华发“接棒”格力地产，免税业务成最后的救赎？

Core Viewpoint - The restructuring of Zhuhai State-owned Assets has officially begun, with Gree Real Estate being integrated into Huafa Group, marking a significant shift in its operational structure and focus towards the duty-free market [1][3]. Company Summary - Gree Real Estate has faced significant challenges due to aggressive expansion leading to management issues, resulting in a revenue of only 4.732 billion yuan in 2023, which is less than one-tenth of Huafa's revenue [1][3]. - The company has announced its exit from traditional real estate development due to ongoing operational difficulties and financial mismanagement, including a cumulative net profit loss of 3.417 billion yuan over 2022 and 2023 [4][6]. - Gree Real Estate's financial reporting has been criticized for inaccuracies, leading to a loss of investor trust and legal scrutiny for its former chairman [5][6]. Industry Summary - The duty-free market is currently facing challenges, with a reported 29.3% decline in duty-free shopping amounts in Hainan for 2024, alongside a 15.88% drop in shopping visitors [6][7]. - Major players in the duty-free sector, such as China Duty Free Group, have also reported significant revenue declines, indicating a broader industry contraction [6][7]. - The rise of e-commerce is further complicating the competitive landscape for duty-free stores, as consumers are increasingly drawn to online shopping for its price transparency and discounts [6][7].