中交地产股份有限公司第十届董事会 独立董事专门会议2025年第三次会议决议 根据《上市公司重大资产重组管理办法》、《上市公司监管指引 第 4 号——上市公司及其相关方承诺》《上市公司独立董事管理办法》、 《深圳证券交易所股票上市规则》、中交地产股份有限公司（以下简 称"中交地产"）《独立董事工作制度》等有关规定，中交地产独立 董事于2025年 6月16日召开了第十届董事会独立董事专门会议 2025 年第三次会议，独立董事本着实事求是、认真负责的态度，基于独立 判断的立场，对中交地产第十届董事会第四次会议拟审议的相关议案 进行了认真的事前审核，并形成决议。 会议审议通过以下事项： 4、审议通过了《关于本次交易履行法定程序完备性、合规性及 提交的法律文件的有效性的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 5、审议通过了《关于公司本次交易符合<上市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的监管要求>第四条规定的 议案》 表决结果：3 票同意，0 票反对，0 票弃权。 1、审议通过了《关于本次交易符合上市公司重大资产重组相关 法律法规规定的议案》 表决结果：3 票同意，0 票反对，0 票 ...

*ST中地（000736）公告，公司拟将持有的房地产开发业务相关资产及负债转让至控股股东地产集团， 此次交易构成重大资产重组。交易范围包括募投项目，将导致募投项目终止。本次交易已通过董事会审 议，尚需提交股东大会审议。截至2024年末，长沙凤鸣东方项目累计投入1.57亿元，天津春映海河项目 累计投入2.77亿元，合计4.34亿元。 ...

Core Viewpoint - *ST Zhongdi plans to transfer its real estate development-related assets and liabilities to its controlling shareholder, China Communications Real Estate Group Co., Ltd., for a transaction price of 1 yuan, marking a significant asset restructuring and related party transaction. The company aims to focus on property services and asset management, which are more stable and beneficial for enhancing profitability, thus achieving strategic transformation and high-quality development [1]. Group 1 - The company intends to transfer real estate development assets and liabilities for a nominal price of 1 yuan [1]. - This transaction is classified as a major asset restructuring and related party transaction [1]. - The strategic focus will shift towards property services and asset management, which are expected to improve profitability [1].

Core Viewpoint - The credit rating agency maintains the long-term credit rating of China Communications Real Estate Co., Ltd. at AA+ and the rating of "21 Zhongjiao Bond" at AAA, with a stable outlook, despite the company's significant losses and declining sales in the challenging real estate market [1][2][3]. Company Overview - China Communications Real Estate Co., Ltd. is a subsidiary of China Communications Real Estate Group, with a strong shareholder background [3][4]. - The company has faced a significant decline in sales, with a reported sales amount of 183.02 billion yuan in 2024, down from 324.68 billion yuan in 2023, representing a decrease of 43.7% [6][22]. - As of the end of 2024, the company's total assets were 1,076.98 billion yuan, and the owner's equity was 110.39 billion yuan, which has decreased significantly due to losses [6][24]. Financial Performance - The company reported a substantial loss of 56.81 billion yuan in 2024, with the owner's equity attributable to the parent company dropping to -35.79 billion yuan [6][24]. - The company's debt burden is heavy, with a significant amount of debt maturing in the next two years, and the total debt capitalization ratio was 89.75% as of the end of 2024 [6][24]. - The company has a cash flow issue, with a negative operating cash flow to current liabilities ratio of -4.61% in 2024 [7][24]. Business Transformation - The company is in the process of selling its real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group, to focus on property services, asset management, and operations [6][15][23]. - This strategic shift aims to improve the company's asset quality and profitability, although the progress of this transaction remains uncertain [6][15][23]. Industry Context - The real estate market in China is experiencing a downturn, with ongoing adjustments leading to reduced sales and profitability for many companies in the sector [10][11]. - The company has seen a significant reduction in new project acquisitions, with new construction area dropping to 36.97 million square meters in 2024 from 152.79 million square meters in 2023 [21][22]. - The overall industry is expected to continue facing challenges, with a focus on stabilizing the market and addressing inventory issues [10][11].

中交地产股份有限公司 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕4326 号 联合资信评估股份有限公司通过对中交地产股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定维持中交地产 股份有限公司主体长期信用等级为 AA+，维持"21 中交债"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： 二〇二五年六月十三日 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。 二、本报告系联合资信接受中交地产股份有限公司（以下简称"该公 司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系 外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客观、公 ...

