Core Viewpoint - The Shenzhen Royal Plaza, a key asset of Royal International, is set to be auctioned with a starting price of 3.053 billion yuan, significantly lower than its assessed value of 4.361 billion yuan, raising concerns about the company's financial stability and potential delisting risk [1][7]. Group 1: Company Overview - Royal Plaza, located in Shenzhen's CBD, is a landmark shopping center contributing over 56% of Royal International's revenue, with a total area of approximately 138,000 square meters [2][5]. - The shopping center has maintained a rental rate of over 95% and an annual foot traffic exceeding 40 million, benefiting from Hong Kong tourists [4][3]. Group 2: Financial Challenges - Royal International's financial situation is precarious, with the Royal Plaza accounting for 71.57% of the company's total assets and 56.03% of its annual revenue [5][6]. - The company has faced significant losses, totaling approximately 46 billion yuan over five years, with a projected loss of 14 to 20 million yuan for the first half of 2025 [13][14]. Group 3: Debt and Legal Issues - The auction is a result of Royal International's inability to repay a 3 billion yuan loan from Citic Trust, leading to legal actions and the current auction process [9][10]. - The company is in discussions with creditors for a debt restructuring plan, which could potentially halt the auction if an agreement is reached [11].
年客流量超4000万的深圳地标商场7折起拍 皇庭国际怎么了?