智通财经记者 | 王妤涵 对于此次回购事件，智通财经记者联系了融创有关负责人，对方未予置评，表示"一切以官方公告信息为准"。 号称"全球最大室内滑雪场"的华发深圳前海冰雪世界项目，迎来重大变局。 11月25日，华发股份发布公告称，其全资子公司珠海华发于四天前收到了一封来自融创文旅的《关于附条件回购深圳冰雪城项目的通知函》。 这封通知函明确告知，融创文旅选择行使回购权，但附带了一个关键条件：原协议中的回购方式、实施时间、交易价格等核心内容已不适用于当前情况，需 要重新展开讨论。 这一突如其来的"回购"，让原本已由华发全盘接手的冰雪世界项目，再度面临股权变局。 命途多舛 时间回溯至2019年底，融创意气风发地与深圳宝安区政府签署合作协议，计划在前海片区投入367亿元打造"全球最大的室内冰雪世界"。 彼时，融创年销售额高居行业前列，正大力布局文旅产业；而华发作为珠海国企，则迫切希望打开深圳市场。双方各取所需，于2020年11月以127.1亿元的 底价联手竞得宝安区沙井地块。 两家房企共同组建项目公司深圳融华置地，股权结构清晰：融创持股51%掌握主导权，华发持股49%配合开发，计划要将这个项目打造成世界级文旅标杆。 ...

珠海华发实业股份有限公司向特定 对象发行可转换公司债券 2025 年 跟踪评级报告 | | | 1 www.lhratings.com 联合〔2025〕11380 号 联合资信评估股份有限公司通过对珠海华发实业股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持珠海 华发实业股份有限公司主体长期信用等级为 AAA，维持"华发定转" 信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年十一月二十七日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的独立 意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信基于相关 信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事实陈述或鉴证 意见。联合资信有充分理由保证所出具的评级报告遵循了真实、客观、公正的原 则。鉴于信用评级工作特性及受客观条件影响，本报告在资料信息获取、评级方 法与模型、未来事项预测评估等方面存在局限性。 五、本报告所含评级结论和相关分析不构成任何投资或财务建议，并且不应 当被视为购买、出售或持有任何金融产品的推荐意见或保证。 七、本报告所列示的主体评级及 ...

中国金茂基于资产证券化目的拟22.65亿元出售三亚亚龙湾丽思卡尔顿酒店 亚朵集团三季度营收26.28亿元 同比增长38.4% 近日，亚朵集团发布2025年三季度财报。期内，企业实现营业收入26.28亿元，同比增长38.4%；经调整 后净利润为4.88亿元，同比增长27%；经调整后EBITDA为6.85亿元，同比增长28.7%。截至报告期末， 在营酒店数1948家，在营客房数21.9万间。RevPAR为371元，入住率为80.2%。 文旅部：支持各地推出赏冰乐雪、避寒避暑、文创市集等应季应景的产品和服务 同程旅行第三季度实现营业收入55.09亿元 同比增长10.4% 11月25日，同程旅行发布2025年第三季度业绩报告。2025年第三季度，企业实现营业收入55.09亿元， 同比增长10.4%。其中，交通业务收入同比增长9%，达22.09亿元；住宿业务收入实现14.7%的同比增 长，达15.80亿元。 大悦城地产11月27日撤销联交所上市地位 11月27日，大悦城地产发布公告称，大悦城地产有限公司股份（证券代号：207）的上市地位于2025年 11月27日办公时间结束后撤回。11月26日，大悦城发布公告称，公司于 ...

Core Viewpoint - The unexpected move by Sunac Culture to exercise its repurchase rights on the Shenzhen Huafa Qianhai Ice and Snow World project has created uncertainty for Huafa Co., which recently opened the world's largest indoor ski center and is seeing promising visitor numbers. Group 1: Repurchase Action - Sunac Culture has formally notified Huafa Co. of its intention to exercise the repurchase rights for the Shenzhen Huafa Qianhai Ice and Snow World project, but has requested to renegotiate key terms such as the repurchase method, timing, and price [1][2]. - The repurchase rights were established in a January 2023 agreement, which requires Sunac to notify Huafa by November 23, 2025, and to meet specific conditions for the repurchase to be valid [2][3]. Group 2: Project Overview - The Shenzhen Huafa Qianhai Ice and Snow World project is a significant cultural tourism project with a total investment estimated at 29.6 billion yuan, featuring the largest indoor ski area globally and other attractions [2]. - The project has seen over 400,000 visitors in its first month of trial operation, with a peak daily attendance of over 40,000 [1][5]. Group 3: Historical Context - The project was initially won by a joint bid from Sunac and Huafa in November 2020, with Sunac holding a 51% stake. However, financial difficulties led to Sunac's inability to fulfill its payment obligations, resulting in Huafa taking over the project [4][5]. - Huafa Co. acquired 100% of the shares in the project company in January 2023, paying 3.57 billion yuan for the equity and an additional 11.9 million yuan for the debt [5]. Group 4: Future Implications - The potential changes in repurchase terms could impact the project's operational strategy and overall value, as Huafa had high expectations for the project's profitability and future events [3][5]. - The outcome of the negotiations between Huafa and Sunac remains uncertain, with both parties indicating that further discussions are necessary [6].

