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 lack of a preset transfer bottom price, which is intended to stimulate market participation and expedite asset disposal amid significant debt issues faced by Baoneng Group [1][2][7] Group 1: Auction Details - CITIC Trust is publicly auctioning a non-performing debt of 1.408 billion yuan, secured by 160 properties in Shenzhen, which are subject to multiple liens and legal seizures [1][2] - The auction employs a network bidding rule that specifies "no preset transfer bottom price but a reserved bottom price," although the exact reserved price has not been disclosed [2][3] Group 2: Market Context - The properties in question have faced liquidity issues due to multiple liens and legal restrictions, and their mixed-use commercial and residential nature has limited their market appeal [3] - The average price of Baoneng City Garden properties peaked at 122,800 yuan per square meter in early 2023 but has since declined to an average of 93,200 yuan per square meter [4] Group 3: Previous Auction Performance - Prior to this auction, Baoneng City Garden properties underwent two public auctions, with the first in September 2022 resulting in 50 out of 56 units sold, generating a total of 760 million yuan [5] - In March 2023, a second auction saw all 8 units sold, but with a low premium rate, indicating a significant drop in market enthusiasm compared to previous auctions [6] Group 4: Broader Implications - Baoneng Group is currently facing substantial debt issues, with total liabilities reaching 167.97 billion yuan for Baoneng City Limited and 613.24 billion yuan for Baoneng Real Estate [6] - The ongoing market downturn has made it increasingly difficult for commercial and residential assets to be liquidated, as evidenced by multiple failed auctions of Baoneng's properties across various locations [6]