In a recent video that has garnered over a million views in just ten days, Wang Jianbin, the founder of Xi’an Jianzheng Real Estate Co., Ltd., openly expressed his frustrations about the financial struggles his company is facing. The video has sparked a considerable amount of discussion, drawing 34,000 shares, 22,000 likes, and more than 3,600 comments from viewers, illustrating the widespread concern and interest in his predicament.
Wang Jianbin succinctly outlined the dire financial situation during his short video which lasts less than two minutes. He conveyed the serious difficulties his company is currently experiencing, stating, “We are facing challenges at the moment, and I have formally notified the managers of each department that next month’s salaries may be delayed or possibly not paid at all.” This stark message highlights the urgent and precarious nature of the company’s financial health.
The issues arose as Wang’s company encountered a series of setbacks, including defaults by “sub-landlords” and some property owners failing to pay management fees. As a result, the company’s financial chain has become severely compromised.
Jianzheng Real Estate owns all assets of the A block of the Huizao International Complex in Xi’an, as well as a portion of the B block. The company rents out office space to operational managers, commonly referred to as “sub-landlords,” who then lease the space to small and medium-sized enterprises and individuals.
Reports indicate that since the end of 2019, Jianzheng Real Estate has partnered with four different operational companies. Among them, Mifangge Commercial Operations Management Co. began requesting reduced rent from 2024 onward, shifting from a biannual payment schedule to installment payments.
By August 2026, a full floor of offices rented by this company suddenly lost power. Investigation revealed that the operational manager had left without notice, exacerbating Jianzheng’s financial troubles. Another partner, Guangfeng Industry, has also been significantly delinquent with payments for rent and utilities, contributing around 250,000 yuan in overdue costs, although they have agreed to terminate their contract with Jianzheng, they stated they would not be addressing the issues related to sub-tenants.
Wang Jianbin explained the financial impact, revealing that the two defaulting “sub-landlords” have caused his company losses exceeding one million yuan, which includes unpaid rent, management fees, deposits, and costs for startup support.
Among the remaining two sub-landlords, one is looking to terminate the lease early, even though they have been keeping to their agreement, while the second, prompted by Wang’s viral video, has also taken the initiative to withdraw.
As Jianzheng Real Estate grapples with these challenges, it appears that some of the funds that sub-tenants have already paid for rent and property fees have been misappropriated by the sub-landlords, leaving Jianzheng without these crucial revenues. This has resulted in a tri-party dispute where the property owner demands that tenants either vacate or renegotiate their contracts, while the tenants assert that they’ve already paid their dues, and the sub-landlords are nowhere to be found.
These issues regarding property fees and misappropriated rents among the sub-landlords are closely tied to the broader economic downturn in China, particularly as the real estate market continues to experience sluggish performance. The downward pressure has also impacted the office rental market in Xi’an. According to a report from DTZ, the vacancy rate for Class A office buildings in Xi’an reached an alarming 30.01% in the second quarter of 2026, with average rents dropping to 80.03 yuan per square meter per month, a decline of 1.34% from the previous period. The report emphasized that amid efforts to reduce costs and operate cautiously, the demand from tenants has become increasingly diverse and flexible. Furthermore, over the next two years, more than 350,000 square meters of quality office space are expected to enter the market, suggesting that competitive pressures will persist.
The report also underscores the difficulties facing the office rental market in Xi’an, noting that a rise in vacancy rates has resulted from tenants moving out and operational disruptions. Currently, about 23% of the spaces in the affected office buildings remain unoccupied.
A representative from Guangfeng Industry mentioned that they are struggling with declining rental prices and poor management, admitting their lack of capacity to cover various expenses while seeking ways to gather funds to address the situation.
In the aftermath of the video’s release, the developments have exceeded Wang Jianbin’s expectations. He shared his feelings, saying, “Having been in business for nearly 38 years, I have never owed my employees a single penny in wages. The thought of this situation has really upset me, which is why I posted the video, but I never anticipated it would go viral.”
Wang expressed his hope that the attention gained from the video would prompt relevant authorities to take notice of the challenges faced by small and medium enterprises. He also encourages that policies should be more favorable to businesses struggling with operational difficulties, emphasizing the need for support during challenging times.