上海市政府正在组织协调收购一个位于其地价最昂贵地段的未完工双塔酒店项目。据知情人士称,该项目的主要投资方一位以在中国从事慈善事业而出名的美国人因为完成项目所需成本高而产生了动摇。Associated Press未完工的双塔建筑计划用于开设两家超豪华酒店这座双塔建筑设计用于开设两家超豪华酒店,其中之一是阿联酋七星帆船酒店的中国版,另一家是希尔顿酒店旗下的高端品牌酒店康拉德。去年底,就在工人们开始进行双塔的蜂窝状外立面施工并用天桥连接这两座30层的建筑时,项目主要投资方商人廖凯原要求对项目重新进行评估,并离开了中国。现在,有关方面正在到处筹资试图完成这个项目。双塔的蜂窝状外墙撒下的阴影投射出全球金融危机也给这座中国最眩目的城市蒙上了阴云。十年来,上海一直像磁石一样吸引着外国投资者,这里让外国人第一次有机会在中国购买高品质公寓现代化摩天大厦购物中心仓储区和豪华酒店。但上海跟全世界的联系也意味着, 外国人如今成了主要的风险所在,他们资产状况的恶化融资方面的困难使得中国失去了一个主要的需求支柱。诚然,中国经济在继续扩张,其房地产业遭受的冲击并不像西方国家那么严重。但酒店业目前形势低迷,并且,由于之前房地产价格上涨过快,现在许多人预计房价会出现下跌。上海市场还缺乏更发达的市场所特有的房产止赎程序二手房销售和其他机制。廖凯原的这个项目搁浅在上海引发猜测,他到底是在重新考虑他在这个项目上的风险,还是他出现了资金短缺的问题。记者未能联系到廖凯原进行采访。针对廖凯原的问题在出自公关公司福莱国际传播咨询公司(Fleishman-Hillard)北京办事处的一份声明中得到了回应,该公司发言人也说,她从未见过廖凯原或与他有过交谈。一份声明说,项目延迟是因为成本超出限度进行项目预算评估和其他合同方面的问题,不是因为廖凯原的财务状况或是他投资这两家酒店的意向有变化。据一位了解廖凯原想法的人士说,钱不是问题,但他认为没必要急着完成这两个酒店项目。对上海而言,这个地处其时尚地标新天地一带的项目或许太过重要,不能有闪失。这个项目在上海的名气和所处的中心位置就好比纽约时代华纳中心之于曼哈顿。在中国下一个最重大的活动──5月份即将开幕的上海世博会日益临近的时候,它的烂尾状态大煞风景。知情人士说,上海市有关部门考虑的启动建设的计划是,通过一家政府下属公司购买这个项目的股份。其中一家这样的公司──上海实业(集团)有限公司(Shanghai Industrial Investment (Holdings) Co.)──的发言人说,一直在考虑进行投资,但尚未做出决定。一位政府发言人说,达成的任何交易都属于商业决策。Associated Press充满时尚元素的上海新天地商圈。上海的豪华宾馆的前景不容乐观:上海市第一季度经济增长率降至3.1%,约为全国平均水平的一半。据仲量联行酒店集团(Jones Lang LaSalle Hotels)称,尽管五星级酒店每间客房的收入自2005年以来减少了一半,入住率降至42%,但各大国际酒店计划在明年底以前在上海再增加46%的客房。在上海90年代末的房地产低迷时期,政府下属企业成为了最后的投资者,如今它们成为了君悦酒店(Grand Hyatt)丽笙酒店(Radisson)和万豪酒店(JW Marriott hotels)所在物业的所有者。政府的活动很少公开,但去年12月份上海实业公布了两家子公司之间转让拥有421间客房的上海四季酒店(Four Seasons)的控制权一事:其中一家公司以1.73亿美元获得了87%的控股权。廖凯原持有这个搁浅项目85%的股份,今年54岁的他是出生于印尼的科技大亨。除了在上海的物业项目外,廖凯原几十年来共承诺向中国的大学捐款约7,000万美元。他还是纽约亚洲协会的受托人。通过福莱国际传播发表的声明说,项目各方正在积极探索降低成本的途径,其中包括但不限于向第三方出售股份的可能性。声明表示了在世博会前在商业可接受的成本内妥善完成这一项目的愿望。这位发言人证实,正在同上海实业和其它感兴趣的投资者进行商谈,但说同上海实业的一次磋商未获成功。廖凯原1982年毕业于哥伦比亚大学国际与公共事务学院,他是新泽西州原名软件屋(Software House)的电脑服务公司SHI International Corp.创始人之一。廖凯原是这家少数人持股公司的董事长,并持有40%的股份。去年这家公司的收入为24.4亿美元。早在2004年,廖凯原就曾投资上海的房地产。他持有在香港上市的开发商瑞安房地产(Shui On Land Ltd.)的股份。这家房地产公司因将一片破败的居民区改造为新天地酒店项目而在上海名声大振。瑞安的创始人香港亿万富翁罗康瑞(Vincent Lo)通过私有企业持有廖凯原的宾馆15%的股份,并担任项目经理。罗康瑞的发言人在电子邮件中称,罗康瑞只是小股东,为大股东廖凯原承担必要的管理职能。这家陷入停顿的酒店项目于2005年动工。但到原定的试营业时间2008年8月为止,内部工程基本都未完成。如今,施工现场一片寂静。七星帆船酒店称有望在今年开业,而康拉德则预计要到2010年上半年开业。James T. Areddy(更新完成)相关阅读美国前官员:参与上海世博会关乎美中贸易 2009-04-24中国房产市场回暖 2009-04-14图片:2009上海国际车展 2009-04-24上海车展 中国厂商掀起电动风 2009-04-22世界汽车厂家寄望上海车展 2009-04-20
The Shanghai government is trying to orchestrate the buyout of a twin-tower hotel project that looms unfinished over one of the city's priciest neighborhoods as its chief backer, an American known for his philanthropy in China, wavers about the cost of completing it, according to people familiar with the situation.The matching buildings are designed to house two ultraluxury hotels, a Chinese interpretation of Dubai's sail-shaped Jumeirah Burj Al Arab and a top-end Conrad, a Hilton Hotels Corp. brand.Late last year, just as workers were erecting latticework exteriors and linking the 30-floor towers with a sky-bridge, the project's primary investor, businessman Leo KoGuan, ordered a project review and left China.Now, amid a scramble to find money to complete the project, dark shadows flitter through the honeycomb shell in a vivid illustration of how the global financial crisis has dulled the sheen on a showcase Chinese city.For a decade, Shanghai has been a magnet for foreign investors, offering them the first opportunities in China to buy high-quality apartments, modern skyscrapers, shopping malls, warehouses and luxury hotels.But Shanghai's