OCT’s asset transfer journey has not been smooth sailing.

March 10，Beijing Financial Assets Exchange disclosed the progress announcement of the major asset transfer of Yunnan Expo Tourism Holding Group Co., Ltd. (hereinafter referred to as "Yunnan Expo")。Among them，Multiple asset transfers have been pending since 2019，There is still no transferee to "take over"。

As understood，Yunnan World Expo is sponsored by OCT (Yunnan) Investment Co., Ltd.、Yunnan Provincial State-owned Capital Operation Co., Ltd. holds 51% respectively、49% shares，The actual controller is OCT Group。

According to the latest announcement on March 10，Weishan Overseas Chinese Town Expo Nanzhao Cultural Tourism Investment Co., Ltd., a wholly-owned subsidiary of Yunnan Expo Holdings, transferred its 51% stake in Weishan Overseas Chinese Town Industrial Co., Ltd. (hereinafter referred to as "Weishan Overseas Chinese Town")，With 1.9.4 billion yuan transferred to Zhejiang Datong Holding Group Co., Ltd.，The three parties signed the "Capital Increase Agreement" on December 16, 2019。

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But not all items are disposed，Everyone is favored by investors。actually，50% equity of Yunnan Expo Huazhao Real Estate Co., Ltd. indirectly held by Yunnan Expo、50% equity of Kunming Wanlan Real Estate Development Co., Ltd.，and the related claims of the two targets have been listed since 188bet sports betting app download November last year，No proposed transferee has yet participated in the equity and debt transactions。

November 19, 2019，Yunnan Yunlv Real Estate Development Co., Ltd. (hereinafter referred to as "Yunnan Yunlv"), a wholly-owned subsidiary of Yunnan Expo Holdings, was listed on the Beijing Financial Assets Exchange. Yunnan Expo Huazhao Real Estate Co., Ltd. (hereinafter referred to as "Expo Huazhao") 50% equity and 4.0.3 billion yuan in debt。Total project listing price 6.5.3 billion yuan，Among them，Expo Huazhao 50% equity listing price 2.500 million yuan，The transferor’s listed price of the underlying enterprise’s claims 4.0.3 billion yuan。

As early as one day ago on November 18, 2019，Yunnan Yunlv also listed a 50% stake in Kunming Wanlan Real Estate Development Co., Ltd. (hereinafter referred to as "Kunming Wanlan") on the Beijing Financial Assets Exchange and 19.300 million yuan in debt。Total project listing price 23.300 million yuan，Among，Kunming Wanlan’s 50% stake is listed at 400 million yuan，The transferor’s listed price of the underlying enterprise’s claims is 19.300 million yuan。

Announcement display，If the above two items form a bidding，The value-added part of the transaction price is the premium for the equity part of the project。In addition，Although the transferor holds 50% of the equity of the two target companies，But it does not have actual control over the target company。

As of the announcement date，No intended transferee has yet participated in the above two equity and debt transactions at the Beijing Financial Assets Exchange。

Leju Finance looks up the information，Kunming Wanlan is actually owned by Vanke and OCT，Except for the 50% shares listed above in Yunnan Yunlv，The remaining 50% of Kunming Wanlan is held by Kunming Wanbin Real Estate Development Co., Ltd. (hereinafter referred to as "Kunming Wanbin")，The latter is indirectly 188bet sports betting app download controlled by Yunnan Vanke。

Qichacha Display，Kunming Wanlan was established on October 19, 2018，Registered capital 10 million yuan，The business scope is real estate development and operation、Property Management。One month after its establishment (i.e. November 2018)，Kunming Wanlanyi 52.Obtained 6 residential plots of land in the Northwest New Town of Kunming, Yunnan at a reserve price of 2 billion yuan，Plot area is about 24.680,000 square meters。Subsequently，The land is planned to be invested in the Vanke City project with an investment of 11 billion。

