Central China Real Estate Announces RMB3 Billion Disposal of Non-Core Cultural Tourism Assets

Key Transaction Overview

Central China Real Estate Limited (“the Company”, Stock Code: 0832) has announced a significant discloseable transaction involving the disposal of its non-core cultural tourism assets for a total consideration of RMB3,000 million. The transaction, executed via two Share Transfer Agreements dated 23 July 2026, will see the Company, through its subsidiaries Henan Jianye Real Scene Performance Culture Development Co., Ltd. (“Henan Central”) and Henan Jianye Yiluyouxi Cultural Tourism Industry Development Co., Ltd. (“Yiluyouxi”), transfer 100% equity interests in specially established holding companies—Target Company 1 and Target Company 2—to subsidiaries of the Trustar Capital Entity (Purchaser 1 and Purchaser 2).

Transaction Structure and Consideration

• Target Assets: The assets being sold include:
  • The “Land of Dramas Assets” (performance venues and facilities in Zhengzhou, Henan, under the Unique Henan • Land of Dramas Project).
  • The “Movie Town Project Assets” (themed entertainment and commercial facilities under the Jianye Movie Town Project).
• Consideration: RMB3,000 million in total (RMB2,500 million for Target Company 1 and RMB500 million for Target Company 2), subject to net working capital, cash, and liability adjustments as at closing.
• Payment Terms:
  • Approximately 98.3% of the consideration will be paid at closing, once all conditions and encumbrance releases are satisfied.
  • The remaining 1.7% will be paid after final balance sheet confirmation and other post-closing conditions.
  • Proceeds will be escrowed and first used to discharge relevant financial liabilities, with the Company expecting net proceeds of approximately RMB705 million.
• Conditions for Closing: Approvals from the Board and shareholders (if required), completion of asset injections and reorganizations, regulatory consents, and the settlement or planning for all outstanding project liabilities.
• Share Repurchase: After closing and repayment of encumbrances, Henan Central and Yiluyouxi will repurchase their equity from Cultural Tourism at nominal consideration, making them wholly-owned subsidiaries of the Company.

Financial Impact and Implications

• Expected Loss: The Company will recognize a loss of approximately RMB1,216 million upon completion, calculated as the difference between the consideration and the carrying amount of the Target Assets and associated liabilities.
• Deconsolidation: Post-transaction, the Group will no longer consolidate the financial results of the Target Assets. Instead, only the Remaining Assets of Henan Central and Yiluyouxi (primarily residential assets) will remain consolidated.
• Use of Proceeds:
  • Payment of transaction-related fees and costs
  • Settlement of project-related payables and obligations to ensure smooth property delivery
  • Support for the Group’s debt restructuring and related offshore funding requirements

Strategic Rationale and Shareholder Considerations

• The assets being sold are non-core, capital-intensive, and have been generating recurring losses (combined net losses after tax: RMB62.8 million in 2024 and RMB55.3 million in 2025 for Target Assets).
• The disposal is part of the Group’s strategy to streamline operations, deleverage, and focus on core property development, which already accounts for over 90% of group revenue.
• The transaction will improve the Company’s liquidity profile, reduce debt burden, and free up managerial resources for its main business. It is not expected to affect the Group’s core operational capabilities.
• Directors have determined that the terms are on normal commercial terms and fair, having regard to the challenging marketability of the assets and the need for financial flexibility.
• Shareholders should note:
  • This is a price-sensitive transaction that will result in a material loss for the year but is expected to strengthen the balance sheet and support future restructuring efforts.
  • The transaction may impact the Group’s reported earnings for the period but is aimed at long-term sustainability and focus.
  • There are no connected person issues; major counterparties are third parties independent of the Company.
  • Transaction is a “discloseable transaction” under HKEX rules and does not require shareholder approval unless otherwise required by law or regulation.

Shareholding Structure Before and After

Before: Company held 49% of Henan Central and 10% of Yiluyouxi indirectly, with the rest held through arrangements with Cultural Tourism.
After: Company will hold 100% of Henan Central and Yiluyouxi, but will have no interest in the Target Companies or the sold cultural tourism assets.

