Core Viewpoint - Huafa Co., Ltd. is making significant progress in its real estate development projects, particularly the Shenzhen Qianhai Ice and Snow World project, which is expected to open in Q4 2025 and become one of the largest indoor snow parks globally [1][2]. Group 1: Stock Performance - As of August 7, 2025, Huafa's stock price is 4.82 yuan, with a slight increase of 0.01 yuan, representing a 0.21% rise from the previous trading day [1]. - The stock opened at 4.82 yuan, reached a high of 4.83 yuan, and a low of 4.78 yuan, with a trading volume of 205,800 shares and a total transaction value of 99 million yuan [1]. Group 2: Project Development - The core construction of the Ice and Snow Center in the Shenzhen Qianhai project has reached 95% completion, with an expected opening in the fourth quarter of this year [1]. - The project will include a JW Marriott hotel and aims to be the largest indoor snow world in the world upon completion [1]. Group 3: Financial Activities - Huafa has received approval from the China Securities Regulatory Commission for the issuance of 4.8 billion yuan in convertible bonds, which will be used for project development [1]. - On August 7, the main funds for Huafa experienced a net outflow of 6.05 million yuan, with a cumulative net outflow of 8.26 million yuan over the past five days [2].

Core Viewpoint - The article discusses the financial struggles and strategic maneuvers of Sunac China, particularly focusing on its asset sales and partnerships with state-owned enterprises to manage debt and maintain liquidity amid a declining real estate market [1][4]. Group 1: Asset Sales and Financial Maneuvers - Sunac China began selling project equity to recover funds and avoid public debt defaults, with significant transactions including the complete transfer of equity in the Guangzhou Zengcheng land plot and a 30% stake in the Zhongshan Mingsheng project [1]. - In January 2023, Sunac sold 51% of the Shenzhen Ice and Snow Cultural Tourism City project to Huafa for 3.58 billion yuan, retaining a buyback option until November 2025, which allows for a potential future recovery of the stake [1]. - The partnership with Huafa is characterized as a model of "state-owned enterprise investment + private enterprise construction," indicating a collaborative approach to project management and financial recovery [1]. Group 2: Project Developments and Challenges - Following the equity transfer, Huafa took full control of the Shenzhen Ice and Snow project, with significant management changes occurring within the project company [3]. - By mid-2025, Huafa announced plans to recover seven commercial land parcels from the project, which resulted in a projected loss exceeding 50% of its 2024 audited net profit, highlighting the financial strain on Huafa due to the project [4]. - The project, initially intended to be a landmark for Shenzhen's cultural tourism, faced setbacks as the land was returned to the government while remaining undeveloped, indicating a failure to meet construction timelines [6][7]. Group 3: Market Position and Future Outlook - Huafa's aggressive land acquisition strategy from 2021 to 2023 aimed to bolster its asset base, but the lack of a strong product line and subsequent financial pressures have led to a decline in net profit and cash flow ratios [15][17]. - The company has shifted its focus to major cities, reducing its presence in lower-tier markets, and has seen a significant drop in land acquisition activities in 2025 [15][19]. - Despite a reported increase in sales revenue, Huafa faces challenges with profitability due to high acquisition costs and insufficient impairment provisions for its projects, indicating potential hidden financial risks [17][20].

中经记者 陈婷 赵毅 深圳报道 7月28日晚间，华发股份（600325.SH）公告全资子公司深圳融华置地投资有限公司（以下简称"融华置 地"）拟按深圳市土地储备中心收回收购的形式，处置其持有的前海冰雪世界项目7块商业用地，面积共 计约7.05万平方米，价格为44.05亿元。截至目前，这些地块均处于未建状态。 华发股份在公告中表示，上述交易是为加快推进地块盘活工作，降低资产流动性风险，规避持续开发存 在的市场风险，盘活沉淀资产，回笼资金。经综合测算，预计上述交易产生的亏损超过公司2024年经审 计净利润的50%。 前海冰雪世界项目为华发股份在深圳的重点开发项目，占地面积约43万平方米，总建筑面积约131万平 方米，总投资超百亿元，涵盖30万平方米的人才房社区。据悉，前海冰雪世界项目预计于2025年第四季 度试营业。 广东省住房政策研究中心首席研究员李宇嘉对《中国经营报》记者表示，收储土地是政府的一项职能， 或说是政府保持国有资产保值增值的必然选择。"特别是在土地长期不开发、企业无力开发等导致土地 资产价值下滑的情况下，更有可能通过收储来抑制价格波动。"李宇嘉进一步补充称，过去，商业办公 及综合体项目的建设量较大 ...

Core Viewpoint - The company, Huafa Group, announced the acquisition of seven commercial land parcels in the Qianhai Ice and Snow World project by the Shenzhen government for a total of 4.405 billion RMB, aiming to revitalize stagnant assets and mitigate liquidity risks [2][8]. Group 1: Project Overview - The Qianhai Ice and Snow World project is located in the Bao'an Airport New City Comprehensive Area of Shenzhen and features a large indoor ski resort, deep diving base, office complexes, hotels, and various commercial spaces [4][15]. - The project encompasses a total area of approximately 430,000 square meters, with a planned gross floor area of about 1.3107 million square meters [15]. Group 2: Financial Implications - The transaction is expected to result in a loss exceeding 50% of the company's audited net profit for 2024, which was reported at 951 million RMB, down 48.2% year-on-year [8]. - The company reported a revenue of 59.99 billion RMB for 2024, a decrease of 16.8% compared to the previous year [8]. Group 3: Government's Role and Market Context - The government’s decision to reclaim the land is seen as a necessary measure to maintain the value of state-owned assets, especially in light of difficulties in developing commercial and office projects [6]. - The project has faced challenges in construction, with some structures incomplete and the area exhibiting signs of stagnation [10][11].