Core Viewpoint - The South City Du Hui project in Chengdu, once backed by Li Ka-shing, has faced significant challenges, including over 5,000 unsold residential units and a tax debt of nearly 2.8 billion yuan, leading to a complex situation involving multiple stakeholders [3][6][15]. Group 1: Project Background - The South City Du Hui project, initiated by Cheung Kong Holdings in 2004, was a major investment in Chengdu, with a total land cost of 2.135 billion yuan and a floor price of 1,030 yuan per square meter [4]. - The project has been divided into eight phases, with the seventh and eighth phases completed but not yet sold [5][6]. Group 2: Financial Issues - Shunhong Real Estate (Chengdu) Co., Ltd. has accumulated tax debts exceeding 2.8 billion yuan, primarily from land value-added tax and other taxes, with overdue periods ranging from 302 to 1,158 days [6][7][8]. - The company also owes approximately 1 to 2 billion yuan for infrastructure construction costs that the Chengdu High-tech Zone has already advanced [9]. Group 3: Stakeholder Dynamics - The ownership of the project has changed hands multiple times, with significant disputes arising between Cheung Kong, Yuzhou Group, and Chengdu Ruizhuo, leading to a complex "three-country kill" scenario [3][10][15]. - Allegations of misconduct, including the illegal seizure of company funds and documents, have exacerbated tensions between Yuzhou Group and Chengdu Ruizhuo [11][12]. Group 4: Legal and Operational Challenges - Shunhong Real Estate is involved in numerous legal disputes, with 467 cases filed against it, of which 348 are as a defendant, totaling claims of 3.816 billion yuan [14]. - The project has been effectively stalled due to various legal and operational issues, including a recent notice of work stoppage due to the pandemic and ongoing litigation [5][10].