Core Viewpoint - Dalian Wanda Commercial Properties officially delisted from the Hong Kong Stock Exchange on November 27, 2023, after 12 years of listing, due to its privatization plan which became effective on November 25, 2023 [1][2]. Company Summary - The total consideration for the privatization transaction is approximately HKD 29.32 billion, leaving only the A-share listed Dalian Wanda (000031.SZ) under COFCO Group's real estate platform [2]. - Dalian Wanda Commercial Properties was listed in 2013 and focused on the development and operation of urban complexes under the Dalian Wanda brand, including investment properties, property development, and hotel operations [2][3]. - The company underwent a significant asset restructuring in 2019, acquiring 64.18% of the Hong Kong-listed Dalian Wanda Commercial Properties, forming a dual-platform structure [3]. Industry Perspective - The privatization is viewed as a strategic response to cyclical changes in the industry, with Dalian Wanda stating that market performance has shown periodic fluctuations and liquidity pressures [3]. - The privatization is expected to optimize the company's governance framework, integrate organizational and equity structures, and enhance management decision-making efficiency [3]. - Following the transaction, Dalian Wanda's equity in Dalian Wanda Commercial Properties will be further strengthened, benefiting net profit attributable to the parent company and enhancing asset allocation capabilities [3]. Financial Performance - For the first half of 2025, Dalian Wanda Commercial Properties reported revenue of approximately HKD 8.12 billion, a year-on-year decrease of about 5.78%, primarily due to a reduction in the area of property development recognized [4]. - The overall gross profit margin improved by 2.9 percentage points to 34.43% [3]. - Specific revenue breakdown includes: - Property development revenue of HKD 5.48 billion (down 8.3% year-on-year) with a 32% decrease in settlement area but a 33% increase in average price, leading to a gross margin of 18% [4]. - Investment property rental and related income of HKD 2.04 billion (down 2.5% year-on-year) with a gross margin of 78% [4]. - Hotel business revenue remained stable at HKD 466 million with an occupancy rate of 84% [4]. Market Trends - The privatization trend is noted among real estate companies, with over 30 A-share and H-share listed real estate firms delisting since 2022, including five actively choosing to delist [5].

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].

深圳商报首席记者 刘琼 11月20日，财政部、商务部两部委公示消费新业态新模式新场景试点名单，深圳等50个城市拟入选。记 者梳理名单发现，4个直辖市、5个计划单列市全部入选，其余41个城市覆盖全国主要省份。 根据两部委此前印发的《关于开展消费新业态新模式新场景试点工作的通知》，此次试点资金补助按城 市体量分层实施：超大特大城市获合计4亿元补助，大城市3亿元，其他城市2亿元。政策明确支持三大 方向：一是支持健全首发经济服务体系；二是支持创新多元化服务消费场景；三是支持优质消费资源与 知名IP跨界联名。 服务消费成"升级主力" 服务消费，一头连着经济，一头连着民生。深圳"大手笔"全力推动服务消费扩容升级。在餐饮、住宿、 家政、养老托育等民生消费领域频频发力，丰富消费场景，推动基础型服务消费提质增效。 深圳一直将促消费扩内需作为"重中之重"，并在供给侧方面持续创新。今年以来，首发经济热火朝天、 新型消费场景丰富、服务消费扩容提质，深圳消费新业态、新模式、新场景不断涌现，"消费新三样"呈 蓬勃之势。 首发经济成"流量密码" 在深圳，首发经济正成为提升商业竞争力、激活城市消费的重要力量。 据相关商业机构统计数据，202 ...

Core Viewpoint - The company has approved a plan for its subsidiary, Joy City Property Limited, to repurchase shares and apply for the delisting of its shares from the Hong Kong Stock Exchange [1] Group 1 - The board meeting was held on July 31, 2025, where the proposal was reviewed and approved [1] - The repurchase will exclude shares held by the company and De Mao Limited [1] - The plan is set to take effect on November 25, 2025, and all conditions for the proposal have been met [1] Group 2 - The delisting of Joy City Property's shares from the Hong Kong Stock Exchange is expected to occur on November 27, 2025, at 4 PM Bermuda time [1]

Group 1 - The company announced that its subsidiary, Joy City Property Limited, will repurchase shares through an agreement and apply for the withdrawal of its listing status on the Hong Kong Stock Exchange [1] - The proposal's conditions have been met, and the listing status of Joy City Property shares is expected to be withdrawn on November 27, 2025, at 4 PM [1]

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 大悦城控股集团股份有限公司（以下简称"公司"）于2025年7月31日召开 了第十一届董事会第二十次会议审议通过《关于控股子公司大悦城地产有限公司 以协议安排的方式回购股份并于香港联交所申请撤销上市地位的议案》，同意由 公司控股子公司大悦城地产有限公司（一家于香港联合交易所主板上市公司，股 票代码：00207.HK，以下简称"大悦城地产"）作为发起人，通过协议安排的方 式回购、注销除公司和得茂有限公司以外其他股东所持大悦城地产股份（以下简 称"该计划"），并向香港联交所申请撤销上市地位（以下简称"该建议"）。 具体内容详见公司于2025年8月1日在巨潮资讯网（www.cninfo.com.cn）披露的《关 于控股子公司大悦城地产有限公司以协议安排的方式回购股份并于香港联交所 申请撤销上市地位的公告》（公告编号：2025-043）。 关于控股子公司大悦城地产有限公司以协议安排的方式 回购股份并于香港联交所申请撤销上市地位完成的公告 | 债券代码：148102 | 债券简称：22 | 大悦 | 01 | | --- ...

