三湘都市报全媒体记者 卜岚 通讯员 肖昱昊 国资密集售房可能影响二手房价格 住宅、商铺、车位……从西南小城到一线都市，地方国资平台正通过产权交易所密集挂牌出售房产，一 场全国性的国有资产盘活行动悄然进入高潮。 "地方城投承担着各种基建、保障性住房等建设性任务，地方财政对其上缴利润、资产保值增值的考核 又在加强，对其而言有着变现资产的动机。"广东省城乡规划院住房政策研究中心首席研究员李宇嘉表 示，今年以来国资密集售房，其主要原因包括"资产优化的瘦身策略""资金压力下的回血需求""政策推 动的盘活行动"等。 业内人士指出，国资平台已开始出售房产。究其原因，是部分建筑公司因无法收回工程款，只得通过出 售工抵房来变现；另有部分则是为了处理非核心资产，或是盘活与民企合作的房源。归根结底，这些举 措旨在盘活存量资产，"国企出售房产均遵循正规流程，且单个案例的规模相对较小，对整体市场的冲 击较为有限。然而，当前参与房产出售的主体日益增多，尽管单个主体的交易量不大，但累积起来无疑 会增加市场供给，这可能会对二手房的价格和成交周期产生间接的影响"。 据悉，四川西昌市一口气推出144套国有产权住房，分三个资产包拍卖：礼州中学经济 ...

Core Viewpoint - Minmetals Capital announced a joint investment with its controlling shareholder, Minmetals Real Estate, to establish a joint venture in Beijing with a registered capital of 1 billion yuan [1] Group 1: Investment Details - The joint venture will have a registered capital of 1 billion yuan, with Minmetals Trust contributing 300 million yuan, representing a 30% equity stake in the joint venture [1] - The transaction involves transferring a package of financial assets related to real estate from Minmetals Trust to the joint venture, aimed at more effectively managing and revitalizing real estate trust assets [1] Group 2: Strategic Objectives - The collaboration leverages Minmetals Real Estate's extensive experience and expertise in the real estate sector for specialized management, enhancing asset operation efficiency and effectiveness [1] - The transaction is expected to reduce Minmetals Trust's liabilities and financial costs, thereby improving the asset quality of Minmetals Capital [1]

Core Viewpoint - The announcement highlights the establishment of a joint venture between Wenkang Capital's subsidiary, Wenkang International Trust, and its controlling shareholder, China Minmetals Corporation, aimed at enhancing asset management efficiency in the real estate sector [1] Group 1: Joint Venture Details - Wenkang International Trust and Wenkang Real Estate Holdings will jointly invest in a new company with a registered capital of 1 billion yuan [1] - Wenkang International Trust will contribute 300 million yuan, holding a 30% equity stake, while Wenkang Real Estate Holdings will contribute 700 million yuan for a 70% equity stake [1] Group 2: Strategic Objectives - The joint venture will utilize a portion of the trust assets related to real estate as part of its capital contribution [1] - The collaboration aims to leverage Wenkang Real Estate Holdings' extensive experience and expertise in the real estate industry for specialized management [1] - The initiative is expected to improve asset operation efficiency and effectively revitalize existing assets while optimizing resource allocation [1]

公告称，通过将五矿信托持有的部分涉及房地产领域的信托资产受益权及负债组成的资产包作为出资注 入合资公司，并借助五矿地产控股在房地产行业的丰富经验和专业优势进行专业化管理，从而提高资产 运营的效率和效果，有效盘活存量资产，优化资源配置。 智通财经APP讯，五矿资本(600390.SH)发布公告，公司控股子公司五矿国际信托有限公司(以下简称"五 矿信托")与公司控股股东中国五矿股份有限公司(以下简称"五矿股份")全资子公司五矿地产控股有限公 司(以下简称"五矿地产控股")拟在北京共同投资设立合资公司，注册资本10亿元，其中五矿信托认缴注 册资本3亿元，持有合资公司的股权比例即认缴出资的比例为30%，五矿地产控股认缴注册资本7亿元， 持有合资公司的股权比例即认缴出资的比例为70%。 ...

