CECL(SH:600675) Zhong Guo Jin Rong Xin Xi Wang·2025-09-26 03:54Core Insights - The announcement by China Enterprises (600675.SH) confirmed the acquisition of a significant land parcel in Shanghai's Xuhui District, marking the completion of the Dong'an urban renewal project, which is the largest single land acquisition in Shanghai's history [1][4] Group 1: Acquisition Details - China Enterprises' wholly-owned subsidiary, Shanghai Lanzuan Real Estate, and a consortium led by Chenjia Development won the bid for 100% equity of Shanghai Xin Feng An Enterprise Development Co., Ltd. for a total price of 2.987 billion yuan [1][4] - The acquired land parcel is the last residential land in the Dong'an urban renewal project, which has a total transfer amount exceeding 52.3 billion yuan [1] Group 2: Financial Implications - In this transaction, China Enterprises invested 2.091 billion yuan for a 70% stake and corresponding debt, while Chenjia Development contributed 896 million yuan for a 30% stake and corresponding debt [4] - The company highlighted that this successful bid aligns with its strategic development and operational needs, enhancing its project reserves [4] - As of June 2025, China Enterprises reported a cash reserve of 17.814 billion yuan, significantly exceeding its short-term interest-bearing liabilities [4]