Core Viewpoint - Morgan Stanley reports that China Resources Land (01109) is placing approximately 2.2% of China Resources Mixc Lifestyle (01209) shares at a discount of about 9.6%, primarily to enhance liquidity rather than address liquidity pressure [1] Group 1: Share Placement Details - The placement is expected to raise approximately HKD 2.1 billion, which is a relatively small amount and will not significantly impact the group's net debt ratio [1] - The main objective of the placement is to improve the liquidity of China Resources Mixc Lifestyle shares, as discussed in a recent investor meeting regarding liquidity issues [1] Group 2: Earnings Forecast - Morgan Stanley initially projected a 5% year-on-year decline in core net profit for the group in 2025, factoring in expected disposal gains of approximately RMB 2 to 3 billion from the sale of Kunshan Mixc [1] - If the disposal is delayed until next year, the group's profit for 2025 may decline by 10% to 15% [1] - The proceeds from the placement of approximately HKD 2.1 billion are similar in scale to the potential disposal gains, which may help mitigate dividend downside risks [1] - However, the dividend income from China Resources Mixc Lifestyle is expected to decrease by approximately RMB 97 million next year [1]