李亚鹏开发的雪山艺术小镇被申请破产，原股东股权价值将归零？

Core Viewpoint - The Lijiang Snow Mountain Art Town, developed by former film star Li Yapeng, is facing bankruptcy as the controlling shareholder, Sunshine 100 Real Estate Group, has filed for bankruptcy proceedings against Lijiang Snow Mountain Investment Co., Ltd. [1][4] Company Overview - Lijiang Snow Mountain Investment Co., Ltd. is the project company for the Lijiang Snow Mountain Art Town, with Sunshine 100 Real Estate Group holding 51% of its shares and Li Yapeng as the second-largest shareholder with approximately 27.84% [4][6]. - The bankruptcy review process is currently underway, and it remains unclear whether the application is for reorganization or liquidation [4][6]. Project Background - The project was initiated in 2012 when Li Yapeng's company acquired a 27.256-hectare site for 164 million yuan, with a planned total investment of 3.5 billion yuan [5]. - The project aimed to develop a total construction area of 190,000 square meters, including villas, hotels, and commercial areas, with initial sales starting in 2014 at prices reaching 21,000 yuan per square meter [5][6]. Sales Performance - Despite high expectations, the sales performance has been poor, with only over 30 villas sold in the first two years after opening [5][8]. - Sunshine 100's financial reports indicate that from 2021 to 2023, the contract sales area for the project was 7,948 square meters, 6,008 square meters, and 2,119 square meters, with corresponding sales amounts of 73.5 million yuan, 104 million yuan, and 26.2 million yuan [6][8]. Financial Struggles - Sunshine 100 Real Estate Group has invested nearly 400 million yuan into the project since taking over in 2015, but has only recouped about 216 million yuan in sales during that period [8][9]. - The company has faced significant financial difficulties, reporting losses of 5.798 billion yuan in 2024 and 1.086 billion yuan in the first half of 2025 [8][9]. Current Status - The project has been rebranded as "Snow Mountain Art Village," but many properties remain unsold and idle [10]. - The bankruptcy filing could lead to the original shareholders losing their equity value if the company's assets are insufficient to cover its debts [10][11].