Xin Lang Cai Jing·2025-11-29 03:14Core Viewpoint - The project "Shenzhen Qianhai Ice and Snow World," claimed to be the world's largest indoor ski resort, is facing significant changes due to a conditional buyback notice from Sunac Cultural Tourism to Huafa Group, which may lead to a shift in ownership and operational dynamics [2][4][7]. Group 1: Project Background - In late 2019, Sunac signed a cooperation agreement with the Shenzhen Bao'an District government to invest 36.7 billion yuan in the project, aiming to create the world's largest indoor ice and snow world [4]. - The project was initially a joint venture between Sunac (51% ownership) and Huafa (49% ownership), with a total planned investment of 18.29 billion yuan, including various facilities such as the indoor ski resort and commercial complexes [4][6]. - The project broke ground in March 2021 but faced delays due to the real estate liquidity crisis that began in the second half of 2021, leading to a shift from partnership to a creditor-debtor relationship [6]. Group 2: Recent Developments - In January 2023, Huafa acquired Sunac's 51% stake in the project for 3.57 billion yuan, gaining full ownership but leaving a buyback option for Sunac until November 2025, with unclear terms regarding the buyback price [7][12]. - In July 2023, Huafa sold seven commercial land parcels in Shenzhen for 4.405 billion yuan to mitigate financial pressure, incurring a 24.59% discount on the book value of 5.841 billion yuan [8][12]. - The project began trial operations on September 29, 2023, featuring five ski trails and attracting over 400,000 visitors in its first month, with a significant portion of visitors coming from Hong Kong and Macau [9][11]. Group 3: Financial Performance - Huafa's financial situation has been under pressure, with a reported revenue of 59.992 billion yuan and a net profit of 0.951 billion yuan for 2024, alongside a 16.3% decline in sales [12][13]. - In the first three quarters of 2023, Huafa achieved a revenue of 51.75 billion yuan, a 64% increase year-on-year, but the net profit plummeted by 92.3% to 0.102 billion yuan [13]. - Analysts predict that once the project matures, it could generate annual revenues of 650 million yuan and net profits of approximately 130 million yuan [12].