On December 6th, the 744 properties under the Kaidar Hub International Plaza in Guangzhou were put up for auction at 10 a.m., but as no one bid, the auction ended without any transactions taking place.
According to a report from Southern Metropolis Daily on December 9th, information from the Ali Auction platform revealed that the 744 properties being auctioned at Kaidar Hub International Plaza are located on various floors ranging from basement levels to upper floors, covering commercial, hotel, and office uses. The reference market price for the properties is around 3.017 billion yuan, with a starting bid of approximately 2.1 billion yuan, equivalent to a 30% discount off the market price. Despite the discount, the properties still remained unsold.
A representative from an apartment near the Kaidar Hub International Plaza analyzed the situation, stating, “The ‘New Tang TOD’ has lost its appeal. This area has consistently lacked popularity. You can see these two big unfinished buildings at Kaidar, to put it bluntly, there are issues with the commercial environment in New Tang. Which boss would still be willing to invest here?”
Kaidar Hub International Plaza is located next to the New Tang Station in the transportation hub in the eastern part of Guangzhou, known as “China’s first true TOD (Transit-oriented development)”. TOD refers to a development strategy that maximizes the use of public transportation when planning residential or commercial areas, emphasizing non-automobile transportation design.
Kaidar Hub International Plaza is currently shrouded in construction fences, giving off a desolate atmosphere. A logistics business owner near the New Tang Station disclosed, “It has never been easy to rent out here, with few commercial activities nearby, it’s quite deserted. This place was planned to be the center of passenger flow, logistics, capital flow, and information flow, but the reality doesn’t match, with significant construction challenges.”
The same individual also pointed out that the local government has not taken substantial development actions, stating, “Just look at Kaidar.”
Back in August 2021, there were rumors in the market that Kaidar Hub International Plaza was left unfinished due to the collapse of its financial chain and mortgage issues. In response, Kaidar previously informed the media that the project would not be left incomplete and even released a clarification announcement. However, the construction of Kaidar Hub International Plaza has been at a standstill for years. Nearly five years have passed since the press conference, and over ten years have gone by since the project acquisition, yet Kaidar Hub International Plaza is still shrouded in doubts of being incomplete.
The report mentioned that the current area around New Tang Station lacks strong industrial support to drive its development. As a significant landmark in the eastern center of Guangzhou, the “real-life image” of Kaidar Hub International Plaza appears quite desolate.
A netizen with the username “Hero of Mount Tai” commented, “Thirty years in the east of the river, thirty years in the west of the river, the era of real estate is over.”