Tax-free "upstarts", a new plan for restructuring is released!

Shares are boiling!

On July 7, Gree Real Estate announced that it intends to make major adjustments to the original restructuring plan, and the company will apply for the withdrawal of relevant application documents.

Gree Real Estate said in the announcement that after preliminary planning, based on the overall strategic consideration of the company's gradual withdrawal from the real estate development business to achieve the transformation of its main business, the adjusted restructuring plan is: the listed company intends to place the assets and liabilities corresponding to the relevant real estate development business in Shanghai, Chongqing and other places and the relevant external debts of the listed company, and place no less than 51% of the equity of Zhuhai Duty Free Group, if there is a valuation difference, it will be made up in cash.

The original restructuring plan previously disclosed by Gree Real Estate is: Gree Real Estate intends to purchase 100% of the equity of Zhuhai Duty Free Group held by Zhuhai State-owned Assets Supervision and Administration Commission and Zhuhai Urban Construction Group by issuing shares and paying cash, and intends to issue shares to no more than 35 qualified specific investors to raise matching funds.

Gree Real Estate said that the original restructuring plan has been promoted for a long time, the internal and external environment of the company has undergone great changes, and based on the overall strategic consideration of the company's gradual withdrawal from the real estate development business to realize the transformation of the main business, and comprehensively considering the good business operation and future development prospects of Zhuhai Duty Free Group, the placement of the underlying assets will help realize the transformation of the main business of the listed company to the main business dominated by the duty-free business, improve the asset quality and profitability of the listed company, enhance the cash dividend ability of the listed company, and better protect the interests of small and medium-sized shareholders.

In recent years, some real estate companies have chosen to gradually withdraw from the real estate development business. In June this year, Midea Real Estate, which is listed in Hong Kong, announced that the company will carry out equity restructuring and reorganize the property rights of its wholly-owned real estate development business from a listed company to a controlling shareholder, and the reorganization will be distributed in kind. After the completion of the restructuring, the property rights of the real estate development business will be adjusted from the subsidiary holding of the listed company to the holding of the brother company, and the restructured listed company will focus on operating business.

In April this year, Huayuan Real Estate Co., Ltd. (Huayuan Real Estate) issued a suggestive announcement on the planning of major asset sales and related party transactions. According to the announcement, Huayuan Real Estate intends to transfer the assets and liabilities related to the real estate development business held by the company to the controlling shareholder Beijing Huayuan Group Co., Ltd. (Huayuan Group). According to the announcement, Huayuan Real Estate's current main business is real estate development, sales and leasing, and through this transaction, the company will place assets and liabilities related to its real estate development business. After the completion of the transaction, Huayuan Real Estate will focus on agency construction, hotel operation, asset management and operation, property management, urban operation services and other businesses to achieve strategic transformation of the business.

Liu Shui, director of enterprise research at the China Index Research Institute, said that the environment and development stage characteristics of the real estate industry require real estate companies to transform into service providers. "The real estate market has entered the stock stage, the scale of incremental construction is limited, and the stock asset management business has more room for development. Real estate enterprises should build a new development model and turn to asset-light businesses such as agency construction, property management services, commercial management services, transaction services, etc. In addition, the development of mature overseas real estate markets and the development path of well-known real estate enterprises have important reference significance for the development and transformation of mainland real estate enterprises. ”

Editor-in-charge: Ye Shuyun

Proofreader: Yao Yuan

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