中华企业：控股股东上海地产修订同业竞争承诺

Core Viewpoint - The announcement by China Enterprise (600675.SH) on November 18 indicates a significant change in the commitment of its controlling shareholder, Shanghai Real Estate (Group) Co., Ltd., regarding the avoidance of competition with China Enterprise in property development projects [1] Group 1: Changes in Commitment - The original commitment included avoiding substantial competition in residential and commercial project development while undertaking urban renewal projects [1] - The new changes introduce exceptions for specific projects mandated by national and Shanghai municipal policies, such as urban village renovations and old district transformations [1] - If the development entity is legally unable to change or sell the project in the open market due to low internal rate of return (IRR) (below 8%), the original commitment's restrictions will no longer apply [1] Group 2: Reasons for Change - The announcement cites increasing downward pressure in the real estate market, with certain commercial projects being high in investment, long in cycle, and uncertain in returns, which could negatively impact the company's performance if forced into the listed company [2] - As a state-owned enterprise responsible for specific urban renewal functions, the real estate group must adapt to continuously evolving new policy requirements [2]