SHLG(SH:600848) Zheng Quan Shi Bao Wang·2025-12-26 15:23Core Viewpoint - Shanghai Lingang's subsidiary, Jin Gang Rong Sheng Real Estate, will have its land in the Lingang New Area acquired for a total price of 2.625 billion yuan, reflecting a 4.01% discount from its book value [1][2]. Group 1: Land Acquisition Details - The land acquisition involves a total area of 78,700 square meters with a floor area ratio of 2.4, allowing for a total construction area of 188,800 square meters [1]. - The land is designated for residential use and is located approximately 2 km from Dishui Lake [1]. - The acquisition agreement was signed by Shanghai Lingang Holdings, its controlling shareholder, and Jin Gang Rong Sheng Real Estate, with the Shanghai Land Reserve Center as the acquiring party [1]. Group 2: Financial Implications - The acquisition is expected to generate approximately 2.625 billion yuan in cash flow for the company [2]. - In the short term, the company anticipates a reduction of about 93 million yuan in net profit for the fiscal year 2025 due to the land no longer being developed and the reversal of deferred tax assets [2]. - The long-term strategy aims to optimize land resource allocation, enhance asset turnover efficiency, and facilitate a transition from "heavy asset development" to "light asset operation" [2]. Group 3: Historical Context - The land in question was originally acquired during a state-owned land use rights auction on July 11, 2023, where it was bundled with another plot and won by a consortium for a base price of 3.87378 billion yuan [3]. - The original plot had a total area of 178,400 square meters and was designated for mixed-use development [3].