美凯龙回复监管函，详解投资性房地产估值调整

Core Viewpoint - Meikailong's announcement addresses the Shanghai Stock Exchange's inquiries regarding its performance forecast, specifically focusing on the fair value changes of investment properties and the basis for impairment losses on other assets [1][2] Group 1: Fair Value Changes of Investment Properties - Meikailong reported a fair value adjustment loss for its investment properties ranging from approximately 12.6 billion to 21.5 billion yuan [1] - The company attributes this adjustment to significant changes in the industry and market environment over the past two years, as well as substantial fluctuations in its performance [1] - The adjustment reflects a fundamental shift in rental price recovery expectations, which has led to a greater reduction in fair value compared to previous years [1] Group 2: Impairment Losses on Other Assets - Meikailong stated that it has made impairment provisions based on the latest recoverable amounts of various assets, in accordance with accounting standards [2] - The assets subject to impairment provisions include land leveling rights, project development expenditures, long-term equity investments, financial assistance, accounts receivable, and contract assets [2]