Company Dynamics - CITIC Trust has sent a notification regarding the first beneficiary meeting of the CITIC Trust Shenzhen Longgang Financing Collective Fund Trust Plan 2025, focusing on a land recovery risk mitigation plan [2] - The Shenzhen Longgang District plans to recover 12 plots of land acquired by Shimao Group in 2017, with the original acquisition cost being approximately 23.9 billion yuan, while the recovery compensation is set at only 6.8 billion yuan, indicating a significant price drop [4] - The meeting will take place from July 29 to July 31, where key matters such as government land recovery and asset transfer will be voted on [4] Investment Implications - If the proposed plan is approved, investors may receive a "discounted payout," with a cumulative payout ratio of about 85% of the total principal, but the payout period will extend until around January 2027 [6] - The CITIC Trust Shenzhen Longgang Financing Collective Fund Trust Plan was established on July 17, 2020, with a total scale of 8.7 billion yuan, primarily financing the construction of the Shenzhen-Hong Kong International Center project [6] - Following a default by Shimao in February 2022, CITIC Trust initiated legal proceedings and obtained 11 plots of land as debt repayment, although the transfer procedures have not yet been completed [7] Market Reactions - The upcoming beneficiary meeting and the land recovery risk mitigation plan are generating significant interest among investors, with ongoing developments expected to be closely monitored [8]