall.
The complex — comprising two blocks, one of 30 storeys and the other of 45 storeys — boasts a gross floor area of over 221,880 square metres and houses 988 offices, 890 commercial spaces and 608 serviced apartments, as well as around 1,300 parking spaces.
There are no existing mortgages or liens on the project, according to the court order.
It was not the first time the financially troubled developer had come under public scrutiny.
In 2021, scores of property buyers staged a protest outside the complex after the developer failed to deliver on its promise to complete the project as scheduled.
It was widely reported that as many as 3,000 units and over 200 buyers were involved.
The developer had initially promised to complete the construction and furnishing of the units by the end of 2020.
However, the Covid-19 pandemic caused multiple delays, resulting in the completion date being pushed back to mid-2021.
It was later pushed back again to the end of that year for the same reason.
The projects erupted after buyers were informed that there would be no definite timeline for delivery of the units, which reportedly cost over RMB40,000 per square metre.
