“宝能系”资产处置再探路：宝能城花园160处房产试水“裸拍”

Core Viewpoint - The auction of 160 properties related to Baoneng City Garden by CITIC Trust is notable for its "no reserve price" strategy, which aims to expedite the sale of distressed assets amid a challenging market environment [1][2][7]. Group 1: Auction Details - CITIC Trust is publicly auctioning a bad debt of 1.408 billion yuan related to Baoneng City, with the collateral being 160 properties in Shenzhen [1]. - The auction employs a network bidding rule that specifies "no preset transfer reserve price" but includes a hidden reserve price, which has not been disclosed [2]. - The properties involved have multiple encumbrances, including second, third, and fourth mortgages, as well as judicial seizures, complicating their liquidity [3]. Group 2: Market Context - The properties have seen a significant decline in value, with peak prices in early 2023 at 122,800 yuan per square meter, now averaging 93,200 yuan per square meter [4]. - Previous auctions of Baoneng City properties have shown mixed results, with a notable decline in market enthusiasm and price realization [5][6]. - The overall market for commercial and residential mixed-use properties in Shenzhen is experiencing downward pressure, affecting the auction's potential success [3][6]. Group 3: Implications for Baoneng Group - Baoneng Group is facing substantial debt issues, with total liabilities reaching 167.97 billion yuan for Baoneng City and 613.24 billion yuan for Baoneng Real Estate [6]. - The auction reflects broader challenges in the real estate sector, particularly for distressed assets, as evidenced by multiple failed auctions of Baoneng's properties across various locations [6].