中建六局5亿元“卖”总部大楼？实为发行金融产品，专家：对未来融资有好处

Core Viewpoint - China State Construction Sixth Engineering Division (CSCEC Sixth Bureau) has sold its headquarters building, the Zhongjian Center, for 504 million yuan, utilizing it as an underlying asset for an asset-backed securities (ABS) issuance on the Shanghai Stock Exchange [1][2]. Group 1: Financial Product Details - The ABS issuance, named "CITIC Construction - China State Construction Commercial Property Holding Type Real Estate Asset Support Special Plan," has a total scale of 504 million yuan and a term of 30 years [1][2]. - The Zhongjian Center, located in the core area of Tianjin's Hedong District, has a total construction area of approximately 57,000 square meters, featuring a 5A standard office building and various commercial facilities [2]. Group 2: Financial Performance and Debt Situation - As of Q3 2025, CSCEC Sixth Bureau reported total operating revenue of 54.759 billion yuan, a year-on-year increase of 1.92%, and a net profit of 909 million yuan, up 3.73% year-on-year. However, the net profit attributable to shareholders decreased by 36.95% to 412 million yuan [5]. - The company faces certain debt pressures, with short-term borrowings reaching 15.624 billion yuan and non-current liabilities due within one year amounting to 3.549 billion yuan, while cash and cash equivalents stand at 11.275 billion yuan [5]. Group 3: Market Context and Future Prospects - The issuance of institutional REITs is expected to see explosive growth in 2025, with a cumulative issuance scale of approximately 47.5 billion yuan and 22 products by the end of the year, marking a threefold increase in new issuances compared to 2024 [8]. - The benefits of issuing institutional REITs include allowing the company to bring its existing assets onto the balance sheet, potentially increasing profits by reducing total liabilities [10].