债券代码：134197 债券简称：25 中交 03 债券代码：149610 债券简称：21 中交债 债券代码：148385 债券简称：23 中交 04 债券代码：148551 债券简称：23 中交 06 债券代码：134164 债券简称：25 中交 01 债券代码：133965 债券简称：25 中交 02 国新证券股份有限公司 一、本次交易基本情况 中交地产拟将公司持有的房地产开发业务相关资产及负债转让至控股股东 中交房地产集团有限公司（以下简称"中交房地产集团"）。 本次交易拟采用现金方式，不涉及发行股份，也不会导致公司控股股东和实 际控制人的变更。经初步研究和测算，本次交易构成《上市公司重大资产重组管 1 理办法》规定的重大资产重组。本次交易的对手方为公司控股股东中交房地产集 团，根据《深圳证券交易所股票上市规则》及《深圳证券交易所上市公司自律监 管指引第 7 号——交易与关联交易》的相关规定，本次交易构成关联交易。 发行人已于 2025 年 1 月 22 日披露了《关于筹划重大资产出售暨关联交易的 提示性公告》（公告编号：2025-007），对本次交易涉及的相关事项进行了说明； 于 2025 年 2 月 ...

Group 1 - China Communications Construction Company plans to transfer its real estate development assets and liabilities to its controlling shareholder, aiming to focus on property management and asset management to enhance profitability and asset quality [1] - Poly Developments has received approval from the China Securities Regulatory Commission to issue convertible bonds, with the approval valid for 12 months from the date of registration [2] - In Hangzhou, two residential land parcels were sold for approximately 4.473 billion, with an average premium rate of 63.7%, indicating strong demand in the real estate market [3] Group 2 - The Central Political Bureau of the Communist Party of China emphasized the need to stabilize the real estate market and implement policies to address local government debt and enhance housing supply [4] - The Ministry of Housing and Urban-Rural Development is advancing urban dilapidated housing renovations and enhancing safety management for urban and rural housing [5]

Group 1 - Zhengzhou plans to raise the age limit for housing provident fund loan borrowers, allowing men to extend to 68 years and women to 63 years, or up to 5 years after the statutory retirement age, with a maximum loan term of 30 years [1] - This policy aims to address the housing needs of the middle-aged and elderly population, reducing monthly payment pressure and potentially increasing demand for local improvement projects [1] - The recent trend of optimizing provident fund policies across various cities indicates a "city-specific" approach to stimulate the housing market [1] Group 2 - The average premium rate for land auctions in 22 cities has remained around 20% for four consecutive months, with significant increases in land prices in cities like Beijing, Hangzhou, and Chengdu [2] - The total land transfer revenue for residential land in 300 cities has increased by 20.1% year-on-year as of April 22 [2] - The cancellation of land price ceilings and the increase in the supply of high-quality land plots align with real estate companies' strategies for precise investment, although high-priced land may compress profit margins and extend sales cycles [2] Group 3 - Poly Developments has received approval from the China Securities Regulatory Commission for the issuance of 8.5 billion yuan in convertible bonds, down from the initial 9.5 billion yuan [3] - The funds will be allocated to 15 specific "guaranteed housing" projects, enhancing the company's financial stability and supporting key projects [3] - This move reflects an innovation in financing tools for real estate companies, emphasizing the role of state-owned enterprises as stabilizers during industry adjustments [3] Group 4 - Xiamen successfully auctioned four residential land parcels for a total of 8.829 billion yuan, with the largest parcel sold at a premium of 12.34% [4] - The auction results indicate a cautious market sentiment towards non-core areas, with state-owned enterprises dominating the bidding process [4] - The trend of innovative financing tools for real estate companies may accelerate industry consolidation as strong players enhance their land reserves [4] Group 5 - Yuexiu Property and local state-owned enterprise Gaoke Real Estate jointly acquired a residential and commercial land parcel in Xi'an for 1.27 billion yuan, with a land price of 1.35 million yuan per mu [5] - This acquisition aligns with the strategy of focusing on core cities, with Xi'an complementing the company's existing presence in major cities [5] - Collaborating with a local enterprise helps mitigate regional development risks and improves project operational efficiency [5]

21世纪经济报道记者张敏 深圳报道 4月22日晚间，正在筹划重大资产重组的中交地产，终于公布了交易预案。 预案显示，中交地产拟将旗下的房地产业务转让给控股股东中交房地产集团有限公司（即"中交房地产 集团"），这笔资产共涉及51家公司，资产规模较大。公告还披露了中交房地产集团的财务状况。 虽然中交地产并未公布交易价格，但业界普遍预计在百亿量级。这也是近年来房地产资产重组案例中， 涉及规模较大的一宗。 今年年初，中交地产宣布，2024年出现资不抵债，公司股票有可能被实施退市风险警示。同时，公司将 筹划重大资产重组，将房地产业务转让给控股股东，并聚焦物业服务、资产管理与运营等轻资产业务。 4月17日，在发布三次退市风险警示后，中交地产的股票简称正式变更为"*ST 中地"。 中交地产是基建央企中交集团旗下的房地产企业，此前发展不温不火，但在2019年忽然提出冲击千亿规 模的目标。随后，在房地产去杠杆的政策导向下，公司获取的高价地逐渐成为负担。 自2019年开始，中交地产的归母净利润连续六年下滑，最近两年更是出现亏损。随着公司走向资不抵 债，重组也成为无奈之选。 千亿野心 回归当年，李永前就提出，"2019年冲刺350 ...

