On April 22, 2026, in Huadu District, Guangzhou, a 12-story five-star hotel was put up for auction.

Appraised value: 396 million yuan. Starting price: 277 million yuan — already 30% off. Number of bidders: zero.
This Guangzhou Holiday Inn Airport was thus auctioned off without a buyer. In the subsequent forced sale in July of the same year, still no one bid. (Source: Ali Assets auction announcement, April 2026)
This is not an isolated incident. As of June 2026, on JD Asset Trading Platform and Ali Auction, 34 asset lots from R&F Properties had been put up by courts — 33 hotels and 1 office building. Many of them had already gone through a first auction failure, a second auction at a reduced price, and then entered forced sale procedures after another failure, yet there were still few buyers. (Source: JD Asset Trading Platform, Ali Auction, June 2026)
The numbers behind this are more striking: As of the end of December 2025, R&F Properties had an outstanding principal balance of overdue interest-bearing debt of 36.8 billion yuan, total liabilities exceeding 260 billion yuan, and book cash of only about 688 million yuan. (Source: R&F Properties HKEX announcement, January 28, 2026)
The former "world's largest luxury hotel owner" is now selling off its assets at clearance prices, but cannot even find a buyer.
That "once-in-a-century bargain"
To understand today's predicament, we must go back to the summer of 2017.
At that time, Wanda Group was eager to offload heavy assets. According to the original plan, Sunac would take over its 76 hotels for 33.6B yuan. But at the signing ceremony, R&F Properties suddenly stepped in, and the name on the backdrop was removed.