# Shou Li Chengdu Ritz-Carlton Goes to Judicial Auction: "World's Largest Luxury Hotel Owner" Glory Fades

Southwest’s first Ritz-Carlton hotel goes up for auction.

Recently, JD Asset Trading Platform showed that the Guangzhou Intermediate People’s Court of Guangdong Province has issued a judicial auction announcement, planning to publicly auction the related properties of the Chengdu Fuli Ritz-Carlton Hotel from 10:00 a.m. on April 7, 2026, to 10:00 a.m. on April 8, 2026. The starting bid is approximately 865 million yuan, with a deposit of 86.55 million yuan. As of 10:00 p.m. on March 18, the auction had attracted 2,171 viewers and 43 followers, but no participants had registered yet.

On the morning of March 18, a reporter from Daily Economic News (hereafter referred to as “the reporter”) visited the site and observed that the hotel was in normal operation. According to incomplete statistics, from late March to mid-April, Fuli Real Estate will also have nearly ten assets up for auction, with a total starting price exceeding 4 billion yuan.

The hotel is still operating normally

According to JD Auction Platform, properties at No. 269 Shuncheng Street, Qingyang District, Chengdu, including 19 on the 4th floor, Building 1-2, No. 317 on the 1st floor, No. 69 on the 1st floor, Unit 23 on the 23rd floor, and Room 2 on the 2nd floor of Building 1 at No. 269 Shuncheng Street, will officially begin auction at 10:00 a.m. on April 7. The starting price is about 865 million yuan, with an increment of approximately 4.33 million yuan and multiples thereof, and the reference disposal price is about 962 million yuan.

According to the auction information, the owner of the target property is Chengdu Fuli Panda City Project Development Co., Ltd. The property is currently used by Chengdu Ritz-Carlton Hotel, with a building area of 53,278.13 square meters, comprising 350 rooms, located on floors B1-2, 2-4, and 23-40 of Tower A in the building. The land use rights are valid until May 27, 2063. The auctioned property will be sold as a whole based on the current condition, under a single property ownership certificate.

On the morning of March 18, the reporter saw on-site that the Ritz-Carlton Hotel was still in normal operation. Front desk staff at the hotel lobby were checking in guests. When asked about the auction of the hotel rooms, staff said they were “not aware of it.”

In the hotel’s second-floor banquet hall, the reporter saw an upcoming event titled “China-Korea Economic and Trade Partnership Negotiation,” with a busy scene and several staff preparing the venue.

Public reports show that the Chengdu Fuli Ritz-Carlton Hotel opened in 2013 and is the first Ritz-Carlton hotel in Southwest China.

However, on both its official website and third-party platforms, the basic room rates are around 1,000 yuan per night, which is more cost-effective compared to Ritz-Carlton hotels in cities like Xi’an and Tianjin, where prices are close to 1,500 yuan per night. Due to frequent discounts below 1,000 yuan per night, many netizens and industry insiders jokingly call it the “cheapest Ritz-Carlton in the world.”

It is noteworthy that the auction notice explicitly states that bidders must pay the remaining balance and transaction taxes within 10 calendar days after the auction concludes, with each party responsible for their respective costs. It also points out that the specific overdue fees for the property are unknown, and costs such as land transfer fees, utilities, and property management will be borne by the buyer, with no responsibility on the part of the court for clearing or handing over the property.

Over 40 billion yuan in assets are also up for auction

In fact, the fate of the Chengdu Fuli Ritz-Carlton Hotel has always been closely tied to its owner, Fuli Real Estate.

In 2017, Fuli Real Estate acquired over 70 hotels under Wanda Group for nearly 19 billion yuan, at only 60% of the market price. According to its annual report at the time, by the end of 2020, the company owned 91 operational hotels with a total construction area of approximately 3,992,100 square meters and 27,409 rooms. The hotels included brands managed by Marriott International, InterContinental Hotels Group, Hilton Hotels & Resorts, Hyatt Hotels Corporation, AccorHotels, Wanda Hotel Management Group, and others, making it the world’s largest owner of luxury hotel assets at the time. Fuli Real Estate enjoyed a prominent position in the hotel industry.

But this glory did not last long. The Daily Economic News reviewed its annual reports and found that from 2019 to 2021, hotel operations consistently reported losses. By 2021, Fuli Real Estate faced liquidity issues, and its hotel assets, as key holdings, naturally became targets for “desperate survival” under debt pressure.

Starting in 2022, Fuli Real Estate began efforts to monetize hotel assets to reduce debt, but market response was far below expectations. In its 2022 annual report, the company stated that it had sold three hotels in Beijing, Fuzhou, and Zhenjiang, raising over 1.245 billion yuan; in 2024, the London ONE project was sold for $800 million, but at an average value 46% below face value.

Subsequently, due to debt issues, several hotels such as Wuhan Fuli Wanda Realm Hotel and Changsha Fuli Wanda Wenhua Hotel were auctioned.

In September 2024, Fuli Real Estate announced that its subsidiaries, Zhaoxi Limited, Yuyi Limited, and Fuli (Hong Kong) Limited, received notices from the guarantor agent appointing Frank Forensic and Corporate Recovery Limited to take over assets of 68 hotels and one office building.

This takeover was due to an outstanding foreign debt of $614 million, with one of the creditors being Temasek’s Seatown Private Credit Master Fund (holding 18%). These hotel assets are part of the core Wanda hotel portfolio acquired by Fuli Real Estate in 2017. According to its mid-2025 performance report, the number of hotels had been reduced to 22 by the end of the reporting period.

With the Chengdu Fuli Ritz-Carlton Hotel entering the auction process, the “world’s largest luxury hotel owner” may see its hotel holdings decrease further.

The Daily Economic News also noted that from late March to mid-April 2026, Fuli Real Estate will auction assets including Fuli Nanhai Plaza in Foshan, Dalian Fuli Wanda Wenhua Hotel, Fuli Global Center in Shanghai, and Nantong Fudu International Hotel, with a total starting amount exceeding 4 billion yuan. Hotel assets are a significant part of these disposals.

A review of Fuli Real Estate’s previous hotel disposals shows a bleak picture: over ten hotels failed to sell (unsold), and seven completed sales were almost all below appraisal value, with some even sold at less than 60% of valuation.

For example, the recently sold Wuhan Fuli Wanda Realm Hotel for 340 million yuan was appraised at 606 million yuan. Its initial asking price was 424 million yuan, but it failed to attract bids and was ultimately sold at about 56% of the appraisal value.

It is also noteworthy that Fuli Real Estate’s 2025 semi-annual report shows that as of the end of the reporting period, the company’s net loss widened to 4.082 billion yuan, with total cash and bank deposits (including restricted cash) of 3.51 billion yuan; total borrowings amounted to 104.52 billion yuan, with 97.59 billion yuan due within one year, 4.87 billion yuan due within one to five years, and 2.06 billion yuan due after five years. An overdue debt notice issued on January 28, 2025, indicated that the company’s total overdue debt had reached 36.81 billion yuan.

Debt restructuring has become critical for survival. According to an internal meeting in February this year, the company has obtained creditor approval for a restructuring plan of approximately $5 billion in offshore debt and is currently progressing through legal approval procedures; domestically, it is attempting to negotiate and push through restructuring plans for bonds totaling 12.5 billion yuan.

Currently, Fuli Real Estate has yet to reach agreements with most creditors.