然而，理想与现实之间存在显著差距，中粮集团希望借此打通境内外融资通道的初衷未能如愿奏效。一方面，港股市场对内地商业地产企业的估值偏低，大 悦城地产股价长期徘徊在净资产下方，估值优势难以体现，再融资能力受到严重制约。另一方面，A股市场的大悦城控股同样面临经营压力，受房地产行业 整体下行、销售端承压以及资产减值等因素影响，公司连年陷入亏损境地，未能形成有效的盈利支撑。双重市场压力下，"A控红筹"架构不仅未能发挥预期 的融资协同效应，反而增加了企业治理的复杂性与运营成本。 登录新浪财经APP 搜索【信披】查看更多考评等级 转自：新华财经 新华财经上海11月18日电（谈瑞）11月17日，中粮集团旗下大悦城地产（00207.HK）宣布私有化决议案获计划股东通过，其在香港联交所的上市地位预计 将于11月27日正式撤销，标志着这家央企商业地产巨头12年的上市历程即将画上句号。在房地产行业周期性调整的背景下，这一举措不仅是企业应对经营压 力的现实选择，更是行业转型期房企战略重构的典型样本，折射出资本市场与房地产行业生态的深刻变化。 回溯其资本市场进程，作为中粮集团旗下核心的商业地产平台，大悦城地产的发展轨迹与中国商业地产的黄 ...

Core Viewpoint - Dalian Wanda's real estate subsidiary is set to go private, marking the end of its 12-year listing on the Hong Kong Stock Exchange, as part of a strategic optimization during a period of deep adjustment in the real estate industry [1][2][3] Company Summary - Dalian Wanda's real estate platform, under COFCO Group, has established a presence in five major city clusters across China, managing 32 commercial projects and luxury hotels [2] - The privatization plan involves a total buyback cost of approximately HKD 29.32 billion, with the company’s listing status expected to be officially revoked on November 27 [2][3] - Following the privatization, COFCO Group's ownership in Dalian Wanda will increase from 64.18% to 96.13%, achieving absolute control over the subsidiary [3] Industry Summary - The privatization of Dalian Wanda is seen as a response to market pressures, strategic needs, and changes in the industry environment, highlighting the limitations of the "A-share controlled red-chip" structure during industry adjustments [4] - The company has faced significant losses over the past three years, with total losses exceeding 7 billion yuan, but is projected to return to profitability by mid-2025 [4][5] - The trend of privatization among state-owned real estate companies is expected to continue, with 29 listed real estate firms already confirmed to delist between April 2023 and October 2025, indicating a shift from being a "capital springboard" to a "cost burden" [5][6]

智通财经APP获悉，大悦城地产(00207)现涨超3%，截至发稿，涨3.33%，报0.62港元，成交额5791.54万 港元。 消息面上，大悦城地产宣布，上市地位预期将于11月27日下午四时正起撤销。据悉，7月31日，大悦城 宣布，公司控股子公司大悦城地产拟向除公司和得茂以外的其他股东提出私有化建议，以协议安排方式 回购股份，每股对价0.62港元，总金额约29.32亿港元。 ...

Group 1 - The core point of the article is that Doyou City (大悦城) real estate has announced a privatization proposal, with its listing status expected to be revoked on November 27 at 4 PM [1] - Doyou City real estate's stock has increased by over 3%, currently up 3.33% at HKD 0.62, with a trading volume of HKD 57.9154 million [1] - The privatization proposal involves a buyback of shares at a price of HKD 0.62 per share, totaling approximately HKD 29.32 billion [1]

Core Viewpoint - Dalian Wanda Commercial Properties Co., Ltd. has received approval for its privatization plan, with the delisting from the Hong Kong Stock Exchange expected to take effect on November 27 [2][3]. Group 1: Privatization Details - The total number of shares issued by Dalian Wanda is 14,231,124,858, with 4,729,765,214 shares eligible for voting at the court meeting [3]. - A total of 30 representatives voted in favor of the privatization plan, representing 2,690,937,836 shares, while 4 representatives voted against it, representing 16,783,082 shares [3]. - The privatization proposal involves a cash payment of HKD 0.62 per share for the shares being canceled, totaling approximately HKD 2.932 billion [4]. Group 2: Shareholding Structure - Prior to the transaction, Dalian Wanda Group held 9,133,667,644 shares, accounting for approximately 64.18% of the total issued shares [4]. - After the privatization, Dalian Wanda Group's shareholding will increase to 96.13%, while the remaining shareholder, De Mao, will hold 3.87% [5]. Group 3: Financial Performance - For the first half of 2025, Dalian Wanda reported total revenue of RMB 8.124 billion, a decrease of 5.8% year-on-year [6]. - The net profit was RMB 105 million, down 26.6% year-on-year; however, the core net profit, excluding certain losses, was approximately RMB 244 million, an increase of 25.1% year-on-year [6].

