Wongtee International(SZ:000056) 证券时报·2025-08-12 15:49Core Viewpoint - The auction of Shenzhen Huangting Plaza, a significant asset of Huangting International, is set to take place due to unresolved debt issues, with an opening bid of 3.053 billion yuan, which is nearly 30% lower than its assessed value of 4.361 billion yuan [1][2]. Group 1: Auction Details - Huangting International announced that the auction for the Huangting Plaza will occur from September 9 to September 10, 2025, on the JD.com judicial auction platform [1]. - The plaza, known as the "diamond heart" of Shenzhen's CBD, has been operational since 2013 and is strategically located with convenient transportation [1]. - The starting price for the auction is set at 3.053 billion yuan, significantly reduced from its assessed value of 4.361 billion yuan [1]. Group 2: Financial Implications - The company is currently in discussions with creditors to negotiate a comprehensive settlement plan, which may include debt resolution [2]. - The final impact of the auction on the company's financial status will depend on the auction results and audited financial data [2]. - If a settlement is reached, it could lead to the court canceling the auction and positively affecting the company's future financial condition [2]. Group 3: Market Context - Since its opening, Huangting Plaza has experienced fluctuating popularity, with a resurgence in foot traffic noted in 2023 due to increased consumer visits from Hong Kong [5][6]. - Despite high customer traffic, some visitors have pointed out that the plaza's brand mix and spatial experience lag behind nearby shopping centers [6]. - Current rental prices in Huangting Plaza range from 100 to 600 yuan per square meter per month, with a significant amount of new commercial space expected to enter the Shenzhen market in 2025 [6]. Group 4: Historical Background - The auction situation stems from a trust loan agreement signed in 2016, where a 3 billion yuan loan was secured against Huangting Plaza and its land use rights [9]. - The borrower, Rongfa Investment, has repaid 250 million yuan of the principal but still owes 2.75 billion yuan, leading to the judicial auction process [9]. - Previous attempts to sell Huangting Plaza to resolve debt issues have not been successful, with the asset's reference price being significantly reduced over time [9]. Group 5: Future Considerations - Analysts suggest that if the auction is successful, Huangting International will lose ownership of the asset, which would be classified as a major asset restructuring event [10]. - Various methods for revitalizing existing assets, such as REITs, debt-to-equity swaps, and government relief funds, are being considered in the market [10].