Guangzhou landmark project "difficult to deliver", planned to invest nearly 10 billion yuan

On March 18th, reporters visited the Guangjian Yuzhu Bay project on Zhongshan Avenue in the Huangpu District and found that the entrance to the construction site had been fenced off with iron sheets, preventing vehicles and personnel from entering. The project site was quiet, with no construction workers moving around and no sound of construction machinery operating. The Guangjian Yuzhu Bay project is the first tallest building planned in the Huangpu District by the Guangzhou Construction Group, a Fortune 500 company, with a total planned investment of nearly 10 billion yuan. The project started construction in July 2020, with the initial plan to start selling Phase 1 products in 2021 and complete all three phases of the project by 2027. However, as of now, construction is still at the foundation stage of Phase 1. According to industry sources in Guangzhou, the Guangjian Yuzhu Bay project recently backfilled the foundation pit and withdrew construction equipment. In response, the project's relevant person in charge told reporters that the implementation of measures such as backfilling the foundation pit on the construction site is mainly for engineering safety and on-site management needs. "The arrangements for the subsequent development and construction of the project will be studied and promoted in conjunction with regional planning and market conditions."