A well-known commercial property in downtown Ningbo has recently changed ownership in a low-key transaction on the JD.com asset trading platform.

The transaction was a judicial auction concluded on June 19, some time ago. The property in question is the "Commercial Complex at No. 1 Heyi Road, Haishu District, Ningbo," also known as the Heyi 1844 Shopping Plaza.

According to the court-commissioned appraisal report attached to the platform, this judicial auction stemmed from an application by the mortgagee, China Cinda Asset Management Co., Ltd. Zhejiang Branch, in a case involving the recovery of non-performing financial claims against Zhejiang Qiying Energy Chemical Co., Ltd. and others.

The appraisal report indicates the Heyi 1844 Shopping Plaza was completed in 2008. The registered structure has 5 floors, including 3 above ground and 2 below ground. Based on the state-owned land use certificates and property ownership certificates, the asset involves 10 separate parcels of land and properties. The land use rights for all 10 parcels expire on June 9, 2044. The planned uses for the buildings include commercial office and supporting facilities, cultural and sports entertainment, and commercial (catering).

The main above-ground structure has since been expanded to 4 floors, though the 4th floor and top-floor stairwell are unlicensed structures, adding over 2,100 square meters of floor space. The interior has been renovated with original partition walls removed. The current tenant mix includes catering and hair salons on the first and third floors, medical and beauty services on the second floor, and leisure and entertainment businesses on the basement level and fourth floor.

The appraisal institution ultimately set the total assessed value at approximately 177 million yuan.

This sale marks the second auction attempt for Heyi 1844. The first auction took place on May 25 of this year with a starting price set at a 30% discount to the assessed value, nearly 124 million yuan. It ended in a failed auction the next day due to a lack of registered bidders.

For this second attempt, the starting price was directly reduced to 100 million yuan. The sole registered bidder, Zhejiang Dongheng Commercial Development Co., Ltd., successfully acquired the property at the starting price.

Corporate records show that the plaza's new owner was established in November of last year, is registered in Ningbo's Yinzhou District, and its business scope includes commercial complex management services, property management, parking lot services, and marketing planning. Limited other public information is available online.

Separately, a related project, "Gulou 1844," developed by the same original company behind Heyi 1844, Ningbo Renhe Real Estate Development Co., Ltd., has faced a different fate. The land for Gulou 1844 was acquired for approximately 134 million yuan in November 2018, but construction was halted and the project has yet to find a new investor. It was listed and withdrawn from an Alibaba asset judicial auction platform in December 2023, experienced two failed auctions in July and August 2024, and an unsuccessful forced sale in November 2024. It has not been relisted on judicial auction platforms in nearly two years.