Core Viewpoint - The article discusses the ongoing trend of delisting among real estate companies in Hong Kong and A-shares, highlighting the reasons behind privatization and delisting, as well as the potential future of this trend in the industry [2][9]. Group 1: Delisting Trends - On October 22, it was announced that Shangkun Real Estate would officially delist on October 27 due to failure to meet resumption guidelines, marking another case of a real estate company being forced to delist after Evergrande's delisting on August 25 [2]. - Since April 2023, a total of 11 H-share real estate companies have been mandated to delist, including major players like China Evergrande [4]. - As of September 2025, there are still 8 H-share real estate companies under suspension, with potential delisting risks if they do not resume trading [5]. Group 2: A-share vs H-share Delisting - A-share companies face delisting primarily due to stock prices falling below RMB 1 per share for 20 consecutive trading days, while H-share companies are more affected by liquidity crises and inability to publish annual reports [6]. - Following the favorable policies introduced in 2024, A-share real estate companies have seen a recovery in confidence, distancing themselves from the delisting risk associated with low stock prices [6]. Group 3: Reasons for Privatization and Delisting - The main reasons for privatization and delisting among real estate companies include insufficient stock liquidity, loss of financing capabilities, and continuous losses leading to debt crises [11]. - Privatization allows companies to implement long-term strategies and enhance operational flexibility, reducing regulatory burdens and costs associated with being a public company [11]. - The challenging market environment, characterized by declining sales and low valuations, further drives companies towards privatization to avoid valuation discounts [12]. Group 4: Future Outlook - The trend of passive delisting and privatization is seen as a necessary outcome during the deep adjustment period of the real estate industry, with expectations that this trend will continue for the next 2-3 years [12]. - Companies are urged to adapt to market changes through strategic adjustments and operational optimizations to address the challenges posed by declining valuations and potential delisting risks [12].

10月22日，上坤地产公告称，联交所宣布其上市地位将于2025年10月27日上午9时起正式取消。此时， 距离其登陆港股市场还不到五年时间。 上坤地产成立于2010年，由建业地产原副总裁朱静创办，一度挤进行业百强行列。2020年11月，上坤地 产成功登陆港交所，成为当时内地在港上市的最年轻房企，一时风光无限。 上坤地产因一笔美元票据交换要约未获得足够持有人同意引发违约，进而导致2023年到期的13.5%优先 票据交叉违约。 2023年4月，上坤地产因无法按期刊发2022年年度报告而短暂停牌。2024年4月2日，其又因未能按时发 布2023年年报而停牌至今。 尽管联交所后续发出复牌指引及额外复牌指引，要求其公布所有未刊发的财务业绩、公布业务更新及复 牌进展等，上坤地产仍未能达成相关条件，也未能披露2023年及2024年年报，上市委员最终决定将其除 牌。 上坤地产方面曾表示，由于公司核心管理人员和财务部门员工的离职，以及审计材料准备不足，严重影 响了财务报表的编制和审计进度。截至目前，上坤地产的董事会成员仅剩执行董事朱静（主席）和非执 行董事林劲峰。 房企退市潮仍在延续。 一周内，两家港股房企宣布退市：上坤地产因年 ...

Core Viewpoint - China Minmetals Corporation's real estate platform, Minmetals Land, has announced its privatization and delisting from the Hong Kong Stock Exchange, reflecting a broader trend of real estate companies exiting the market amid industry adjustments and capital restructuring [1][3][5]. Company Summary - Minmetals Land is being privatized by June Glory International Limited, a subsidiary of China Minmetals, with a proposed cash offer of HKD 1 per share, representing a premium of approximately 185.71% over the unaffected share price and 104.08% over the last trading day [2][3]. - The company has issued 3.347 billion shares, with June Glory holding 2.071 billion shares (approximately 61.88%) and other shareholders holding 1.276 billion shares (approximately 38.12%) [2]. - Minmetals Land has faced limited capital raising capabilities and has lost the advantages of being a listed company, with average daily trading volume of only 440,000 shares, representing about 0.03% of the total shares [3][4]. Industry Summary - The Hong Kong Stock Exchange was once the preferred financing platform for mainland real estate companies, but many have announced their delisting this year due to performance pressures and the loss of financing value [5][6]. - The real estate sector is undergoing a deep adjustment, with companies facing low liquidity and the loss of capital market value, leading to a trend of privatization and delisting [7][8]. - The current market environment has resulted in many companies experiencing continuous losses and a lack of new land reserves, prompting strategic contractions and resource consolidation opportunities for parent companies [4][5][8].