Core Viewpoint - The Nancheng Duhui project, once backed by Li Ka-shing, has faced significant challenges, including over 5,000 unsold residential units and substantial tax debts totaling nearly 28 billion yuan, leading to a complex situation involving multiple stakeholders [1][4][10]. Group 1: Project Background - The Nancheng Duhui project was initiated by Cheung Kong Holdings in 2004, with an investment of 2.135 billion yuan and a floor price of 1,030 yuan per square meter [2]. - The project has undergone multiple ownership changes since July 2020, involving Cheung Kong, Yuzhou Group, and Chengdu Ruizhuo, creating a complicated relationship among the parties [1][2]. Group 2: Financial Issues - Shunhong Real Estate has accumulated tax debts exceeding 28 billion yuan, including over 19 billion yuan in land value-added tax and additional penalties for late payments [4][5][6]. - The company also owes approximately 1 to 2 billion yuan for infrastructure construction costs that the Chengdu High-tech Zone has already advanced [7]. Group 3: Operational Challenges - The project has been effectively stalled due to various factors, including the pandemic, legal disputes, and asset seizures, leading to a suspension of operations from April 1 to June 30, 2025 [3][10]. - Shunhong Real Estate has been involved in numerous legal cases, with 467 cases recorded, of which 348 are as defendants, totaling 3.816 billion yuan in claims [11]. Group 4: Stakeholder Conflicts - The relationship between Yuzhou Group and Chengdu Ruizhuo deteriorated, leading to accusations of financial misconduct, including the illegal seizure of company funds and documents [10][11]. - The ongoing disputes among Cheung Kong, Yuzhou Group, and Chengdu Ruizhuo have created a "three-country kill" scenario, complicating the resolution of the project's financial and operational issues [12].