Wongtee International(SZ:000056) Nan Fang Du Shi Bao·2025-08-09 05:53Core Viewpoint - The iconic shopping mall, Huangting Plaza in Shenzhen, is set for judicial auction due to the debt issues of its parent company, Huangting International, with a starting price of approximately 30.53 billion yuan, significantly lower than its assessed value of 43.61 billion yuan [1][2][8]. Group 1: Auction Details - The auction for Huangting Plaza will take place on September 9, with a starting price set at about 30.53 billion yuan, which is approximately 70% of its assessed value of 43.61 billion yuan [2][8]. - The property covers a land area of 42,348.37 square meters and has a total building area of 136,895.89 square meters, including various commercial spaces [2][4]. - The property has outstanding management fees of approximately 16.32 million yuan and utility fees of about 7.40 million yuan, which the buyer will be responsible for [3][8]. Group 2: Company Background - Huangting Plaza, developed by Shenzhen Rongfa Investment Co., is a high-end shopping center located in the CBD of Shenzhen, featuring luxury brands and various dining and entertainment options [4][9]. - Huangting International, the parent company, has been facing financial difficulties, with total liabilities exceeding 77 billion yuan as of March 31, 2025 [11][12]. - The company has reported continuous losses over the past five years, with total losses exceeding 44 billion yuan [9][11]. Group 3: Debt and Legal Issues - The auction is linked to a loan dispute involving a 30 billion yuan loan taken out in 2016, which was used for the construction of Huangting Plaza [8][9]. - The loan was due in March 2021, with an outstanding balance of 27.5 billion yuan, which has not been repaid [8][9]. - The judicial auction is part of a broader effort to settle debts owed to creditors, including a company named Guangyao Xialan [8][9].