Core Points - Dalian Wanda Commercial Properties has announced the approval of its privatization plan, which is expected to lead to its delisting from the Hong Kong Stock Exchange on November 27 [2][5] - Dalian Wanda Holdings will increase its stake in Dalian Wanda Commercial Properties to 96.13% following the privatization [2][6] - The company aims to simplify its corporate structure and improve operational efficiency in response to market challenges [2][6] Company Overview - Dalian Wanda Commercial Properties, a subsidiary of COFCO Group, is engaged in the development, operation, sale, leasing, and management of mixed-use and commercial properties [4] - The company has established a presence in 24 cities across mainland China and Hong Kong, managing 32 commercial projects [4] - The company was listed in Hong Kong in 2013 and underwent significant restructuring in 2019, aiming to leverage both A-share and H-share markets for financing [4] Financial Performance - For the first half of 2025, Dalian Wanda Commercial Properties reported total revenue of 8.124 billion RMB, a decrease of 5.8% year-on-year, and a net profit of 105 million RMB, down 26.6% [5] - The company experienced a post-tax loss of approximately 140 million RMB due to changes in the fair value of investment properties and exchange rate fluctuations, while core net profit increased by 25.1% to 244 million RMB [5] - Rental income from investment properties totaled approximately 2.038 billion RMB, a decline of 2.5% year-on-year, with a gross margin of 78% [5] Market Context - The decision to privatize is attributed to the company's low stock price relative to net asset value and limited liquidity, which hindered its ability to raise capital [5][6] - The trend of privatization among listed real estate companies is increasing, with approximately 23 companies exiting the capital market in the past three years [9][10] - The ongoing trend of both passive and active delistings is expected to continue, driven by low stock prices and the need for strategic flexibility [10]

Core Viewpoint - The recent land acquisition by Dalian Wanda Group in Chengdu reflects a strategic shift from a capital market-oriented approach to an asset operation-oriented strategy, indicating a deeper transformation within the company [1][3]. Group 1: Land Acquisition Details - Dalian Wanda Group acquired a land parcel in Chengdu's Qingyang District for 2.65 billion yuan, covering over 201 acres, which will be developed into the third major Wanda Plaza in Chengdu [1][2]. - The acquisition includes four plots with a total area of approximately 134,500 square meters and a total construction area of about 305,200 square meters, consisting of two commercial and two residential plots [2]. - The commercial portion will be a key highlight, designed as a heavy-asset Wanda Plaza, strategically located near Guanghua Avenue and the subway line 4 [2][3]. Group 2: Market Potential and Challenges - The Qingyang District presents a market gap due to stable industrial foundations and rising consumer demand, making it an attractive investment area for Dalian Wanda Group [2]. - Despite the clear market potential, the new Wanda Plaza faces challenges in attracting customers, as the high-end commercial landscape in Chengdu is already dominated by established players like IFS and Taikoo Li [4]. - The company plans to introduce a mix of top-tier brands and unique business formats to fill the high-end commercial void in the Qingyang District [4]. Group 3: Financial Strategy and Future Outlook - The project is expected to generate positive investment value and stable cash flow upon completion, with a dual strategy of residential and commercial development to balance cash flow [3]. - Dalian Wanda Group's existing projects in Chengdu, such as Chengdu Wanda Plaza and Tianfu Wanda Plaza, have shown strong operational performance, with high occupancy rates and increasing rental income [3]. - The privatization plan, which is set to take effect soon, aims to streamline decision-making processes and enhance operational efficiency, allowing the company to focus on strategic investments like the Qingyang project [5].

Core Viewpoint - Daxuecheng's stock price has shown a decline recently, with a 2.20% drop on November 21, 2023, and a total market capitalization of 13.33 billion yuan. The company has experienced fluctuations in stock performance over various time frames, indicating potential volatility in the market [1]. Group 1: Stock Performance - As of November 21, 2023, Daxuecheng's stock price is 3.11 yuan per share, with a trading volume of 37.61 million yuan and a turnover rate of 0.28% [1]. - Year-to-date, the stock price has increased by 2.30%, but it has decreased by 6.61% over the last five trading days, 4.31% over the last 20 days, and 3.72% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Daxuecheng reported a revenue of 20.65 billion yuan, reflecting a year-on-year growth of 0.83%. However, the net profit attributable to shareholders was -533 million yuan, which represents a year-on-year increase of 9.17% [2]. - The company has not distributed any dividends in the last three years, with a total payout of 2.05 billion yuan since its A-share listing [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of Daxuecheng shareholders is 89,700, a decrease of 7.16% from the previous period. The average number of circulating shares per shareholder has increased by 15.33% to 47,810 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 53.19 million shares, an increase of 28.59 million shares from the previous period. ICBC Value Selection Mixed A is a new shareholder with 22.91 million shares [3].

