Wongtee International(SZ:000056) 3 6 Ke·2025-08-12 01:59Core Viewpoint - The Shenzhen Huangting Plaza, a popular shopping center, is once again up for sale, reflecting ongoing financial struggles of its parent company, Huangting International, which has faced continuous losses since 2020 [2][5]. Group 1: Auction Details - The Shenzhen Intermediate People's Court announced an auction for the Huangting Plaza with a starting price of approximately 30.53 billion yuan, which is about 70% of its assessed value of 43.61 billion yuan [3][6]. - This marks the third time the shopping center has been put up for sale since 2022, with its initial listing price of 74.93 billion yuan dropping significantly over time [5][6]. Group 2: Financial Struggles - Huangting International has reported losses for five consecutive years, accumulating over 4.4 billion yuan in losses, with total liabilities exceeding 7.7 billion yuan [5][7]. - The company has been under pressure to sell core assets as a means to alleviate its debt burden, with the Huangting Plaza being a critical asset in this strategy [5][7]. Group 3: Market Position and Performance - Despite its financial issues, Huangting Plaza has maintained high foot traffic, with over 8 million visitors daily and a 93% average occupancy rate as of 2024, largely driven by Hong Kong consumers [9][12]. - The shopping center has shifted its tenant mix, increasing the proportion of dining establishments to over 50%, while retail space has decreased to less than 30% [11][12]. Group 4: Competitive Landscape - The competition in the Futian CBD area is intense, with eight other commercial entities within a one-kilometer radius, leading to a homogenization of offerings [16]. - Compared to competitors, Huangting Plaza's focus on dining rather than retail may limit its appeal, as other nearby shopping centers offer a more diverse range of attractions [16]. Group 5: Auction Interest - As of the latest update, over 7,000 individuals have viewed the auction listing on JD's legal auction platform, but no bids have been recorded yet [17].