又一家央企地产公司私有化退市

Core Viewpoint - The article discusses the recent trend of real estate companies in China, particularly focusing on the privatization and delisting of firms like Joy City Property and Minmetals Land, reflecting a significant shift in the capital market's perception of the real estate sector [1][4][8]. Group 1: Company Actions - Joy City Property's privatization plan has been approved by the court and the Hong Kong Stock Exchange, effective from November 27, marking the end of its 12-year listing [1]. - Minmetals Land also announced its delisting due to limited capital-raising capabilities and the loss of advantages associated with being a listed company [4]. - Since 2022, over 30 listed real estate companies in A-shares and H-shares have delisted, with most being forced to do so due to market shocks and debt defaults, while some opted for voluntary privatization [4][6]. Group 2: Market Trends - The article highlights a fundamental change in the valuation logic of the capital market towards real estate companies, moving from a focus on high growth and leverage to an emphasis on financial safety, liquidity, and sustainable business models [10]. - The previous era of "scale myth" driven by financial leverage is no longer appealing to investors, leading to a significant decline in the market value and price-to-book ratios of listed real estate firms [4][10]. - The shift in market dynamics has prompted some companies to explore new development models, including divesting traditional real estate operations to focus on lighter asset management or other business avenues [10]. Group 3: Financial Performance - Joy City Property reported a 49.42% increase in revenue but still faced a net loss of 290 million yuan in 2024, indicating ongoing financial struggles despite revenue growth [7]. - Minmetals Land has experienced continuous losses over the past three years, emphasizing the need for companies to prioritize survival and risk management [7]. - Upkan Real Estate, which faced a significant decline in performance, reported a net profit loss of 2.243 billion yuan in 2022, leading to its eventual delisting after failing to meet reporting requirements [6][7].