On January 13, the Wanda Culture and Tourism City in Wuxi, Jiangsu Province, saw the auction of the Wuxi Xuelang Songpin Hotel fail due to no one bidding. Currently, the property is owned by Sunac China Holdings Ltd.
According to the information on the JD Auction website at 10:00 on January 13, the auction property is a real estate in the Wanda Culture and Tourism City in Wuxi, Jiangsu Province, with an initial price of 4.362 billion yuan, while the estimated value is around 7.78 billion yuan.
The auction page indicates that the auction was “unsuccessful” but can be “re-auctioned.”
The property was completed in 2019 with a steel-concrete structure. It is currently operating as the Wuxi Xuelang Songpin Hotel, a villa-style hotel that combines accommodation, dining, and leisure facilities.
This property had been auctioned in September 2025 and October 10th of the same year, with the auction price decreasing from the initial 5.452 billion yuan to 4.362 billion yuan, ultimately failing to attract bidders.
According to news from The Paper on January 13, the subject of this auction was part of the assets of the former Wuxi Wanda City project, currently owned by Wuxi Sunac Investment Co., Ltd.
Public records show that on July 10, 2017, Wanda Commercial and Sunac China jointly announced that Sunac China acquired 76 hotels of the Wanda project for 33.595 billion yuan. At the same time, Wanda transferred 91% of the shares of thirteen cultural and tourism projects to Sunac, including the Wuxi Wanda City project.
The news of the Wuxi Xuelang Songpin Hotel again failing to auction has drawn significant attention from many netizens. Some express regret, stating that the location of the hotel is excellent, next to Sunac Plaza and Taihu Lake, but there are too many hotels in the area with Hyatt and Hilton nearby, making the competition fierce.
Others believe that Sunac China was not cautious when taking over, leading to the current situation where it has become a hot potato.
A netizen with the username “Good Nickname” commented: “Sunac was impulsive when taking over, and now they must be at a loss. The cultural and tourism city assets may seem shiny, but in reality, it’s a money-sucking monster. Even if they lower the price again after three failed auctions, it’s unlikely that anyone will take over. This is the cost of blind expansion.”
“House Seeker” thinks: “Sunac took over a bunch of hotels and cultural tourism projects from Wanda for over 30 billion, thinking it was a bargain at the time, but now these heavy assets are simply a ‘hot potato’.”
Another netizen, “Dreams on the Ship to the Stars,” did the math: “The problem is there are only 29 years left of the land use right, which means nearly 450,000 yuan per day. This is just the basic expense, without factoring in occupancy rates and labor costs, the daily operation cost is at least 150,000 yuan… without accounting for anything, the current situation is really bad.”