Core Viewpoint - The recent bankruptcy liquidation applications for two subsidiaries of Oceanwide Holdings highlight the financial distress of the company and its founder, Lu Zhiyang, marking a significant decline from its previous status as a major player in the real estate sector [2][5]. Group 1: Bankruptcy and Financial Status - Oceanwide Holdings' subsidiaries, Wuhan Central Business District Co., Ltd. and Wuhan Oceanwide City Square Development Co., Ltd., have been subjected to bankruptcy liquidation applications due to their inability to repay debts [5][9]. - As of June 30, the company and its subsidiaries failed to repay a total debt of 32.8 billion yuan, with significant liabilities stemming from its overseas subsidiary [2][3]. - The total assets of Wuhan Central Company are reported at 8.194 billion yuan, with a net asset value of -1.438 billion yuan, while City Square Company has total assets of 5.206 billion yuan and a net asset value of 0.912 billion yuan [5][6]. Group 2: Project and Investment Background - The Wuhan Central Business District, a key project for Oceanwide Holdings, was initially seen as a major profit driver, with investments totaling approximately 5 billion yuan for the 438-meter Wuhan Center Tower, which has yet to be operational despite being completed [9][11]. - The company has been actively divesting assets in the Wuhan Central Business District to recover funds, including the sale of land parcels and properties to various buyers over the past few years [11][16]. - Oceanwide Holdings has undergone a transformation since 2014, shifting from real estate to financial services, but this transition has not yielded positive results, leading to significant financial losses [10][11]. Group 3: Market Context and Future Outlook - The Wuhan Central Business District is considered a prime location, but the company's financial struggles have turned it from a potential asset into a liability [12][11]. - The company’s revenue for 2024 is projected at approximately 6.068 billion yuan, reflecting a year-on-year decline of 17.1%, with a gross margin of -72.01% and a net profit attributable to shareholders of -19.337 billion yuan [16].