SHLG(SH:600848) Feng Huang Wang·2025-12-30 00:59Core Viewpoint - A state-owned enterprise in Shanghai is set to "store" a residential land plot, marking a significant move in land resource optimization and asset structure improvement for the company [1][2]. Group 1: Land Acquisition Details - Shanghai Lingang Holdings Co., Ltd. will sign a land acquisition agreement for a residential plot located in the Lingang New Area, covering approximately 78,700 square meters with a planned storage price of 2.625 billion yuan [1]. - The land plot has a total construction area of 188,800 square meters and is situated about 2 kilometers from Dishui Lake in Shanghai [1]. Group 2: Financial Implications - The company expects to recover approximately 2.625 billion yuan post-transaction, although it anticipates a reduction in net profit attributable to shareholders of about 93 million yuan for the fiscal year 2025 due to the reversal of deferred tax assets [2]. - The long-term strategy aims to avoid significant capital stagnation and potential larger losses, enhancing asset turnover efficiency and profitability [2]. Group 3: Market Context and Comparisons - This land acquisition is noted as the first publicly disclosed residential land storage case in Shanghai, contrasting with previous cases involving commercial or industrial land [2][3]. - Other companies, such as Bailian Group and Bright Realty, have also engaged in land storage, but their cases involved non-residential land types [3]. Group 4: Broader Industry Trends - As of November, approximately 5.7% of the newly issued special bonds by local governments were allocated for acquiring idle land, with a total scale of about 655.3 billion yuan planned for land acquisition [4]. - The central economic work conference emphasized stabilizing the real estate market, linking land storage initiatives to inventory reduction strategies [4][5].