近日，中国民生银行重庆分行在京东资产交易平台挂牌转让一笔"恒大系"的债权，涉及重庆永利置业有 限公司等3户金融债权。相较9.92亿元的债权合计金额，这笔债权的起拍价约为1.48亿元，接近"1.5 折"。 值得注意的是，该笔拍卖预计将于12月22日上午9时开始，仅限金融资产管理公司或重庆市内具有批量 收购金融企业不良资产资质的地方资产管理公司参与。目前重庆具有该资质的机构主要为华润渝康和重 庆富城。 上述债权由恒大地产集团提供担保，抵押物为永利置业及其关联公司持有的7038个车位，建筑面积达 25.27万㎡，以及2.09万㎡商业，分布在5个行政区域，其中3116个车位和0.48万㎡为在建工程抵押，其 余资产为产权抵押。也就是说，已经建成的抵押物包括3922个车位和1.61万㎡商业。 天眼查显示，重庆永利置业有限公司成立于2013年，是恒大地产集团重庆有限公司的全资子公司，法定 代表人为彭善荣。目前，彭善荣因涉及多起纠纷，已被列入失信被执行人名单并限制高消费。永利置业 曾开发两江新区恒大世纪城、恒大御府等项目。 此次民生银行重庆分行的行动并非孤例。近期，民生银行深圳分行也处置了一笔涉及恒大地产的债权， 总额高达2 ...

Core Insights - Lanzhou Rural Commercial Bank is auctioning nearly 200 properties on JD Asset Platform, with prices ranging from tens of thousands to billions, primarily as debt recovery assets [2][3] - Other banks, including Agricultural Bank, Construction Bank, and several city commercial banks, are also engaging in direct property sales, with smaller banks showing larger volumes [2][5] - The properties are mainly collateral for loans that borrowers failed to repay, leading to non-performing loans, and banks are establishing departments to manage these assets [2][7] Property Auction Details - Among the properties listed by Lanzhou Rural Commercial Bank, nine have starting prices exceeding 100 million, with the highest being 550 million for 471 commercial units in Tianshui [3] - A significant portion of the properties, 156 units, are located in the Yucai Yipin community in Liaoning, with starting prices below 200,000, and the lowest starting at around 80,000 [4] - The bank has a total of 720 properties listed, with 630 newly listed in 2025, including over 140 residential units and 180 shops in Hainan [4] Comparison with Other Banks - Lanzhou Bank has listed 1,130 properties for sale in 2024 and 1,779 in 2025, while Agricultural Bank has 649 properties listed since 2025 [4][5] - Other banks like Jilin Bank and Tianjin Bank have also listed significant numbers of properties, with Jilin Bank at 2,099 and Tianjin Bank at 1,227 [5] Non-Performing Loan Management - The traditional methods for banks to handle non-performing loans include selling the debt at a discount or judicial auctions, but direct property sales can maximize recovery rates [7][9] - Many of the properties are tied to corporate loans, requiring collateral from businesses or individuals, and the process from default to sale can take one to three years [9] Market Dynamics - The properties listed by banks often have lower prices than market rates, making them attractive to buyers, although the transaction rates remain low [11][12] - For example, properties in Yucai Yipin community are priced at 2,300 per square meter, significantly lower than the market price of 33,000 to 46,000 per square meter [11] Risk and Buyer Perception - Direct sales from banks are perceived to have lower risks compared to judicial auction properties, as banks have a more robust risk management system [12] - However, there is a gap in awareness among potential buyers, particularly in lower-tier cities, regarding the availability of these properties [13][14]

Core Viewpoint - Lanzhou Rural Commercial Bank is auctioning nearly 200 properties on JD Asset Platform, primarily as debt recovery assets, with prices ranging from tens of thousands to billions [2][4] Group 1: Property Sales Overview - The properties for sale include residential, commercial, and office spaces, with 9 properties starting at over 100 million yuan, the highest being a commercial property in Tianshui priced at 550 million yuan [4] - Among the 200 properties, 156 are located in the Yucai Yipin community in Liaoning, with starting prices below 200,000 yuan, and the lowest starting at around 80,000 yuan [4] - The bank has a total of 720 properties listed, with 630 newly listed in 2025, including over 140 residential units and 180 shops in Hainan [4][5] Group 2: Bad Debt Recovery - Properties sold by banks are primarily collateral for loans that borrowers failed to repay, leading to bad debts [3][7] - The current market environment makes it challenging to recover bad debts, with high discount rates and low recovery rates [3] - Banks have established departments for bad asset disposal to manage existing bad debts and seek investment opportunities in the market [3][6] Group 3: Market Dynamics - The sale of bank-owned properties is more prevalent among city commercial banks, rural commercial banks, and rural credit cooperatives compared to larger banks [2][5] - The number of properties listed for sale by various banks shows significant variation, with rural credit cooperatives leading in volume [5][6] - The traditional methods of disposing of bad debts include selling the debt or judicial auctions, but direct property sales can maximize recovery rates [6][8] Group 4: Property Pricing and Market Appeal - The pricing of bank-owned properties is often lower than market rates, making them attractive to buyers, as seen in the Yucai Yipin community where prices are significantly below market value [10][11] - Despite competitive pricing, the transaction rates for these properties are generally low, with some properties experiencing multiple failed auctions [9][11] - The appeal of certain property types, such as commercial spaces in busy areas and independent office buildings, tends to be higher due to stable rental yields [9][12] Group 5: Challenges and Recommendations - There exists an information gap between banks and potential buyers, particularly in lower-tier cities, which hinders effective sales [12] - Banks are encouraged to collaborate with local real estate agencies to improve visibility and attract buyers to their direct sales [12]

Core Viewpoint - The "Evergrande system" has put 12 companies' non-performing debts on the market, totaling approximately 11.3 billion yuan, with assets spread across major cities and various project types [1][3]. Group 1: Non-Performing Debts - The total amount of non-performing debts from the 12 companies is about 11.3 billion yuan, with all debts held by China Great Wall Asset Management Co., Ltd. Beijing Branch [1][3]. - The projects involved are located in cities such as Beijing, Tianjin, Nanchang, and Chengdu, covering residential, commercial, and cultural tourism sectors [1][3]. Group 2: Specific Debt Examples - In Beijing, a debt from Beijing Hengfangxing Real Estate Co., Ltd. totals 1.387 billion yuan, with principal at 1.186 billion yuan and interest exceeding 200 million yuan [5]. - In Tianjin, one debt from Chengdu Jinjingjiang Real Estate Development Co., Ltd. amounts to 1.675 billion yuan, with principal at 1.48 billion yuan and interest at 195 million yuan [5]. - Another Tianjin debt from Tianjin Shanshui City Investment Co., Ltd. totals 2.477 billion yuan, with principal at 1.366 billion yuan and interest at approximately 59 million yuan [5]. - In Nanchang, a debt from Nanchang Hengfu Real Estate Co., Ltd. totals 604 million yuan, with principal at 510 million yuan and interest at approximately 9.39 million yuan [6]. Group 3: Liquidation Developments - On June 9, China Evergrande announced the appointment of joint liquidators for its subsidiary CEG Holdings, following a court order from the Hong Kong High Court [8]. - The liquidation process aims to preserve the group's assets for the benefit of creditors and other stakeholders [8][11]. - The Hong Kong High Court has ruled that only statutory creditors can participate in the liquidation process, excluding economic interest holders [11].