Shulou(Shulou.com)11/24 Report--

CTOnews.com news on June 26, Hong Kong China Evergrande Center has been renamed "Wantong Insurance Center" (YF Life Centre), the receiver or owner has signed the renaming document on June 12, the building has been officially changed.

At the same time, on June 23, Yunfeng Financial, a Hong Kong listed company, announced that its registered office and main place of business had been renamed Wantong Insurance Center by China Evergrande Center (that is, Hong Kong Evergrande Center), effective from the date of the announcement. " It is worth noting that Wantong Insurance is a company owned by Yunfeng Financial, a company controlled by Jack Ma and Yu Feng, and is also one of the main tenants of the Hong Kong Evergrande Center.

Hong Kong Evergrande Center, once the landmark office building of China Evergrande in Hong Kong, has been renamed Wantong Insurance Center, sparking speculation about whether it has been sold. However, according to the Hong Kong Wen Wei Po reported on June 22, the sale of the China Evergrande Center in Hong Kong is still in progress, probably because Wantong Insurance is one of the main tenants, so it leases the naming right. According to the Interface News, some people in the real estate industry in Hong Kong said that generally speaking, only the owners of the whole building can change the name of the building, and there are almost no cases in which the tenants of the building have to change the name.

It is reported that the Grade An office building, located at 38 Gloucester Road, Wan Chai, is close to Admiralty and Wan Chai MTR stations, Hong Kong Police headquarters, Hong Kong Convention and Exhibition Centre, and adjacent to Victoria Harbour.

The Hong Kong Evergrande Center, formerly known as the Wantong Building of the United States, was acquired by China Evergrande for HK $12.5 billion in 2015 and renamed the China Evergrande Center. The 28-story building has a total floor area of about 380000 square feet, of which about 30 per cent is for Evergrande's own use and the rest is leased to other tenants.

Because of the debt crisis, China Evergrande has tried to sell Hong Kong Evergrande Center several times since last year, but failed. In September last year, the property was taken over by Citic Bank's Citic Bank International appointed receiver Ammann Corporate Consultants, and is being sold by Savills, but the tender closing date was disclosed at the time. In March last year, Liang Lin, a non-executive director of Evergrande, confirmed in a conference call with creditors that Evergrande was in contact with potentially capable buyers to repay syndicated loans through asset sales. and use part of the balance to ease the company's liquidity squeeze abroad. In July last year, Evergrande put the Hong Kong Evergrande Center on the shelf again, but the market valuation has fallen to about HK $9 billion, a decline of nearly 30 per cent.

It is understood that the sale process of the Hong Kong Evergrande Center is not smooth. On the one hand, because the property debt problem is complex, involving a number of creditors and receivers, the need to coordinate the interests of all parties. On the other hand, the office market in Hong Kong has been affected by the epidemic and social unrest, with rising vacancy rates, falling rents and sluggish demand. In addition, there will be a large increase in supply in Wan Chai in the future, including the King of Land Project at the Central MTR Station, the redevelopment project of the Harbour Centre, and so on, which will put pressure on the competitiveness of the Hong Kong Evergrande Centre.

CTOnews.com noted that in addition to Hong Kong Evergrande Center, China Evergrande owned or planned to build a number of "Evergrande Center" landmarks in Guangzhou, Shenzhen, Hefei, Nanning, Jinan, Ningbo, Foshan and other cities during the "Golden Age". But as Evergrande got into trouble, Evergrande centers everywhere became the first assets to be sold. Shenzhen Evergrande Center was taken over by creditors in November last year, and Guangzhou Evergrande Center has been on Evergrande's sale list, but so far no successor has been found.

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