Core Viewpoint - The recent auction of a luxury property in Shenzhen's Nanshan District has set a new record for the highest transaction price of a judicial auction property in China, with a final bid of 365 million yuan, reflecting a 70% premium over the starting price [1][10]. Auction Market Insights - The auction involved intense competition among six wealthy bidders, lasting nearly four hours, resulting in a price per square meter of approximately 57,000 yuan, which is unprecedented in the judicial auction market [1][2]. - The property, located in a prime area, is a unique "king unit" with significant features, including a lake view and a large private garden, contributing to its high auction price [11][12]. Market Conditions - Despite this record-breaking sale, the overall judicial auction market remains under pressure, with high supply and declining transaction volumes and prices [7][8]. - Recent data indicates an increase in mortgage default rates, suggesting ongoing challenges in the real estate market [5][6]. Debt and Financial Trends - The report highlights that the debt clearance process for real estate companies is progressing faster than that for individual homeowners, with a significant peak in debt maturities expected in 2025 [9]. - The total debt maturity for real estate companies is projected to reach 525.7 billion yuan in 2025, indicating a growing trend towards debt restructuring and reduction [9]. New Property Launches - The recent launch of new properties in the Chiwan area has seen prices drop to historical lows, with discounts reflecting the challenging market conditions [16][17]. - The average price for new properties in this area has fallen to around 71,544 yuan per square meter, significantly lower than prices four years ago [18][19].