2025.12.02 本 文字数：3044，阅读时长大约5分钟 作者 | 第一财经 孙梦凡 大型地标"迎来新生" 近日，多个曾一度陷入停滞的地标项目，相继出现有望盘活的消息。 11月28日，中国长城资产官微发文称，联合重庆市南岸区政府重启重庆湾项目，注资不超24.76亿元主 导债务重组并提供新增融资，项目已启动拆迁，计划近期正式动工。 曾经困扰城市的"烂尾项目"，如今有望"重获新生"。 近段时间，多个城市一度陷入停滞、烂尾的大型地标项目，都传来盘活的最新进展，涉及重庆湾项目、 深港国际中心等。此前贵州"天下第一水司楼"变身豪华酒店，也引发了市场广泛关注。同时，也有广州 圆大厦此类地标，多次流拍等待盘活。 业内人士表示，大型项目在实际盘活中，可能会遇到诸多挑战，这些有新进展的项目实属难能可贵。而 一些项目因债务债权关系复杂、资产无人问津等原因，要正式重启还需时间。 重庆湾项目是融创最早通过股权交易，从阳光100中国手中收购而来的。2019年时，陷入流动性危机的 阳光100宣布，作价13.34亿向融创转让重庆一项目公司70%股权及相关债权。 公开信息显示，重庆湾所处地段较为核心，位于重庆两江交汇核心区位，可正看长 ...

2025.12. 02 本文字数：3044，阅读时长大约5分钟 作者 | 第一财经 孙梦凡 据悉，今年1月23日，在重庆市南岸区政府的支持指导下，中国长城资产和融创中国、招商银行、中 信信托等合作方，就重庆湾项目达成融资合作。同时，中国长城资产旗下的房地产平台公司——长城 国富置业，提供品牌加持和专业监管服务。 曾经困扰城市的"烂尾项目"，如今有望"重获新生"。 近段时间，多个城市一度陷入停滞、烂尾的大型地标项目，都传来盘活的最新进展，涉及重庆湾项 目、深港国际中心等。此前贵州"天下第一水司楼"变身豪华酒店，也引发了市场广泛关注。同时，也 有广州圆大厦此类地标，多次流拍等待盘活。 业内人士表示，大型项目在实际盘活中，可能会遇到诸多挑战，这些有新进展的项目实属难能可贵。 而一些项目因债务债权关系复杂、资产无人问津等原因，要正式重启还需时间。 大型地标"迎来新生" 近日，多个曾一度陷入停滞的地标项目，相继出现有望盘活的消息。 11月28日，中国长城资产官微发文称，联合重庆市南岸区政府重启重庆湾项目，注资不超24.76亿元 主导债务重组并提供新增融资，项目已启动拆迁，计划近期正式动工。 重庆湾项目是融创最早通过股权 ...

潮新闻客户端 记者 徐叔竞 大概五六年前，很多杭州人的朋友圈都曾经被一个叫"森与海"的楼盘刷屏过。当时，这个规模达5000亩、山水资源兼备、由头部房企融创操盘的超级大盘， 对标良渚文化村和桃李春风，被很多人视为杭州又一个会在全国打响名气的神盘，坊间有"北良渚，南森海"的说法。 2019年森与海首次开盘，均价14000元/㎡。当时的杭州楼市处于上升期，森与海首开中签率低至14.76%。 只是时过境迁，如今的森与海却陷入了全面"破发"的困境——今天上午，森与海一套建筑面积138.8㎡的高楼层房源在法拍平台拍卖，最终，该房源吸引了6 人报名，经过38轮竞价，以115万元成交，折合单价约8300元。 图源：法拍平台 大多数网友一声叹息："这价格，亏麻了。" 也有网友表示这在意料之中："毕竟这地方都快到绍兴诸暨了。" 图源：法拍平台 根据透明售房网数据，该房源当初的新房备案总价为205万元，备案单价14783元。也就说，如今的价格仅为当时新房买入价的56%。 P I 45 TIP 但是，随着楼市进入下行期，森与海位置偏僻、配套欠缺的劣势就凸显了出来。项目离杭州主城区超过35公里，离萧山市区也超过20公里，交通较为不便， ...