Core Viewpoint - Recent actions by local state-owned asset platforms to sell properties have garnered significant attention in the industry, although such asset disposal is not new. The impact of these sales on the overall real estate market is considered limited, and there is no expectation of substantial discounts upon listing [1][4]. Group 1: Recent Sales Activities - Multiple local state-owned platforms have recently listed properties for sale, including residential units, commercial spaces, and parking spots. Notably, the city of Xichang in Sichuan has auctioned 144 state-owned housing units in three packages, with prices ranging from 3,017 yuan to 5,799 yuan per square meter [2][3]. - In Fuzhou, 51 market-oriented residential units were listed for auction, with total prices ranging from 447,000 to 1,536,000 yuan, averaging 11,000 yuan per square meter [2]. - Guizhou Dachen Construction Development Co., Ltd. has also listed properties in multiple cities, with prices between 220,000 and 730,000 yuan, most of which are currently idle [2][3]. Group 2: Reasons Behind Asset Sales - The surge in state-owned asset sales is attributed to several factors, including asset optimization strategies, financial pressures, and policy-driven asset activation initiatives. State-owned enterprises face pressures to maintain asset value and meet profit tax obligations, especially in light of stricter assessments on tax contributions [3][6]. - The 2022 State Council document emphasized the need for flexible methods to effectively activate various types of existing assets, which has influenced the current trend of asset sales [3]. Group 3: Market Impact Analysis - The impact of state-owned property sales on the overall market is expected to be minimal, as individual cases are relatively small in scale. However, the increase in supply from various entities, including state-owned enterprises, may lead to some market disturbances [4][6]. - The auction process for state-owned properties is structured to ensure fairness and asset value preservation, with initial listing prices set according to appraisals. Discounts may only occur in subsequent auction rounds if there are no bidders [5][6]. - The current real estate market is under downward pressure, and the influx of state-owned properties may contribute to ongoing adjustments in supply and demand dynamics, although it is unlikely to disrupt the overall stability of the market [6].

Core Viewpoint - The company aims to optimize resource allocation and focus on core business development through the sale of a property, which reflects its strategic transformation and industrial upgrade efforts [1] Financial Performance - In Q3 2025, the company reported a net profit attributable to shareholders of 22.03 million yuan, a significant increase of 461.38% year-on-year, indicating improved profitability in its main business [1] - However, the cumulative net profit for the year up to the reporting period was only 1.58 million yuan, representing a substantial decline of 94.13% year-on-year [1] - The net profit after deducting non-recurring gains and losses was a loss of 4.56 million yuan, a decrease of 126.21% year-on-year [1] - The profit growth in Q3 was primarily attributed to improvements in the clean energy sector, while the overall decline in net profit for the year was mainly due to reduced investment income and increased credit impairment losses [1]

Core Viewpoint - Public REITs in China are evolving from financial innovation tools to significant drivers of infrastructure construction and high-quality economic development [2][3]. Group 1: Role and Impact of Public REITs - The National Development and Reform Commission has recommended over 100 REITs projects to the China Securities Regulatory Commission, covering ten industries, expected to drive total new project investments exceeding 1 trillion yuan [3]. - Public REITs play a crucial role in revitalizing assets, optimizing finances, and enhancing operational efficiency, with expectations for more asset types and long-term capital inflow to promote high-quality market development [3][4]. - Public REITs create a sustainable path for new investments by revitalizing a vast amount of existing assets and facilitating the investment-financing cycle [5][10]. Group 2: Financial Structure and Efficiency - Public REITs improve corporate balance sheets and alleviate debt financing pressures for original equity holders, broadening social capital investment channels and enhancing asset diversification [6][7]. - The market-driven mechanism of public REITs compels infrastructure operators to focus on operational efficiency, injecting internal momentum for high-quality development [8][10]. - The mechanism linking value and asset operational efficiency drives the transformation of the infrastructure sector towards refinement and specialization [10]. Group 3: Future Expectations and Market Dynamics - The public REITs market is expected to further expand, with improved liquidity anticipated, especially during the 14th Five-Year Plan period [11][12]. - Long-term capital, including social security funds and pensions, is expected to enter the market as public REITs align with their risk-return profiles [12][31]. - The market sentiment for public REITs is anticipated to recover, driven by policy support and the stabilization of underlying asset cash flows [29][30]. Group 4: Investment Opportunities and Strategies - Investors are advised to focus on stable, defensive, and policy-supported REITs assets, particularly those with stable cash flows and strong operational improvements [22][23]. - The current market environment presents opportunities for long-term investment in public REITs, especially in sectors like data centers and consumption-related infrastructure [22][23]. - The adjustment in prices has enhanced the dividend yield of quality REITs, making them attractive for long-term capital [31][32].

