Mei Ri Jing Ji Xin Wen·2025-12-06 03:38Core Viewpoint - China Resources Land is divesting its commercial assets under the "light and heavy separation" strategy, focusing on cash flow amid the real estate industry's deep adjustments [1][6]. Group 1: Asset Transfer Details - China Resources Land (Xi'an) Commercial Property Management Co. and China Resources Land (Guiyang) Co. are listed for sale with a combined base price of approximately 2.078 billion yuan, with a deadline of December 26, 2025 [1][2]. - The Xi'an company has core assets including Xi'an Xixian Mixc City and China Resources International Plaza, while the Guiyang company’s core asset is Guiyang Mixc [1][2]. - The Xi'an company reported revenue of approximately 198 million yuan and a net profit of about 2.2954 million yuan for the first three quarters of 2025, with total assets of approximately 2.556 billion yuan and liabilities of about 2.044 billion yuan [2][3]. Group 2: Financial Performance - The Guiyang company showed stronger performance in 2025, with revenue of approximately 129 million yuan and a net profit of about 117 million yuan in the first eight months, compared to a net profit of approximately 7.773 million yuan for the entire year of 2024 [4][5]. - The Guiyang company has total assets of approximately 1.176 billion yuan and liabilities of about 1.113 billion yuan as of August 2025, indicating significant financial leverage [5][6]. Group 3: Strategic Implications - The asset disposals are part of a broader strategy to transition to a "light asset" model, allowing China Resources Land to retain operational management rights while monetizing asset value for reinvestment in core city projects [6][7]. - The company aims to create a closed loop of "asset monetization - capital recovery - investment in other projects," enhancing cash flow stability and profitability [7]. - The shift towards high-end residential development is evident, with new land reserves in prime locations and significant sales from luxury projects, indicating a dual strategy of "commercial lightening and residential luxury" [9][10].