特此说明。 1 中交地产股份有限公司（以下简称"公司"）拟将持有的房地产 开发业务相关资产及负债转让至控股股东中交房地产集团有限公司 （以下简称"本次交易"）。 根据《上市公司监管指引第 7 号——上市公司重大资产重组相关 股票异常交易监管》第十二条的规定，公司董事会对本次交易相关主 体是否存在不得参与任何上市公司重大资产重组情形说明如下： 本次交易涉及《上市公司监管指引第 7 号——上市公司重大资产 重组相关股票异常交易监管》第六条所列的相关主体，不存在因涉嫌 与重大资产重组相关的内幕交易被立案调查或者立案侦查的情形，最 近三十六个月内不存在因与重大资产重组相关的内幕交易被中国证 监会作出行政处罚或者司法机关依法追究刑事责任的情形。本次交易 相关主体不存在《上市公司监管指引第 7 号——上市公司重大资产重 组相关股票异常交易监管》第十二条规定的不得参与任何上市公司重 大资产重组的情形。 中交地产股份有限公司董事会 中交地产股份有限公司董事会 2025 年 4 月 22 日 关于本次交易相关主体不存在《上市公司监管指引第 7 号 ——上市公司重大资产重组相关股票异常交易监管》第十 二条情形的说明 2 ...

Core Viewpoint - The real estate market is experiencing a downturn, affecting both state-owned and private enterprises, leading to significant financial losses and a reconsideration of investment strategies in the sector [1][3]. Group 1: Financial Performance of State-Owned Enterprises - China Communications Construction Company (CCCC) subsidiary, China Communications Real Estate, is projected to see a revenue decline of 44.59% in 2024, with a net profit loss of 5.179 billion yuan and a net asset reduction of 3.579 billion yuan [1]. - Another state-owned enterprise has announced plans to exit the real estate sector after incurring losses totaling 7 billion yuan over two years [1]. Group 2: Market Conditions and Risks - The overall real estate market is facing significant uncertainty, with national new housing sales area and sales revenue expected to decline by 12.9% and 17.1% respectively in 2024, indicating a decrease in market demand [4]. - There are concerns about potential price depreciation in the housing market, particularly in third and fourth-tier cities, where the risk of value loss remains high despite short-term policy measures aimed at stabilizing prices [4]. Group 3: Cost Increases and Investment Returns - Rising living costs, including property management fees and the impending implementation of property taxes, are expected to increase the financial burden on homeowners, potentially reducing investment returns in the real estate sector [6]. - The anticipated introduction of property taxes by 2030 could significantly raise the cost of holding real estate, impacting both investors and first-time homebuyers [6]. Group 4: Quality and Maintenance Concerns - The competitive pressure in the declining real estate market may lead to compromised construction quality, with developers potentially using inferior materials, resulting in safety hazards and maintenance issues for homeowners [8]. - Ongoing maintenance costs for properties, including repairs and community facility upkeep, are projected to add financial strain to homeowners, especially if property management services are inadequate [8]. Group 5: Strategic Recommendations - Given the current market conditions, it is advisable for potential buyers to prioritize cash liquidity and carefully evaluate housing options that align with their financial capabilities [10]. - The traditional approach of focusing on quantity in real estate development is becoming less viable; instead, companies should focus on quality and building a strong reputation to succeed in the evolving market landscape [10].

（原标题：房地产行业资金流入榜：我爱我家等9股净流入资金超5000万元） 沪指4月18日下跌0.11%，申万所属行业中，今日上涨的有13个，涨幅居前的行业为通信、房地产，涨 幅分别为1.59%、1.53%。房地产行业位居今日涨幅榜第二。跌幅居前的行业为美容护理、社会服务， 跌幅分别为2.46%、2.45%。 房地产行业今日上涨1.53%，全天主力资金净流入10.15亿元，该行业所属的个股共102只，今日上涨的 有83只，涨停的有7只；下跌的有13只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有64只，其中，净流入资金超5000万元的有9只，净流入资金居首的是我爱我家，今日净流入资金 2.49亿元，紧随其后的是万科A、*ST中地，净流入资金分别为1.24亿元、8476.84万元。房地产行业资 金净流出个股中，资金净流出超千万元的有13只，净流出资金居前的有招商蛇口、保利发展、*ST金 科，净流出资金分别为4300.55万元、3959.92万元、3361.72万元。（数据宝） 房地产行业资金流入榜 房地产行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资 ...

