Zhuhai ‘Time Square’ delivery this year


Buyers of the unfinished residential and commercial project ‘Time Square’ in Zhuhai will be able to take possession of their property between October and November of this year, according to newspaper Tribuna de Macau.
The announcement was made following a meeting held by the Zhuhai Government, which expects the units to be delivered on October 1, yet noting the possibility that there may be a one-month delay due to personnel reshuffling.
With 436 units sold off-plan in 2013, including 40 to buyers form the MSAR, the property was originally slated for delivery to purchasers in 2015. However, the property was sealed by a Mainland China court following the bankruptcy of the property developer.
According to the report, the costs of the project development were evaluated at RMB4.5 billion (MOP5.2 billion/US$652.8 million) of which more than half was owed by the developer.
Zhuhai authorities said a public company would be set up to complete the project and deliver the units to the buyers. This public company will be financed with RMB90 million by two fund management companies and RMB20 million by the authorities.
The funds are expected to be regained once the delivery of the units are delivered, the report said.