Core Viewpoint - The auction of a long-unused land parcel in Lin'an, located in Qingshan Lake, has drawn attention due to its significant valuation and the ongoing struggles of the involved real estate company, Zhejiang Jintian Real Estate Co., Ltd, which has faced financial difficulties and ownership changes [1][6]. Group 1: Land Auction Details - The land parcel in question has a total assessed value of approximately 700 million yuan and covers an area of 61,389.8 square meters, with a floor area ratio of 1.0 according to original regulations [1]. - The parcel was initially reduced to a starting price of 390 million yuan in August but failed to attract any bidders, leading it to enter a liquidation phase with a floor price of 6,401 yuan per square meter [1]. - This land auction is part of a larger trend, as two other parcels owned by the same company were also auctioned last year, with assessed values of approximately 387 million yuan and 376 million yuan respectively [3]. Group 2: Company Background and Financial Issues - Zhejiang Jintian Real Estate Co., Ltd, the rights holder of the land, was previously known for developing the Qilin Mountain Villa project but has faced financial crises since 2016, leading to its acquisition by the "Baoneng Group" [3][6]. - The total value of the three unsold land parcels amounts to around 1.5 billion yuan, highlighting the financial troubles of the Baoneng Group, which has been struggling with liquidity issues and significant debt [6]. - The land parcels were acquired between 2006 and 2008 and have remained undeveloped for nearly 20 years, with a remaining land use period of about 50 years, which poses challenges for potential developers [6][8]. Group 3: Market Conditions in Lin'an - The real estate market in Lin'an is currently facing challenges due to high inventory levels resulting from aggressive land sales in previous years, leading to an imbalance in supply and demand [9]. - Despite various government policies aimed at revitalizing the real estate market, including efforts to reduce inventory, the market has not shown significant signs of recovery, with buyer sentiment remaining cautious [10]. - The local government has slowed down land supply to control the pace of sales, focusing on low-density developments, but the market continues to struggle, indicating a prolonged recovery period [10].