新华财经上海11月18日电（谈瑞）11月17日，中粮集团旗下大悦城地产（00207.HK）宣布私有化决议案获计划股东通过，其在香港联交所的上市地位预计 将于11月27日正式撤销，标志着这家央企商业地产巨头12年的上市历程即将画上句号。在房地产行业周期性调整的背景下，这一举措不仅是企业应对经营压 力的现实选择，更是行业转型期房企战略重构的典型样本，折射出资本市场与房地产行业生态的深刻变化。 回溯其资本市场进程，作为中粮集团旗下核心的商业地产平台，大悦城地产的发展轨迹与中国商业地产的黄金周期紧密相连。公司成立于1992年，早期以区 域商业项目开发运营为核心，逐步积累了商业地产开发与管理经验。2013年，公司以"中粮置地控股"之名借壳"侨福企业"登陆香港联交所，后更名为大悦城 地产，正式开启资本市场征程。彼时，中国商业地产正值快速发展期，大悦城凭借精准的定位和优质的项目储备，在北京西单、北京朝阳、上海静安等核心 城市核心商圈打造了多个标杆项目，以年轻时尚的商业定位吸引了大量客流，租金收入持续保持稳健增长，成为央企商业地产领域的标杆企业之一。 2019年，中粮系启动重大资产重组，A股上市的大悦城控股（000031.S ...

然而，理想与现实之间存在显著差距，中粮集团希望借此打通境内外融资通道的初衷未能如愿奏效。一方面，港股市场对内地商业地产企业的估值偏低，大 悦城地产股价长期徘徊在净资产下方，估值优势难以体现，再融资能力受到严重制约。另一方面，A股市场的大悦城控股同样面临经营压力，受房地产行业 整体下行、销售端承压以及资产减值等因素影响，公司连年陷入亏损境地，未能形成有效的盈利支撑。双重市场压力下，"A控红筹"架构不仅未能发挥预期 的融资协同效应，反而增加了企业治理的复杂性与运营成本。 登录新浪财经APP 搜索【信披】查看更多考评等级 转自：新华财经 新华财经上海11月18日电（谈瑞）11月17日，中粮集团旗下大悦城地产（00207.HK）宣布私有化决议案获计划股东通过，其在香港联交所的上市地位预计 将于11月27日正式撤销，标志着这家央企商业地产巨头12年的上市历程即将画上句号。在房地产行业周期性调整的背景下，这一举措不仅是企业应对经营压 力的现实选择，更是行业转型期房企战略重构的典型样本，折射出资本市场与房地产行业生态的深刻变化。 回溯其资本市场进程，作为中粮集团旗下核心的商业地产平台，大悦城地产的发展轨迹与中国商业地产的黄 ...

Group 1: Real Estate Investment Trends - In the first ten months of the year, national real estate development investment reached 73,563 billion yuan, a year-on-year decrease of 14.7% [1] - The sales area of newly built commercial housing was 71.9 million square meters, down 6.8% year-on-year, while the sales revenue was 69,000 billion yuan, a decline of 9.6% [1] - The funds available to real estate development enterprises amounted to 78,900 billion yuan, reflecting a year-on-year decrease of 9.7% [1] - The inventory of unsold commercial housing at the end of October was 75,606 million square meters, a reduction of 3.22 million square meters compared to the end of September [1] Group 2: Regulatory Actions in Real Estate - Shanghai has initiated a special rectification action to regulate online real estate information dissemination, targeting websites, self-media accounts, and real estate intermediaries [2] - The focus of this action includes cracking down on negative narratives about the Shanghai real estate market, distorting policies, false low-price listings, and malicious speculation [2] - This initiative aims to create a clear, truthful, and orderly real estate information environment, thereby stabilizing market expectations [2] Group 3: Corporate Restructuring - Huaxia Happiness has been applied for pre-restructuring by creditor Longcheng Construction due to its failure to repay debts and lack of repayment capability, despite having restructuring value [3] - The company has not yet received court documents regarding the acceptance of the restructuring application, indicating significant uncertainty about entering the restructuring process [3] - This application represents a critical turning point in addressing Huaxia Happiness's debt crisis, providing a judicial guarantee and efficient platform for debt resolution [3] Group 4: Leadership Changes - The chairman of China Merchants Shekou Industrial Zone Holdings, Jiang Tiefeng, has resigned due to work reallocation, with Zhu Wenkai appointed as the new chairman [4] - Zhu Wenkai's appointment signals a strategic adjustment within the real estate sector of China Merchants Group, indicating deeper integration between China Merchants Shekou and China Merchants Land [4] - This leadership change is expected to enhance management synergy, resource complementarity, and overall performance improvement [4] Group 5: Debt Recovery Initiatives - CITIC Trust has listed 1.408 billion yuan of non-performing debt related to 160 properties in Baoneng City for sale, with the collateral located in Nanshan District, Shenzhen [5] - The debt includes a principal of 1 billion yuan, interest of 226.5 million yuan, and other fees totaling 1.816 billion yuan [5] - The properties are subject to multiple liens and judicial seizures, with a court hearing expected in the fourth quarter of this year [5][6]

