As of 4 p.m. on November 11th, the Guangzhou landmark building, Guangzhou Circle Building (commonly known as the “Coin Building”), had no bidders after being listed on the Alibaba auction platform for 15 days. The building was once labeled as the “ugliest building” by Chinese netizens, sparking a surge in online searches.
Starting at the end of October this year, the Guangzhou Circle Building was put up for auction on the Alibaba platform at a starting price of 1.36 billion yuan. As of November 11th, half a month has passed, and the platform displays zero bidders.
Information on the auction platform shows that the specific targets of the project include 2 land use rights, 3 real estate properties, and fixed assets. The main asset is the Guangzhou Circle Building. The project’s assessed value is nearly 1.7 billion yuan, and it was listed for auction at a discounted price of 1.36 billion yuan.
According to the requirements from the liquidator, bidders are required to pay a deposit of 67.98 million yuan and submit relevant documents by 6 p.m. on November 11th.
According to reports from Jinri News, as of 4 p.m. on November 11th, the auction project had attracted over 20,000 onlookers, but no one had placed a bid yet. In the afternoon of the 11th, the project manager told the media that if there were still no bids by 6 p.m. on the 11th, a second auction would be conducted. When asked about potential buyers, the manager declined to disclose any information.
As for the reasons for the auction of the Guangzhou Circle Building, Southern Metropolis Daily reported that its parent company, Hongda Xingye Group, was deeply entangled in a debt crisis. The Guangzhou Circle Building was used as collateral on a public auction platform in April 2022. By February 2023, the Hongda Xingye Group’s operations had come to a standstill, leading to a bankruptcy liquidation request. In August of the same year, the group initiated a pre-recruitment process for investors, with the starting price set at around 5.589 billion yuan, but the auction ultimately failed to reach a deal. In 2024, the Guangzhou Intermediate People’s Court officially declared Hongda Xingye Group Co., Ltd. bankrupt, leading to the third auction of the Guangzhou Circle Building in November 2025.
Public records show that the Guangzhou Circle Building was constructed by the Hongda Xingye Group starting in 2010 and was officially opened in 2015. It is located at the southern end of the White Goose Pond Economic Zone in Liwan District, Guangzhou City, Guangdong Province. Designed by Italian architect Joseph Di Pasquale, it is a circular super Grade-A office building and commercial complex. Standing at 138 meters tall with an outer diameter of 146.6 meters and an inner diameter of 47 meters, it was once the world’s largest and roundest building. Due to its golden color and its resemblance to a “coin,” creating an “8” shape with its reflection in the Pearl River, symbolizing prosperous trade.
Referred to as the “Coin Building” by the public, it gained the nickname of the “Coin Building” because its aesthetics were considered “tacky” by the public and was once voted as the “ugliest building” by netizens.