A Tower of the splendid 7-star Pangu Plaza confiscated from Guo Wengui’s business was sold in an online auction on August 20 for 5.18 billion yuan (US$734 million).
Pangu Plaza Tower 5 of the 40-story skyscraper built before the 2008 Olympic Games in Beijing, the centrepiece next to the Bird’s Nest Olympic stadium, went on sale for 24 hours on the auction site of Alibaba’s Taobao.
Nearly 150,000 internet users followed the auction, but only two bids were cast. The winner was YuCheng Zhiye, a local property development and management company owned by Wang Qishan’s relatives, according to Guo Wengui.
The dragon-shaped building, seized from Guo in 2014 after he fled China to escape a corruption investigation, was put on the auction block for a starting bid of 5.182 billion yuan and valued by Taobao at 7.92 billion, about half the average price of comparable Grade A office blocks in the neighbourhood.
The sale of Tower 5 is a coup for Bank of Shanghai. The bank, said to be under the control of Jiang Zemin’s family by Guo Wengui, had tried at least twice to sell Pangu Plaza. An August 2018 auction of 49 residential units and 19 offices valued at a combined 8 billion yuan failed to find any buyer, while a second auction, with a 20 per cent discount across the entire portfolio, was scrapped in February for lack of interest.
In a video broadcast on Twitter last month, Guo said the reserve price of the building was well undervalued.
Tower 5 was valued at US$5.3 billion in 2013, and should fetch at least US$6 billion now, Guo said on July 16 in a video post on YouTube. That would be eight times the reserve price that the Chinese creditors are seeking in their auction.
Guo said the traitors of the Communist regime have eyed his spectacular Pangu for years. Now in New York, Guo has been critical of the Chinese Communist Party and Vice-President Wang Qishan, who he accuses of using an anti-graft campaign to bring down political opponents.
As a warning to Jiang’s family and its representatives, Guo had a two-hour live-broadcasting on August 18 right before the tower was listed for auction. He is sure to reveal more information of the winning state-owned company of Jiang’s background.
According to Guo, he first bought a parcel of land to erect Pangu Plaza in 2002, but Beijing municipal authorities confiscated it five years later citing irregularities.
He regained control of the property after a sex tape emerged featuring Beijing deputy mayor Liu Zhihua, who was responsible for allocating land around where the Olympic venues were built.
Liu was later found guilty of massive corruption and given a suspended death sentence.
Beijing Pangu Investment and Beijing Zenith Holdings were controlled by Guo Wengui. Proceeds from the auction will go toward repaying more than 3 billion yuan of debt owed by Zenith to the Bank of Shanghai and a Shanghai investor, according to local media.
The auction was organized by the Beijing No 3 Intermediate People’s Court. The corrupt CCP government claimed that the auction was made to “prevent judicial corruption and improve judicial transparency”. But most people would take that as a joke.
Guo said the sale of Pangu tower was an act of robbery and, after the overthrow of the Communist Regime, Pangu Plaza will finally return to the hands of the Chinese people.
With the importance of Pangu in his life, Guo must do everything he can to let the traitors pay the price.
By Winnie Troppie