Core Viewpoint - Chengdu Tianfu Chenyue Real Estate Co., Ltd., a subsidiary of China Resources Land, successfully acquired four plots of state-owned construction land use rights through an auction held by the Chengdu Public Resource Trading Service Center [1][3]. Group 1: Land Acquisition Details - The auction involved four plots of land located in the Qingyang District, specifically in the Caijiao Street area, with areas of approximately 41.8 acres, 55.7 acres, 47 acres, and 57.2 acres [2][4]. - The first two plots are designated for Class II urban residential use, while the latter two are intended for commercial service use [2][4]. Group 2: Development Plans - For the commercial land, the company plans to develop a flagship commercial complex that aims to enhance consumer experiences in Qingyang, filling a gap in high-end commercial offerings [3][4]. - The residential plots are strategically located near the Caijiao Station of Metro Line 4 and the under-construction Metro Line 13, surrounded by established amenities and quality communities, positioning the project as part of the Dayuecheng Holdings residential series [3][4]. Group 3: Strategic Importance of Qingyang - The chosen location in Qingyang Aviation New City is adjacent to key innovation centers in high-end aviation equipment technology, indicating a strong industrial foundation and significant future development potential [4]. - The project is expected to unify planning for a large commercial complex and high-end residential areas, leveraging the inherent advantages of the district to enhance service offerings and create a high-quality living and working environment [4].

Core Viewpoint - Dalian Wanda Group's subsidiary Chengdu Chenyue successfully bid for land use rights in Chengdu for RMB 2.65 billion, indicating a strategic investment in a high-potential area [1] Group 1: Acquisition Details - The land use rights were successfully auctioned on November 19, 2025, with the confirmation of the transaction received on the same day [1] - Chengdu Chenyue has paid a bidding deposit of RMB 532 million for the auction [1] - The land use rights transfer contract is expected to be signed by December 3, 2025, or earlier [1] Group 2: Project Location and Market Potential - The project is located in Chengdu, a key hub in Western China known for its strong economic vitality and market potential [1] - The site is situated in the Qingyang District, which has a robust industrial base and growing consumer demand, presenting significant commercial investment opportunities due to insufficient supply [1] - The project will benefit from the developing aviation industry cluster and a vibrant "residential + commercial" environment [1] Group 3: Expected Outcomes - The anticipated development of the site is expected to generate positive investment value, leading to cash flow and stable, satisfactory returns and profits for the group [1] - The acquisition aligns with the company's business development strategy and planning [1]

Group 1 - The company Dayuecheng (000031) successfully bid for land use rights in Chengdu for RMB 2.65 billion on November 19, 2025 [1] - Chengdu Chenyue, a wholly-owned subsidiary, has paid a deposit of RMB 532 million for the bidding process [1] - The land use rights contract is expected to be signed by December 3, 2025, or earlier [1] Group 2 - The project is located in Chengdu, a key hub in Western China known for its strong economic vitality and market potential [1] - The Qingyang District, where the project is situated, has a solid industrial base and growing consumer demand, presenting significant commercial investment opportunities [1] - The project will benefit from the developing aviation industry cluster and a vibrant "residential + commercial" environment [1] Group 3 - The company anticipates positive investment value upon completion of the development, which will generate cash flow and stable, satisfactory returns and profits [1] - The acquisition aligns with the company's business development strategy and planning [1]

