On March 15, Metro Land Corporation Ltd. (600683) announced plans to transfer assets and liabilities related to its real estate development business to its controlling shareholder, Beijing Infrastructure Investment Corporation. The specific scope of the transaction remains subject to further negotiation between the parties. The deal will be conducted via cash payment, does not involve share issuance, will not alter the company’s equity structure, and will not result in a change of controlling shareholder.
Metro Land stated that the transaction constitutes a connected transaction under relevant regulations. Based on preliminary analysis and estimates, it is expected to qualify as a major asset restructuring as defined by the Measures for the Administration of Major Asset Restructuring of Listed Companies.
The transaction price has not yet been determined and will be based on asset valuation results filed with state-owned asset supervision authorities or other competent units. The company will engage intermediaries to conduct auditing and valuation work in accordance with rules set by the China Securities Regulatory Commission and the Shanghai Stock Exchange. The proposal remains subject to approval by the company’s board of directors and shareholders.
As of September 30, 2025, Beijing Infrastructure Investment Corporation holds a 40% stake in Metro Land and is its controlling shareholder. According to disclosed figures, Beijing Infrastructure Investment Corporation reported total assets of 927.621 billion yuan and net assets of 314.897 billion yuan as of December 31, 2024. For the full year 2024, it recorded revenue of 14.197 billion yuan and net profit of 2.766 billion yuan.
Regarding the impact on the listed company, Metro Land indicated that its current core business is real estate development. Upon completion of the transaction, the company will no longer engage in real estate development activities. The sale is expected to reduce the company’s revenue and total assets but improve its debt-to-asset ratio and optimize its asset structure.
Metro Land emphasized that the transaction is still in the planning stage, with key terms such as scope and price yet to be finalized. No agreements have been signed, and the plan requires further discussion, negotiation, and necessary internal and regulatory approvals.
In a separate announcement, Metro Land noted that its share price had risen by more than 20% over three consecutive trading days from March 11 to March 13, 2026, constituting abnormal trading volatility. After internal review and written confirmation from its controlling shareholder, the company confirmed that no other undisclosed material matters exist beyond the planned asset sale. Operations remain normal, with real estate development still the primary business.
Metro Land has reported losses for two consecutive years. In 2024, revenue fell 86.69% year-on-year to 1.417 billion yuan, with a net loss attributable to shareholders of 1.055 billion yuan. In a January 16, 2025, earnings forecast, the company projected a net loss ranging from 1.025 billion to 1.23 billion yuan for the full year 2025. Key reasons for the loss include increased interest expenses on real estate projects and potential asset impairment provisions based on preliminary impairment tests.
Additionally, on December 29, 2025, Metro Land announced the termination of a private share placement plan that had been ongoing for about a year. The earlier proposal, disclosed on December 31, 2024, aimed to raise 595 million yuan through a share issuance priced at 4.47 yuan per share to Beijing Infrastructure Investment Corporation, with proceeds intended for working capital and debt repayment.
In secondary market trading, Metro Land’s share price closed at 8.76 yuan on March 13, up 10.05% for the day, with a market capitalization of approximately 6.489 billion yuan. Since the beginning of the year, the stock has surged 105.15%.