富力地产又一家酒店被司法拍卖。12月9日，京东司法拍卖平台信息显示，郑州富力万达文华酒店以 3.28亿元成功拍出，成交价约为参考价的七折。 "世纪交易"后的2018年，富力地产酒店营业额增长逾190%至超过70亿元，但是年内净亏损4.59亿元。 2019年-2021年，酒店业务盈利连年亏损。酒店作为富力地产的重要资产，在债务压力下自然成为"断臂 求生"的标的。从2022年起，富力地产开始推进酒店资产变现计划进行化债。 在2022年年报中，富力地产表示，在北京、福州、镇江完成出售3间酒店，所得款项总额超过12.45亿 元；2024年，伦敦ONE项目以16亿英镑出售，但是平均价值较面值低46%。该项目也是富力地产在2018 年从万达手中收购而来，包括经济型住宅以及一家酒店。 2024年，富力地产几乎已将主要海外资产全部变现。"2025年进一步出售资产以产生流动资金"，富力地 产表示，在目前市况下，实在难以预测资产出售的时机及最终能否取得成功，因此，将采取较务实的方 式商讨各项资产出售的商业条款及条件。 截至2025年6月30日，富力地产只拥有22间自建酒店，由知名酒店管理集团如万豪、洲际、希尔顿、凯 悦、雅高等管 ...

Core Viewpoint - The luxury hotel market in China is witnessing significant acquisitions by wealthy individuals, particularly from the Shanxi coal industry, indicating a shift in investment strategies towards long-term value assets like luxury hotels [2][8][31]. Group 1: Recent Acquisitions - The Changsha R&F Wanda Hotel was auctioned for 5.13 billion yuan, acquired by Hunan Lichi Consulting Management Co., Ltd. [2] - Hunan Lichi is a subsidiary of Beijing Lichi Consulting Management Co., Ltd., which has previously acquired the 100% stake in the Hilton Sanya Yalong Bay Resort for 1.849 billion yuan [3][10]. - The actual controller of these acquisitions is Zhang Yuelong, who has been linked to Shanxi coal tycoon Zhang Yuesheng [3][6]. Group 2: Investment Trends - The trend of Shanxi coal tycoons investing in luxury hotels reflects a broader strategy of diversifying assets away from traditional coal investments towards high-potential sectors like luxury hospitality [8][22]. - The luxury hotel market is seen as a stable investment due to its asset attributes, scarcity, and potential for long-term operational returns [9][28]. - The recent auction results indicate a growing interest in high-star hotels, with only 6 out of 94 listed hotels sold in the first half of 2025, highlighting the selective nature of these investments [9]. Group 3: Market Dynamics - The luxury hotel sector is characterized by its location scarcity and brand value, making it an attractive investment for those with substantial cash reserves [9][12]. - The acquisition of luxury hotels is increasingly viewed as a strategic move for wealth preservation and generational wealth transfer among wealthy families [24][31]. - The shift from short-term speculative investments to long-term value investments among Shanxi coal tycoons signifies a maturation of investment strategies in response to changing market conditions [31].

Group 1 - The Changsha R&F Wanda Hotel is being auctioned with a starting price of approximately 513.8 million yuan and an assessed value of about 642 million yuan, marking its first auction attempt with no participants yet [1] - The hotel, located in Changsha, has a land area of 10,891.88 square meters and a building area of 65,772.28 square meters, featuring various facilities including a lobby, restaurants, conference centers, and 416 guest rooms [1] - The hotel was originally opened in 2012 and was known as Changsha Wanda Hotel before being acquired by R&F Properties in 2017, subsequently renamed Changsha R&F Wanda Hotel [3] Group 2 - R&F Properties is currently working on restructuring its overseas debt, which includes priority notes maturing in 2025, 2027, and 2028, along with other financial debts [4] - In terms of sales performance, R&F Properties reported sales revenue of approximately 1.37 billion yuan and a sales area of about 129,600 square meters as of May 2025, with cumulative sales revenue reaching around 5.5 billion yuan and cumulative sales area of approximately 513,300 square meters by the end of May 2025 [4]