Great Wall New Sheng Trust Listed for Transfer of Property in Beijing's Core Area

Recently, Great Wall Asset Management Co., Ltd.’s controlling subsidiary, Great Wall Xingsheng Trust Co., Ltd. (hereinafter “Great Wall Xingsheng Trust”), officially released an announcement stating that it will put 20 units of dacion properties it holds in Hongyan Shanshui Wenyuan in Chaoyang District, Beijing, up for sale. In response, industry experts said that against the backdrop of risk cleanup across the industry, the disposal of real-estate risk projects by trust institutions has shifted from passive 대응 to proactive cleanup. In the future, the pace of industry risk resolution will continue to accelerate.

The reporter reviewed the announcement and found that this batch of quality location assets is situated between the East Third Ring Road and the East Fourth Ring Road in Beijing, adjacent to the core CBD area, with a total gross floor area of 7,630.29 square meters. “Based on current market conditions in this area, the unit price of Shanshui Wenyuan’s normal secondhand residential homes is maintained at 65k–95k yuan per square meter. The unit price of bottom-floor commercial spaces and supporting properties is also 40k–70k yuan per square meter. Only using a rough estimate at market prices, the book value of this batch of assets is as high as several hundred million yuan.” An industry analyst said.

According to the announcement, the ownership sources of these properties are clear and compliant. On June 13, 2024, Great Wall Xingsheng Trust, pursuant to the court’s property allocation plan under the Beijing Third Intermediate People’s Court (2022) Jing 03 Zhi Hui 1, obtained the properties by way of judicial dacion in lieu of payment, from the name of the judgment debtor, Hongyan Shanshui Wenyuan Kaiya Real Estate Development Co., Ltd. All 20 units have independent real-estate registration certificates, totaling 20 property titles.

In addition, in terms of asset composition, the 20 properties cover diversified property types, which can meet different investment and usage needs. These include two duplex apartments in Building 18, with each unit’s area being 415.8 square meters and 393.71 square meters, respectively. Building 20, on the other hand, covers multiple formats such as flat apartments, large flat apartments, top-floor duplexes, and underground supporting units, as well as first-floor commercial spaces. The largest units include a top-floor duplex with a maximum area of 1,164.24 square meters and an ultra-large flat unit of 879.33 square meters. In residential areas within the core urban area, these are especially scarce. Overall, the assets are suitable both for institutions to purchase and reactivate as a whole and for disposal after splitting.

In the view of industry experts, as another move for a trust platform under a financial asset management company to dispose of non-performing assets, this transfer of properties is not an ordinary secondhand home transaction, but a typical activation of financial non-performing assets. “This is a normal disposal of non-performing assets under the industry risk cleanup backdrop. Great Wall Xingsheng Trust, as an AMC-based trust, efficiently advances the realization of judicial dacion assets and the disposal of project risks. The ownership of the 20 dacion properties is clear and the properties are located in Beijing’s core locations, so they still have relatively high value.” Yu Zhi, a researcher at the Yoyi Financial Trust Research Institute, said in an interview with reporters from Economic Information Daily.

However, Yu Zhi also acknowledged that the surrounding supporting facilities for the aforementioned properties are not well developed, there are historical disputes, and the transaction requires a one-time payment. Only professional institutions with relatively strong financial strength can have the capacity to take them over, and substantial resources will still be needed afterward to improve the supporting facilities.

Traditional models for trust industry disposal of non-performing assets mainly include loan restructuring and judicial litigation. In recent years, trust companies have transformed into “developers” to lead real-estate projects in financial distress relief and asset activation, and the number of risk disposal cases involving the transfer of creditor’s rights tied to risk projects has gradually increased. For example, in November 2025, a non-performing debt of 65k yuan under the “Baoneng group” system, specifically Baoneng Cheng Co., Ltd., was put on the “shelf” by a well-known trust institution, CITIC Trust, for public listing and disposal. Before that, due to disputes over a loan contract, Xizang Trust applied to the court for the auction of hotel assets under the Country Garden-backed brand (China Fortune?)—wait: the text says “Jiazh as? Actually: 佳兆业 under brand” — value 95k yuan. In December 2023, the “land use right north of Yingbin Avenue in Huadu District, Guangzhou, and above-ground property to the east of Hongmian Avenue” was listed and auctioned; the project involved was the “Bairui Baoying No. 854” collective funds trust plan of Bairui Trust.

The reporter found that on Alibaba and JD.com’s two major judicial auction platforms, there were clear signs of failed auctions (no bids) for various types of assets, such as land, real-estate creditor’s rights, and real-estate equity. For instance, previously, some projects in Hefei under the agreement between Minsheng Trust and Baoneng Group—such as a portion of the Baoneng Cheng project (starting bid price: 40k yuan) and the Jin feng?—the text says “长风公寓项目（金谷信托·汇银73号单一资金信托的信托受益权，起拍价900M元）”—the Changfeng apartment project (the trust beneficiary right under a single-fund trust, “Jingu Trust · Huiyin No. 73,” starting bid price: 900 million yuan) ended in failed auctions.

“The real-estate market is still in a downturn. Combined with the fact that most trust companies lack specialized capabilities in the real-estate sector, the overall difficulty of disposing risks in real-estate projects via the trust industry is high and the cycle is relatively long.” In response, Yu Zhi said that earlier, several disposal cases involving CITIC Trust, Chongqing Trust, and others were implemented, mostly focusing on projects in core cities such as Beijing, Shanghai, Guangzhou, and Shenzhen that have better investment value, and the market response was relatively good.

In Yu Zhi’s view, against the backdrop of industry risk cleanup, the disposal of real-estate risk projects by trust institutions has shifted from passive response to proactive cleanup. For investors and acquirers, this is both a challenge and an investment opportunity.