李亚鹏开发的雪山艺术小镇被申请破产

Core Viewpoint - The Lijiang Snow Mountain Art Town, developed by former celebrity 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][3] Group 1: Company Background - 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% [3][5]. - The project was initiated in 2012 when Li Yapeng's company acquired a 27.256-hectare land for 164 million yuan, with a planned total investment of 3.5 billion yuan [5]. Group 2: Project Development and Sales Performance - The first phase of the project began pre-sales in 2014, with prices reaching 21,000 yuan per square meter, making it one of the most expensive real estate projects in Lijiang at that time [7]. - Despite initial hype, the sales performance has been poor, with only over 30 villas sold in the first two years, leading to financial difficulties for Li Yapeng [7][10]. - Sunshine 100 Real Estate Group took over the project in 2015 but has not improved its sales situation, with contract sales areas significantly declining from 7,948 square meters in 2021 to just 2,119 square meters in 2023 [8]. Group 3: Financial Struggles and Bankruptcy Proceedings - Sunshine 100 Real Estate Group has invested nearly 400 million yuan into the project since acquiring it, but total cash returns from the project have only been about 216 million yuan over five years [10]. - The company itself has faced significant financial losses, reporting a loss of 5.798 billion yuan in 2024 and 1.086 billion yuan in the first half of 2025 [10][11]. - The bankruptcy application is currently under review, and if approved, it could lead to the original shareholders losing their equity value if the company's assets are insufficient to cover its debts [11][12].