Shanghai Yuyuan Tourist Mart (Group) Co., Ltd.

Shanghai Yuyuan Tourist Mart (Group) Co., Ltd. owns 12 historic buildings located in Yuyuan Subdistrict, Huangpu District, Shanghai. According to an announcement by Shanghai Yuyuan Tourist Mart, because the land under these buildings was allocated land, they could not be used for mortgages or market transactions for a long time and their asset value was difficult to release, so the company decided to convert the nature of the land under the relevant buildings.

In early 2024, Shanghai Yuyuan Tourist Mart first paid 190 million yuan in supplementary land-transfer fees for eight of the historic buildings, after which their land use was changed to commercial and office. By July of the same year, the company had paid a cumulative 705.5 million yuan in land-transfer fees, and all 12 buildings had obtained transferred-land property certificates.

The supplementary land transfer fees paid by Shanghai Yuyuan Tourist Mart for these 12 historic buildings totalled more than 700 million yuan; compared with cases such as the Beijing Dazhongsi project, which paid 78.459 million yuan in supplementary fees, the supplementary payment standards were not consistent across different cities, projects and land uses. A person from a local natural resources system said that some properties were formed early, have complex property rights relationships or are located in core urban areas, and if supplementary payments were made entirely at market-appraised prices, the cost might far exceed what holders could bear; the supplementary cost of several hundred million yuan for the 12 historic buildings of Shanghai Yuyuan Tourist Mart was clearly not something an ordinary market entity could afford.