CREC(SZ:000736) 21世纪经济报道·2025-06-18 12:54Core Viewpoint - The central theme of the article revolves around the significant asset sale by *ST Zhongdi, where the company is divesting its real estate development business to China Communications Real Estate Group for a symbolic price of 1 yuan, reflecting its dire financial situation and the need to address substantial liabilities [1][4][5]. Group 1: Asset Sale Details - *ST Zhongdi announced the sale of its real estate development business, including related assets and liabilities, for a nominal price of 1 yuan, indicating a strategic move to alleviate financial burdens [1]. - The transaction involves 51 companies, with total assets valued at 434.7 billion yuan and liabilities at 473.9 billion yuan, resulting in a net asset value of -39 billion yuan [5]. - The company has been facing severe financial distress, with a significant drop in net profit and a high debt-to-asset ratio, leading to a risk of delisting [17][29]. Group 2: Financial Performance - Over the past two years, *ST Zhongdi has reported cumulative losses of 6.8 billion yuan, with a net loss of 16.73 billion yuan in 2023, which expanded to 51.79 billion yuan the following year [8][14]. - The company's sales figures have drastically declined, with total sales of 458.82 billion yuan in 2022 and further dropping to 373.61 billion yuan in 2023 [13]. - The cash and cash equivalents at the end of the previous year were only 7.5 billion yuan, while the non-current liabilities due within one year reached 11.9 billion yuan, indicating a pressing short-term debt repayment challenge [17]. Group 3: Corporate Restructuring - The management of *ST Zhongdi has undergone significant changes, with a restructuring aimed at improving operational efficiency and focusing on light asset businesses such as property services and asset management [22][25]. - The company has initiated a major organizational overhaul, reducing the number of city companies from 16 to 9, and streamlining management layers [22]. - The leadership transition has seen key figures resign, including the former chairman, indicating a shift in strategic direction and management focus [24][29]. Group 4: Market Context and Future Outlook - The real estate market has been undergoing a significant adjustment, prompting many listed companies to exit the real estate sector, with *ST Zhongdi's 1 yuan sale price drawing considerable attention [7][28]. - The company aims to complete the restructuring process successfully to maintain its listing status and potentially remove the "*ST" designation, which requires meeting regulatory requirements and ensuring a positive net asset position by the end of the year [29][30].