A luxury hotel owned by Evergrande Group was auctioned off at a 44% discount, while a hotel previously owned by Wanda Group changed owners for the second time.

According to a report by the First Financial, recently, the Wuhan Richfield Westin Hotel, which sits on the frontline of the Yangtze River in Wuhan, was put on the judicial auction platform due to the property owner's debt issues. The hotel was evaluated at about 670 million yuan, and was ultimately sold for 376 million yuan, approximately 56% of the evaluation price. Public information shows that this hotel was originally the "Wuhan Wanda Westin Hotel" and was transferred to the R&F system in 2017 through a Wanda hotel asset transaction, and now has changed ownership again. Tianyancha App shows that Wuhan Westin Hotel Management Co., Ltd. was established in September 2017, with Zhang Yang as the legal representative. The registered capital is 702.157 million yuan, and the business scope includes hotel management, information technology consulting services, consulting and planning services, conferences and exhibition services, among others. Shareholder information shows that the company is wholly owned by Guangzhou Fuyi Hotel Management Co., Ltd. According to media reports, the major shareholder behind the investor is Ningbo Weili Investment Group Co., Ltd., with the actual controller being Ningbo businessman Bi Weiguo. Bi Weiguo has already spent 909 million yuan to acquire three hotels under the R&F Group in less than half a year, with the transaction prices all at approximately 56% of the evaluation price. Public information shows that Bi Weiguo started his career in the building materials and home furnishings business, founding Ningbo Modern Shopping Mall and other "modern series" home furnishings and building materials markets, and in recent years has expanded his focus to hotels and real estate assets.