Core Viewpoint - The news highlights the downfall of a once-prominent real estate project, "Qianxun's Huaguoshan," which was auctioned with a starting price of 460 million yuan but failed to attract any bidders, reflecting the broader challenges facing the real estate market in Chongqing [1][3]. Group 1: Project Background - "Qianxun's Huaguoshan" was initially celebrated as "the most beautiful villa in Chongqing's western district," with a land acquisition price of 1.03 billion yuan and a floor price of 12,007 yuan per square meter [3][10]. - The project gained significant attention in October 2022, achieving a sales total exceeding 100 million yuan during the National Day holiday, with a peak daily registration of 20 million yuan [10]. Group 2: Current Status - The project is now in a state of abandonment, with construction halted and the site appearing deserted, as evidenced by closed sales offices and an empty construction site [12][18][21]. - The developer, Chongqing Huayou Real Estate Development Co., Ltd. (a subsidiary of Huayang Group), has accumulated a staggering debt of 985 million yuan and is currently listed as a dishonest entity, facing restrictions on high consumption [23]. Group 3: Developer's Background - The founder of Huayang Group, known as "Baoye," has a mysterious background and has been known for her unconventional approach to business, including a significant expansion strategy that coincided with a downturn in the real estate market [30][40]. - In May 2022, Huayang Group faced a liquidity crisis, failing to repay approximately 149 million USD in loans, leading to a court petition for liquidation [46]. Group 4: Market Implications - The project was not included in the "guaranteed delivery" program due to its limited actual sales data, which only accounted for 11 units sold, despite the initial hype [28]. - The financial struggles of Huayang Group and the failure of "Qianxun's Huaguoshan" reflect broader issues within the real estate sector, particularly regarding over-leveraging and market saturation [50].