Sanya Intermediate Court has approved an application for insolvent and reorganization of Sanya Phoenix Island International Cruise Port Development Co.. As of last year, the total assets of the company were about 750 million dollars, and the total liabilities were about 2.7 billion dollars.
Sanya Phoenix Island used “Sorry Dubai” as its slogan to promote the creation of “Second Dubai.” During this process, the shareholders of Sanya Phoenix Island changed batch after batch.
Prices of luxury residential units on Phoenix Island ranged from 7,500 dollars to 15,000 dollars per square meter and reached the highest of 22,000 dollars per square meter when the property market was at its hottest. Seven hundred units were sold out on the day of a grand opening, making Phoenix Island the most expensive and sought-after property in Hainan.
“Second Dubai” was subsequently mired in environmental protection and macro-control crises. In 2017, the Central Environmental Protection Supervision Team criticized Sanya Phoenix Island’s reclamation for eroding the local ecological environment.
After the shutdown, the company no longer has a way to sell and monetize it. The previously planned cruise berths, international cruise port, Phoenix Island Resort Hotel, etc., have vanished, and the company’s operations have become increasingly difficult. According to Fangtianxia, the average price of Phoenix Island in June sank to only 5,500 dollars per square meter.
After the ups and downs, this project, which carried the dreams of many wealthy people, finally reached the day of bankruptcy and reorganization.