On the morning of May 23, at 10 o’clock, the Evergrande Seaside Castle Hotel was auctioned off for 69.49 million yuan (in RMB), this was the fifth time the property was put up for auction and after multiple price reductions, it was finally acquired at a low price. Surprisingly, only one person registered for the auction and they secured the property with a single bid.
According to a report by “Daily Economic News” on May 23, the auctioned Evergrande Seaside Castle Hotel is located in the Evergrande Seaside Venice area, approximately 1.2 kilometers away from the Evergrande Seaside Venice Hotel. The auction platform information revealed the property as: Real estate at No. 1606, Hengda Seaside Venice, Yinyang Town, Qidong City (including fixed decorations).
This auction on May 23 at 10 a.m. attracted 3,291 spectators and had 94 followers. With only one bidder, the property was sold with a single bid after the starting price was set.
After enduring 16 months and being put up for auction five times, the Seaside Castle Hotel was finally sold to a buyer. The final transaction price, at about 69.49 million yuan, marked a significant discount from its initial listing price of 141.72 million yuan when it was first auctioned on the Alibaba platform. Compared to the evaluation price of about 202 million yuan during the first auction in 2025, the final selling price represents a reduction of almost 3 folds.
The property was first publicly auctioned on January 12, 2025, with the initial price set at 141.72 million yuan, below the market evaluation of over 200 million yuan, approximately starting at 70% of the market value. However, due to lack of bidders, it went unsold. After two subsequent price reductions, it still failed to attract bidders.
On May 3, 2026, the property was re-auctioned on the JD Asset Trading Platform with the starting price reduced to 86.86 million yuan, but once again had no takers. On May 22, the second auction on JD platform lowered the starting price to 69.49 million yuan, which was approximately 56% lower than the latest appraised value of 124 million yuan.
Regarding the sale of the Evergrande Seaside Castle Hotel, Yan Yuejin, Deputy Director of the Shanghai E-House Real Estate Research Institute, stated that the selling price meeting market expectations was within the range, but the disposal of hotel assets in the area might have a slightly negative impact, suppressing the auction prices.
The Evergrande Seaside Venice project is located in the Yuantuo Corner Scenic Area in Qidong City, Jiangsu Province. It was once considered one of Evergrande’s most valuable assets in China. The project opened for sale in July 2012, but with a significant downturn in the real estate market and Evergrande’s financial troubles, the Evergrande Seaside Venice project gradually fell into a difficult situation.
In another report by Jiemian News, after the overall debt crisis of the Evergrande Group erupted, the operation of the Evergrande Seaside Venice project came to a standstill, facing a sharp decline in visitors, operational losses, lack of property maintenance, and other issues. As a result of debt disputes with affiliated companies, the project was judicially sealed and listed for disposal of non-performing assets.