TJRD(SH:600322) Hua Xia Shi Bao·2025-11-22 01:17Core Viewpoint - Tianjin Jintou Urban Development Co., Ltd. plans to divest its real estate development business, which has an assessed value of -239 million yuan, for a nominal price of 1 yuan, marking a complete exit from the real estate sector [2][3][4] Transaction Details - The transaction involves transferring real estate-related assets and liabilities to Tianjin Urban Operation Development Co., Ltd., with the assessed value of the assets being approximately -239 million yuan as of December 31, 2024 [3][4] - The transfer price of 1 yuan was agreed upon after negotiations between the parties [3] - The Shanghai Stock Exchange raised four core questions regarding the transaction: the company's ongoing operational capability, the reasonableness of asset valuation, guarantee responsibilities, and the handling of debts and credits [3][6] Financial Impact - Post-transaction, the company's asset and revenue scales are expected to decline significantly, but net assets will turn positive, with projected revenues dropping from 517 million yuan to 38 million yuan and net profit turning positive at 1.576 million yuan for the first half of 2025 [3][4] - The company’s asset-liability ratio reached 100.36% by mid-2025, with net assets at -501 million yuan, indicating a risk of delisting if net assets remain negative by year-end [7] Asset Impairment Concerns - The asset impairment rate for the divested assets is reported at 106.99%, primarily due to long-term equity investments, which have a book value of 7.475 billion yuan but an assessed value of 3.579 billion yuan, resulting in a 52.12% impairment rate [4][5] - Regulatory scrutiny has been directed at the reasonableness and accuracy of the impairment assessments, particularly regarding potential delays in prior impairment provisions [5] Debt and Guarantee Issues - The company has provided guarantees totaling 6.613 billion yuan, mainly for its controlling shareholder and subsidiaries, and is in discussions to release these guarantees [5][6] - The transaction involves significant debt transfers, including 7.287 billion yuan in other receivables and 1.071 billion yuan in accounts receivable, which require creditor consent for the transfer [5][6] Industry Trends - The divestment by Tianjin Jintou is part of a broader trend in the real estate sector, where multiple companies are opting to shed or exit real estate development in favor of lighter asset operations [9][10] - The ongoing downturn in the real estate market has led to many firms facing operational pressures, prompting them to divest underperforming assets to improve financial metrics and reduce risk [10][11]