2014-05-26

In Yingkou, Liaoning Unfinished Buildings Stretch For 50 Square Kilometers; Real Estate Graveyard

Photos follow the Google Translation of the article.

系列调查二:癫狂的三线小城


REVIEW: Even during the day walking in the streets of Yingkou, Liaoning blockbuster, you can not help but blame the lonely city: skyscrapers, interspersed everywhere on schedule disk, it seems like a quiet graveyard. So bad scenes in this third-line town stretches nearly 50 kilometers.

Phoenix Finance through field investigation several days, lasted four years after frenzied Zaochengyundong sunshine city of Yingkou This gave the country's major housing prices have been beyond the pale boom receded, leaving a total of more than 40 stagnant real estate for sale, as well as nearly 10 residential flats plate issued more than 90 million square meters of land to be developed stock. In terms of the past three years, commercial housing sales pace Yingkou, Yingkou City, is expected to take stock of existing land about 12 years to fully digest.
Share of the investment pie face under Yingkou municipal government had to take the risk, sailing against the central government in the big market regulation policies. However, from the data, the property market has been deeply embedded in Yingkou.

Real Estate Graveyard

Even during the day walking in the streets of Yingkou, Liaoning blockbuster, you can not help but blame the lonely city: skyscrapers, interspersed everywhere on schedule disk, it seems like a quiet graveyard. So bad scenes in this third-line town stretches nearly 50 kilometers.

190 km southwest of Shenyang, the east coast of the Bohai Sea, Daliaohe into the sea. Benefit from the revitalization of old industrial bases in northeast Liaoning coastal economic zone development and opening of Shenyang Economic Zone superposition of three national strategy, the resident population was less than 500,000 Yingkou GDP growth for six consecutive years ranked first in Liaoning Province.

Lasted four years after frenzied Zaochengyundong, Phoenix Finance fieldwork interviews learned several days, the sun gave the major city of this housing prices have been beyond the pale boom receded, leaving a total of more than 40 stagnant real estate for sale, nearly 10 residential flats and more than 90 million square plate issued stock of rice land to be developed. In terms of the past three years, commercial housing sales pace Yingkou, Yingkou City, is expected to take stock of existing land about 12 years to fully digest.

"There are three locals know Yingkou ghost town, is a camp east, a coastal base, one is Bayuquan." 238 bus driver told Phoenix Finance, tour opened in 2008, bound for the coastal urban centers by the Yingkou base The bus is connected to two of the only public transport, taxis and rarely willing to carry passengers to the sparsely populated coastal bases.

If you get off in a place called "new and Main Street," the site, you'll find a place called "coastal home" of real estate, this opening has been four years and almost zero sales in the project construction area of ​​nearly 90,000 square meters, with a total planned 900 households, by the Yingkou local private investment in the development of housing prices. Today, the sales office suspended the sales hotline number display has already been eliminated, and a half-meter-high weeds still retains traces of spectacular when the project opened, and was wanton destruction of gates and walls have long displayed no smoke here.

500 meters, although at the heart of the coastal base of "Starry Austrian city" project has had published "To the majority of the owners of the apology letter" because of the slow construction in the local media, promising huge liquidated damages to the owners.

And "coastal home" "Starry Olympic City"-like scene with real estate everywhere in the coastal base, while carrying the mission of the camp Yingkou city eastward moving and on schedule East Metro places plate majority.

Here, Hengda Group has invested in three real estate projects with a total area of ​​over 1.15 million square meters. However, even with the super famous executive power industry, Hengda also suffered in this unwieldy, three real estate nearly half of the area is still for sale. Phoenix Finance from the scene learned that Evergrande City Luxurious room price even at the beginning of May plummeted over three percent to 3,800 yuan per square meter from 5,600 yuan per square meter, while the price has almost no profit margin.

Bayuquan hundreds of kilometers of coastline has attracted the South Building, Vanke, Kerry and other national housing prices in this get together, Phoenix Finance from Bayuquan field that, at present only in the region have more than 50 properties in hand, construction area of ​​the body volume of 20 million square meters. "Harbour City" project Vanke investments covering about 540,000 square meters, with a total construction area of ​​about 1,200,000 square meters; Kerry released 2013 report shows that it has in mainland China's 8 percent of property located in Yingkou, a total construction area approximately 500,000 square meters; Century City area of ​​South construction investment is 423,000 square meters, planning construction area of ​​1.12 million square meters.

70 billion made the city

Yingkou agitation began in 2010, this year, Yingkou Municipal draw down a pie: "Twelfth Five-Year Plan" goals and strive to achieve 300 billion yuan of the total economy, the local general budget revenue exceeded 30 billion yuan, the resident population reach 300 million people. That is over 3 times GDP, the budget should turn three times, adding 800,000 resident population.
Then, under the "build coastal cities as the goal, to comprehensively promote urban construction" target incentive, Yingkou accelerated rhythm of urban sprawl, increased infrastructure and investment efforts.

"Five years time, Yingkou City, the total investment in urban renewal only one on it more than 70 billion yuan." Yingkou City Planning Institute official, who requested anonymity to Phoenix Finance admitted, under "Twelfth Five-Year Plan target pressure, Yingkou the city has been planning ahead. " Digital Leader jurisdiction Yingkou City Planning Institute of Housing and Urban Planning and Construction Committee, said inconvenient to comment.

