Core Viewpoint - The company has decided to terminate its credit rating with United Ratings due to a significant asset restructuring, resulting in the transfer of existing bonds to China Communications Real Estate Group Co., Ltd [1] Group 1 - United Ratings has assigned a long-term credit rating of AA+ to the company and a AAA rating to the "21 China Communications Bond," with a stable outlook [1] - The credit rating results are valid until the bond maturity date [1] - The termination of the credit rating is in accordance with relevant regulations and the internal termination rating system of United Ratings [1]

联合〔2025〕8875 号 近日，联合资信收到公司发送的《关于提请终止委托评级工作的函》，因公司重大资产重组， 存量债券由中交房地产集团有限公司承继，公司根据相关业务的实际情况，不再委托联合资信对公 司主体及相关债项进行信用评级。根据有关法规、监管规定、自律规则及联合资信《终止评级制度》， 自本公告发布之日起，联合资信终止对公司主体及"21 中交债"的信用评级，并将不再更新公司 主体及"21 中交债"的评级结果。 特此公告 联合资信评估股份有限公司 二〇二五年九月二日 联合资信评估股份有限公司 关于终止中交地产股份有限公司主体及相关债项信用评级的公告 受中交地产股份有限公司（以下简称"公司"）委托，联合资信评估股份有限公司（以下简称 "联合资信"）对公司主体及相关债项进行了信用评级。根据联合资信最新的评级结果，公司主体 长期信用等级为 AA+，"21 中交债"信用等级为 AAA，评级展望为稳定，评级结果有效期为债券 到期兑付日。 ...

Group 1 - The core viewpoint of the article is that China Communications Real Estate has completed a significant asset restructuring, transferring its real estate development assets and liabilities to China Communications Real Estate Group [1] - During the restructuring period, the company's real estate development business maintained stable operations and continued to advance the task of ensuring the delivery of properties [1] - In the future, the company will focus on light asset businesses such as property services, asset management, and operations, transitioning towards urban smart services and operations [1]

Group 1 - The company received a letter from China International Capital Corporation (CICC) regarding the replacement of the designated sponsor representative for the specific stock issuance project [1] - The original sponsor representatives, Du Ximing and Liu Zhendong, were responsible for the sponsorship and continuous supervision work until December 31, 2025 [1] - Due to Liu Zhendong's job change, Yang Yunfan has been appointed as the new sponsor representative to ensure the orderly continuation of the supervision work [1] Group 2 - Yang Yunfan is currently the Deputy General Manager of the Investment Banking Department at CICC and has a good record in the sponsorship business [2] - He has participated in projects including the stock issuance project for the company and the major asset restructuring project of AVIC Shanda [2] - Yang Yunfan strictly adheres to relevant regulations during his sponsorship practice [2]

Core Viewpoint - The company is undergoing a significant asset sale and related party transaction, transferring real estate development assets and liabilities to its controlling shareholder, the Real Estate Group, for a cash payment [5][6][7]. Group 1: Transaction Overview - The transaction involves the transfer of real estate development-related assets and liabilities from the company to its controlling shareholder, the Real Estate Group, with the payment made in cash [5]. - The net asset book value of the transferred assets as of December 31, 2024, is -391,881.75 million RMB, with an assessed value of -297,604.13 million RMB, resulting in an appraisal increment of 94,277.62 million RMB, or an increase rate of 24.06% [5]. - The transaction is classified as a major asset restructuring and constitutes a related party transaction, as the Real Estate Group is the company's controlling shareholder [6][7]. Group 2: Implementation Status - The asset transfer has been confirmed, and all rights and risks associated with the transferred assets have been assumed by the Real Estate Group as of August 31, 2025 [8][9]. - The company has completed the necessary decision-making processes and approvals for the transaction, including independent director reviews and board resolutions [8][9]. - The payment for the transaction has been made, with the Real Estate Group completing the payment of 1 RMB as of the report's signing date [12]. Group 3: Compliance and Legal Opinions - The independent financial advisor and legal counsel have confirmed that the transaction complies with relevant laws and regulations, and all necessary approvals have been obtained [16][17]. - There have been no significant discrepancies between the actual situation during the transaction and previously disclosed information [16]. - The company has not engaged in any non-operational occupation of funds or assets by its controlling shareholder or related parties during the transaction [12][14].

Core Viewpoint - The company has announced a change in the independent financial advisor for its major asset sale and related transactions, ensuring continuity in the restructuring process [1]. Group 1: Change in Financial Advisor - China International Capital Corporation (CICC) has appointed Yang Yunfan as the new lead independent financial advisor for the company's restructuring, replacing Liu Zhendong due to his job change [1]. - The company expresses gratitude for Liu Zhendong's contributions during the restructuring process [1]. Group 2: Background of New Advisor - Yang Yunfan is currently the Deputy General Manager of the Investment Banking Department at CICC and has a strong track record in investment banking [2]. - He has previously participated in significant projects, including the company's stock issuance to specific targets and a major asset restructuring project for AVIC Shantou [2].