Background on Parties

• Trustar Capital Entity: A PRC investment partnership with multiple limited partners, none controlling over 30%. Purchasers are its wholly-owned subsidiaries.
• Cultural Tourism: Ultimately owned by Henan provincial SOE regulator; acted as lender in previous structured finance arrangements.

Potential Share Price Impact

This transaction could be materially price sensitive due to the one-off loss, the improvement in liquidity and deleveraging, and the strategic shift away from loss-making, capital-intensive non-core businesses. Investors should closely monitor subsequent disclosures regarding the final financial impact and deployment of proceeds, as well as the Company’s progress on its core property development business.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors are advised to review official filings and consult with their financial advisors before making investment decisions.

建業地產重大出售非核心文化旅遊資產，涉資30億元人民幣

交易概覽重點

建業地產有限公司（「公司」，股份代號：0832）公佈一宗重大「可披露交易」，將以合共30億元人民幣出售其非核心文化旅遊資產。公司透過旗下子公司河南建業實景演出文化發展有限公司（「河南建業」）及河南建業一路有戲文化旅遊產業發展有限公司（「一路有戲」），把兩間專為本次交易新設立的公司（目標公司1及2）100%股權，轉讓予信達資本實體（Trustar Capital Entity）旗下全資子公司（買方1及2）。

交易架構及對價

• 目標資產：
  • 「只有河南•戲劇幻城」的演出場館及設施（即「土地戲劇資產」）
  • 「建業電影小鎮」主題娛樂及商業設施（即「電影小鎮項目資產」）
• 成交價：合共30億元人民幣（目標公司1為25億、目標公司2為5億），按交割日淨營運資金、現金及負債進行調整。
• 付款安排：
  • 約98.3%於交割時支付，須滿足所有條件及解除抵押後。
  • 餘下1.7%待結算表確認及其他交割後條件完成後支付。
  • 資金將首先用於償還相關金融負債，預期公司可淨得約7.05億元人民幣。
• 交割條件：包括董事會及（如需）股東批準、資產注入、重組、監管批准及債務清償/還款計劃等。
• 股份回購：交割及解除抵押後，河南建業及一路有戲將以名義對價回購文化旅遊持有股權，成為公司全資子公司。

財務影響及啟示

• 預期虧損：交易完成後公司將錄得約12.16億元人民幣的虧損，反映出售資產帳面價值與成交價之差。
• 財務報表影響：出售後，集團不再合併目標資產財務數據，僅保留河南建業及一路有戲餘下住宅資產。
• 資金用途：
  • 支付交易相關費用
  • 清償項目相關債務，確保項目交付
  • 集團債務重組及海外資金調撥

戰略意義及股東須知

• 被出售資產屬於非核心、資本密集且連年虧損（2024及2025年目標資產稅後合共虧損分別為6282.7萬及5529.7萬元）。
• 此舉為集團精簡業務、去槓桿、聚焦核心地產發展（已佔總收入90%以上）之戰略部署。
• 交易將提升流動性、減少債務壓力、釋放管理資源，不影響集團主業運營能力。
• 董事認為交易條款公平合理，考慮資產流動性差、市場競爭力不足等因素。
• 股東需注意：
  • 本交易屬價格敏感事項，將導致當年一次性虧損，但有助於未來財務健康及主業發展。
  • 對本期盈利有影響，屬長遠利好。
  • 交易對手方為獨立第三方，無關聯交易風險。
  • 本交易屬港交所「可披露交易」，除法律另有要求外無需股東大會批準。

交易前後股權結構

交易前：公司透過安排間接持有河南建業49%、一路有戲10%。
交易後：公司將100%持有河南建業及一路有戲，但不再持有目標公司及相關文旅資產。

交易各方背景

• 信達資本實體：內地投資基金，多個有限合夥人，無單一實體持有超過30%份額，買方為其全資子公司。
• 文化旅遊公司：最終由河南省國資委控制，曾為公司結構性融資安排貸方。

潛在股價影響

該項重大資產出售具明顯價格敏感性，因一次性虧損、流動性改善及戰略轉型，市場或有短期波動。投資者需密切關注後續財報及資金運用、公佈的最終財務影響，以及主業發展進展。

免責聲明

本文僅供參考，並不構成投資建議。投資者應參閱公司公告及諮詢專業財務顧問後作出決策。

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