global ties also mean foreigners are a chief risk today, with their weakened balance sheets and funding difficulties removing a key pillar of demand.To be sure, with China's economy continuing to expand, its real-estate industry isn't suffering nearly as much as those in Western countries. But the hotel industry is weak, and prices of all properties rose so fast that many now anticipate a fall.The Shanghai market also lacks foreclosure procedures, second-hand sales and other mechanisms that are the hallmarks of more developed markets.Mr. Leo's stalled project has prompted questions in Shanghai about whether he is reconsidering his exposure to the project or has run short of money. Mr. Leo couldn't be located for comment.Questions directed to Mr. Leo were addressed in a statement from the Beijing offices of public-relations firm Fleishman-Hillard and by a spokeswoman at Fleishman-Hillard, who says she has never met or spoken with Mr. Leo.Delays stem from cost overruns, a project budget review and other contractual issues, not Mr. Leo's financial position or commitment to the hotels, one statement said.A person familiar with Mr. Leo's thinking says that 'money is not the issue' but that he doesn't feel a rush to complete the hotels.For Shanghai, the project in the city's ritzy Xintiandi zone may be too big to fail. As prominent and centrally located in Shanghai as the Time Warner Center is in Manhattan, it blights the skyline ahead of China's biggest coming event, a World Expo, next May.One plan Shanghai authorities have considered to kick-start construction is to buy a stake in the project through a government-owned company, say people knowledgeable about the discussions. A spokesman for one such company, Shanghai Industrial Investment (Holdings) Co., says it has considered investing but no decisions have been made.A government spokesman says any transaction would be a commercial decision.Luxury hotels in Shanghai look risky: The city's first-quarter growth slumped to 3.1%, about half the national pace. International hoteliers have plans to add 46% more rooms in Shanghai before the end of next year, even as revenue per five-star room has halved since 2005 and occupancy has fallen to 42%, according to Jones Lang LaSalle Hotels.In a late 1990s Shanghai real-estate swoon, government-owned companies emerged as investors of last resort, and today they are landlords to properties housing Grand Hyatt, Radisson and JW Marriott hotels.Government activity is rarely publicized, but a December chnage in control of Shanghai's 421-guest-room Four Seasons -- between two Shanghai Industrial subsidiaries -- was made public: $173 million for 87% ownership.The stalled project is 85%-owned by Mr. Leo, a 54-year-old Indonesian-born technology magnate. In addition to his Shanghai property interests, Mr. Leo has multidecade pledges to donate about $70 million to Chinese universities. He is a trustee at New York's Asia Society.'All parties involved in the project are actively exploring ways to bring down the costs, including but not limited to potential sale of equity stakes to a third party,' said the statement issued through Fleishman-Hillard.It noted a desire to finish the project 'with quality and within commercially acceptable costs before the Expo.' The spokeswoman confirmed talks with Shanghai Industrial and 'other interested investors' but said a Shanghai Industrial discussion 'did not lead to