东方雨虹再度亏本“卖房”

Core Viewpoint - Dongfang Yuhong (002271.SZ) has announced a plan to sell part of its real estate assets, which is expected to result in a loss of approximately 25.81 million yuan. This marks the second asset disposal plan within a short period, indicating ongoing challenges in asset management and financial recovery for the company [2][8]. Summary by Sections Asset Sale Details - The company plans to sell a total of 61 real estate properties, including 11 properties located in Miyun District, Beijing, which were acquired this year. The total area of these properties exceeds 1,490 square meters [3]. - The 11 properties in Miyun were purchased to settle debts with downstream clients, with 10 of them acquired in July 2023 [3][4]. - Additionally, 50 properties located in Jianggan District, Hangzhou, are also up for sale, all purchased on December 1, 2021, comprising 38 office units and 12 apartments [3]. Financial Implications - The total sale price for the assets is approximately 18.49 million yuan, which is less than 42% of the corresponding book value. The expected loss from this transaction is 25.81 million yuan [5][6]. - The original book value of the assets is about 52.39 million yuan, with an impairment provision of approximately 8.09 million yuan, resulting in a net book value of around 44.30 million yuan [6]. Market Context - The average selling price for the properties in Miyun is below 10,000 yuan per square meter, significantly lower than the average listing price of around 22,000 yuan per square meter in the area [5][6]. - The company justifies the pricing based on market conditions, asset location, and the need for quick cash recovery, indicating a strategic shift in asset management [7]. Historical Context - This is not the first instance of Dongfang Yuhong selling assets at a loss; a previous sale in October 2023 also resulted in a loss of approximately 23.46 million yuan, which was over 10% of the company's audited net profit for the last fiscal year [8][9]. - The company has been actively selling assets to improve its financial structure and recover funds, as evidenced by a decrease in its debt-to-asset ratio from 55.57% in 2019 to 43.39% in 2024, although it rose to 50.22% in the first three quarters of 2025 [9].