又一家央企地产公司私有化退市

Core Viewpoint - Dalian Wanda's privatization plan has been approved by the court and the Hong Kong Stock Exchange, effective from November 27, marking the end of its 12-year listing period [1][2]. Group 1: Company Actions - Dalian Wanda plans to repurchase shares for a total consideration of approximately HKD 29.32 billion as part of its privatization strategy [2]. - The company has faced market fluctuations and liquidity pressures due to cyclical industry developments, leading to its decision to delist [2]. - In 2024, Dalian Wanda reported a revenue increase of 49.42% but incurred a net loss of HKD 290 million [8]. Group 2: Industry Trends - Since 2022, over 30 listed real estate companies in A-shares and H-shares have delisted, with many due to market shocks and debt defaults, while some opted for voluntary privatization [4][6]. - The recent trend indicates a weakening of the capital platform's role for real estate companies, with a shift in valuation logic in the capital market [4][11]. - The transition from a focus on "high growth" to "value stocks" reflects a fundamental change in how the capital market evaluates real estate firms, emphasizing financial safety, liquidity, and sustainable business models [12][11]. Group 3: Comparative Cases - Minmetals Real Estate and Upkun Real Estate have also announced their delisting, citing limited capital-raising capabilities and loss of advantages from being listed [4][8]. - Upkun Real Estate, which was once among the top 30 real estate firms in Shanghai, faced significant losses and was unable to resume trading after being suspended for over 18 months [6]. - Other companies, such as Midea Real Estate and Huayuan Real Estate, have begun to divest from traditional real estate operations to focus on lighter asset models or other business directions [12][13].