出品：新浪财经上市公司研究院 作者：昊 11月3日，格林美发布公告，拟将所持有的从事电子废弃物回收、塑料再生业务的全资子公司江西格林循环材料有限公司（以下称"江西格林"）100%股权转让给河南循环集团，交易对价9.6亿元 今年前三季度，格林美收利双增，但扣除资产处置、政府补助等各类非经常性收益后，扣非净利润同比持平。 实际上，真正令市场担忧的是公司债务问题。截至三季度末，格林美有息负债已攀升至超过300亿，远超同期47亿的货币资金。 沉重的债务负担与现金流长期入不敷出直接相关。自2010年上市以来，格林美每年资本开支均远超同期经营现金流，上市之前亦是如此。 为尽快回笼资金，不久前，格林美还曾连续向河南循环出售三家亏损循环材料子公司，合计对价9.22亿，而交易对价中大部分也都是债权款项。 然而，仅仅依靠不停甩卖资产，显然无法弥补长期积累的巨大资金缺口，难以从根本上解决棘手的债务问题。 9.6亿甩卖亏损资产 有息负债快速攀升超300亿 不过，格林美前三季度非流动资产处置损益、政府补助以及金融资产处置损益等非经常收益达2.88亿，剔除后公司扣非净利润为8.21亿，同比仅增长8.21%。 实际上，真正令市场担忧的是公 ...

Core Viewpoint - The surge in inventory in the second-hand housing market, coupled with the sudden introduction of numerous "official listings," is expected to create significant market disruption and inevitable pain points [2][13]. Group 1: Company Actions - Multiple state-owned platforms are actively selling off real estate holdings, with Beijing Tianheng Real Estate Group listing 111 properties for sale, with total starting prices exceeding 330 million yuan [2][3]. - Tianheng Group's properties include a wide range of pricing, from 18,000 yuan per square meter in high-end areas to 2,000 yuan per square meter for basic housing [2]. - The company aims to optimize its asset structure and alleviate liquidity pressure by selling these "sleeping assets," which are either leftover from development projects or previously rented out [4]. Group 2: Financial Performance - Tianheng Group reported a revenue of 670 million yuan in the first half of the year, a year-on-year decline of 13.4%, with a net loss of 390 million yuan, following a larger loss of 5.07 billion yuan the previous year [4]. - The company's asset-liability ratio has risen to 83.5%, primarily due to inventory impairment and losses from urban renewal project investments [4]. Group 3: Market Impact - The sale of properties by companies like China General Nuclear Power Corporation and Chengdu Railway Xingda Construction Company is expected to impact local real estate markets, particularly in lower-tier cities where demand is already weak [5][6]. - The phenomenon of state-owned enterprises divesting from real estate is spreading across various provinces, with significant sales reported in cities like Guangzhou and Shandong [11][12]. - Analysts suggest that this trend is driven by the need to liquidate inefficient and idle assets to prevent depreciation and to address short-term debt pressures amid a declining real estate market [12].

Core Viewpoint - Wang Jianlin, once a prominent figure in China's real estate sector, is now engaged in a challenging asset divestment journey, highlighted by the sale of a 30% stake in Kuaiqian Financial for 240 million yuan, reflecting the company's financial struggles and the need to alleviate funding pressures [1][6]. Group 1: Company Overview - Kuaiqian Financial, established in 2004 and a key player in the payment sector, was acquired by Wanda in 2014 for $315 million, holding a 68.7% stake at that time [2][3]. - The company was once ranked fourth in the industry, with a transaction scale only behind UnionPay, Alipay, and WeChat Pay, showcasing its significant market position [2]. Group 2: Financial Challenges - The current valuation of Kuaiqian Financial is approximately 800 million yuan, indicating a substantial loss compared to the original investment, which is perceived as a "fire sale" by Wang Jianlin [3]. - Wang Jianlin's wealth has drastically decreased from 1,408.4 billion yuan to 588.1 billion yuan within a year, marking a 58% drop and a significant decline in his ranking among China's wealthiest individuals [9]. Group 3: Regulatory Issues - Kuaiqian Financial has faced multiple penalties for regulatory violations, including a fine of 10.04 million yuan in January 2022 for issues related to account management and anti-money laundering [3][5]. - Additional fines were imposed in 2023 for violations concerning fund settlements and management regulations, indicating ongoing compliance challenges [4][5]. Group 4: Strategic Moves - The divestment of Kuaiqian Financial is part of a broader strategy by Wang Jianlin to sell off various assets, including significant stakes in Wanda's core businesses, to manage financial pressures and debt obligations [1][6][7]. - Previous attempts to divest financial assets date back to 2018, indicating a long-standing strategy to streamline operations amid financial difficulties [5].