China Real Estate Co., Ltd. is expected to have a revenue of no more than 25 million yuan last year or be delisted

On January 27, Cred Holding Co.Ltd(600890) (hereinafter referred to as "Zhongfang shares") announced that the net profit attributable to the shareholders of the listed company in 2021 is expected to be between - 25 million yuan and - 20 million yuan; The net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses is between - 30 million yuan and - 25 million yuan; The operating income is between 20 million yuan and 25 million yuan.

It is worth noting that the announcement mentioned that the net profit of China Real Estate Co., Ltd. in 2021 may be negative and the operating income is less than 100 million yuan. According to the relevant provisions of the stock listing rules of Shanghai Stock Exchange (revised in January 2022), the listing of the company's shares may be terminated by Shanghai Stock Exchange after the disclosure of the 2021 annual report.

On the same day, China Real Estate Co., Ltd. disclosed that the business briefing of the fourth quarter of 2021 showed that the company had no new real estate reserves, no new construction and completed projects, and no commercial housing sales in the whole year and the fourth quarter of 2021. In terms of property rental, as of the end of the fourth quarter of 2021, the total area of properties that can be rented by China Real Estate Co., Ltd. is 3024.82 square meters, and the actual rental area is 161.28 square meters. The rental income in the whole year and the fourth quarter of 2021 is 308300 yuan and 56000 yuan respectively.

In addition, in terms of property management and asset management, in 2021, China Real Estate Co., Ltd. is expected to achieve property management service revenue of about 12 million yuan and asset management revenue of about 10 million yuan, of which both businesses achieved revenue of about 10 million yuan in the fourth quarter of 2021.

With regard to the reasons for the pre loss of performance, China Real Estate Co., Ltd. said that due to the short development time and significant dependence on related party customers, the new property management business and asset management business in 2021 did not form a sustained and stable cash inflow and a stable business model, which could not reflect the company's regular operating performance and profitability.

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