地产经纬丨聚焦“资产盘活”与“去地产化”，多地国资下场“卖房”

Core Viewpoint - The ongoing wave of asset disposal by local state-owned enterprises (SOEs) in the real estate sector is driven by a combination of market adjustments, regulatory pressures, and the need to alleviate local debt burdens [1][4][6] Group 1: Asset Disposal Trends - Local SOEs are actively selling properties across various cities and asset types, including bulk residential assets and scattered commercial properties, reflecting a strategic shift towards optimizing asset management [2][4] - In Xichang, Sichuan, a public auction of 144 housing units was announced, with starting prices significantly lower than the local market average, showcasing the competitive pricing strategy of local SOEs [2] - In Beijing, Tianheng Group, a state-owned enterprise, has listed 111 properties for sale, with a total minimum transfer price exceeding 330 million yuan, indicating substantial asset disposal activity in first-tier cities [3] Group 2: Industry Context and Challenges - The real estate sector is undergoing a cyclical adjustment, leading to increased operational pressures on local SOEs, which are compelled to liquidate assets to manage financial strain [4][5] - Many properties held by local SOEs are older, low-yield assets that incur ongoing holding costs, contributing to their classification as "burden assets" [5] - The trend of "de-real-estate" transformation is evident, as local SOEs shift focus from real estate development to core businesses like urban renewal and infrastructure operations, making property sales a key strategy for divesting non-core assets [6] Group 3: Financial Implications - Local governments face declining land sale revenues while maintaining high expenditure pressures, leading SOEs to play a crucial role in supplementing local finances through asset liquidation [6] - The need for local SOEs to generate cash flow from real estate assets is underscored by their responsibilities in infrastructure and social housing projects, making property sales a logical choice for financial recovery [6]