Core Insights - The real estate industry is experiencing a wave of asset disposals, with significant price reductions observed in auction sales [3][5][8] Group 1: Auction Sales - The Sunshine City headquarters building was auctioned for 13.1 billion yuan, starting from an initial price of 11.3 billion yuan, representing a 60% discount from its original auction price of 21 billion yuan [5][6] - The building had previously failed to sell in four prior auctions, indicating a trend of declining interest and value in prime real estate assets [5][6] - The Shanghai Qingpu Zhengrong Center, with an initial auction price of 5.2 billion yuan, also failed to attract bids, reflecting a significant drop from its assessed value of 9.3 billion yuan [8][10] Group 2: Company Backgrounds - Sunshine City Group, which once achieved sales of 162.9 billion yuan in 2018, has faced financial difficulties leading to the auction of its headquarters due to unpaid debts totaling 9.33 billion yuan [6][7] - Zhengrong Real Estate, a subsidiary of Zhengrong Group, is also under financial strain, with its projects facing multiple failed auctions due to lack of bids and ongoing legal issues involving its controlling shareholder [10][12] - Taihe Group, which once thrived in the real estate market, has seen its assets, including the Taihe Building, auctioned at a significant discount, with the latest sale at 6.6 billion yuan compared to an assessed value of 9.4 billion yuan [13][15]