Traditional Culture Encyclopedia - Hotel reservation - Why is Yiwu Xinguanghui auctioned?

Why is Yiwu Xinguanghui auctioned?

You can't repay the money you owe. According to Baidu Encyclopedia, Yiwu Shimao and Guangxin Building Materials City, wholly-owned subsidiaries, failed to repay the loan principal and interest of Zheshang Bank Co., Ltd. of 2,086,543.8 million yuan, and were ordered by Jinhua Intermediate People's Court of Zhejiang Province to auction some properties of Yiwu Shimao and Guangxin Building Materials City.