Core Viewpoint - Dalian Wanda's real estate subsidiary is set to go private, marking the end of its 12-year listing on the Hong Kong Stock Exchange, as part of a strategic optimization during a period of deep adjustment in the real estate industry [1][2][3] Company Summary - Dalian Wanda's real estate platform, under COFCO Group, has established a presence in five major city clusters across China, managing 32 commercial projects and luxury hotels [2] - The privatization plan involves a total buyback cost of approximately HKD 29.32 billion, with the company’s listing status expected to be officially revoked on November 27 [2][3] - Following the privatization, COFCO Group's ownership in Dalian Wanda will increase from 64.18% to 96.13%, achieving absolute control over the subsidiary [3] Industry Summary - The privatization of Dalian Wanda is seen as a response to market pressures, strategic needs, and changes in the industry environment, highlighting the limitations of the "A-share controlled red-chip" structure during industry adjustments [4] - The company has faced significant losses over the past three years, with total losses exceeding 7 billion yuan, but is projected to return to profitability by mid-2025 [4][5] - The trend of privatization among state-owned real estate companies is expected to continue, with 29 listed real estate firms already confirmed to delist between April 2023 and October 2025, indicating a shift from being a "capital springboard" to a "cost burden" [5][6]