Huafa Properties(SH:600325) Nan Fang Du Shi Bao·2025-11-25 12:01Core Viewpoint - Huafa Group's subsidiary, Zhuhai Huafa Real Estate Development Co., received a notice from Sunac Cultural Tourism indicating the intention to exercise the buyback option for the Shenzhen Ice and Snow City project, but with requests for renegotiation of key transaction terms [1][3]. Group 1: Buyback Notification - Sunac Cultural Tourism has expressed its intention to exercise the buyback right but has requested a renegotiation of the buyback method, implementation time, and transaction price due to changes in circumstances [3][6]. - The original agreement signed in January 2023 stipulated clear conditions for the buyback, requiring written notification by November 23, 2025, and completion of two core prerequisites within 30 working days if the buyback is confirmed [3][6]. Group 2: Asset Value and Project Details - The core asset in question is Shenzhen Ronghua Investment Co., which holds the value of the Qianhai Ice and Snow World project, a key cultural tourism project in Shenzhen [3][6]. - The Qianhai Ice and Snow World project, which opened in September 2025, has received over 400,000 visitors in its first month of trial operation, indicating a positive market reception [6][7]. - The project has a total investment scale and high complexity, featuring multiple attractions, including the largest indoor ski resort globally and a leading indoor deep diving base [6][7]. Group 3: Implications of Land Recovery - In July, the Shenzhen Land Reserve Center planned to recover seven commercial land parcels held by Ronghua Investment for 4.405 billion RMB, which may alter the project's asset structure and overall value [6][7]. - Huafa Group has indicated uncertainty regarding the details and final implementation of the buyback, suggesting potential negotiations may involve a rebalancing of interests due to changes in asset value [7].