Group 1 - The auction for the Shanghai Qingpu Zhengrong Center, including the construction project and corresponding state land use rights, was held from August 4 to August 7, 2025, but ended in failure as it attracted 5,512 views with no bids placed [1][3] - The project is owned by Zhengrong Yutian (Shanghai) Real Estate Development Co., Ltd., a wholly-owned subsidiary of Zhengrong Real Estate Holdings Co., Ltd., which is part of Zhengrong Real Estate Group [3] - The auction starting price was set at 65.226 million yuan, approximately 69% of the assessed value of 93.18 million yuan, yet it still failed to attract any bidders [5] Group 2 - The project was initially acquired in 2014 for 2.56 billion yuan with a nearly 60% premium, aimed at developing a 106,000 square meter commercial complex, reflecting Zhengrong's strategic expansion in the Yangtze River Delta [3] - The project has been stalled since its commencement in 2019 due to a debt crisis, with the construction currently at a standstill and requiring an estimated 300 million yuan to complete the interior [5] - Zhengrong Real Estate's financial situation has deteriorated, with a reported 27.8279 billion yuan in outstanding bank and other borrowings and only 3.78 billion yuan in cash and bank balances as of December 2024 [5][6] Group 3 - The overall market for commercial properties in Shanghai has seen a significant decline, with the total transaction volume in the first half of 2025 dropping to less than half of previous years, indicating a challenging environment for auctioning commercial assets [6] - The failure of the Qingpu Zhengrong Center auction is part of a broader trend, as other properties like the Sunshine City Shanghai Headquarters Building and the Taihe Group Shanghai Headquarters Building have also faced unsuccessful auctions [6]