Luxury Car Dealer BLD’s Headquarters Deserted and Locked as Bankruptcy Administrators Move In

Former East China's largest private luxury car dealer, Bolide, is in decline.

On January 28, a 21st Century Business Herald reporter visited Hangzhou Xingbaohang Automobile Co., Ltd., a subsidiary of Baolide, located in Xiaoshan District, Hangzhou.This used to be an authorized Mercedes-Benz flagship center. The showroom once displayed rows of luxury cars, brightly lit, but now the doors are locked and sealed. Looking through the glass windows, the vast exhibition hall was almost completely emptied and covered in a layer of dust.

On a car near the store, there was also a writ of execution from the court for the company, its paper yellowed and curled at the edges.

According to public information, Polestar, founded in 2001, was once one of the largest luxury car dealers in Zhejiang. In recent years, Polestar has become an authorized dealer for over ten international luxury car brands, including Mercedes-Benz, FAW-Volkswagen Audi, Jaguar Land Rover, Lincoln, Rolls-Royce, Aston Martin, and Porsche.

Headquarters have been emptied, and bankruptcy administrators have moved into the office.

On January 28, a 21st Century Business Herald reporter conducted an on-site investigation of the headquarters of Baolide Holdings Group Co., Ltd., located in Gongyuan Building, Xihu District, Hangzhou. Baolide's office spaces are on the 5th, 10th, and 15th floors of the building, but the 5th and 10th floors were largely deserted.

On the 10th floor, a person claiming to be a technical staff member at Baolide stated, "There is still some work to be handed over to the company's bankruptcy administrator, and the on-site work will end at the end of January."

In 2025, BLD filed for bankruptcy with the court. Reporters from the 21st Century Business Herald observed that...The 15th-floor office area is marked with the sign "Pollyd Bankruptcy Claim Declaration Management Office," and relevant bankruptcy administrators have moved in to work.

On September 5, 2025, the Hangzhou Intermediate People's Court ruled to accept Baolide's bankruptcy application and transferred the case to the Hangzhou Xihu District People's Court for trial.

On September 29 of the same year, the Xihu District People's Court appointed Zhejiang Hangtianxin Law Firm and Zhejiang Puhua Certified Public Accountants Co., Ltd. as the administrators of Baolide Holding Group.

Regarding the progress of the Polestar bankruptcy case, relevant staff at Zhejiang Hangtianxin Law Firm told 21st Century Business Herald that "it is currently inconvenient to disclose."