南京江北宝龙城

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半年销售减半 宝龙地产推进资产变现
3 6 Ke· 2025-09-01 02:18
Core Viewpoint - The commercial project Binjiang Baolong City in Hangzhou is up for sale, with a total price exceeding 4 billion RMB, while Baolong Real Estate faces significant operational pressures [1] Financial Performance - Baolong Real Estate reported a contract sales amount of approximately 3.723 billion RMB for the first half of 2025, only half of last year's figure [1] - Total revenue for Baolong Real Estate was about 13.251 billion RMB, a decrease of approximately 15.3% compared to the same period in 2024 [1] - The company recorded a loss attributable to shareholders of approximately 2.652 billion RMB [1] Profitability and Operations - The gross profit for Baolong Real Estate slightly increased to about 2.025 billion RMB, up by approximately 0.4% year-on-year [2] - The gross profit margin improved to 15.3%, an increase of 2.4 percentage points from the previous year [2] - The company currently holds approximately 8.5727 million square meters of investment properties, a 3.1% increase from the end of 2024 [2] Asset Management and Development - Baolong Real Estate manages a total of 63 shopping centers and 9 light-asset shopping centers [3] - The company is also looking to sell the Binjiang Baolong City, which includes 151,100 square meters of commercial complex and 78,000 square meters of office space [3] - The company has completed the opening of a new shopping center, Wuyishan Baolong Plaza, which is part of its expansion in Fujian [2] Land Reserves - As of June 30, 2025, Baolong Real Estate has a total land reserve of approximately 13.87 million square meters, with 11.63 million square meters under development [5] - 57% of the land reserves are located in the Yangtze River Delta region, with 65.4% of the land value also concentrated in this area [5] Debt Situation - Baolong Real Estate's total liabilities reached approximately 142.618 billion RMB by the end of 2024, with 26.18 billion RMB due within one year [6] - The company is preparing for a second round of offshore debt restructuring, having appointed China International Capital Corporation as its exclusive financial advisor [6] - As of June 30, 2025, Baolong Real Estate's total borrowings amounted to approximately 56.111 billion RMB, with about 27.598 billion RMB classified as current liabilities [7]