GRANDJOY(SZ:000031)2022-12-08 03:04Group 1: Company Overview - COFCO Group, established in 1949, is a major state-owned enterprise focusing on agricultural products and food services, and is one of 53 key state-owned enterprises under central management [1] - COFCO Group is recognized as one of the 16 central enterprises primarily engaged in real estate, making real estate a core business for the group [1] - COFCO Real Estate serves as the residential real estate platform controlled by COFCO Group, committed to integrating and developing the group's real estate business [1] Group 2: Corporate Governance and Reform - COFCO Real Estate is actively monitoring the reform processes initiated by the State-owned Assets Supervision and Administration Commission (SASAC) and maintains communication with its controlling shareholder, COFCO Group [2] - The company has not received any documents or directives regarding state-owned enterprise reforms to date [2] Group 3: Shareholder Actions - COFCO Group has reduced its stake in COFCO Real Estate through secondary market transactions as part of its strategic planning [2] - Following the reduction, COFCO Group promptly notified COFCO Real Estate, which fulfilled its disclosure obligations as required by regulatory authorities [3] Group 4: Financing Strategies - COFCO Real Estate primarily finances through bank loans and shareholder borrowings, with overall financing costs not exceeding market levels [3] - The company is exploring new financing methods, including a total of 2.3 billion yuan in corporate bonds and medium-term notes to optimize its financing structure and reduce costs [3] - COFCO Real Estate is also seeking equity partnerships in various projects to enhance capital efficiency and reduce funding costs [3]