Core Viewpoint - China Communications Real Estate has been placed under "ST" (Special Treatment) status due to negative net assets, indicating a significant risk of delisting [2][3]. Financial Performance - As of the end of 2024, the company's total assets were approximately 107.7 billion, a decrease of 12.63% year-on-year, with a net asset value of -3.579 billion [3]. - The company's revenue for 2024 was 18.302 billion, a decline of 44.59% year-on-year, and the net profit attributable to shareholders was -5.179 billion [9]. - The cash flow from operating activities was 3.175 billion, down 55.6% compared to the previous year [9]. Business Strategy - To maintain its listing status, the company plans to divest its core real estate development business to its controlling shareholder, China Communications Real Estate Group, which will significantly reduce its primary revenue source [2][6]. - The company aims to shift focus towards light asset businesses such as property services and asset management, intending to improve its asset quality and profitability [7][10]. Market Position - The company's sales performance has been underwhelming, with a signed sales amount of only 15.643 billion in 2024, a decrease of 58.13% year-on-year, and a signed sales area of 853,200 square meters, down 52.51% [7]. - The ambitious sales targets set in previous years have not been met, with actual sales figures falling significantly short of the projected goals [8][9]. Regulatory Environment - The company is subject to delisting risks as per the Shenzhen Stock Exchange regulations, which stipulate that companies with negative net assets for two consecutive years may face termination of their stock listing [4].

Core Viewpoint - China Communications Real Estate Company Limited (中交地产) reported a significant decline in performance for 2024, with a revenue of 18.302 billion yuan, a year-on-year decrease of 44.59%, and a net loss of 5.179 billion yuan, marking a substantial increase in losses by 221.44% [2][3] Financial Performance - The company experienced a continuous decline in performance over the past two years, accumulating losses of 6.8 billion yuan [2][4] - In 2023, the company reported a revenue of 32.468 billion yuan, down 15.60% year-on-year, and a net loss of 1.673 billion yuan [4][6] - Real estate sales revenue for the previous year was 17.181 billion yuan, a decrease of 46.69% [4][6] - The total sales amount for the company was 15.643 billion yuan, down 58.13% year-on-year, with a signed sales area of 853,200 square meters, a decrease of 52.51% [4][5] Business Strategy and Transition - In January 2024, the company announced its exit from the real estate business, focusing on light asset businesses such as property services and asset management [2][6] - The company plans to transfer its real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group [6][7] - The company has restructured its real estate operations, reducing the number of city companies from 16 to 9 and simplifying management layers [4][6] Asset Management and Property Services - As of the end of 2024, the company held 117 real estate projects, primarily cooperative projects, with a total land area reduced to 10.45 million square meters [7] - The company reported a revenue of 172 million yuan from property leasing and 728 million yuan from property management, with the latter showing a year-on-year increase of 56.82% [7][8] - The company acquired 100% equity of a property company from its parent company, which contributed to the expansion of its property management business [8] Stock Market and Risk Warning - The company was placed under delisting risk warning and its stock name changed to "*ST中地" after a one-day suspension [2][8] - As of the end of 2024, the company's total assets were 107.698 billion yuan, with a net asset value of -3.579 billion yuan, leading to the delisting risk [8]

ST股走到了命运的分叉口 又是一年财报季，ST股也走到了命运的分岔口，有的即将"披星戴帽"，而有些则有望化解危机，实 现"摘星脱帽"。 4月16日，去年巨亏近52亿的中交地产（000736.SZ）"披星戴帽"，股票简称变更为*ST中地。4月17日， 号称"山水旅游第一股"的张家界（000430.SZ），股票简称将变更为"ST张家界"，该公司近年亏损累 累，三年累计亏损超10亿元。 只隔了一天，同样亏损连连的张家界，也加入ST股行列。从4月17日起，该股被实施其他风险警示，简 称变更为"ST张家界"。 张家界被ST的原因，是连续三年净利润为负，且2024年的年审报告显示公司持续经营能力存在不确定 性。2020年至2024年，该公司净利润分别亏损0.92亿元、1.35亿元、2.6亿元、2.39亿元和5.82亿元，累 计亏损金额超过13亿元。 已经"披星戴帽"近一年的*ST银江，又遇风波。据该公司最新披露，因多份财报存在虚假记载，公司及 实控人王辉等共计10人，被浙江证监局合计罚款超2500万元。受此影响，公司股票自4月16日起被叠加 实施其他风险警示。 在上述ST股陷入泥潭之际，另一些ST股则有望打赢"翻身仗"。 ...