After 21 years of abandonment, the Fangzhuang landmark building Jinhui Center has gained new life, recently appearing as a luxury hotel. It is one of the oldest unfinished buildings in Beijing, spanning two centuries from construction start to completion, with nearly half of its property life wasted in idleness.

 

      Current status: The new hotel still has characteristics of the last century

 

      In the minds of nearby residents, this cylindrical building is one of Fangzhuang's landmarks. Mr. Dong, a Fangzhuang resident, told reporters that construction on the building began when he was in middle school, but until he married and had children, there was still no sign of completion. “Recently I saw lights on in the building at night, so it seems there should be a result.” A reporter recently saw that the building has put up a sign for “Zhongle Six-Star Hotel,” and its height of 126 meters is quite conspicuous among surrounding buildings. Inside the hotel, the newly decorated scene makes it impossible to associate with the name of an unfinished building. Staff told reporters that the hotel is built to five-star standards and will open soon. However, the reporter noted that details such as elevators and doors still reveal the era characteristics of this building that began construction 21 years ago.

 

      Past: Once the first project to attract investment in Hong Kong

 

      The Zhongle Six-Star Hotel project was originally named “Jinhui Center” and was Beijing's first project to attract investment in Hong Kong in 1992. Construction officially began the following year.

 

      The project was controlled by the Hong Kong side. However, due to unfamiliarity with planning and poor later sales, the Hong Kong side's sales funds were not in place. After the main structure was topped out in 1993, it entered a state of suspension. Later, Shoukai Group took over the project and continued to follow up with funds. By the end of 2008, the relevant parties had basically negotiated the equity change. But continued operation still faced huge financial pressure, and the project was slow to complete.

 

      In 2010, Shoukai Group listed for transfer on the Beijing Equity Exchange the 100% equity of Jingcheng Real Estate and nearly 135 million yuan of debt at a base price of 194 million yuan. The core asset of Jingcheng Real Estate was “Jinhui Center,” accounting for more than 98% of total assets.

 

      In 2011, Zhongle Group officially acquired 100% equity of Jingcheng Real Estate. Subsequently, Wang Ming, chairman of Zhongle Group, publicly stated that Zhongle Group would invest heavily to build it into a super five-star hotel and rename it Zhongle Six-Star Hotel. The hotel now presented to the public took three years to renovate and cost 760 million yuan.