Group 1: Real Estate Development and Property Services Valuation - As of July 25, 2025, the real estate sector (Shenwan) has a price-to-book ratio (PB) of 0.78, ranking in the 90.45th percentile historically since 2024 [3] - The Hang Seng real estate and construction sector has a PB of 0.44, ranking in the 98.69th percentile historically since 2024 [3] - From July 1 to July 25, 2025, the real estate sector (Shenwan) increased by 7.8%, outperforming the CSI 300 index by 2.93 percentage points [3] - Key A-share real estate companies with the highest gains during this period include New Town Holdings (+12.2%), China Merchants Shekou (+9.3%), and Gemdale Corporation (+7.4%) [3] Group 2: Property Services Market Performance - From July 1 to July 25, 2025, the property services sector (Shenwan) rose by 3.7%, underperforming the CSI 300 index by 1.20 percentage points [4] - The Hang Seng property services and management index increased by 5.1%, also underperforming the Hang Seng index by 0.37 percentage points [4] - Key A-share property service companies with the highest gains include TeFa Service (+10.4%), World Union (+9.2%), and Ningbo Fuda (+5.9%) [4] Group 3: Public Fund Holdings in Real Estate - As of the end of Q2 2025, public funds held a total market value of approximately 48.4 billion yuan in real estate stocks, down from 54.8 billion yuan at the end of Q1 2025 [5] - This represents about 0.14% of net asset value and 0.67% of stock investment value, indicating a lower allocation compared to standard industry benchmarks by 0.56 percentage points [5] Group 4: Market Trends and Opportunities - In the first half of 2025, the sales amount of commodity residential properties in six major cities (excluding affordable housing) reached 913.3 billion yuan, reflecting a 6.0% increase [6] - The average transaction price of land in core cities increased by 22.8% to 12,009 yuan per square meter [6] - Notable real estate companies with strong sales performance include China Jinmao (36.8 billion yuan, +19.6% YoY) and Yuexiu Property (36.9 billion yuan, +10.8% YoY) [6]

Core Viewpoint - Huafa Group announced the sale of its wholly-owned subsidiary, Shenzhen Ronghua Real Estate Investment Co., Ltd., which holds seven commercial land parcels in the Qianhai Ice and Snow World project for 4.405 billion yuan, aimed at optimizing resource allocation and enhancing cash flow [1] Group 1 - The transaction involves the recovery of funds exceeding 4 billion yuan, which will help Huafa Group mitigate market risks associated with ongoing development [1] - The land parcels are located in the Qianhai Cooperation Zone, specifically at the intersection of Exhibition City and other key roads [1] - This strategic move is expected to support Huafa Group's long-term high-quality development by facilitating a "tenglong huan niao" (exchange of old for new) approach [1]

Core Viewpoint - Huafa Group will no longer continue the development of the remaining commercial portion of the Qianhai Ice and Snow World project, as it has agreed to return the land to the Shenzhen land reserve center for 44.05 billion yuan, which is expected to result in a significant loss for the company [1][3][7]. Group 1: Project Overview - The Qianhai Ice and Snow World project was initially a collaboration between Huafa Group and Sunac, with a total investment of 182.9 billion yuan, covering residential, ice and snow, commercial, hotel, and office spaces [10][11]. - The project aimed to create the world's largest indoor snow world, covering an area of approximately 430,000 square meters [14]. Group 2: Financial Implications - The transaction price of 44.05 billion yuan represents a 25% discount compared to the book value of 58.41 billion yuan, leading to an expected loss exceeding 50% of the company's audited net profit for 2024 [7][14]. - The return of the land is anticipated to enhance the company's liquidity and optimize cash flow, allowing for better investment capacity and risk management [7][14]. Group 3: Market Context - The Shenzhen land reserve center has been actively reclaiming land parcels, with a total of 68 billion yuan planned for the acquisition of 12 plots in the "Shenzhen-Hong Kong Complex Project" [9]. - The current market environment shows a decline in demand for commercial properties, prompting the government to take measures to alleviate the financial pressure on developers and stabilize the overall market [16][17]. Group 4: Future Considerations - There is potential for the reclaimed commercial land to be repurposed for residential use, reflecting a broader trend in urban planning to address oversupply in commercial real estate [17][18]. - The challenges of revitalizing the reclaimed land remain, as the locations are not considered core areas, and any future development will need to consider local inventory and absorption rates [18].