Summary of Key Points Core Viewpoint - China International Capital Corporation (CICC) provides an independent financial advisory opinion regarding the major asset sale and related party transactions of China Communications Real Estate Company (CCRE) [1][2]. Group 1: Transaction Overview - CCRE plans to transfer its real estate development-related assets and liabilities to its controlling shareholder, Real Estate Group, for cash payment [4][5]. - The transaction price is based on an asset evaluation conducted by Beijing Tianjian Xingye Asset Appraisal Co., Ltd., which determined the assessed value of the assets as -2,976.04 million yuan, with an increase of 942.78 million yuan, representing a 24.06% increase [6][8]. Group 2: Nature of the Transaction - The transaction constitutes a major asset restructuring as it involves significant assets of CCRE, with the evaluated assets accounting for 98.23% of total assets [7][8]. - The transaction is classified as a related party transaction since the Real Estate Group is the controlling shareholder of CCRE [8]. - This transaction does not constitute a restructuring listing as there will be no change in the controlling shareholder or actual controller of CCRE [8]. Group 3: Implementation Status - The decision-making process for the transaction has been completed, with independent directors reviewing and approving the related matters before submission to the board [9][10]. - The asset transfer has been confirmed, and all rights and risks associated with the assets have been transferred to the Real Estate Group as of August 31, 2025 [10][11]. - The payment for the transaction has been made, with the Real Estate Group completing the payment of 1 yuan to CCRE [12]. Group 4: Compliance and Commitments - CCRE has fulfilled its information disclosure obligations regarding the transaction, and there are no significant discrepancies between the actual situation and previously disclosed information [13][15]. - There have been no changes in the board of directors, supervisors, or senior management during the transaction period [13][14]. - CCRE will continue to provide guarantees for certain debts of the transferred companies until December 31, 2025, with the Real Estate Group providing counter-guarantees [14][15].

北京市嘉源律师事务所 关于中交地产股份有限公司 重大资产出售暨关联交易之实施情况的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 | | | 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致：中交地产股份有限公司 北京市嘉源律师事务所 关于中交地产股份有限公司 重大资产出售暨关联交易之实施情况的 法律意见书 嘉源(2025)-02-097 敬启者： 北京市嘉源律师事务所（以下简称"本所"）接受中交地产股份有限公司 （以下简称"公司"、"上市公司"或"中交地产"）的委托，担任中交地产 本次重大资产出售暨关联交易（以下简称"本次重大资产出售"或"本次交易"） 的专项法律顾问。本所已就本次重大资产出售出具了嘉源(2025)-02-057《北京 市嘉源律师事务所关于中交地产股份有限公司重大资产出售暨关联交易的法律 意见书》、嘉源(2025)-02-075《北京市嘉源律师事务所关于中交地产股份有限 公司重大资产出售暨关联交易的补充法律意见书》（以下统称"原法律意见书"）。 本所现就本次重大资产出售的实施 ...

中国国际金融股份有限公司关于中交地产股份有限公司重大资产出售暨关联交易实施情况之核查意见 签署日期：二〇二五年八月 1 中国国际金融股份有限公司关于中交地产股份有限公司重大资产出售暨关联交易实施情况之核查意见 独立财务顾问声明 中国国际金融股份有限公司关于 中交地产股份有限公司 重大资产出售暨关联交易实施情况 之 独立财务顾问核查意见 独立财务顾问 3、本核查意见不构成对上市公司的任何投资建议或意见，对投资者根据本核查意 见作出的任何投资决策可能产生的风险，本独立财务顾问不承担任何责任。 4、本独立财务顾问未委托或授权其他任何机构和个人提供未在本核查意见中列载 的信息和对本核查意见做任何解释或说明。 5、本独立财务顾问特别提请广大投资者认真阅读就本次交易事项披露的相关公告， 查阅有关文件。 2 中国国际金融股份有限公司接受中交地产股份有限公司委托，担任中交地产重大资 产出售暨关联交易之独立财务顾问。 依据《公司法》《证券法》《上市公司重大资产重组管理办法》《公开发行证券的 公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》等法律法规的有关 规定和要求，按照证券行业公认的业务标准、道德规范和诚实信 ...

证券代码：000736 证券简称：*ST 中地 公告编号：2025-096 中交地产股份有限公司重大资产出售暨关联交易 实施情况报告书的公告 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。 证券代码：000736.SZ 证券简称：*ST 中地 上市地点：深圳证券交易所 中交地产股份有限公司 重大资产出售暨关联交易 实施情况报告书 独立财务顾问 签署日期：二〇二五年八月 上市公司声明 本公司及本公司全体董事、监事及高级管理人员保证上市公司及时、公平地披露信 息，保证本报告书的内容真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗 漏，并对所提供信息的真实性、准确性、完整性负相应的法律责任。 本次重组的交易对方已就在本次交易过程中所提供信息和材料的真实、准确、完整 情况出具承诺函，保证及时提供本次重组相关信息，为本次交易所提供的信息真实、准 确、完整，如因提供的信息存在虚假记载、误导性陈述或者重大遗漏，给上市公司或者 投资者造成损失的，将依法承担相应的法律责任。 本次交易的审批机关对本次交易所做的任何决定或意见，均不表明其对本公司股票 的价值或投资者收益的实质 ...