Gree Real Estate(600185) 中国经济网·2024-12-15 01:03Major Restructuring Progress - The major asset restructuring of Gree Real Estate has received approval from the Zhuhai SASAC [2] - The restructuring involves the exchange of Gree Real Estate's equity in several real estate companies and external debts for a 51% stake in Zhuhai Duty-Free Group held by Zhuhai Investment Holdings, with the difference to be made up in cash [3] - The restructuring plan has received principle approval from the Zhuhai SASAC, providing policy support for subsequent implementation [4] Post-Restructuring Business Strategy - Gree Real Estate will no longer engage in new real estate development business after the restructuring [3][5] - The company will accelerate the sale or disposal of residential properties and supporting parking spaces within five years [5] - The controlling shareholder, Hai Tou Company, has committed to take over any remaining real estate business at fair market value if the company fails to fully exit the real estate sector within five years [5] - Commercial and office properties related to consumer operations will be managed as operating properties aligned with the restructured consumer-focused main business [5] Management Control and Asset Valuation - Gree Real Estate will nominate senior management such as the general manager and financial officer to effectively control the daily operations of Zhuhai Duty-Free Group [3][5] - The company will be able to exercise effective control over Zhuhai Duty-Free Group after the transaction [6] - The proposed assets to be injected are valued at 4.579 billion yuan, while the assets to be disposed of are valued at 5.505 billion yuan, with a cash consideration of 426 million yuan to be paid by Hai Tou Company for the difference [6] Business Transformation and Financial Performance - Through this restructuring, Gree Real Estate will gradually exit the real estate business and inject the more profitable and cash-flow-positive duty-free business, transforming into a listed company focused on duty-free operations and consumer industry chain layout [6] - According to the company's semi-annual report, real estate remains the main source of income, with a long-term focus on self-developed premium residential projects [7] - In the consumer sector, the company continues to operate and prepare commercial real estate projects, particularly the Sanya Bay No. 1 and Gree Coast S7 commercial projects, while innovating its online platform "Zhuhai Duty-Free MALL" through live streaming and marketing strategies [7] - In the first three quarters of 2024, Gree Real Estate achieved operating revenue of approximately 2.438 billion yuan, with a net loss attributable to shareholders of about 921 million yuan [7]