格隆汇11月19日丨大悦城地产(00207.HK)公告，于2025年11月19日，成都辰悦(公司间接全资附属公司) 以人民币26.5亿元成功竞拍规划和自然资源局于网上公开挂牌要约出售该地块的土地使用权。收购事项 相关成交确认书已于同日取得，而收购事项相关土地使用权出让合同预计将于2025年12月3日或前订 立。成都辰悦已支付网上公开挂牌的竞买保证金人民币5.32亿元。成都辰悦将于收购事项完成后持有该 地块权益以进行该地块的未来开发。该地块位于中国成都市。 该项目位于成都市，而成都市作为中国西部的重要枢纽，以其强劲的经济活力与巨大的市场潜力着称。 项目所在的青羊区拥有稳健的产业基础、不断增长的消费需求而有效商业供应不足，为商业投资提供庞 大机遇。该项目位于青羊区行政中心外光华区，该项目将受惠于蓬勃发展的航空产业集群及充满活力 的"住宅+商业"环境。监于该地块的位置及规划用途，预期在完成发展后将实现正面投资价值，从而为 集团产生现金流及稳定且令人满意的收益及溢利。董事认为，收购事项符合集团的业务发展策略及规 划。 ...

Core Insights - Chengdu's Qingyang District held a public auction on November 19, 2025, for four plots of land, including two residential and two commercial service plots, using a "combined 3 supply method" for sale [1][4] - All plots were acquired by Chengdu Tianfu Chenyue Real Estate Co., Ltd., a subsidiary of Joy City Property Limited, at the starting prices [1][4] Group 1: Auction Details - The total area for residential land was approximately 97.5 acres, with a starting floor price of 17,000 yuan per square meter [1][2] - The total area for commercial service land was approximately 104.2 acres, with a starting floor price of 1,780 yuan per square meter [1][2] - The four plots are located in the Caijiao area of Qingyang District, with commercial plots adjacent to the subway Line 4 Caijiao Station exit [2][4] Group 2: Strategic Implications - The acquisition marks Joy City's official entry into the Caijiao area, aligning with a previously announced investment of approximately 11 billion yuan for projects in Qingyang District [4] - The commercial plots come with specific industrial development requirements, including total investment, brand introduction, and tax contributions, aimed at attracting high-level enterprises [4][5] - The development is expected to enhance the area's commercial consumption center status, contributing to the overall industrial upgrade in the region [5] Group 3: Market Context - The Caijiao area has seen significant residential land transactions from 2022 to 2024, with all plots sold at a premium, indicating strong demand [9] - The average total price for new homes in the area has reached 5 million yuan, with some projects exceeding 8 million yuan, establishing a high-end residential atmosphere [9] - The residential plots have a floor area ratio of 2.0-2.3 and a height limit of 80 meters, facilitating the development of high-quality residential products [9]

| | QY09(070102):2025-052 | 青羊区蔡桥街道蔡桥社区6、8组 | 27896.10平方米，合41.8442亩 17000元/平方米 | 17000元/平方米 成都天府辰悦置业有限公司 | | --- | --- | --- | --- | --- | | 2 | QY10(070102):2025-053 | 青羊区蔡桥街道蔡桥社区2、5、6组 | 37131.25平方米，合55.6969亩 17000元/平方米 | 17000元/平方米 | | 3 | QY11(09):2025-054 | 青羊区蔡桥街道蔡桥社区1、2、5组 | 31319.11平方米，合46.9787亩 1780元/平方米 | 1780元/平方米 成都天府辰悦置业有限公司 | | | | QY12(09):2025-055 情羊区蔡桥街道华严社区3组 蔡桥社区1、3、5组38154.79平方米，合57.2321亩 1780元平方米 | | 1780元/平方米 | 11月19日，蔡桥四宗土地成功出让，包括备受瞩目的约104亩商业用地。最终，成都天府辰悦置业有限公司（中粮大悦城）底价一举包揽四宗地块。 4宗地采取组 ...

Core Viewpoint - COFCO Joy City successfully acquired a land parcel in Chengdu's Qingyang District for a base price of 2.65 billion yuan, indicating a strategic investment in the region's real estate market [1] Group 1: Acquisition Details - The acquired land consists of a combination of four sub-parcels with a total construction area of 305,200 square meters [1] - The total land area for development is 134,500 square meters, which includes residential and commercial service land [1] Group 2: Land Use Breakdown - Two of the sub-parcels are designated for residential use, located south and west of Shude Experimental School Hongyi Branch, covering approximately 42 acres and 56 acres respectively [1] - The other two sub-parcels are allocated for commercial service use, situated at the entrance of Caijiao Metro Station [1]