A hotel staff member confirmed on the evening of May 22nd that bookings are being accepted and operations are normal. Recent online reports and videos about "Evergrande Sea Venice Hotel initiating a second auction" have circulated. The actual asset being auctioned, listed on platforms such as JD Asset Trading and Ali Asset Auction, is the "Evergrande Sea Venice No. 1606 Real Estate." The "Evergrande Sea Venice Hotel," located at No. 1 Evergrande Road, Yinyang Town, Qidong City, remains in normal operation.
The transaction details reveal that the repeatedly failed auction lot is the "Qidong City Yinyang Town Evergrande Sea Venice No. 1606 Real Estate." It is currently listed as the "Evergrande Sea Castle Hotel," belonging to the "Evergrande Sea Venice" area and located approximately 1.2 kilometers from the main hotel. On the morning of May 23rd, the asset was successfully acquired for 69.49 million yuan. The auction attracted 3,291 viewers and 94 followers, but only one bidder participated, securing the asset with a single bid.
"The base price transaction aligns with market expectations. Given the limited number of potential buyers for this project, the final base price sale is a positive outcome in itself," commented Yan Yuejin, Vice President of the Shanghai Yiju Real Estate Research Institute, via WeChat analysis.
The Evergrande Sea Venice project is situated within the Yuantuojiao Scenic Area in Qidong City, Jiangsu Province, constituting a large-scale comprehensive tourism and vacation residential zone. According to Baidu Baike, the total planned construction land area is 8,967.9 mu. It was once regarded as one of Evergrande's most valuable assets in mainland China.
Evergrande Sea Venice first launched sales in July 2012 and received the "Best Cultural Tourism Project" award from the TRUE Cultural Tourism Super Evaluation List in 2020, along with the "AAA National Tourist Attraction" designation.
Amidst the deep adjustment of the real estate market and the financial distress of the Evergrande group, the "Evergrande Sea Venice" project has gradually faced challenges.
In fact, the Evergrande Sea Castle Hotel has been listed for sale five times. It underwent an extended disposal cycle on the Ali Auction platform: its first public auction on January 12, 2025, set a starting price of 141.72 million yuan, with a market valuation exceeding 200 million yuan at the time—equivalent to a 30% discount. It ultimately failed due to lack of bidders. Subsequent price reductions also resulted in failed auctions. Notably, during its third listing as a "compulsory sale," it attracted 40,890 views and 113 reminder sets, yet zero bidders registered.
After over a year, on May 3, 2026, the asset was relisted on the JD Asset Trading platform with a starting price reduced to 86.86 million yuan. Although one party registered, no bids were placed, leading to another failed auction. Less than 20 days later, on May 22nd, JD initiated a second auction, further lowering the starting price to 69.49 million yuan, representing approximately a 44% discount from the latest appraisal value of 124 million yuan.
Over 16 months, the price dropped from the initial listing of 141.72 million yuan on Ali Auction to the final transaction price of about 69.49 million yuan—a discount of over 50%. Compared to the approximate 202 million yuan valuation at the time of the first auction in 2025, the sale price is roughly 30% of that initial assessment.
Such large-scale cultural tourism supporting assets often face challenges in judicial disposal, including high starting prices, complex clearance risks, and uncertainties in regional operational prospects. Do these factors deter potential bidders?
Regarding this, Yan Yuejin pointed out, "The industry is aware of Evergrande's current situation. Furthermore, the residential market performance of the 'Evergrande Venice Project' has been relatively poor, which objectively creates a somewhat negative impact on the disposal of hotel-type assets within the region, suppressing auction prices."
"It is worth noting that this transaction holds dual significance: for the original owner, it achieves asset revitalization; for the local area of Qidong, the significance is even greater," Yan Yuejin analyzed.
Currently, Evergrande Sea Venice still has new housing inventory for sale. Platforms like Fang.com show prices for ordinary residences around 7,000 yuan per square meter. According to Lianjia, the entire Yuantuojiao area in Qidong City recorded 170 second-hand housing transactions in the past year, with an average transaction price of 4,000 yuan per square meter.
Presently, one Evergrande Sea Venice property is undergoing judicial auction on the Ali Auction platform. An 81.31-square-meter, 2-bedroom, 2-living-room unit has a starting price of 277,200 yuan, approximately 3,400 yuan per square meter. The appraisal value for this unit is only 308,000 yuan. However, as of the time of reporting, no bidders had registered for the auction.
"Evergrande Sea Venice has been a benchmark for local real estate development in recent years. If commercial assets remain unfinished or idle for long periods, it would have a significantly negative impact on the region. This revitalization and capital injection play a very positive role in maintaining the city's image and the redevelopment and reuse of the area," Yan Yuejin stated.
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