Core Viewpoint - Dalian Wanda's subsidiary, Dalian Wanda Commercial Properties, is set to delist from the Hong Kong Stock Exchange after a buyback of shares, marking the end of its 12-year presence in the market [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties was listed on the Hong Kong Stock Exchange in 2013 and is a commercial real estate platform under COFCO Group, primarily engaged in the development, operation, sales, leasing, and management of commercial properties [2]. - As of the end of 2024, Dalian Wanda Commercial Properties has established a presence in five major city clusters in China, managing 32 commercial projects, including Dalian Wanda Plaza and luxury hotels [2]. Group 2: Financial Performance - In the first half of the year, Dalian Wanda Commercial Properties reported total revenue of 8.124 billion yuan, a year-on-year decrease of 5.8%, and a net profit of 105 million yuan, down 26.6% year-on-year [2]. Group 3: Privatization Details - The buyback plan involves a total cost of approximately 29.32 billion Hong Kong dollars, with the aim to enhance the governance framework and optimize the organizational structure post-privatization [2][3]. - Following the completion of the privatization, Dalian Wanda's ownership in Dalian Wanda Commercial Properties will increase from 64.18% to 96.13%, effectively giving it near-total control [3]. Group 4: Industry Context - The trend of privatization and delisting among real estate companies has been notable, with 23 companies being forced to delist and 7 opting for voluntary privatization in recent years [4]. - Factors driving this trend include market pressures, lack of liquidity, and the need for strategic flexibility amid a challenging real estate environment [5].

Core Viewpoint - Dalian Wanda's subsidiary, Dalian Wanda Commercial Properties, will officially delist from the Hong Kong Stock Exchange after 12 years of listing, as part of a strategic move to optimize its corporate governance and structure [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties was listed on the Hong Kong Stock Exchange in 2013 and is a commercial real estate platform under COFCO Group, focusing on the development, operation, and management of urban complexes branded as "Dalian Wanda" [2]. - The company operates four main business segments: investment properties, property development, hotel operations, and management services [2]. Group 2: Transaction Details - On July 31, 2025, Dalian Wanda announced plans to repurchase shares of Dalian Wanda Commercial Properties through an agreement, with a total repurchase cost of approximately HKD 29.32 billion [2]. - The shareholding structure before the agreement was 64.18% for Dalian Wanda, 2.58% for De Mao, and 33.24% for other shareholders. Post-agreement, Dalian Wanda's stake will increase to 96.13%, while De Mao's will decrease to 3.87% [1]. Group 3: Financial Performance - In 2024, Dalian Wanda Commercial Properties reported a revenue of CNY 19.831 billion, a net profit attributable to shareholders of CNY 779 million, total assets of CNY 106.771 billion, and total liabilities of CNY 73.578 billion [2]. Group 4: Strategic Rationale - The transaction is seen as a strategic response to market fluctuations and aims to enhance the company's governance framework and integrate its organizational and shareholding structure [2]. - The completion of this transaction is expected to increase the company's equity in Dalian Wanda Commercial Properties, benefiting its net profit attributable to shareholders [2].

Core Viewpoint - Dalian Wanda Commercial Properties will officially delist from the Hong Kong Stock Exchange after 12 years of listing, as part of a strategic move to optimize its corporate governance and ownership structure [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties, a subsidiary of COFCO Group, focuses on the development, operation, and management of urban complexes branded as "Wanda Plaza" [2]. - The company plans to repurchase shares at a total cost of approximately HKD 29.32 billion and apply for the delisting from the Hong Kong Stock Exchange [2]. Group 2: Financial Performance - In 2024, Dalian Wanda Commercial Properties reported a revenue of CNY 19.831 billion and a net profit attributable to shareholders of CNY 0.779 billion, with total assets of CNY 106.771 billion and total liabilities of CNY 73.578 billion [2]. Group 3: Strategic Implications - The transaction aims to address market fluctuations and liquidity pressures, enhancing the company's equity in Dalian Wanda Commercial Properties and improving net profit attributable to shareholders [2]. - Following the privatization, COFCO Group will retain only the A-share listed Dalian Wanda, consolidating its real estate platform [3].

特此公告。 大悦城控股集团股份有限公司第十一届董事会公告 证券代码：000031 证券简称：大悦城 公告编号：2025-063 大悦城控股集团股份有限公司 关于控股子公司大悦城地产有限公司以协议安排的方式 回购股份并于香港联交所申请撤销上市地位完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 大悦城控股集团股份有限公司（以下简称"公司"）于2025年7月31日召开 了第十一届董事会第二十次会议审议通过《关于控股子公司大悦城地产有限公司 以协议安排的方式回购股份并于香港联交所申请撤销上市地位的议案》，同意由 公司控股子公司大悦城地产有限公司（一家于香港联合交易所主板上市公司，股 票代码：00207.HK，以下简称"大悦城地产"）作为发起人，通过协议安排的 方式回购、注销除公司和得茂有限公司以外其他股东所持大悦城地产股份（以下 简称"该计划"），并向香港联交所申请撤销上市地位（以下简称"该建议"）。 具体内容详见公司于2025年8月1日在巨潮资讯网（www.cninfo.com.cn）披露的《关 于控股子公司大悦城地产有限公司以协议安排的方式回购股份并 ...