深圳再出手，44亿收储华发商业用地

Core Viewpoint - Huafa Group will no longer continue the development of the remaining commercial portion of the Qianhai Ice and Snow World project, as it has agreed to return the land to the Shenzhen land reserve center for 44.05 billion yuan, which is expected to result in a significant loss for the company [1][3][7]. Group 1: Project Overview - The Qianhai Ice and Snow World project was initially a collaboration between Huafa Group and Sunac, with a total investment of 182.9 billion yuan, covering residential, ice and snow, commercial, hotel, and office spaces [10][11]. - The project aimed to create the world's largest indoor snow world, covering an area of approximately 430,000 square meters [14]. Group 2: Financial Implications - The transaction price of 44.05 billion yuan represents a 25% discount compared to the book value of 58.41 billion yuan, leading to an expected loss exceeding 50% of the company's audited net profit for 2024 [7][14]. - The return of the land is anticipated to enhance the company's liquidity and optimize cash flow, allowing for better investment capacity and risk management [7][14]. Group 3: Market Context - The Shenzhen land reserve center has been actively reclaiming land parcels, with a total of 68 billion yuan planned for the acquisition of 12 plots in the "Shenzhen-Hong Kong Complex Project" [9]. - The current market environment shows a decline in demand for commercial properties, prompting the government to take measures to alleviate the financial pressure on developers and stabilize the overall market [16][17]. Group 4: Future Considerations - There is potential for the reclaimed commercial land to be repurposed for residential use, reflecting a broader trend in urban planning to address oversupply in commercial real estate [17][18]. - The challenges of revitalizing the reclaimed land remain, as the locations are not considered core areas, and any future development will need to consider local inventory and absorption rates [18].