天津房企拟“1元退出房地产业务” 引四大“质疑”

Core Viewpoint - Tianjin Jintou Urban Development Co., Ltd. plans to exit the real estate business by transferring related assets and liabilities valued at -239 million yuan for a nominal price of 1 yuan, aiming to focus on property management and asset operation [1][4][5]. Group 1: Company Strategy and Restructuring - The company has undergone multiple changes in its restructuring plans, initially proposing an asset swap to divest from existing assets and introduce new businesses [2][3]. - The focus of the asset swap has shifted to urban centralized heating, indicating a strategic pivot towards the heating industry [4]. - The company aims to improve asset quality and profitability by shedding loss-making assets, thereby mitigating delisting risks and ensuring sustainable development [4][9]. Group 2: Financial Performance and Challenges - The company has faced continuous losses since 2020, with net profits of -2.517 billion yuan in 2020, -1.844 billion yuan in 2021, and -296 million yuan in 2022, followed by a projected loss of -210 million yuan in 2024 [9]. - As of mid-2025, the company reported a debt-to-asset ratio of 100.36% and a negative net asset value of -501 million yuan, highlighting significant financial distress [9]. Group 3: Regulatory Scrutiny - The Shanghai Stock Exchange has issued an inquiry regarding the company's ongoing viability, asset evaluation, guarantees, and debt situation, necessitating further clarification from the company [1][6]. - The inquiry specifically questions the core competitiveness of the remaining business post-transaction and the rationale behind the significant asset impairment [7][8].