AF Global Limited said on Dec, 26 2025 that the liquidator of its 55%-owned joint venture, Xuzhou Yinjian LumChang Real Estate Development Co., Ltd, received no bids in a fifth auction of the Gulou Square hotel tower, retail units and car-park spaces held from Dec, 24 2025 to Dec, 25 2025.

The company and its partner will meet the liquidator to consider additional auctions at deeper discounts—possibly up to a 70 % cut to appraised value—other disposal routes, or any steps needed to complete the liquidation.

For illustration, AF Global said a sale at a 70 % discount would reduce the recoverable value of the investment from 35.855 million Singapore dollars to about 11.355 million Singapore dollars and trigger an estimated 24.5 million Singapore-dollar fair value loss to be booked in other comprehensive income. Net asset value per share would fall to 11.94 Singapore cents from 14.26 Singapore cents.

Because the fifth auction failed at a 60 % discount, the group expects to write down part of the investment and recognise a fair value loss in its audited results for the year ending Dec, 31 2025, based on a discount of more than 60 %. The final write-down will depend on eventual disposal prices.

AF Global said it will keep shareholders informed of further material developments and advised caution when trading its shares.