格力房产拟易主，珠免集团计划剥离78亿地产业务

Core Viewpoint - Zhuhai Mian Group (formerly known as Gree Real Estate) is planning to transfer 100% equity of Zhuhai Gree Real Estate Co., Ltd. to Zhuhai Toujie Holdings Co., Ltd. in a cash transaction, which is expected to constitute a major asset restructuring [1][2]. Group 1: Company Strategy and Transformation - The company changed its name from Gree Real Estate to Zhuhai Mian Group in May 2023 to align with its strategic transformation towards a focus on duty-free business and the broader consumption industry [2]. - The company has committed to gradually disposing of its real estate business within five years following the completion of a major asset swap, aiming to exit the real estate sector entirely [2][4]. Group 2: Financial Performance - In the first half of the year, the company reported revenue of 1.74 billion yuan, a year-on-year decrease of 8.1%, with a net loss attributable to shareholders of 274 million yuan, an improvement from a loss of 554 million yuan in the same period last year [5]. - The duty-free business segment generated revenue of 1.131 billion yuan with a net profit of 391 million yuan, while the real estate segment saw revenue drop by 74.52% to 425 million yuan, resulting in a loss of 271 million yuan [5]. Group 3: Asset Transfer Details - Zhuhai Gree Real Estate Co., Ltd. was established in June 1991 with a registered capital of approximately 127 million yuan and is a wholly-owned subsidiary of Zhuhai Mian Group [6]. - The receiving party, Zhuhai Toujie Holdings, was established in September 2023 with a registered capital of 99 million yuan, focusing on enterprise management and investment activities [6]. Group 4: Regulatory and Market Implications - The transaction has received preliminary approval from the Zhuhai Municipal Government's State-owned Assets Supervision and Administration Commission, indicating regulatory support for the asset transfer [2][4]. - Analysts suggest that the transfer of assets to a newly established state-owned platform aligns with regulatory requirements and enhances asset disposal efficiency, reflecting a systematic arrangement by Zhuhai's state-owned assets to optimize capital layout [7].