中建六局5亿元“卖”总部大楼？实为发行金融产品

Core Viewpoint - China State Construction Sixth Engineering Division (CSCEC 6th Bureau) has sold its headquarters building for 5 billion yuan, issuing a real estate asset-backed security (ABS) worth 5.04 billion yuan on the Shanghai Stock Exchange, with a 30-year term [1][2]. Group 1: Financial Details - The ABS is based on the China State Construction Center, which has a total construction area of approximately 57,000 square meters and includes a Grade A office building with a 100% rental rate [2][4]. - As of Q3 2025, CSCEC 6th Bureau reported total 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%, while the net profit attributable to shareholders decreased by 36.95% to 412 million yuan [4]. - 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 [4][6]. Group 2: Market Context and Trends - The issuance of the ABS is part of a broader trend in the market, with institutional REITs experiencing explosive growth, reaching a cumulative issuance scale of approximately 47.5 billion yuan by the end of 2025, with 22 products launched [7]. - The regulatory environment has expanded the types of assets eligible for REITs, including commercial office facilities, hotels, and sports venues, which supports the growth of this financing tool [9]. - The issuance of institutional REITs allows companies to improve their asset management and reduce total liabilities, providing a diversified financing approach that can enhance profitability [7][9].