Group 1 - The core point of the news is that under the current oversupply of commercial land, Shenzhen is actively engaging in land storage and repurposing, with a focus on converting commercial land into residential land, as demonstrated by the recent actions of Huafa Group [1][7] - Huafa Group announced that its subsidiary, Ronghua Real Estate, will return seven commercial land parcels of the Qianhai Ice and Snow World project to the Shenzhen Land Storage Center for 4.405 billion yuan, which is a 25% discount from the book value of 5.841 billion yuan [1][3] - The transaction is expected to result in a loss exceeding 50% of Huafa Group's audited net profit for 2024, but it will enhance the company's liquidity and optimize cash flow [1][4] Group 2 - The background of Shenzhen's land storage initiative is part of a broader trend across the country to revitalize idle land, with Guangzhou having previously implemented similar measures [2][5] - The Ministry of Natural Resources and the Ministry of Finance have issued guidelines to support land storage using local government special bonds, accelerating the process of land storage nationwide [6] - The current market environment shows a significant challenge for commercial projects, with many developers facing liquidity issues and difficulties in selling or operating commercial properties [7][8]

Group 1 - The core point of the news is that Huafa Group is taking steps to liquidate its assets by disposing of seven commercial land parcels in Shenzhen for a total price of 4.405 billion yuan, as part of a strategy to mitigate liquidity risks and accelerate the revitalization of stagnant assets [1] - The land parcels cover a total area of 70,468 square meters, with a planned gross floor area of approximately 461,000 square meters, including 420,000 square meters for office use and 32,800 square meters for above-ground commercial use [1] - The current status of the land parcels is undeveloped, and the transaction is seen as a response to the market conditions, where local governments are likely to repurchase idle land at current market prices, potentially leading to discounted transactions [1] Group 2 - Recent market information indicates that CITIC Trust is planning to acquire 12 land parcels under Shimao Group in Shenzhen for a total price of 6.8 billion yuan, reflecting a trend of local governments actively engaging in land storage to stabilize the real estate market [2] - According to Li Yujia, a chief researcher at the Guangdong Housing Policy Research Center, land storage is a government function aimed at preserving the value of state-owned assets, especially when land remains undeveloped or when companies are unable to develop it [2] - As of June 25, over 3,700 parcels of idle land have been publicly announced for acquisition across the country, covering approximately 196 million square meters and totaling over 470 billion yuan, indicating a significant trend in local governments utilizing special bonds for land acquisition [2]

Core Viewpoint - Huafa Group is selling seven commercial land parcels in the Qianhai Ice and Snow World project at a significant loss, reflecting the challenges in the Shenzhen real estate market and the need for asset liquidation to mitigate risks [1][5]. Group 1: Transaction Details - Huafa Group's subsidiary, Ronghua Land, received a notice from the Shenzhen Land Reserve Center to recover seven commercial land parcels for 4.405 billion yuan, which is a 25% discount from the book cost of approximately 5.841 billion yuan [1]. - The total area of the seven parcels is about 70,500 square meters, with a planned construction area of approximately 460,000 square meters [1]. - The anticipated loss from this transaction is expected to exceed half of Huafa Group's audited net profit for 2024 [1]. Group 2: Project Background - The Qianhai Ice and Snow World project was initially acquired in November 2020 for 12.71 billion yuan, including various developments such as residential, commercial, and hotel spaces [2]. - Huafa Group took full control of Ronghua Land in early 2023, acquiring the remaining stake from Sunac [4]. - The project was initially part of Shenzhen's major project plans for 2021 and 2022 but faced delays due to Sunac's financial difficulties [2]. Group 3: Market Context and Implications - The decision to return the land parcels is influenced by the ongoing downturn in the Shenzhen commercial real estate market, particularly in the office sector [5]. - The asset evaluation report indicates a significant devaluation of the land, attributed to the high market conditions at the time of acquisition in 2020 [5]. - The recovery of these parcels is seen as a strategic move to avoid long-term asset stagnation and to free up capital for other business operations, such as residential development [5]. Group 4: Project Progress - Despite the land recovery, the overall construction of the Qianhai Ice and Snow World project is reportedly on track, with key construction phases nearing completion [6]. - The project is expected to open before the National Day holiday, with ongoing efforts in interior decoration and mechanical adjustments [6]. - The talent housing project associated with the development has nearly sold out, with the first phase already delivered [6].