年初以来沈阳房地产市场一直在释放积极信号，新房企首进沈阳、众多新项目亮相，同时沈阳也在盘活城市"老家底"，激发发展新动力。 医大一院旁闲置楼宇变医院？ 今天，栋察就带大家看一下今年沈阳有哪些烂尾楼重生、闲置楼宇被盘活！ 广告 塔湾闲置近十年的商业楼宇变酒店 近日，为加快闲置楼宇盘活利用，沈阳自然资源局拟将南京北街192号地块由商务用地（B2）调整为医疗卫生用地（A5）。 今年8月，沈阳塔湾希尔顿欢朋酒店的开业，项目所在的沈阳腾鹰科技数字产业大厦，其前身是闲置近十年的商业楼宇，曾一度陷入沉寂。 这座闲置楼宇的盘活，不仅填补了皇姑西部板块高品质商务接待载体的空白，更以"央地合作标杆配套"的身份，成为皇姑区推进产城深度融合、激活区域 经济活力的又一支点，为区域建设注入强劲活力。 该地块位于南京北街与北五马路交汇处，地理位置较好。据悉，这里原为中国人民银行沈阳分行，后来闲置了。此次地块用地性质调整，不免让人联想到 是否会被医大一院"收入麾下"，毕竟地块离医大一院很近，同时对面就是中国医科大学附属口腔医院。 国发大厦开始拆除 国发大厦位于南顺城路以南、小南街以西，地理位置优越，该楼宇长期闲置，曾作为沈阳物业管理中心使用 ...

Core Insights - The number of properties directly sold by banks has increased significantly, with a 24.7% year-on-year growth in "bank direct supply" properties on the Alibaba asset platform during the auction period from November 1 to November 11 [1][2] - This trend indicates a shift in banks' asset disposal strategies from primarily "To B" (business) to a balanced approach of "To B" and "To C" (consumer), driven by the need to revitalize existing assets and improve debt recovery rates [1][3] Group 1: Market Dynamics - On November 11, over 170 properties, including shops, residential units, and office buildings, were up for auction, with starting prices ranging from 30,000 to over 40 million yuan [2] - The increase in bank direct sales is attributed to the growing asset disposal needs of small and medium-sized banks, particularly rural commercial banks, as well as larger state-owned banks [3][2] - The current real estate market adjustment has prompted banks to focus on debt recovery to prevent further asset price declines, marking a proactive approach to asset management [3][6] Group 2: Advantages of Bank Direct Sales - Bank direct sales offer clearer property rights compared to judicial auction properties, as banks acquire complete ownership through debt claims before selling [3][4] - Properties sold directly by banks typically have lower starting prices than market rates, providing potential buyers with advantageous purchasing opportunities [4][5] - The efficiency of direct sales allows banks to accelerate the recovery of funds, contrasting with traditional lengthy asset disposal processes [4][5] Group 3: Regulatory and Consumer Considerations - Recent regulatory changes, such as the implementation of the "Commercial Bank Financial Asset Risk Classification Measures," encourage banks to actively manage and dispose of non-performing assets [6] - As banks increasingly engage in direct sales to consumers, it is essential for buyers to conduct thorough due diligence on property conditions and potential hidden issues [7][6] - The need for regulatory oversight is emphasized to prevent disorderly price declines in the real estate market, ensuring a balanced approach to asset management [6]

Core Viewpoint - The article emphasizes the importance of balancing the utilization of both incremental and stock resources to enhance resource allocation efficiency, which is crucial for promoting high-quality urban development [1] Group 1: Urban Development Strategies - The transition from large-scale land development to revitalizing existing urban resources is a necessary requirement for stable urbanization, as seen in developed economies [2] - Historical examples include the transformation of London's Canary Wharf and Hamburg's HafenCity, which successfully repurposed old industrial areas into modern urban spaces [2] Group 2: Activation of Stock Resources - Since the reform and opening up, China has experienced rapid urbanization, leading to a significant accumulation of land, housing, and infrastructure resources [3] - Activating stock resources is essential for transforming urban development methods, optimizing economic structures, and converting growth drivers [3] - Cities often face inefficiencies due to overbuilding and inadequate operational planning, highlighting the need for tailored approaches to activate stock resources [3] Group 3: Economic Structure Transformation - The contribution of the tertiary sector to GDP is projected to reach 56.7% by 2024, necessitating adjustments in urban resource functions to support industrial transformation [4] - Various initiatives have been undertaken, such as converting old factories into tech incubators and updating traditional commercial areas into cultural and tourism complexes [4] Group 4: Collaborative Efforts for Resource Activation - Activating urban stock resources requires top-level design, local innovation, and active market participation to convert dormant value into dynamic growth [5] - Recent policies have been introduced to provide institutional support for the revitalization of urban stock assets [5] - A comprehensive understanding of asset inventories and the establishment of cross-departmental collaboration mechanisms are essential for effective urban renewal planning [5][6] Group 5: Infrastructure Management - Improving the management of infrastructure assets is crucial for enhancing operational efficiency and achieving a balance between economic and social benefits [7] - Strategies include expanding the functions of public facilities and implementing dynamic pricing mechanisms for public utilities to ensure sustainable asset operations [7]