格力地产彻底“消失”，曾遭董明珠痛批！华发接盘，迎战中免？

Core Viewpoint - Gree Real Estate has officially changed its name to Zhuhai Duty-Free Group (Rights Protection), marking its complete exit from the real estate sector and a shift towards new business areas such as duty-free and commercial management [2][4]. Company Transition - The transition of Gree Real Estate is driven by Zhuhai's state-owned assets, with the company now under the control of Huafa Group, which is expected to handle the disposal of existing projects more professionally than Gree Real Estate could have done alone [2][9]. - Gree Real Estate's historical performance has been poor, with a cumulative loss of nearly 4 billion yuan over three years from 2022 to 2024, primarily due to declining gross profit margins and significant asset impairment provisions [4][5]. Financial Performance - The company has faced severe cash flow issues, with cash and cash equivalents amounting to 5.065 billion yuan, while short-term borrowings and current liabilities total 7.862 billion yuan, indicating a significant short-term debt pressure [5]. - Gree Real Estate's revenue has been heavily reliant on real estate, with annual revenues fluctuating between 1.5 billion and 3 billion yuan from 2012 to 2016, contrasting sharply with Gree Electric's revenue in the hundreds of billions [4]. Market Challenges - The duty-free market is highly competitive, with China Duty Free Group holding a dominant position, increasing its market share in Hainan's duty-free market by nearly 2 percentage points in 2024 [11]. - The competitive landscape in the Guangdong-Hong Kong-Macao Greater Bay Area poses additional challenges, as both Shenzhen and Zhuhai duty-free markets compete for consumer attention, alongside Macau's duty-free shopping [11]. Future Outlook - Gree Real Estate has committed to exiting its real estate holdings within five years and focusing on duty-free, commercial management, and trade [7]. - The company is currently in the process of restructuring and rebranding, with its new website under development to reflect its new business focus [7].