An unreachable sales hotline, tightly closed construction site gates, and a deserted sales office... The Chengdu Hotel Jintiandi project, once bustling with construction, has fallen into suspicion of suspension after just one year. The Real Estate Big Mouth discovered on site that this project, located in the core area of Shuinianhe, covering about 24.5 mu with a total construction area of 150,000 square meters, is currently in a de facto state of suspension.

According to nearby residents, "(Jintiandi) stopped at the end of last year, and there has been no movement since. We don't know when it will resume." The construction site, long devoid of any construction equipment or workers, confirms outside speculation that the Jintiandi project has "no hope of resuming work" in the short term. A person close to the Chengdu Hotel Jintiandi project analyzed that the suspension is inextricably linked to its positioning. The project is positioned as an "art complex," but the surrounding area already has a number of art-themed projects such as U37 Creative Warehouse, IBox, and Eastern Suburb Memory, none of which can be called successful. Whether Jintiandi can break through remains highly uncertain. Moreover, the project's location, neither too close nor too far from the city center commercial area, is quite awkward, and whether it can attract sufficient popularity and commercial atmosphere is also in doubt.

Although the person in charge of the Jintiandi project responded to the "suspension" question with "(Jintiandi) has no problems," the Real Estate Big Mouth still learned from the engineering head of the Jintiandi Commercial Center project department that Jintiandi is currently in the plan adjustment stage, "mainly adjusting the planning of the two commercial buildings, and it is estimated that work will resume in June this year." This not only confirms the suspension rumor but also indirectly confirms that "positioning problems" are one of the reasons for the suspension. But there is another explanation for the suspension of the Chengdu Hotel Jintiandi project.

According to a person close to the project, the investors of Jintiandi are not composed of a single shareholder but of multiple entities including Sichuan Construction Development Co., Ltd. and Chengdu Yinglong Investment Co., Ltd. "It's somewhat like crowdfunding; the shareholders mobilized their social circles to obtain project development funds from multiple sources. But for a high-quality project that requires substantial financial resources to operate and build, this path may not work, so the suspension is more or less related to problems in the project's capital chain."

The Real Estate Big Mouth investigation found that Sichuan Construction Development Co., Ltd., one of the investors in the Jintiandi project, has shareholders including Deyang Shuohong Investment Co., Ltd., Deyang Zhenxing State-owned Capital Investment and Operation Co., Ltd., and public shares. Notably, Deyang Shuohong Investment Co., Ltd. pledged equity worth 82.11244 million yuan to Suining Economic Development Zone Jinkun Microcredit Co., Ltd. in early November last year. This method of using equity as "collateral" to obtain financing, to some extent, indicates that the capital chain of one of the investors in the Jintiandi project may indeed have problems.

In addition, "off-site" difficulties also make the Chengdu Hotel Jintiandi project struggle. Relevant information shows that the Moore Parkson Department Store Tianfu store, which is about to officially close on February 29, and the Chengdu Hotel Jintiandi project both belong to Sichuan Yangyang Department Store Co., Ltd. (hereinafter referred to as Yangyang Department Store). Moore Parkson Tianfu store is affiliated with Chengdu Yangyang Moore Department Store Co., Ltd., a wholly-owned subsidiary of Sichuan Yangyang Department Store Co., Ltd.; the developer of the Jintiandi project is Chengdu Yangyang Department Store Co., Ltd., one of whose shareholders is also Sichuan Yangyang Department Store Co., Ltd. And Moore Parkson Tianfu store has been losing money year after year since 2011, with last year's loss exceeding 40 million yuan.

All of this may have had direct and indirect impacts on the development progress of the Jintiandi project. This project, which once sought to emulate Beijing's Parkview Green and Shanghai's K11 by bringing "art" to the commercial center, is now standing at a crossroads that will determine its fate...