李亚鹏的“雪山艺术”往事：一个文旅项目，两个商人“梦碎”

Core Viewpoint - The article discusses the challenges faced by Li Yapeng's real estate project, Lijiang Snow Mountain Investment, highlighting its financial struggles and the implications of its bankruptcy application by the controlling shareholder, Sunshine 100 [1][20]. Company Overview - Li Yapeng, a former celebrity, transitioned into business by founding Lijiang Snow Mountain Investment in 2008, aiming to develop a high-end cultural tourism real estate project [5][6]. - The project, known as Snow Mountain Art Town, was initially positioned with high expectations, including a total investment of 3.5 billion yuan and a planned construction area of 190,000 square meters [7]. Financial Struggles - The company is currently facing a court-ordered execution of over 450 million yuan related to a previous case involving the Snow Mountain Art Town project [1]. - Sunshine 100, the controlling shareholder, has applied for bankruptcy, indicating severe financial distress within the company [1][20]. - The sales performance of the project has been disappointing, with only 30% of the planned villas sold within six months and overall sales amounting to approximately 426 million yuan over ten years [8][17]. Market Context - The real estate market in Lijiang, once seen as a potential hotspot for tourism development, has faced challenges due to geographical and logistical factors that limit its appeal compared to other destinations like Sanya [12][19]. - The project has been criticized for its high financing costs and poor management, leading to significant financial losses for Sunshine 100, which reported a cumulative loss exceeding 16 billion yuan from 2021 to 2024 [19][20]. Project Evolution - The project has undergone significant changes since its inception, with Sunshine 100 acquiring a 51% stake in 2015, aiming to leverage its experience in commercial real estate [15][16]. - Despite the involvement of a more experienced management team, the project has continued to struggle with sales and profitability, leading to the current bankruptcy proceedings [17][20]. Future Outlook - The bankruptcy application is seen as a necessary step for Sunshine 100 to mitigate further financial losses and potentially attract new investors for the project [20]. - The transformation of Snow Mountain Art Town into Snow Mountain Art Village reflects the project's ongoing evolution amidst its financial challenges [21].