Invested almost $ 70 billion on a five-year double, and therefore the exchange is the city's new urban area of ​​150 square kilometers, 100 kilometers of coastline and 1,600 kilometers of coastal land.
In fact, in 2009, real estate investors have been keen to capture the appreciation of space Yingkou land. This year in July, "Liaoning coastal economic belt" is determined by the State Council as a national economic development strategy, Yingkou among them. Yingkou municipal government subsequently introduced the "Liaoning (Yingkou) Coastal Industrial Base investment preferential policies", settled in the coastal industrial base of Liaoning real estate projects will be carried out subsidies. The beginning of the year, a "pre-Yingkou station area a number of policies to accelerate real estate development," has been released, in Yingkou Station area for registered real estate projects and enterprises, the government will be treated differently discount loans, compensation, subsidies, etc. to encourage the rapid development of real estate.

Phoenix Finance based on publicly available data released by Statistics Yingkou municipal government departments, only in 2010-2011, Yingkou City area hundred million square meters of residential land accumulated launched, the cumulative turnover of 73.81 million square meters, this data is even more than in Wuhan, Chengdu, capital city . The new construction area of ​​12.12 million square meters, this data is 12.8 times the area of ​​Shandong Rizhao similar position.

Hot real estate development to generate substantial revenue Yingkou government finances. Phoenix Finance obtained a copy of the city of Yingkou municipal government's investment platform Yingkou City Construction Investment and Development Co., a rating report shows that only 2010 to 2011, the company's revenue obtained only by land reached 3.902 billion yuan . The report mentions "As of the end of September 2012, the company has 20.69 square kilometers of land available for development, according to a conservative 1,000 yuan / square meter to estimate the selling price, availability of land revenue 20.69 billion yuan."

However, trading boom in 2012 that rapid cooling. This year Yingkou land market supply and demand both fell sharply in 2012, residential sites and trading volume fell to 11.16 million square meters, respectively, 9.71 million square meters, are not, and fourth last year, and in 2011 this figure was 48.07 million square meters, 33.26 million square meters. Launched in August 2013, and trading volume continued to fall year on year decline of more than 30%.

"At the end of 2011, housing prices in some local panic, Yingkou government was also aware of the risk of overheating, we also made some suggestions to them." South Building Yingkou project company official told Phoenix Finance, "was often On the same day several properties simultaneously opened, how many people we had never subscribed to the bottom. "

Government salvation

Share of the investment pie face under Yingkou municipal government had to take the risk, sailing against the central government in the big market regulation policies.
Since 2012, the continuous introduction of Yingkou bailout policies, launched three consecutive deed refunded buyers, administrative fee waiver policy, the financial contribution by the municipal government employees to pay housing subsidies to stimulate the property market consumption. In the first half of 2013, a slight improvement in trading conditions, sales area of ​​1,890,000 square meters, with sales of 8.41 billion yuan, an increase of 7.1% and 16.1%, respectively, the growth rate rebounded slightly.

According Yingkou municipal planning, 2015 Yingkou urbanization rate of 62 percent by 2012 increased to 75%, which means that an average increase by more than 4 percentage points, while the 2007 - 2012 average annual growth rate of only 1.1 urbanization rate percentage points, the urbanization rate is expected to reach the target yet considered. Even in 2015 the urbanization rate reached 75% of the target population size continues to grow, but it is difficult to alleviate the severe pressure of oversupply.

Only cities with less than 800,000 resident population of the latest solutions Yingkou is to "promote the export of local listings," this measure has even been included in the government document, "Yingkou Municipal Construction Committee in 2014 focused on the main points of the second quarter," the document clearly required "to develop the annual work program for export."
However, almost all local banks Lengnuanzizhi from early 2012 had stopped lending to real estate developers, construction project manager above South to Phoenix Finance confirmed the news, venture capital strand breaks caused massing smaller room enterprises in project development toss floor had to leave halfway.

Internally speeches Mao Daqing, vice president of Vanke Group, Yingkou property has been described as "the most horrible" and "ridiculous." In fact, from the data, the property market has indeed diehard Yingkou.

Analysis of China Index Research Institute, said the Phoenix Finance Yingkou currently under construction and the construction has been completed for all the land (assuming 2015, does not consider future new land), and two years before completion of the area as a whole, considering the urban population increases over the next three -5 years, Yingkou City, per capita housing area will reach 60 square meters, just below the Ordos, while the country's per capita housing area potentially reach 40 meters, first-tier cities generally less than 40 meters.

In addition, the current resident population of less than Yingkou 2.5 million, the total GDP of less than 150 billion yuan, but the stock of land to be developed over 90 million square meters.
In other words, the stock of land to be developed basic and Wuhan, Tianjin, Chongqing and other capital cities rather, the latter population is more than four times the size of Yingkou, GDP is more than five times the size of Yingkou.

China Index Research Institute estimates, according to recent Yingkou commercial housing sales pace, the existing stock of land is expected to need about 12 years to fully digest, much higher than the supply of land in Wuhan, Tianjin and other large but the real estate market despite high maturity, market strong demand for a second-tier cities.


More photos here: 营口4年疯狂造城背后:烂尾楼盘绵延近50平方公里

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