On May 22, Evergrande once again auctioned the Venice Hotel located in Qidong City, Jiangsu Province, with a starting price reduced by about 20% compared to the first auction in early May, selling for nearly half of the market price. Currently, there is one registered bidder but no bidding record.
According to mainland media reports, on May 22, the Jingdong Asset Trading Platform announced that the Evergrande Venice Hotel in Yinyang Town, Qidong City, Jiangsu Province has officially started its second judicial auction. The starting price was 69.49 million yuan, significantly lower than the market value of approximately 124 million yuan, at a discount of about 56% from the market evaluation.
The property has a building area of 26,351.45 square meters, spanning 10 floors, designated for commercial services, with a registration date of June 4, 2019, and a land-use period until January 6, 2051. The starting price is about 69.49 million yuan, discounted to approximately 56% of the market value of 124 million yuan.
As of now, one person has registered for the auction with no bidding records available. The auction will conclude at 10 a.m. tomorrow.
As a landmark coastal resort hotel in the Evergrande cultural tourism system, this asset had its first auction in early May for 86.86 million yuan, with only one bidder registering and no final bid, leading to the auction being unsuccessful on May 3.
According to a report by “Jiemian News”, back on January 12, 2025, the Evergrande Venice Hotel had undergone a judicial auction.
The auction announcement at that time revealed that the hotel (including fixtures) had an assessed value exceeding 200 million yuan, with a starting price of 141.72 million yuan, requiring a deposit of 15 million yuan to participate in the bidding. Despite attracting over 7,500 views and having 68 reminders set, the auction eventually ended without any bids, going from 141.72 million yuan to 86.86 million yuan, and now down to 69.49 million yuan, halving the starting price in a little over a year.
The Evergrande Venice Hotel is a core supporting facility of the Evergrande Venice Water City.
Located in the Yuntuojiao Scenic Area, Qidong, the Evergrande Venice project is a large-scale comprehensive tourism resort residential area integrating hotels, conferences, dining, entertainment, sports, health, and commercial facilities. The total planned area of the project covers 8,967.9 mu, with a total construction area of around 11.95 million square meters, initially considered a flagship product in the Evergrande Group’s cultural tourism sector.
In July 2016, the supporting Evergrande Venice Hotel was grandly opened, once promoted as the “third major attraction in Shanghai” following the Bund and Disneyland Shanghai, featuring 581 guest rooms, an international conference center, a water sports world, and other top-notch facilities.
After the Evergrande Group’s overall debt crisis, the project’s operations came to a standstill, facing issues like a sharp decline in visitors, operating losses, lack of property maintenance, ultimately leading to judicial seizure due to debt disputes with affiliated enterprises and being included in the list for disposing of non-performing assets.
The assets of the Evergrande Venice Hotel are registered under Qidong Xinhua Real Estate Co., Ltd.
Public information shows that Qidong Xinhua Real Estate Co., Ltd. had a loan contract dispute with a commercial bank in Qidong. In July 2024, the bank applied for forced execution, with the execution amount exceeding 67 million yuan, directly resulting in the real estate of the hotel being seized by the Qidong City Court and entering the path of judicial auction.