Core Viewpoint - Dalian City Real Estate is set to privatize, ending its listing journey that began in 2013, with the delisting expected on November 27, 2023 [2] Company Overview - Dalian City Real Estate, a commercial real estate platform under COFCO Group, manages 32 projects across five major city clusters in China, including first-tier city investment properties and luxury hotels [2] - The company is a consolidated subsidiary of Dalian City Holdings, which is listed on the A-share market [2] Privatization Details - The privatization resolution was approved by shareholders during a court meeting on November 17, 2023 [2] - The total cost for the share buyback is approximately HKD 29.32 billion [2] Shareholding Structure - Before the agreement, COFCO Group held 64.18% of shares, while after the privatization, its stake will increase to 96.13% [3] - This change indicates that Dalian City Holdings will have almost complete control over Dalian City Real Estate post-privatization [3] Financial Performance - Dalian City Holdings has reported continuous losses over the past three years, with losses of CNY 2.882 billion in 2022, CNY 1.465 billion in 2023, and an estimated CNY 2.977 billion in 2024, totaling over CNY 7 billion [4] - The company anticipates turning a profit by the first half of 2025, aided by the privatization [4] Industry Trends - The trend of privatization among real estate companies has been increasing, with several firms, including China Hongtai Development and Huafa Property, announcing similar moves [4][5] - Key reasons for privatization include insufficient stock liquidity, loss of financing capabilities, and the need for strategic flexibility amid a challenging market environment [5] - The real estate industry is undergoing significant adjustments, with expectations of continued consolidation and restructuring in the next 2-3 years [5]

Core Viewpoint - Daxiyucheng Real Estate is set to privatize, ending its public listing after being established in 2013 and planning to delist by November 27, 2025, following shareholder approval at a court meeting [3][4]. Group 1: Company Overview - Daxiyucheng Real Estate, a commercial real estate platform under COFCO Group, manages 32 projects across five major city clusters in China, including luxury hotels and investment properties in first-tier cities [4]. - The company is a subsidiary of Daxiyucheng Holdings, which is listed on the A-share market, representing a less common "A-share controlled red chip" structure in the industry [4]. Group 2: Privatization Details - The total cost for the share buyback and delisting is approximately HKD 29.32 billion, driven by low stock liquidity, limited financing capabilities, and increased governance complexity [5]. - Post-privatization, Daxiyucheng Holdings' ownership in Daxiyucheng Real Estate will increase from 64.18% to 96.13%, significantly enhancing its control and potential profit margins [5]. Group 3: Financial Performance - Daxiyucheng Holdings has reported continuous losses over the past three years, with losses of CNY 2.882 billion in 2022, CNY 1.465 billion in 2023, and an estimated CNY 2.977 billion in 2024, totaling over CNY 7 billion [5]. - The company anticipates a turnaround to profitability by the first half of 2025, aided by the privatization plan which is expected to bolster its financial performance [5]. Group 4: Industry Trends - The trend of privatization among real estate companies has been increasing, with several firms like China Hongtai Development and Huafa Property also opting for delisting due to market pressures and operational challenges [6][7]. - Key reasons for this trend include insufficient stock liquidity, loss of financing capabilities, and the need for strategic flexibility amid a challenging real estate market environment [7].

Core Viewpoint - Dalian City Real Estate is set to privatize after being listed since 2013, with the decision approved by shareholders during a court meeting on November 17, 2023 [2][3]. Group 1: Company Overview - Dalian City Real Estate, a commercial real estate platform under COFCO Group, has established a presence in five major city clusters across China, managing 32 commercial projects and luxury hotels [3]. - The company plans to delist from the Hong Kong Stock Exchange on November 27, 2023, following a share buyback agreement valued at approximately HKD 29.32 billion [3]. Group 2: Financial Performance - Dalian City Real Estate has faced significant losses over the past three years, with reported losses of CNY 2.882 billion in 2022, CNY 1.465 billion in 2023, and an estimated CNY 2.977 billion in 2024, totaling over CNY 7 billion [4]. - The company aims to achieve profitability by the first half of 2025, with the privatization expected to enhance its equity and improve net profit margins [4]. Group 3: Industry Context - The trend of privatization among real estate companies has been increasing, with several firms, including China Hongtai Development and Huafa Property, announcing similar plans in recent years [4][6]. - Key reasons for this trend include insufficient stock liquidity, loss of financing capabilities, and the need for strategic flexibility amid a challenging market environment [5][6].

Core Viewpoint - The trend of real estate companies delisting is expected to continue over the next 2-3 years, with Dalian City Real Estate's privatization plan set to conclude its public listing journey by 2025 [1][4]. Company Summary - Dalian City Real Estate (00207.HK) announced that shareholders approved the privatization resolution during a court meeting on November 17, 2023 [1]. - The company's listing status on the Hong Kong Stock Exchange is expected to be officially revoked on November 27, 2023 [2]. - Dalian City Real Estate is a commercial real estate platform under COFCO Group, managing 32 projects across five major city clusters in China, including luxury hotels and investment properties [2]. - The total cost for the share repurchase plan is approximately HKD 29.32 billion [2]. - Prior to the agreement, COFCO Group held 64.18% of the shares, which will increase to 96.13% post-privatization [2]. Financial Performance - Dalian City Real Estate has reported continuous losses over the past three years, with losses of CNY 2.882 billion in 2022, CNY 1.465 billion in 2023, and an estimated CNY 2.977 billion in 2024, totaling over CNY 7 billion [3]. - Dalian City Holdings is expected to turn profitable by mid-2025, benefiting from the increased equity in Dalian City Real Estate post-privatization [3]. Industry Trends - The increase in privatization and delisting among real estate companies is attributed to several factors: insufficient stock liquidity, loss of financing capabilities, and ongoing losses and debt crises [4]. - Privatization allows companies to implement long-term strategies and enhance operational flexibility while reducing regulatory costs [4]. - The real estate industry is undergoing significant adjustments, with declining sales and a complex market environment, indicating that the trend of privatization will likely persist [4].

Core Viewpoint - The company Doyou City Real Estate (00207) has received shareholder approval for a resolution regarding a court meeting scheduled for November 17, 2025, which will impact its listing status on the Hong Kong Stock Exchange [1] Group 1 - The court meeting will take place on November 17, 2025, where shareholders can attend in person or appoint representatives to vote [1] - Following the approval of the plan, the company's shares are expected to be delisted from the Hong Kong Stock Exchange on November 27, 2025, at 4:00 PM [1]