剥离上市体系，中国金茂以22.65亿元将三亚丽思卡尔顿卖给资管公司

Core Viewpoint - China Jinmao has sold the Ritz-Carlton Hotel in Sanya for 2.265 billion yuan, aiming for asset securitization and optimizing its balance sheet while maintaining operational ties to the hotel [1][2][3] Group 1: Sale Details - The sale was announced on December 23, with Shanghai Jinmao transferring 100% of Sanya Tourism to Sanya Luanmao for 2.265 billion yuan, which is slightly above the assessed net asset value of 2.135 billion yuan as of March [1] - Sanya Tourism, established in March 2004 with a registered capital of 500 million yuan, solely owns the Ritz-Carlton Hotel in Sanya, which has been operational since 2008 [1] Group 2: Financial Performance - In the first half of the year, China Jinmao's hotel operating revenue decreased by 12% to 776 million yuan, with its share of total revenue dropping to 3% [2] - The net profit before tax and non-recurring items for Sanya Tourism was approximately 110 million yuan for 2023, declining to 70.46 million yuan in 2024, although it improved to 40.74 million yuan in Q1 [2] - The average room rate at the Ritz-Carlton fell to 2,054 yuan per day, but the hotel achieved an 80.5% occupancy rate, up 11.2 percentage points year-on-year, with revenue per room increasing by 3.24% to 1,654 yuan [2] Group 3: Strategic Implications - The acquisition by Sanya Luanmao, established in August, is part of a special asset-backed securities plan under CITIC Securities, allowing China Jinmao to optimize its financial statements while retaining operational benefits from the hotel [2][3] - The recent inclusion of four-star and above hotels in the REITs framework indicates a strategic move by China Jinmao to adapt to new industry regulations and enhance asset liquidity [3] - The company aims to revitalize its assets and improve its balance sheet, aligning with its goal of achieving a three-year transformation through optimizing both new and existing assets [3] Group 4: Overall Company Performance - For the first half of the year, China Jinmao reported revenues of 25.846 billion yuan, a 14% increase year-on-year, with gross profit rising by 14% to 4.059 billion yuan and net profit attributable to shareholders increasing by 8% to 1.09 billion yuan [4] - As of November, the company recorded a contracted sales amount of 100.679 billion yuan, with a cumulative sales area of 4.3717 million square meters [4]