CREC(SZ:000736) Zheng Quan Zhi Xing·2025-09-01 16:18Summary 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].