Core Viewpoint - The article discusses the recent trend of land acquisition and storage by local governments in Shenzhen, highlighting the actions of Huafa Group and CITIC Trust in response to market conditions and the need to stabilize land asset values [1][2]. Group 1: Huafa Group's Actions - Huafa Group's subsidiary, Shenzhen Ronghua Real Estate Investment Co., plans to dispose of seven commercial land parcels totaling 70,468 square meters for 4.405 billion yuan [1]. - The land parcels are part of the Shenzhen Ice and Snow World project, currently undeveloped, with a total planned construction area of approximately 461,000 square meters [1]. - The transaction aims to accelerate the revitalization of stagnant land assets, reduce liquidity risks, and avoid market risks associated with ongoing development [1]. Group 2: Government Land Acquisition Strategy - CITIC Trust is involved in a plan to acquire 12 land parcels from Shimao Group for a total of 6.8 billion yuan, indicating a broader trend of land storage by local governments [2]. - The acquisition of idle land is seen as a method for local governments to maintain the value of state-owned assets, especially when land remains undeveloped or when companies are unable to develop them [2]. - The article notes that over 3,700 parcels of idle land have been publicly announced for acquisition across the country, covering approximately 196 million square meters and totaling over 470 billion yuan [2].

Core Viewpoint - The company, Huafa Group, announced the acquisition of seven commercial land parcels in the Qianhai Ice and Snow World project by the Shenzhen government for a total of 4.405 billion RMB, aiming to revitalize stagnant assets and mitigate liquidity risks [2][8]. Group 1: Project Overview - The Qianhai Ice and Snow World project is located in the Bao'an Airport New City Comprehensive Area of Shenzhen and features a large indoor ski resort, deep diving base, office complexes, hotels, and various commercial spaces [4][15]. - The project encompasses a total area of approximately 430,000 square meters, with a planned gross floor area of about 1.3107 million square meters [15]. Group 2: Financial Implications - The transaction is expected to result in a loss exceeding 50% of the company's audited net profit for 2024, which was reported at 951 million RMB, down 48.2% year-on-year [8]. - The company reported a revenue of 59.99 billion RMB for 2024, a decrease of 16.8% compared to the previous year [8]. Group 3: Government's Role and Market Context - The government’s decision to reclaim the land is seen as a necessary measure to maintain the value of state-owned assets, especially in light of difficulties in developing commercial and office projects [6]. - The project has faced challenges in construction, with some structures incomplete and the area exhibiting signs of stagnation [10][11].

新京报贝壳财经讯 （记者段文平）下半年，深圳加快了收储步伐。7月28日，华发股份公告称，全资子 公司深圳融华置地投资有限公司（简称"融华置地"）按深圳市土地储备中心收回收购的形式，拟处置持 有的7块商业用地，面积共计7.0468万平方米，价格为44.05亿元。 经综合测算，预计本次交易产生的亏损超过该公司2024年经审计净利润的50%， 本次交易需提交公司 股东大会审议。 华发股份称，本次交易是为加快推进公司滞重地块盘活工作，降低资产流动性风险，规避持续开发存在 的市场风险，盘活沉淀资产，回笼资金。 资料显示，交易标的为融华置地持有的前海冰雪世界项目7块商业用地，即位于深圳市前海合作区会展 新城片区沙井街道展城路和沙福路交汇处西北侧、景从路东侧的A301-0600宗地和A301-0599宗地部分 地块共7.0468万平方米，计容积率建筑面积约46.1万平方米，其中办公约42万平方米，地上商业3.29万 平方米，地下商业3500平方米，公共配套设施4900平方米。标的地块均为国有建设用地，土地用途为商 业用地。 对此，广东省住房政策研究中心首席研究员李宇嘉表示，过去，商业办公项目、综合体项目建设的比较 多，现在 ...

Core Points - The company held its 58th meeting of the 10th Board of Directors on July 28, 2025, via telecommunication, in compliance with the Company Law and its Articles of Association [1][2] - The Board approved several key resolutions, including the revitalization of the Shenzhen Qianhai Ice and Snow World project through government land storage [1][2] - The Board also approved the cancellation of the Supervisory Board and the revision of the company's Articles of Association, which will be presented to the shareholders' meeting for approval [2][4] - Additional management system revisions were approved, including updates to external guarantee systems and compensation management for directors and senior management, also to be presented to the shareholders' meeting [2][4] - The Board resolved to convene the fifth extraordinary shareholders' meeting of 2025 [4]