潮新闻客户端 记者 蒋敏华 市场传言已久的滨江宝龙城易主一事，终于迎来实质性进展。12月23日晚间，宝龙地产宣布一项重大出售事项——转让 滨江宝龙城商业综合体。 滨江宝龙城 宝龙地产公告称，上海瑞龙（宝龙地产间接全资附属公司）已于2025年12月23日签订合作协议，向联商壹号（丽水联家 及天津远见全资拥有的实体）转让杭州华展房地产开发有限公司100%股权。 由于杭州华展房地产开发有限公司100%持有滨江宝龙城，这就意味着通过此次交易，联商壹号将成为滨江宝龙城的新主 人。据悉，联商壹号背后的大股东为中国财政部持有的保险公司。 公告显示，此次股权交易初步代价为人民币10亿元。不过，这一价格并非滨江宝龙城的实际交易价，而是包含了债务以 及公司账户现金。滨江宝龙城协定总资产价值为24.5亿元，负债14.6亿元，账户现金1000万元，故公司股权交易价为10亿 元。此次转让价24.6亿元，在当前的市场环境下尚属合理范围，与此前市场盛传的出售报价差距不大。 值得一提的是，此次转让的滨江宝龙城资产包括购物中心和艺珺酒店，并不涉及写字楼——滨江宝龙中心。此外，滨江 宝龙城易主之后，仍由宝龙商业运管管理。交易完成后，宝龙地产对滨 ...

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]

Group 1 - The news reports that Binhai Baolong City is actively seeking buyers for its commercial complex and office building assets, with the commercial complex covering 151,100 m² and priced between 2.8 billion to 3.5 billion yuan, while the office building spans 78,000 m² and is priced at 1.39 billion yuan [3][5] - Binhai Baolong City has been performing well since its opening in late 2016, maintaining nearly full occupancy and generating annual profits exceeding 200 million yuan, which justifies its high asking price [5][3] - The office building's average rental rate is currently 2.4 yuan/m²/day, with a 60% occupancy rate, indicating a significant decline from nearly 3 yuan/m²/day two years ago [5][7] Group 2 - The parent company, Baolong Real Estate, reported a projected sales revenue of 12.8 billion yuan for 2024, reflecting a 53% year-on-year decline, alongside an increased loss exceeding 5 billion yuan [7] - Baolong Real Estate has been selling assets across various locations in recent years, including a previous attempt to auction an office building in Hangzhou, indicating a trend of divestment [7] - Despite ongoing efforts to find buyers, the high valuation of the assets has led to prolonged transaction cycles, with no official sale plans for Binhai Baolong City announced yet [7]