a successful deal.'A 1982 graduate of Columbia University's School of International and Public Affairs, Mr. Leo co-founded SHI International Corp., a Piscataway, N.J., computer-services firm. Mr. Leo is chairman and 40% shareholder of closely held SHI, which had $2.44 billion in revenue last year and was formerly known as Software House.As early as 2004, Mr. Leo had put money in Shanghai real estate. He owned shares in Hong Kong-listed developer Shui On Land Ltd., celebrated in Shanghai for transforming a downtrodden residential area into the Xintiandi zone, the hotel complex's location. Shui On's founder, Hong Kong billionaire Vincent Lo, is a 15% partner in Mr. Leo's hotels and the project manager through private businesses.A spokeswoman for Mr. Lo said by email he was a 'minor' shareholder, 'resting the necessary management to the major shareholder,' Mr. Leo.The stalled hotel project got underway in 2005. By last August, once a soft opening target date, little interior work was completed. Today, the site is quiet. Jumeirah said it hopes to open this year, while Conrad anticipates a first-half 2010 launch.James T. Areddy
The Shanghai government is trying to orchestrate the buyout of a twin-tower hotel project that looms unfinished over one of the city's priciest neighborhoods as its chief backer, an American known for his philanthropy in China, wavers about the cost of completing it, according to people familiar with the situation.The matching buildings are designed to house two ultraluxury hotels, a Chinese interpretation of Dubai's sail-shaped Jumeirah Burj Al Arab and a top-end Conrad, a Hilton Hotels Corp. brand.Late last year, just as workers were erecting latticework exteriors and linking the 30-floor towers with a sky-bridge, the project's primary investor, businessman Leo KoGuan, ordered a project review and left China.Now, amid a scramble to find money to complete the project, dark shadows flitter through the honeycomb shell in a vivid illustration of how the global financial crisis has dulled the sheen on a showcase Chinese city.For a decade, Shanghai has been a magnet for foreign investors, offering them the first opportunities in China to buy high-quality apartments, modern skyscrapers, shopping malls, warehouses and luxury hotels.But Shanghai's global ties also mean foreigners are a chief risk today, with their weakened balance sheets and funding difficulties removing a key pillar of demand.To be sure, with China's economy continuing to expand, its real-estate industry isn't suffering nearly as much as those in Western countries. But the hotel industry is weak, and prices of all properties rose so fast that many now anticipate a fall.The Shanghai market also lacks foreclosure procedures, second-hand sales and other mechanisms that are the hallmarks of more developed markets.Mr. Leo's stalled project has prompted questions in Shanghai about whether he is reconsidering his exposure to the project or has run short of money. Mr. Leo couldn't be located for comment.Questions directed to Mr. Leo were addressed in a statement from the Beijing offices of public-relations firm Fleishman-Hillard and by a spokeswoman at Fleishman-Hillard, who says she has never met or spoken with Mr. Leo.Delays stem from cost overruns, a project budget review and other contractual issues, not Mr. Leo's financial position or commitment to the hotels, one statement said.A person familiar with