Core Viewpoint - The project "Shenzhen Qianhai Ice and Snow World," claimed to be the world's largest indoor ski resort, is facing significant changes due to a conditional buyback notice from Sunac Cultural Tourism to Huafa Group, which may lead to a shift in ownership and operational dynamics [2][4][7]. Group 1: Project Background - In late 2019, Sunac signed a cooperation agreement with the Shenzhen Bao'an District government to invest 36.7 billion yuan in the project, aiming to create the world's largest indoor ice and snow world [4]. - The project was initially a joint venture between Sunac (51% ownership) and Huafa (49% ownership), with a total planned investment of 18.29 billion yuan, including various facilities such as the indoor ski resort and commercial complexes [4][6]. - The project broke ground in March 2021 but faced delays due to the real estate liquidity crisis that began in the second half of 2021, leading to a shift from partnership to a creditor-debtor relationship [6]. Group 2: Recent Developments - In January 2023, Huafa acquired Sunac's 51% stake in the project for 3.57 billion yuan, gaining full ownership but leaving a buyback option for Sunac until November 2025, with unclear terms regarding the buyback price [7][12]. - In July 2023, Huafa sold seven commercial land parcels in Shenzhen for 4.405 billion yuan to mitigate financial pressure, incurring a 24.59% discount on the book value of 5.841 billion yuan [8][12]. - The project began trial operations on September 29, 2023, featuring five ski trails and attracting over 400,000 visitors in its first month, with a significant portion of visitors coming from Hong Kong and Macau [9][11]. Group 3: Financial Performance - Huafa's financial situation has been under pressure, with a reported revenue of 59.992 billion yuan and a net profit of 0.951 billion yuan for 2024, alongside a 16.3% decline in sales [12][13]. - In the first three quarters of 2023, Huafa achieved a revenue of 51.75 billion yuan, a 64% increase year-on-year, but the net profit plummeted by 92.3% to 0.102 billion yuan [13]. - Analysts predict that once the project matures, it could generate annual revenues of 650 million yuan and net profits of approximately 130 million yuan [12].

Core Viewpoint - The ownership of the Qianhai Ice and Snow World project by Huafa Group has encountered complications, as Sunac Culture has expressed intentions to exercise its repurchase rights, leading to a new round of negotiations regarding the terms of the repurchase [2][3][9] Group 1: Project Background - In November 2020, Huafa and Sunac signed a cooperation agreement to jointly invest in the Qianhai Ice and Snow World project, with Huafa holding 49% and Sunac 51% of the shares [3][4] - In January 2023, due to liquidity pressures, Sunac transferred its 51% stake and debt to Huafa for approximately 3.58 billion yuan, with a repurchase right set to expire on November 23, 2025 [3][4] - The total investment for the project is estimated at 18.29 billion yuan, covering various developments including residential, commercial, and hotel spaces [4] Group 2: Recent Developments - Following the transfer, Huafa has successfully launched the talent housing segment, generating significant cash flow, with sales reaching 7.165 billion yuan from 3,160 units sold in 2023 [6][7] - The indoor ski resort has commenced trial operations, attracting over 400,000 visitors in its first month, indicating strong potential for future revenue generation [6][7] Group 3: Financial Implications - Huafa's financial performance has been under pressure, with a reported revenue of 51.75 billion yuan in the first three quarters of 2025, a 64% increase year-on-year, but a 92.3% decline in net profit [8] - The company has slowed its investment pace, with only 3.5 billion yuan in land acquisitions in the first ten months of the year, reflecting a strategic shift in response to market conditions [8][9] Group 4: Future Outlook - The ongoing negotiations regarding the repurchase terms will significantly impact Huafa's cash flow and asset management, as the project is considered a key asset for the company [9] - Both Huafa and Sunac are likely to continue their strategic maneuvering over the project, as neither party is willing to relinquish control easily in the current market environment [9]

Core Viewpoint - Huafa Co., Ltd. announced that its wholly-owned subsidiary, Zhuhai Huafa Real Estate Development Co., Ltd., acquired a 51% stake in Shenzhen Ronghua Investment Co., Ltd. from Sunac Cultural Tourism Group in January 2023 for 3.58 billion yuan, with a buyback option for Sunac by November 2025 [1][3] Group 1: Acquisition Details - The acquisition was completed in January 2023, allowing Huafa to gain 100% ownership of the project after the purchase [3] - The project, located in Bao'an District, Shenzhen, is known as the "Shenzhen Ice and Snow Cultural Tourism City," which includes the world's largest indoor ski resort and covers approximately 430,000 square meters [4] Group 2: Buyback Conditions - On November 21, 2025, Huafa received a notice from Sunac indicating its intention to exercise the buyback option but requested a renegotiation of the buyback terms, including method, timing, and price [1][2] - The buyback conditions require Sunac to secure financing approval or provide loans to the project company to clear existing debts within 30 working days after confirming the buyback [1] Group 3: Financial Implications - The uncertainty surrounding the buyback could disrupt Huafa's cash flow plans, with the original buyback price expected to be no less than 4 billion yuan, considering the acquisition cost and financing expenses [5] - Huafa's financial performance showed a revenue increase of 64% year-on-year to 51.75 billion yuan in the first three quarters of 2025, but net profit dropped by 92.3% to 102 million yuan [5]