Core Viewpoint - The article emphasizes the shift in the real estate industry from a focus on quantity to quality, marking the beginning of a "quality era" where companies with solid fundamentals will be selected through the "Good House" standards [2][4]. Group 1: Industry Transformation - The "Good House" standard signifies a transformation in the supply side of the real estate market, moving towards a quality-first approach [2]. - Major real estate companies have begun to establish their own "Good House" standards and systems, reflecting their operational capabilities and technical characteristics [2][4]. Group 2: Company Standards and Frameworks - Various companies have introduced their own "Good House" systems, such as: - Greentown China with its "Good House Product Standard 2025," which includes 231 clauses that exceed national and industry standards [4]. - China Power Construction's "Good House Product Standard," which focuses on six dimensions including safety and health [15][16]. - China State Construction's "Good House" construction system, emphasizing safety, comfort, and sustainability [26][28]. - The "Good House" frameworks from companies like China Merchants Shekou and CITIC Pacific focus on creating quality living environments through comprehensive standards and innovative technologies [21][22]. Group 3: Implementation and Innovation - Companies are actively implementing their "Good House" standards in projects, showcasing innovation and a commitment to quality [36][38]. - For instance, China Resources Land's product system emphasizes community, product, and service quality, integrating various innovative living scenarios [36]. - The establishment of "Good House" laboratories and experimental projects by companies like China National Cereals, Oils and Foodstuffs Corporation demonstrates a hands-on approach to applying these standards [40]. Group 4: Future Directions and Evaluations - The 2025 product evaluation work for Chinese real estate companies has commenced, focusing on overall corporate performance and specific project assessments [43][46]. - The evaluation will include awards for comprehensive and individual project categories, with results expected to be announced in early 2026 [46][48].

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 - The equity change of the well-known ice and snow landmark project in Shenzhen has attracted widespread attention in the industry, particularly in the context of the ongoing ice and snow tourism season [1] Group 1: Project Background - The capital game surrounding Shenzhen Qianhai Ice and Snow World resurfaced with Sunac's notice of repurchase [2] - Sunac Cultural Tourism has chosen to exercise its repurchase rights for the Shenzhen Qianhai Ice and Snow World project but seeks to renegotiate core transaction terms [3] - The project was established through a partnership between Zhuhai Huafa and Sunac Cultural Tourism, with Huafa holding 49% and Sunac holding 51% of the project company, Ronghua Land [3] Group 2: Financial Developments - In January 2023, Sunac announced the sale of its 51% stake and debt in Ronghua Land to Zhuhai Huafa for approximately RMB 3.58 billion, resulting in Huafa gaining 100% control [4] - Following the acquisition, the project was renamed "Shenzhen Qianhai Huafa Ice and Snow World" [5] Group 3: Current Situation and Industry Implications - Sunac's notice to exercise its repurchase rights has sparked industry discussions, as it indicates a need to renegotiate the original terms due to changing circumstances [7] - The ongoing equity game reflects the strategic positioning of both companies and highlights the trend of asset value reassessment in the rapidly developing ice and snow economy [8] - Huafa is also under pressure to revitalize its existing assets, with plans to recover RMB 4.405 billion from the project, which may result in a loss exceeding 50% of its audited net profit for 2024 [9]

