三成首付就能拿走55亿资产？免税龙头遭“拷问”

Core Viewpoint - The company, Zhuhai Jumin Group, is selling its loss-making real estate business for 5.518 billion yuan, marking a significant step in its commitment to exit the real estate sector by the end of 2024 [1][5]. Group 1: Transaction Details - The company plans to sell 100% equity of its subsidiary, Zhuhai Gree Real Estate Co., Ltd., to the related party, Zhuhai Toujie Holdings Co., Ltd., for a cash price of 5.518 billion yuan, constituting a major asset restructuring [1]. - The transaction will be paid in installments, with the first payment of 30% (approximately 1.655 billion yuan) due within five working days after the agreement takes effect [2]. - The remaining payments will be made over the next one to two years, raising questions about the financial capability of the buyer, Toujie Holdings [3]. Group 2: Regulatory Concerns - The Shanghai Stock Exchange has raised concerns regarding the legal risks associated with the asset delivery despite only 30% of the transaction price being paid upfront [3]. - The exchange also questioned the rationale behind the two-year payment period and the buyer's financial stability, including their ability to fulfill payment obligations [4]. - Additional scrutiny was placed on the valuation of the real estate assets, which showed a low impairment rate of 1.81%, raising doubts about its fairness during a downturn in the real estate market [4]. Group 3: Financial Impact - If the transaction is completed successfully, the company's net profit is projected to turn from a loss of 491.46 million yuan to a profit of 49.78 million yuan, representing a 110.13% increase [5]. - Key financial metrics indicate a significant reduction in operating revenue by 27.88% post-transaction, while operating profit is expected to increase by 825.94% [6]. - The company's recent quarterly report showed a 42.9% decline in operating revenue year-on-year, with a slight reduction in net losses, highlighting the ongoing financial pressure from its real estate operations [6].