Group 1 - The core viewpoint of the news highlights a collective rise in Hong Kong property stocks, driven by positive government policies and market sentiment [1] - Guangzhou is actively promoting the acquisition of existing residential properties for use as affordable housing, while multiple regions continue to implement relaxation policies [1] - The Ministry of Housing and Urban-Rural Development held a national urban renewal work promotion meeting, emphasizing the need for tailored, innovative approaches in planning, funding, operations, and governance [1] Group 2 - A research report from Shenwan Hongyuan expresses optimism about the new "good housing" sector and the revaluation of shopping center values, maintaining a "positive" rating [1] - The report suggests that while the real estate sector in China will continue to stabilize, core cities are expected to see a turnaround sooner [1] - Two major opportunities are identified: the elevation of "good housing" policies, which could shift real estate companies from finance to manufacturing, and the strong performance of quality commercial enterprises during a monetary easing cycle, leading to potential revaluation of consumer-oriented commercial real estate assets [1]

Group 1 - The core point of the news is that Sunac China Holdings Limited has successfully completed the restructuring of approximately $9.6 billion in offshore debt, approved by the Hong Kong High Court, marking a significant milestone for the company as it becomes the first large real estate enterprise to complete both onshore and offshore debt restructuring [1] - The resolution of both domestic and foreign debt issues allows Sunac to operate with a "light load," which is expected to solidify the foundation for asset revitalization and operational recovery, supporting future project development and product delivery [1] - Sunac has achieved strong sales performance this year, particularly with its "One Number Courtyard" series, which has seen significant sales figures across multiple cities, including over 22 billion yuan in sales for the Shanghai project [1] Group 2 - The Tianjin Meijiang One Number Courtyard project has received 550 million yuan in financing support, which is crucial for high-standard construction and quality upgrades, enhancing the asset value of the project [2] - The project emphasizes meticulous craftsmanship and immersive experiences, showcasing a commitment to product excellence through its design and layout, including spacious living areas and high-quality materials [2] - The successful practices of projects like Shanghai One Number Courtyard, Beijing Sunac One Number Courtyard, and Tianjin Meijiang One Number Courtyard highlight the importance of real scene presentation, product innovation, and community appeal as key supports for real estate companies to navigate market cycles [3]

Core Viewpoint - The Hong Kong real estate sector experienced a rebound on November 20, with several major companies seeing significant stock price increases, driven by expectations of supportive government policies aimed at stabilizing the real estate market [2][4]. Group 1: Market Performance - Major real estate stocks such as Sunac China (01918.HK) rose by 6.02%, Vanke (02202.HK) by 3.69%, and Country Garden (02007.HK) by 3.09% [2][3]. - Other companies like China Overseas Grand Oceans Group (00081.HK) and Yuexiu Property (00123.HK) also joined the upward trend, indicating a broader market recovery [2]. Group 2: Policy Catalysts - The recent rally in the real estate market is attributed to rising expectations of new supportive policies from the Chinese government to counteract the sluggish market and prevent further financial instability [4][5]. - The Ministry of Housing and Urban-Rural Development is reportedly considering measures such as interest subsidies for new personal housing loans and increasing tax deductions for mortgage borrowers [5]. Group 3: Market Data and Trends - Current real estate data shows a continued decline, with a reported 18.8% year-on-year drop in national commercial housing sales area for October 2025, and a 24.3% decrease in sales value [6]. - The market is under pressure, with expectations for policy support growing as the sales figures continue to decline [6][7]. Group 4: Future Outlook - Analysts suggest that the combination of policy expectations, consumer recovery, and improvements in the Hong Kong market will catalyze the real estate sector's performance leading up to the end of the year [9]. - The upcoming "Hong Kong 100 Strong" list is anticipated to feature major real estate companies, reflecting their importance in the market [10].

Core Viewpoint - Sunac China (01918) announced the resignation of Mr. Lin Huaihan as a non-executive director, effective from November 20, 2025 [1] Company Summary - Mr. Lin Huaihan's resignation will take effect in 2025, indicating a planned transition in the company's board structure [1]