Core Insights - The second round of judicial auction for Foshan International Home Furnishing Expo City started with a starting price of approximately 850 million yuan but ended in failure due to no bids placed within 24 hours [1] - The property, covering an area of 622 acres with a total construction area of 2 million square meters, was once considered the largest single home furnishing market globally and aimed to become a new landmark for international home furnishing trade [1][6] - The auction involves the remaining lease rights of the property, which has an assessed value of approximately 1.517 billion yuan [1] Group 1: Auction Details - The auction for Foshan International Home Furnishing Expo City was initiated with a starting price of about 850 million yuan and attracted 7,359 views but ultimately failed to attract any bids [1] - The property consists of four buildings with a total area of 732,076.45 square meters, including parking and management offices [1] - The auction announcement indicated that the buyer would need to pay approximately 160 million yuan in overdue rent within 15 days of the auction's conclusion [4] Group 2: Current Status and Challenges - The property is currently in a normal leasing state with over 700 tenants, although B building is mostly vacant, and the higher floors have a higher vacancy rate [4] - The operational status of the businesses within the property remains normal, with tenants continuing to pay rent, particularly in buildings A and D [4] - The property has faced ongoing rent arrears issues, with the operating entity having owed significant amounts since 2018, leading to legal actions by various landowners [6] Group 3: Market Context - The previous auction attempt in August 2023 had a starting price of 1.06 billion yuan but also ended in failure [6] - The oversupply of home furnishing markets and the accelerated depreciation of commercial real estate are cited as significant factors contributing to the auction's failure [7] - There is a possibility of asset consolidation through acquisition by existing shareholders due to internal disputes among multiple stakeholders [6]