Core Viewpoint - The successful revitalization of the Tian Tuo site in Tianjin, which had been dormant for over a decade, demonstrates the innovative approach of China Great Wall Asset Management in utilizing "judicial auction + policy collaboration" to manage and revitalize distressed assets, thereby fulfilling its mission as a state-owned financial institution to mitigate risks and serve the real economy [1][4]. Group 1: Project Background - The Tian Tuo site has been stalled for over ten years, initially sold in 2013 for over 10 billion yuan, with plans for over 1 million square meters of mixed-use development [2]. - The project faced significant delays due to liquidity issues among stakeholders, leading to overdue bank loans and the accumulation of non-performing assets [2]. - The site, located in the central urban area of Tianjin, has become a visual contrast to surrounding developed regions, negatively impacting the city's appearance [2]. Group 2: Innovative Disposal Policies - China Great Wall Asset Management collaborated with Tianjin State-owned Assets to initiate the disposal of the Tian Tuo site, coordinating with creditor banks to start judicial disposal of collateral [3]. - The company and Tianjin Municipal Company jointly established a limited partnership SPV, with a 70:30 investment ratio, to acquire the site through judicial auction [3]. - The project aims to enhance community services, including the construction of a new primary school with over 1,000 student places, while preserving historical industrial elements [3][4]. Group 3: Risk Mitigation and Financial Responsibility - The project’s success is attributed to innovative operational policies that address complex issues, utilizing judicial auction methods to sever risk chains and meet multiple stakeholder demands [4]. - China Great Wall Asset Management has actively participated in risk mitigation within the real estate sector, having invested over 10 billion yuan to resolve over 8 billion yuan in construction payments and facilitate the resumption of over 1,000 billion yuan in inventory projects [5]. - The company is committed to supporting high-quality urban renewal and fulfilling its responsibilities as a state-owned financial institution by leveraging its expertise across various business sectors [7].

日前，随着中国长城资产联合天津市政公司完成天拖地块3宗核心地块司法接拍，这一搁置十余年 的城市"锈带"正式启动重建。 以不良资产经营为主业的中国长城资产创新运用"司法接拍+政策协同"的方式盘活了存量土地，通 过24亿元特殊目的载体（SPV）专项基金实现"洁净化资产收购"，为房地产项目风险化解提供了可复制 的"天津模式"，精准践行"化解风险、服务实体"的国有金融机构使命，彰显资产管理公司做好主责主业 的改革成效。 搁置十余年 改造项目亟待破局 《金融时报》记者在采访中了解到，天拖地块改造项目搁置了十余年。2013年，随着原天津拖拉机 厂整体搬迁到开发区，天拖地块开始挂牌出售，在多家房地产公司近百轮加价后溢价成交，成为天津首 个成交总价突破百亿元的地块。该地块规划地上总建筑面积超百万平方米，涵盖住宅、商业、写字楼、 酒店等多种业态，而且将保留部分老厂房，改造后用作商业等用途。 在项目前期，该地块陆续开发了6期住宅，剩余3个地块作为商服用地后置开发，后因项目公司股东 出现流动性问题，该地块开发被长期搁置，银行贷款继而逾期形成不良资产。项目现场长期无人管理， 社会安全隐患严重。此外，该项目地处天津市中心城区，与周边开 ...