Guangdong International Hotel, commonly known as the "63rd Floor" in Guangzhou, was once a landmark building in Guangzhou and one of the most profitable five-star hotels in China. Because it is a subsidiary of the former Guangdong International Trust and Investment Company, a bankrupt enterprise, this well-run and high-quality enterprise has to "repay the debt of its father" and be forced to auction.
The open market price of Guangdong International Hotel on June 30th, 20001was about RMB 2 billion, so the auction at that time was the most expensive "target" in the auction history of China.