(文/孙梅欣 编辑/张广凯） 11月14日上午，今年10月份的全国70个大中城市房价，及今年以来全国房地产开发投资数据出炉。 国家统计局公布的数据显示，10月份全国各线城市二手房住宅价格环比和同比全线下滑。环比降幅中， 徐州降幅最大达到1.2%。北京、三亚、南昌等城市的环比降幅均超过1%。 统计显示，一线城市二手住宅销售价格环比下降0.9%，降幅比上月收窄0.1个百分点。其中，北京、上 海、广州和深圳分别下降1.1%、0.9%、0.9%和0.9%。二线城市二手住宅销售价格环比下降0.6%，降幅 收窄0.1个百分点。三线城市二手住宅销售价格环比下降0.7%，降幅扩大0.1个百分点。 二手住宅的同比降幅则更为明显，一线城市二手住宅同比平均降幅达到4.4%，较上月降幅继续扩大1.2 个百分点。 一线城市中，广州二手房价同比降幅最大，达到6.4%个百分点，上海、广州、深圳则分别为4.7%、 3.4%和3.3%。 10月行情的亮点，依然靠少数城市的新房价格拉动。 其中，上海连续数月新房环比价格保持全国领跑的姿态，10月环比涨幅达到0.3%，居于全国首位。沈 阳、乌鲁木齐和韶关则以0.2%的环比涨幅紧随其后。另外，杭州、 ...

Core Viewpoint - After announcing plans for privatization and delisting, a major change in leadership has occurred at the state-owned developer, Wulian Real Estate [2][3]. Group 1: Leadership Changes - He Jianbo has resigned from his positions as executive director, chairman of the board, and various committee roles due to personnel rotation and succession planning by China Minmetals Corporation [2]. - Dai Pengyu, the executive director and managing director, has been appointed as the acting chairman of the board until a new chairman is officially appointed [2]. - He Jianbo has confirmed that there are no disagreements with the board and is aware of matters that need to be communicated to shareholders [2]. Group 2: Company Performance - During He Jianbo's tenure, Wulian Real Estate experienced rapid expansion, achieving sales of 19.36 billion yuan in 2020, a year-on-year increase of 124%, and further increasing to 26 billion yuan in 2021 [3]. - However, due to industry adjustments, sales have contracted significantly, with projected sales of 7.02 billion yuan in 2024 [3]. - The company reported a revenue of 9.883 billion HKD in 2024, a year-on-year decline of 21.8%, with a net loss of 3.748 billion HKD [3]. - In the first half of the current year, Wulian Real Estate generated a revenue of 1.976 billion HKD, with a net loss of 580 million HKD [3]. Group 3: Privatization Plans - On October 23, Wulian Real Estate announced plans for privatization and intends to apply for the cancellation of its listing on the stock exchange, with a proposed share cancellation price of 1 HKD per share [3]. - If the privatization is successful, there may be potential integration and restructuring with another real estate brand under China Minmetals, "China Metallurgical Group" [3]. Group 4: Industry Insights - He Jianbo has publicly stated that the main task for the real estate sector is to "reduce inventory," with the primary contradiction being "supply-demand imbalance" [4]. - Despite government measures to stimulate consumption, the industry is expected to gradually transition into an era focused on existing housing stock, necessitating transformation and change among real estate companies [4]. - Future strategies for real estate firms should extend beyond merely building and selling properties, focusing instead on developing a comprehensive industrial system based on their core competencies [4].

