Shanghai Electric land sale delayed, 2024 profit unaffected

Shanghai Electric Group (SSE: 601727) announced a delay in the sale of its land at 1111 Hu Min Road, Shanghai. Originally approved by the board on December 30, 2024, the sale to the Jiangchuan Road Subdistrict Office of Minhang District for 395.62 million RMB (approximately $55 million USD) has been stalled due to delays in the approval process by relevant authorities. The company has yet to sign the compensation agreement. While the timing of the sale and revenue recognition remains uncertain, Shanghai Electric confirmed the delay will not impact its 2024 net profit. The company will continue to monitor the situation and provide updates as needed.