In addition，Expo Huazhao is also organized by Yunnan Yunlv、Kunming Zhongjun Hongyuan Real Estate Co., Ltd. (hereinafter referred to as "Zhongjun Hongyuan")、Jointly held by Yunnan Renyu Real Estate Development Co., Ltd. (hereinafter referred to as "Yunnan Renyu")，The three hold 50% of the shares respectively、49% and 1%。Zhongjun Hongyuan is an indirect 100% subsidiary of Zhongjun Group。

Expo Huazhao was established on October 26, 2018，Registered capital 100 million yuan，Established almost at the same time as Kunming Wanlan。The business scope is real estate development and operation、Property Management、Real Estate Sales Planning、Real estate information consultation, etc.。

The aftermath of Yunnan’s “retreat”

2018 is the year when OCT enters Yunnan with great fanfare。July of that year，OCT launches "Yunnan Conference Battle"，Through its Yunnan Group、Expo Group、Cultural Investment Group signed nearly 60 projects in Yunnan，The amount exceeds 100 billion yuan，This move is intended to focus on breaking through the tourism layout of Yunnan。

However，The grand scene of 60 projects in OCT did not appear。Since 2019，OCT frequently sells its 188bet Online Sports Betting and Casino Yunnan assets，Including 50% equity of Yunnan OCT Real Estate、25% equity and debt of Kunming Overseas Chinese Town Investment Co., Ltd.、100% equity of OCT Cultural Tourism Technology, etc.。

51% equity of Weishan Overseas Chinese Town disclosed in the latest announcement、50% equity of Expo Huazhao、50% equity of Kunming Wanlan，are three of the many OCT sales in Yunnan。

Asset profit cycle is long、Short-term losses are an important reason why OCT seeks to sell。Only for Kunming Wanlan、The two projects of Expo Huazhao as an example。As of the first half of 2019，Kunming Wanlan operating profit-702.650,000 yuan，Net profit-702.650,000 yuan，Total assets 56.5 billion yuan，Total liabilities 56.5 billion yuan；Expo Huazhao operating profit-92.660,000 yuan，Net profit-92.660,000 yuan，Total assets 23.714.4 billion yuan，Total liabilities 23.723.6 billion yuan。

The third quarterly report of 2019 shows，OCT operating income 122.0.7 billion yuan，Net profit attributable to parent company 31.8.8 billion yuan。As of the end of the reporting period，Total assets of OCT 3643.9.5 billion yuan；Net assets due to mother 623.3.2 billion yuan；Total liabilities 2801.8.8 billion yuan；Net cash flow from operating activities-36.9.9 billion yuan，82 year-on-year increase.12%。

Yunnan Expo said in the announcement，The 400 million yuan asset securitization (REITS-like) operation transaction of the Expo Garden Hotel carried out by its subsidiary Yunnan Tourism Co., Ltd. has been completed，The target company will not be a subsidiary within the scope of the company’s consolidated statements。

As understood，Yunnan Tourism Co., Ltd., a listed company controlled by Yunnan Expo, held the second meeting 188bet online sports betting of the seventh board of directors on September 30, 2019 to review and approve the "Yunnan Tourism Co., Ltd.'s plan to carry out asset securitization of Expo Garden Hotel (quasi REITs)" ) Operational Proposal》。The project plans to adopt a two-tier structure of “special plan + private equity fund”。

4 of the 19 million shares of Chengtai Property Insurance Co., Ltd. transferred by Yunnan Expo.75%，The transaction price is 2.73.6 billion yuan，The equity transferee is Xinxin Financial Leasing Co., Ltd.。

Announcement，Currently，The work related to equity transfer is progressing in an orderly manner。Total assets of the target company、Net worth、Operating income、Financial indicators such as net profit account for a small proportion of the Yunnan World Expo’s consolidated caliber，The above transactions are for the group’s production and operation、No significant adverse impact on financial status and solvency。

*Source of this article: Leju Finance, forAuthor: Li Yihe,Original title: "OCT’s 3 billion assets are waiting for the “taker”》.