Chongqing Nan'an Revives Stalled Bay Project via Market-Based Restructuring, No Fiscal Spending

Located at the centre of the core area of the two rivers and four banks, the Chongqing Bay project topped Chongqing's rankings for residences with building area above 150 square metres in transaction value, units transacted and floor area during the 2025 to 2026 period. The one-million-square-metre waterfront mixed-use development had stalled amid a confluence of multiple historical factors. In response, the Nan'an District party committee and district government set up a dedicated task force to coordinate the formulation and implementation of a market-based restructuring plan.

In January 2025, China Great Wall Asset and Sunac reached an in-depth financing cooperation, carrying out debt restructuring and new construction financing and formulating a comprehensive solution of "debt restructuring plus new financing plus brand co-construction". In September of the same year, the project's first tranche of funds was in place, and formal construction began in December. Chongqing Bay has become the largest urban renewal project by scale to date along the two rivers and four banks.

In revitalising the project, Nan'an District avoided judicial auction and instead relied on market-based negotiation to achieve the debt restructuring. The government provided credit endorsement and institutional supply, China Great Wall Asset took charge of top-level design and capital injection, while Sunac China contributed product capability and operational experience. The tripartite collaboration converted a complex set of debt disputes into momentum for urban development.

Supporting facilities around the Chongqing Bay project continue to advance. The Jiang'an Tianjie and the Jiangnan Tunnel have both been put into use, while cultural heritage sites including the Palace Museum Relics Southward Relocation Memorial Hall and Ciyun Temple are situated in the project's vicinity.