(Yicai Global) April 8 -- Zhonghong Holding, the first property developer in China that was forced to delist for its share price being too low, has sold a half-complete development for CNY3.3 billion (USD467 million) at auction.

The Beijing-based firm sold the plot via Alibaba Group Holding's auction platform at a premium of CNY1.1 billion, according to the platform, which did not display the buyer's information. Construction at the lot stopped at the end of 2017.

The project is in the Chaoyang district of Beijing and 53 properties have already been pre-sold -- they are not within the scope of the auction. The total planned construction area for the plot is 65,542 square meters with a planned floor construction area of 52,587 square meters.

Zhonghong was forced to delist on Dec. 28, 2018, after its share price fell below CNY1 (14 US cents) and remained there for 20 straight trading days. Its share price [SHE:000979] was just CNY0.22 when it delisted. Founded in 2001, Zhongong and its subsidiaries had accumulated CNY11.5 billion worth of debt as of Dec. 27, 2018, all of it from loans, according to public data.

Editor: James Boynton