Core Viewpoint - The luxury real estate market in China is experiencing significant price declines, challenging the long-held belief that luxury properties are immune to market fluctuations [3][22][23] Group 1: Market Trends - Recent transactions indicate that luxury properties are being sold at steep discounts, with examples showing reductions of up to 75% from previous listing prices [2][6] - In 2024, only 1,497 units of second-hand luxury homes priced over 30 million yuan were sold in 30 major cities, a stark contrast to the 65% increase in new luxury home sales [6][10] - The trend of declining prices is not limited to first-tier cities but is also spreading to second and third-tier cities, with some properties experiencing drops of over 70% [8][9] Group 2: Factors Influencing Price Declines - An oversupply of new luxury homes is drawing potential buyers away from the second-hand market, leading to decreased demand for older properties [10][12] - Economic downturns have made wealthy individuals more cautious with their spending, impacting the luxury real estate market [13][14] - The previous speculative nature of luxury home prices has diminished, with current buyers being more discerning and focused on actual value rather than inflated prices [14][15] Group 3: Changing Perceptions of Luxury Real Estate - Luxury properties, once seen as a stable asset, are now viewed as potential liabilities, with reports indicating that they may no longer serve as effective wealth preservation tools [17][22] - The belief that real estate will always appreciate in value has been challenged, as many now recognize that properties can depreciate and become financial burdens [20][23] - The market is expected to further differentiate between genuinely scarce luxury properties and those that are merely overbuilt, with the latter likely to struggle in terms of value retention [22][24]

Core Insights - The company, Yuanyang Group's light-asset construction management platform, Yuanyang Construction Management, has successfully secured two sales projects in late October, indicating its growing influence in the real estate sector [1][2] Group 1: Project Acquisitions - Yuanyang Construction Management won the bid for the Guiyang Yanyan District Salt Street Innovative Functional Area project, which includes residential, office, apartment, and commercial complex developments [1] - The company signed a project management cooperation agreement for the Shangdong New World Garden Phase II project with Zhongshan Hehe Industrial Co., Ltd., covering a total sales area of approximately 129,000 square meters [1] Group 2: Sales Performance - The successful sales of these projects highlight Yuanyang Construction Management's precise planning and efficient execution capabilities across different cities and product types [2] - In September, the Dalian Huanan Hui project achieved remarkable results with 206 units sold and a transaction amount of 93 million yuan, becoming the top-selling apartment project in Dalian [1] - The Guangzhou Zengcheng City Investment Nanxiang Yaju project, managed by Yuanyang Construction Management, generated over 100 million yuan in sales within just 10 days of its initial opening in May [1] - The Qingdao Fanhua Li project, taken over by Yuanyang Construction Management, achieved a complete sell-out in just four months, marking it as a phenomenon in the local market [1] Group 3: Industry Context - The real estate industry is undergoing a transformation, and professional construction management services are becoming a key force in resolving project challenges and revitalizing regional markets [2] - Yuanyang Construction Management has established itself as a strong competitor in this sector due to its systematic and market-validated operational capabilities [2]