Summary of Key Points Core Viewpoint - The company has provided guarantees for its subsidiaries, which have exceeded certain financial thresholds, raising concerns about potential risks associated with these guarantees [1][2][5]. Group 1: Guarantee Progress Overview - The company has signed a loan term adjustment agreement with China Agricultural Bank for its subsidiary Cixi Port City, providing a guarantee amounting to 409.795 million yuan, representing a 99.95% equity stake [1][2]. - The company has also provided a guarantee of 390 million yuan for Wuhan Jinxiu Yaha, with a 100% equity stake in the subsidiary [2][5]. - The total approved guarantee limit for 2025 is 1,807.817 million yuan, and the current guarantees do not exceed this limit, thus not requiring further board or shareholder approval [2][5]. Group 2: Basic Information of Guaranteed Entities - Cixi Port City was established on September 29, 2020, with a registered capital of 100 million yuan, and is primarily engaged in real estate development [3][4]. - Wuhan Jinxiu Yaha was established on April 8, 2022, also with a registered capital of 100 million yuan, focusing on real estate development and related services [3][4]. Group 3: Financial Indicators - Cixi Port City has total assets, total liabilities, net assets, operating income, operating profit, and net profit figures for the recent year and period, although specific numbers are not provided in the summary [3][4]. - Wuhan Jinxiu Yaha also has financial indicators for the recent year and period, but specific figures are not detailed in the summary [4][5]. Group 4: Board Opinion - The board believes that providing guarantees for Cixi Port City and Wuhan Jinxiu Yaha is beneficial for securing project funding and aligns with the company's overall interests [5]. - The company maintains that both subsidiaries are in normal operating conditions and possess the ability to repay their debts [5]. Group 5: Cumulative External Guarantee Amount - As of May 31, 2025, the company has provided external guarantees totaling 858.617 million yuan for its subsidiaries, which is 240% of the net assets as of the end of 2024 [5]. - Guarantees for non-consolidated affiliated companies amount to 110.723 million yuan, representing 31% of the net assets as of the end of 2024 [5].

中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作 为中交地产股份有限公司（以下简称"中交地产"或"公司"）持续督导阶段 的保荐机构，根据《中华人民共和国公司法》《证券发行上市保荐业务管理办 法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指 引第1号——主板上市公司规范运作》等有关规定，对公司本次向特定对象发行 募集资金投资项目专户销户并将节余募集资金永久补充流动资金的事项进行了 核查，具体核查情况及核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意中交地产股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2023〕1347号），公司向特定对 象发行股票数量51,664,712股，每股发行价格为人民币8.59元，募集资金总额为 人民币443,799,876.08元，扣除发行费用（不含增值税）人民币5,554,357.16元后， 实际募集资金净额为人民币438,245,518.92元。本次发行募集资金已于2024年6 月18日全部到位，并经安永华明会计师事务所（特殊普通合伙）审验，于2024 年6月18日出具了《验资报告》（安永华明（2023 ...

中国国际金融股份有限公司 及注销募集资金专户之核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作 为中交地产股份有限公司（以下简称"中交地产"或"公司"）持续督导阶段 的保荐机构，根据《中华人民共和国公司法》《证券发行上市保荐业务管理办 法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指 引第1号——主板上市公司规范运作》等有关规定，对公司本次向特定对象发行 募集资金投资项目专户销户并将节余募集资金永久补充流动资金的事项进行了 核查，具体核查情况及核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意中交地产股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2023〕1347号），公司向特定对 象发行股票数量51,664,712股，每股发行价格为人民币8.59元，募集资金总额为 人民币443,799,876.08元，扣除发行费用（不含增值税）人民币5,554,357.16元后， 实际募集资金净额为人民币438,245,518.92元。本次发行募集资金已于2024年6 月18日全部到位，并经安永华明会计师事务所（特殊普通合伙）审验，于20 ...

一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意中交地产股份有 限公司向特定对象发行股票注册的批复》（证监许可〔2023〕1347号）， 中交地产股份有限公司（以下简称"公司"）向特定对象发行股票数 量 51,664,712 股，每股发行价格为人民币 8.59 元，募集资金总额为 人民币 443,799,876.08 元，扣除发行费用（不含增值税）人民币 5,554,357.16 元后，实际募集资金净额为人民币 438,245,518.92 元。 本次发行募集资金已于 2024 年 6 月 18 日全部到位，并经安永华明会 1 计师事务所（特殊普通合伙）审验，于 2024 年 6 月 18 日出具了《验 资报告》（安永华明（2023）验字第 70071827_A01 号）。 二、募集资金存放和管理情况 | 证券代码：000736 | 证券简称：*ST | 中地 | | 公告编号：2025-065 | | --- | --- | --- | --- | --- | | 债券代码：149610 | 债券简称：21 | 中交债 | | | | 债券代码：148385 | 债券简称：23 | 中交 | ...

| 证券代码：000736 | 证券简称：*ST | 中地 公告编号：2025-064 | | --- | --- | --- | | 债券代码：149610 | 债券简称：21 | 中交债 | | 债券代码：148385 | 债券简称：23 | 中交 04 | | 债券代码：148551 | 债券简称：23 | 中交 06 | | 债券代码：134164 | 债券简称：25 | 中交 01 | | 债券代码：133965 | 债券简称：25 | 中交 02 | | 债券代码：134197 | 债券简称：25 | 中交 03 | 中交地产股份有限公司 关于为项目公司提供担保进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 特别风险提示： 中交地产股份有限公司(以下简称"公司")及控股子公司对外担 保总额已超过最近一期经审计归母净资产的 100%，对资产负债率超 过 70%的单位担保金额已超过最近一期经审计归母净资产的 50%，对 合并报表外单位担保金额已超过最近一期经审计归母净资产的 30%， 请投资者充分关注担保风险。 一、担保进展情况概述 1 ...