Anhui’s “Property Sister” Li Mei, whose 87 properties in Changsha have been seized by the court and are set to be auctioned, has so far only received one bidder, sparking discussions.
According to the report by “Xiaoxiang Morning News,” Li Mei’s 87 properties were listed online on August 24 and the auction was scheduled to start on September 29. However, as of September 26, none of the 87 properties had received any bids. It was not until noon on September 27 that one property located in the Fuxing Jiacheng area of Tianxin District in Changsha finally had a bidder participate in the auction.
A representative from the real estate brokerage company handling the auction stated that the court has been organizing uniform inspections in the past two days. As it is still not yet the time of the auction, there may be more people bidding gradually. The representative suggested that interested individuals could wait for the second round of auction, as the first round may not offer any advantages, and “the second round may offer a 20% discount.”
On November 7, 2018, the official Weibo account of Luyang Sub-bureau of Hefei Public Security Bureau announced that 177 properties owned by Ling and Li, the principal individuals of Da Zhi Investment Group Co., Ltd., were seized, including 87 properties in Changsha and 90 properties in Hefei.
Tianyancha data shows that Ling Zheng is the legal representative and largest shareholder of Da Zhi Investment Group Co., Ltd. Li Mei is one of Ling Zheng’s business partners, and the two collaborate in several companies. In Anhui Da Zhi Real Estate Development Co., Ltd., where Ling Zheng serves as the legal representative and executive, Li Mei is the largest shareholder, holding 80% of the shares.
Previous reports have indicated that during the boom in the real estate market, Li Mei and Ling Zheng manipulated the market, driving up property prices and causing losses exceeding 2.3 billion yuan for more than 15,000 people.
In May 2022, the first-instance trial of the “Da Zhi Group Illegal Fundraising Case” sentenced Ling Zheng to 15 years in prison for the crime of fundraising fraud and ordered the confiscation of all his personal assets. Li Mei and 62 others received sentences ranging from 1 year and 9 months to 8 years, along with fines ranging from 20,000 to 350,000 yuan.
On September 27, the topic “Only one bidder for 87 properties in court auction” trended on Weibo.
Netizen “Lanling Xiaoxiaosheng” commented: “The main issue with court auctions is that there are usually many uncertainties, and completing the acquisition can be challenging.”
“True Fragrance King”: “Court auction properties are already inexpensive. With the current situation, if they don’t offer a 30% discount, no one will be interested, and next, they might have to reduce to 50%.”
“Zhuan”: “Everyone knows that court auction properties come with a lot of troubles, which is why there are no buyers.”
“A Hubei Four Seasons Freshly Picked Oranges for Sale”: “The key issue with court auction properties is that the legal aspects are often not well-handled, like whether the properties have mortgages or leases, which bidding participants like us are often unaware of. To be honest, court auction properties come with considerable risks.”