Core Viewpoint - The valuation logic of the capital market for real estate is shifting from "cyclical stocks" to "value stocks" [1][14]. Group 1: Company Developments - Joy City (大悦城) has received court approval for its privatization plan, which will take effect on November 27, marking its official delisting after 12 years of being publicly traded [1][2]. - Joy City plans to repurchase shares at a total cost of approximately HKD 29.32 billion, citing market performance fluctuations and liquidity pressures as reasons for its delisting [2][5]. - Minmetals Land (五矿地产) also announced its delisting due to limited capital financing capabilities and loss of advantages from being listed [5][8]. Group 2: Market Trends - Since 2022, over 30 listed real estate companies in A-shares and H-shares have delisted, with most delistings being passive due to market shocks and debt defaults, while some have chosen active privatization [5][7]. - Among the recent delistings, Upkun Real Estate (上坤地产) faced passive delisting after failing to meet listing requirements, including a prolonged suspension of trading [6][7]. - The capital market's role in supporting real estate companies has weakened, as evidenced by the declining market valuations and the loss of financing platform value [11][14]. Group 3: Shifts in Valuation Logic - The previous era of high growth and high profit for real estate companies is over, with new evaluation criteria focusing on financial safety, liquidity, profitability quality, sustainability of business models, and corporate governance [15][16]. - The transition from "cyclical stocks" to "value stocks" indicates that companies must adapt to new market expectations or consider delisting as a fresh start [15][16]. - Several companies have begun to divest traditional real estate operations and shift towards lighter asset models or other asset classes to maintain their presence in the capital market [15][16].
又一家央企地产公司私有化退市，地产股估值逻辑转变