Gemdale(SH:600383) Sou Hu Cai Jing·2025-07-02 00:39Core Viewpoint - The company has successfully navigated through a debt repayment peak and is now focusing on development while prioritizing financial safety. Financing - The liquidity crisis related to public debt has been resolved, with a remaining balance of 560 million yuan [3] - The company plans to repay approximately 20 billion yuan in public debt throughout 2024, with only two public debts remaining: 6 million yuan due in October and 500 million yuan due in April next year [3] - As of the end of Q1 this year, the company had interest-bearing liabilities of 73.5 billion yuan, with 96.3% being bank loans [3] - The company is observing market opportunities for financing while maintaining a cautious approach to debt structure and duration [3][4] Market Conditions - The real estate market in China is experiencing a prolonged adjustment period, lasting over four years, with a historical trend of supply not meeting demand [6] - Despite current challenges, the market is projected to maintain a scale of 4 to 5 trillion yuan in the next 10 to 15 years [6] - The company believes that investments in first- and second-tier cities will show resilience during this adjustment phase [6][7] Investment Strategy - The company emphasizes safety in its investment strategy, with no specific investment quota set [8][10] - The company has paused investments during the debt repayment peak but is looking to resume cautiously as the debt issues have been resolved [9] - The total land reserve is approximately 29.16 million square meters, with a land reserve value of about 432.5 billion yuan [10]