Mr. Leo's thinking says that 'money is not the issue' but that he doesn't feel a rush to complete the hotels.For Shanghai, the project in the city's ritzy Xintiandi zone may be too big to fail. As prominent and centrally located in Shanghai as the Time Warner Center is in Manhattan, it blights the skyline ahead of China's biggest coming event, a World Expo, next May.One plan Shanghai authorities have considered to kick-start construction is to buy a stake in the project through a government-owned company, say people knowledgeable about the discussions. A spokesman for one such company, Shanghai Industrial Investment (Holdings) Co., says it has considered investing but no decisions have been made.A government spokesman says any transaction would be a commercial decision.Luxury hotels in Shanghai look risky: The city's first-quarter growth slumped to 3.1%, about half the national pace. International hoteliers have plans to add 46% more rooms in Shanghai before the end of next year, even as revenue per five-star room has halved since 2005 and occupancy has fallen to 42%, according to Jones Lang LaSalle Hotels.In a late 1990s Shanghai real-estate swoon, government-owned companies emerged as investors of last resort, and today they are landlords to properties housing Grand Hyatt, Radisson and JW Marriott hotels.Government activity is rarely publicized, but a December chnage in control of Shanghai's 421-guest-room Four Seasons -- between two Shanghai Industrial subsidiaries -- was made public: $173 million for 87% ownership.The stalled project is 85%-owned by Mr. Leo, a 54-year-old Indonesian-born technology magnate. In addition to his Shanghai property interests, Mr. Leo has multidecade pledges to donate about $70 million to Chinese universities. He is a trustee at New York's Asia Society.'All parties involved in the project are actively exploring ways to bring down the costs, including but not limited to potential sale of equity stakes to a third party,' said the statement issued through Fleishman-Hillard.It noted a desire to finish the project 'with quality and within commercially acceptable costs before the Expo.' The spokeswoman confirmed talks with Shanghai Industrial and 'other interested investors' but said a Shanghai Industrial discussion 'did not lead to a successful deal.'A 1982 graduate of Columbia University's School of International and Public Affairs, Mr. Leo co-founded SHI International Corp., a Piscataway, N.J., computer-services firm. Mr. Leo is chairman and 40% shareholder of closely held SHI, which had $2.44 billion in revenue last year and was formerly known as Software House.As early as 2004, Mr. Leo had put money in Shanghai real estate. He owned shares in Hong Kong-listed developer Shui On Land Ltd., celebrated in Shanghai for transforming a downtrodden residential area into the Xintiandi zone, the hotel complex's location. Shui On's founder, Hong Kong billionaire Vincent Lo, is a 15% partner in Mr. Leo's hotels and the project manager through private businesses.A spokeswoman for Mr. Lo said by email he was a 'minor' shareholder, 'resting the necessary management to the major shareholder,' Mr. Leo.The stalled hotel project got underway in 2005. By last August, once a soft opening target date, little interior work was completed. Today, the site is quiet. Jumeirah said it hopes to open this year, while Conrad anticipates a first-half 2010 launch.James T. Areddy