作者 | 郑嘉意 来源 | 信风TradeWind 导 语： 百年人寿曾披露2015-2020年间的27笔重大关联交易，涉及金额超250亿元，至 今84亿元以上的风险敞口未能结清。 一些地产资本入局金融行业后的后遗症，逐渐浮出水面。 大连国资入主半年后，百年人寿公开了一份长达29页的旧账，在官网与保险行业协会同 步披露2015-2020年间的27笔重大关联交易。 笔者统计发现，上述交易涉及金额超250亿元，至今84亿元以上的风险敞口未能结清。 不久之后，上述文件已从百年人寿官网撤下。 以下文章来源于信风TradeWind ，作者郑嘉意 信风TradeWind . 关注资本市场的趋势与发展 时间线上，27笔交易主要集中在2015-2020年间，涉及2014年前后加入的万达、科 瑞、恒茂地产等一众"地产系"股东。 依照彼时规则，重大关联交易须经董事会批准、独立董事一致同意；后续要在10个工作 日内公开披露交易架构等穿透信息。 但百年人寿不仅未及时公示，甚至在2025年2月才将这27笔交易提请董事会审议。 过去5年里，百年人寿历多轮人事洗牌，董事长、总裁之位都曾长期空悬，如今的董事会 成员与2020年间更是无一人重 ...

信风TradeWind . 关注资本市场的趋势与发展 作者郑嘉意 编辑松壑 一些地产资本入局金融行业后的后遗症，逐渐浮出水面。 大连国资入主半年后，百年人寿公开了一份长达29页的旧账，在官网与保险行业协会同步披露2015-2020年间的27笔重大关联交易。 信风统计发现，上述交易涉及金额超250亿元，至今84亿元以上的风险敞口未能结清。 不久之后，上述文件已从百年人寿官网撤下。 以下文章来源于信风TradeWind ，作者郑嘉意 时间线上，27笔交易主要集中在2015-2020年间，涉及2014年前后加入的万达、科瑞、恒茂地产等一众"地产系"股东。 依照彼时规则，重大关联交易须经董事会批准、独立董事一致同意；后续要在10个工作日内公开披露交易架构等穿透信息。 但百年人寿不仅未及时公示，甚至在2025年2月才将这27笔交易提请董事会审议。 过去5年里，百年人寿历多轮人事洗牌，董事长、总裁之位都曾长期空悬，如今的董事会成员与2020年间更是无一人重合； 这意味着上述交易，对于如今的管理层也可能是一笔新算的旧账。 隐蔽的路径 迟到的信披，显示出关联交易资金暗道的隐蔽。 信风注意到，百年人寿上述交易的对手均非股东或直 ...

Group 1 - Real estate companies are accelerating debt disposal processes through various means such as debt restructuring and reorganization, entering a new development stage with improved asset quality and stable cash flow [1] - *ST Jinke has received court approval for its reorganization plan, transitioning into the execution phase despite facing significant debt repayment challenges [1] - The restructured *ST Jinke will focus on four business segments: investment management, development services, operational management, and special assets, aiming for a phased achievement of short, medium, and long-term operational goals [1] Group 2 - CIFI Holdings has shifted its development model from "high leverage, high turnover, high risk" to "low debt, light asset, high quality," focusing on commercial real estate holding, core city development, and real estate asset management [2] - CIFI Holdings' current equity value is approximately 130 billion yuan, with property holdings valued at 46 billion yuan, and projected rental income of nearly 1.8 billion yuan in 2024, indicating strong cash flow support [2] - Following the restructuring, CIFI Holdings' overall credit bond scale will be reduced by over 50% to within 30 billion yuan, optimizing its debt structure and enhancing shareholder equity [2] Group 3 - Several real estate companies have made progress in domestic and overseas debt restructuring, with Sunac China being the first to complete a second round of domestic debt restructuring [3] - Other companies like Kaisa Group and Longfor Group have also received creditor approval for their restructuring plans, indicating a faster overall recovery pace in the industry [3] - The industry is moving towards a new phase focused on cash flow, operational efficiency, and sustainable development as quality assets and strong operational capabilities emerge from restructuring [3]