Core Viewpoint - Huafa Group's subsidiary, Zhuhai Huafa Real Estate Development Co., received a notice from Sunac Cultural Tourism indicating the intention to exercise the buyback option for the Shenzhen Ice and Snow City project, but with requests for renegotiation of key transaction terms [1][3]. Group 1: Buyback Notification - Sunac Cultural Tourism has expressed its intention to exercise the buyback right but has requested a renegotiation of the buyback method, implementation time, and transaction price due to changes in circumstances [3][6]. - The original agreement signed in January 2023 stipulated clear conditions for the buyback, requiring written notification by November 23, 2025, and completion of two core prerequisites within 30 working days if the buyback is confirmed [3][6]. Group 2: Asset Value and Project Details - The core asset in question is Shenzhen Ronghua Investment Co., which holds the value of the Qianhai Ice and Snow World project, a key cultural tourism project in Shenzhen [3][6]. - The Qianhai Ice and Snow World project, which opened in September 2025, has received over 400,000 visitors in its first month of trial operation, indicating a positive market reception [6][7]. - The project has a total investment scale and high complexity, featuring multiple attractions, including the largest indoor ski resort globally and a leading indoor deep diving base [6][7]. Group 3: Implications of Land Recovery - In July, the Shenzhen Land Reserve Center planned to recover seven commercial land parcels held by Ronghua Investment for 4.405 billion RMB, which may alter the project's asset structure and overall value [6][7]. - Huafa Group has indicated uncertainty regarding the details and final implementation of the buyback, suggesting potential negotiations may involve a rebalancing of interests due to changes in asset value [7].

Core Points - Zhuhai Huafa Industrial Co., Ltd. received the "ESG Whale Award · ESG Carbon Neutral Pioneer" for the second consecutive year, being the only real estate company recognized in this year's selection [1][3] - The "ESG Whale Award" is one of the most notable awards in China's ESG (Environmental, Social, and Governance) field, with the sub-award focusing on industry leaders in "dual carbon" strategy practices [1] Group 1: Green Development - The company integrates "greening" into the entire product lifecycle and has released a "Technology + Good Housing Product System" technical standard [3] - In 2024, the company plans to add 2.7147 million square meters of green building area, with 20 projects obtaining international WELL certification or national green building labels [3] Group 2: Business Layout - The company enhances business resilience through a "development + operation" dual-drive strategy [3] - The Shenzhen Huafa Qianhai Ice and Snow World commenced trial operations in September, recognized by Guinness World Records as the "largest indoor ski center in the world," attracting over 400,000 visitors in its first month of operation [3] Group 3: Financial Performance - By Q3 2025, the company secured a company bond quota of 7.82 billion yuan and a medium-term note quota of 10 billion yuan, successfully issuing 5.35 billion yuan in credit bonds at a record low interest rate of 2.06% [3] - In a market downturn, the company distributed a cash dividend of 0.02 yuan (tax included) per share to all shareholders for mid-2025, with a dividend payout ratio of 31.74% [3] - The company invested 4.2192 million yuan in rural revitalization assistance in 2024, purchasing agricultural products worth 3.3892 million yuan from impoverished areas, with total charitable donations amounting to 34.3489 million yuan [3]

Core Viewpoints - The current Chinese real estate market is undergoing the deepest and longest adjustment period in history, with multiple indicators reverting to levels seen over a decade ago [5][66][77] - The sustained large losses of real estate companies will accelerate industry reshuffling and optimize the competitive landscape [5][66][77] - Future policies may be further intensified, and with China's economic resilience, the economic growth rate is expected to remain within a reasonable range, which could help shorten the current adjustment cycle [5][66][77] Group 1: Market Overview - As of the end of Q3 2025, the cumulative sales area of commercial housing nationwide has decreased by 5.5% year-on-year, while the cumulative sales amount has dropped by 7.9% [19][20] - The real estate development investment completion amount has fallen from a peak of 14.76 trillion yuan in 2021 to 10.02 trillion yuan in 2024, with an expected further decline to approximately 9 trillion yuan in 2025, marking a nearly 40% drop from the peak [66][50] - The average net asset return rate for listed real estate companies as of the end of Q3 2025 is -4.74%, ranking last among 31 industry sectors [45][66] Group 2: Performance of Real Estate Companies - In the first three quarters of 2025, listed real estate companies reported a total operating revenue of 1.05 trillion yuan, a year-on-year decline of 11% [39][66] - The operating profit for the same period was -35.85 billion yuan, marking the first recorded loss since statistics began [39][66] - The net profit and attributable net profit were -58.52 billion yuan and -64.74 billion yuan, respectively, with losses significantly widening compared to the previous year [39][66] Group 3: Future Outlook - The report anticipates a continued "bottoming" period for the real estate market, with historical comparisons suggesting that while the downward trend may be nearing its end, the timeline for recovery could still be extended [66][70] - The real estate market is expected to experience a three-phase valuation recovery process, with the current phase being the second, which requires stabilization and recovery of the fundamental market conditions [77][78] - Investment targets include stable central state-owned enterprises and regional leaders focused on first- and second-tier cities, which are expected to gain market share during the downturn [77][80]