The danger of the "Chinese Cultural Center in Phoenix, USA" - the loss of China's overseas assets

The danger of the "Chinese Cultural Center in Phoenix, USA" - the loss of China's overseas assets Author: Xie Chengyan Entering the Chinese Cultural Center in Phoenix, USA&#8221…

Author: Xie Chengyan

Entering the "Chinese Culture Center" in Phoenix, USA, you can see the Three Pools Reflecting the Moon, the Pinghu Autumn Moon, Confucius Temple, Tianwenshu Fang, Canglang Pavilion, Xiaoyingzhou, and the pavilions and pavilions of Jiangnan in China. They are concentrated in Chinatown with more than 160,000 square feet. It is known as the most Jiangnan-style place in the western United States. The annual China Week, as well as Phoenix and Chengdu sister city activities are held here. Sino-US friends gather together, and it is an important gathering place for Sino-US political and business activities. However, recently it has become the center of discussion among local Chinese people. The reason is that the center is facing complete demolition after being resold twice.

The new owner, 668NORTH LLC, purchased the Chinese Cultural Center for 10.5 million on June 9, 2017, which required that the building be demolished, completely demolished with Chinese cultural elements, and converted into the corporate headquarters building of TRUENORTH COMPANIES (the head office of 668NORTH LLC). The new owner notified the Chinese community to move away various sculptures containing Chinese culture. All Chinese supermarkets and tenants have been given a deadline to move out of the cultural center. After receiving this notice, the local Chinese people could not accept this fact. They jointly submitted a letter hoping that the relevant departments would pay attention to it and not let our culture and history be lost in the United States. They requested that the overseas Chinese culture be preserved in the original location, as it is, so that it has the original flavor. (Joint link: https://www.change.org/p/doug-ducey-save-the-phoenix-chinese-cultural-center) When the overseas Chinese in Phoenix began to focus on this important overseas cultural heritage, they discovered that things were far from simple as imagined.

>Chinese Cultural Center in Phoenix, USA Real Scene 1

Chinese Cultural Center in Phoenix, USA Real Scene 2

>Phoenix, USA Real Scene Three of the Chinese Cultural Center in Phoenix

Pictures taken by Yi Liubai

The Chinese Cultural Center in Phoenix was built in 1997 by the Chinese state-owned enterprise COFCO. The cultural center includes the Chinese supermarket Zao Xinxin Supermarket with an area of ​​30,000 square feet, two commercial retail areas of 47,667 square feet and 83,000 square feet respectively, an underground parking garage of 68,442 square feet, and the aforementioned Chinese-style courtyard, landscape and lakeside, Chinese red pillars, and Chinese-style roof design with yellow and green glazed tiles.

>China Cultural Center Floor Plan

China Cultural Center 3D Plan

Prime location, priceless The market value far exceeds $18,365,000

In terms of location, the center is located on Highway 202, Highway 143, and the traffic artery of Phoenix Airport. In the center of Phoenix, it is adjacent to Arizona State University, the largest campus in the United States, and Scottsdale, the city with the best economy in Greater Phoenix. It has very high commercial value. The current Maricopa County Assessor’s Office (Government Valuation) valuation is $18,365,000.

According to people who have been involved in real estate transactions for many years, government valuations are generally far lower than the market price. In other words, the price offered by the latest owner of 668NORTH LLC is almost only one-half or one-third of the market price. The seller this time is not COFCO, but a real estate company called 44 airportAG Owner LLC. The company's parent company is called C T Corporation and does not seem to have anything to do with COFCO. This is strange. How can an asset that has always been owned by COFCO be sold under the name of this company? Could it be that the "Chinese Cultural Center" has changed hands a long time ago? The reporter could not find any sales information or records of the "China Cultural Center" on Loopnet, which has the most active commercial real estate transactions in the United States, as well as on other major commercial real estate sales websites.

The hard work paid off, and COFCO’s sales records were finally found in official U.S. government information. It shows: On November 1, 2016, COFCO investment company LLC sold the "Chinese Cultural Center" to 44airport AG Owner LLC at a low price of 10 million. The signature of the representative of "COFCO Group" is Qian Wu. The sales price per square foot is $44. The reporter found some data on commercial real estate in Greater Phoenix from 2014 to 2016. Below is the unit price of commercial retail real estate in Phoenix. As of 2017, the cheapest unit prices were $150 per square foot.

The following are Phoenix office real estate sales prices, starting at $130 per square foot.

>Shenzhen

> Dr. Li Jiang, a real estate builder, said that the price of $44 per square foot is incredible. It is only enough to buy land. How can you buy such a new and exquisite building.

Does the senior management of "COFCO" not know the market price? Coincidentally, a senior real estate agent told reporters that she called Mr. Wu in 2014 to represent a Chinese buyer and wanted to buy the "Chinese Cultural Center". At that time, the retail area of ​​the "Chinese Cultural Center" was not well leased and many shops were vacant. Mr. Wu said on the phone that it would cost at least 17 million US dollars, and that they would not sell it even at this price. He also scolded the agent, saying that it was impossible to do business with the Chinese. When the agent said that the negotiation could continue even at this price, the other party hung up the phone directly. What is the reason why the "Chinese Cultural Center" in Phoenix, USA, cannot be put on the market for normal sales? With such a low price, you can quickly receive many contracts by listing your property on any real estate website. What kind of donor is so generous? COFCO, referred to as "COFCO" (English: ChinaNational Cereals, Oils and Foodstuffs Corporation, referred to as "COFCO"), is a central enterprise in China. In common parlance, it is a state-owned enterprise. The reporter couldn't help but wonder, is this state-owned enterprise using state money for personal generosity?

The above is just an economic calculation, then let’s do a cultural calculation. It was exactly 20 years from 1997 to 2017, which was also the 20 years when China's economic development took off. If you look at Chinatowns in cities such as New York, Los Angeles, and San Francisco where Chinese people gather, all Chinese will say that the Chinatowns there can show the history of overseas Chinese development in different periods, but they cannot represent modern China. Let’s take a look at the “Chinese Cultural Center” in Phoenix. It carries strong Chinese symbols of the millennium. It is elegant, clean and tidy. It was also the symbol of the Chinese in Phoenix in 1997. When the "COFCO Group" sold the "Cultural Center" at a low price of $44 per unit, did you think that the new owner would not only demolish a few houses, a few sculptures, and a pond, but it would also touch the roots of overseas Chinese and touch the hearts of every Chinese. Watching the loss of 20 million US dollars may be nothing to a central enterprise. So, how much is the culture and history of overseas Chinese worth? If you have someone demolish it, can you still build it? At present, the local Chinese have united and tried their best to protect our overseas property and culture. This website will continue to report the latest developments. We need your support. Please sign the link below with your real name to support us https://www.change.org/p/doug-ducey-save-the-phoenix-chinese-cultural-center