AF Global Limited said on Nov, 24 2025 that the fourth auction of key assets held by its 55%-owned joint venture, Xuzhou Yinjian LumChang Real Estate Development Co., Ltd., closed on Nov, 23 2025 without any bids.

The auction covered the hotel tower, retail units and car-park spaces at Gulou Square in Xuzhou, which account for about 81% of the JV’s portfolio value. The reserve price was set at a 50% discount to fair value following three earlier failed auctions at progressively lower prices.

AF Global added that it will meet the court-appointed liquidator and its joint-venture partner to consider further measures, including a possible fifth auction at up to a 60% discount or alternative disposal options.

If assets are ultimately sold at a 60% discount, the company warned that additional write-downs and fair-value losses on the Xuzhou investment would become more likely. A partial impairment is already expected in the full-year results to Dec, 31 2025 unless sales are completed at less than a 40% discount before year-end.

The board said it will continue to update shareholders and advised caution when trading the company’s shares.