On December 25, 21 properties located at 58 Alley, Xiayong Road, Pudong New District, were listed on the JD Asset Trading Platform for auction. Among them, 7 properties were auctioned on the same day, while the remaining 14 will be auctioned separately on December 30 and January 6, 2026.
According to a report by “Daily Economic News,” these properties are part of the foreclosure inventory from Rongchuang Future Financial City in the Tangzhen area of Pudong New District, a super-large development. The project had sold out during the peak period of the 2021 Shanghai real estate market, but due to debt pressure on the project company, it is currently under judicial enforcement. A total of 66 residential units, including the aforementioned properties, are being auctioned in batches.
Information disclosed on the auction platform shows that these 21 properties have garnered significant market attention, with some properties attracting over 34,000 onlookers, and 54 bidders have already paid a deposit to participate in the auction.
The 7 properties auctioned on December 25 have an average floor area of about 90 square meters, with individual assessed prices ranging from 5.95 million RMB to 6.37 million RMB, and a starting price of about 3.4 million RMB.
The auction page indicates that these properties are all in a new, uninhabited state. Photos from the site show that the interior fixtures such as doors, floors, wall tiles, cabinets, and ceilings are well preserved, and the overall condition of the houses is relatively new. The upcoming auction of the remaining 14 properties has also attracted significant interest from potential buyers, seen as an opportunity for a bargain.
Rongchuang Future Financial City had a prosperous period in the Shanghai real estate market. Public records show that the project is located within the radiation range of the Zhangjiang Technology and Innovation Zone, with a planned total construction area of about 1.09 million square meters developed across multiple plots. The project opened for sale for the first time in 2021 and was fully completed by 2024.
In the booming real estate market of 2021, the project initially opened at around 68,000 RMB per square meter, with prices later rising to 75,000 RMB per square meter. Public sales records indicate that during the first two phases of openings, there were scenes of thousands of people participating in the lottery draw. The third opening still attracted 1,216 groups of prospective homebuyers registering, triggering a points system, with all units selling out upon opening.
In comparison, new properties currently for sale in the Tangzhen area, such as Poly Tianyi and China Merchants Zhujiang Zhen Di, have an average selling price of about 83,000 RMB per square meter. However, the seven second-hand properties listed in Rongchuang Future Financial City have an average listing price of around 67,000 RMB per square meter.
It should be noted that the ownership of these foreclosure properties no longer belongs to Rongchuang. According to a court ruling from the Second Intermediate People’s Court of Beijing, four investment companies, Jiaxing Dinghang, Jiaxing Dingrui, Jiaxing Xinyi, and Jiaxing Xinlü, applied for judicial enforcement, demanding Shanghai Rongchuang Real Estate Company and its affiliates to pay the redemption price for equity repurchase.
After freezing and reallocating related bank deposits were insufficient to repay the debts, the court sealed off some residential properties in Rongchuang Future Financial City and initiated the judicial auction process.
The auction notice also indicates that the timing of the property delivery and turnover is uncertain, and the status of water, electricity, gas, and property fees in arrears is unknown. Any related fees incurred will be the responsibility of the buyer. The transfer of the properties is based on their current condition, and if legal issues arise due to the aforementioned reasons hindering the property transfer, the buyer will bear the corresponding risks.