Core Viewpoint - The real estate industry is currently undergoing a deep adjustment period characterized by weak sales and tight funding, with companies facing significant debt pressure. In this context, companies like Gindal Group are actively working to reduce debt and restore operational momentum to ensure sustainable development through enhanced internal risk resistance capabilities [1]. Debt Management - Gindal Group has been transparent about its debt reduction efforts, maintaining a stable debt ratio and steadily decreasing interest-bearing debt. The company successfully redeemed its five-year bond "20 Gindal 01" on October 13, which is expected to alleviate liquidity pressure [1][2]. - As of mid-2025, Gindal Group's interest-bearing debt was approximately 69.7 billion yuan, a 6% decrease from the beginning of the year. The average cost of debt financing was 3.96%, down 9 percentage points from the end of 2024 [3]. Business Development - Gindal Group has emphasized enhancing product and service capabilities, showcasing a steady development trend and continuous product innovation through successful project launches. The company is also exploring new real estate development models and nurturing "non-residential" business lines to create a second growth curve [1][5]. - The company is transitioning from a high-leverage developer to a cash flow-focused operational service provider, actively engaging in non-residential sectors such as asset management and property services [5]. Market Outlook - Industry experts believe that with the implementation of various stabilizing policies, the real estate market will continue to stabilize. Future policies are expected to focus on maintaining market confidence and promoting healthy, high-quality development [4]. - Gindal Group's stock has seen a cumulative increase of 10.85% over the past 20 trading days, with several brokerage firms issuing "buy" ratings, indicating positive market sentiment towards the company's long-term value [8].

Core Viewpoint - The recent leadership change at Vanke, with the resignation of Xin Jie and the appointment of Huang Liping, reflects the company's strategic adjustments during a critical period in the real estate industry, emphasizing stability and continuity in operations [2][3]. Group 1: Leadership Change - Xin Jie submitted his resignation as non-executive director and chairman of Vanke on October 12, citing personal reasons, and will no longer hold any position within the company [2]. - Huang Liping, who has been a director at Vanke for four years and is familiar with the company's operations, has been appointed as the new chairman [2]. Group 2: Financial Support and Stability - Vanke has faced significant market volatility, prompting urgent meetings with financial institutions, where the Shenzhen State-owned Assets Supervision and Administration Commission and Shentie Group expressed their commitment to support Vanke [3]. - Shentie Group has provided substantial financial assistance to Vanke, including nine shareholder loans this year, making it a stable external funding source [3]. Group 3: Strategic Adjustments - Vanke plans to deliver over 180,000 units in 2024, aligning with national priorities for housing stability and reflecting a shift from high-leverage expansion to a focus on social welfare [4]. - The company's debt management strategy, which includes focusing on core businesses and exiting non-core areas, may serve as a reference model for the industry [5]. Group 4: Future Outlook - The new leadership under Huang Liping, with experience in infrastructure and development, is expected to drive Vanke's growth in integrated development and urban renewal projects [5]. - Vanke's ability to navigate the current market challenges and achieve a soft landing will be crucial for restoring confidence in the real estate sector and providing valuable insights for industry transformation [6].

Core Viewpoint - Wuhan has introduced new policies to support the commercial real estate market, aiming to boost consumption and facilitate the de-inventory of commercial properties [1][2]. Group 1: Policy Measures - The new policies, referred to as "Han Eight Measures," include eight specific initiatives to promote stable and healthy development in the real estate market [1]. - Key measures include increasing housing provident fund loan limits and allowing individuals purchasing new commercial properties to apply for household registration [1]. - The policies support the conversion of existing commercial buildings' functions, provided they meet safety requirements and maintain their original structure and property rights [1]. Group 2: Market Impact - The new policies aim to accelerate the de-inventory of new commercial properties through tax subsidies and support for the transformation of existing buildings into new business formats like long-term rentals and industrial parks [2]. - This approach is expected to enhance the efficiency of existing resources and promote a dual development model focusing on both new and existing real estate [2]. Group 3: Comparison with Other Cities - Wuhan's new policies are similar to those previously introduced in Shanghai, which also support the functional conversion of commercial buildings under certain conditions [3]. - Both cities have set a maximum period of 15 years for these conversions, emphasizing the need for regulatory oversight and decision-making by local governments [3].