本文字数：997，阅读时长大约1.5分钟 2025.11.17 作者 |第一财经 孙梦凡 备受关注的北京豪宅合作纠纷事件，各方股东终于"握手言和"。 11月16日深夜，中建智地、越秀北京、金茂北京发布联合声明，针对北京朝阳黄杉木店项目（推广名紫 京宸园、璞樾），各股东方经过坦诚协商、充分共创、达成共识，将秉持专业、阳光、公开、透明的原 则，推进项目开发经营各项工作，向社会及客户提供更好的产品和服务。 这意味着，针对黄杉木店组团项目，三方将共同推进各项开发经营工作。三方股东一致承诺，将摒弃内 部分歧，以朝青板块长远价值为核心，通过统一规划衔接、协同营销节奏、规范定价机制，避免无序竞 争，共同维护市场健康生态。 据悉，针对市场此前最关注的操盘权争议，后续南北"双地块"将由三家联合操盘营销。同时，针对项目 品质及服务，股东方将建立常态化沟通机制，公开项目进展、透明化管理流程，从工程建设到物业服 务，保障业主的合法权益。 璞樾及"兄弟项目"紫京宸园，是当前北京市场上的热门新盘。 今年4月份时，"中建智地+金茂+越秀+朝阳城开"联合体，以126亿元拿下黄杉木店组合地块。随后项目 被分为两部分开发，南地块（紫京宸园）由中 ...

2025.11. 17 本文字数：997，阅读时长大约1.5分钟 作者 | 第一财经 孙梦凡 备受关注的北京豪宅合作纠纷事件，各方股东终于"握手言和"。 11月16日深夜，中建智地、越秀北京、金茂北京发布联合声明，针对北京朝阳黄杉木店项目（推广 名紫京宸园、璞樾），各股东方经过坦诚协商、充分共创、达成共识，将秉持专业、阳光、公开、透 明的原则，推进项目开发经营各项工作，向社会及客户提供更好的产品和服务。 联合声明 中建智地在北京 2025年11月16日 22:51 北京 63人 北京朝阳黄杉木店项目(推广名紫京宸 园、璞樾）是由北京兴鼎房地产开发有限公 司、北京方兴亦城置业有限公司与广州越秀 华城房地产开发有限公司三家联合竞得并合 作开发的项目。 据悉，针对市场此前最关注的操盘权争议，后续南北"双地块"将由三家联合操盘营销。同时，针对项 目品质及服务，股东方将建立常态化沟通机制，公开项目进展、透明化管理流程，从工程建设到物业 服务，保障业主的合法权益。 璞樾及"兄弟项目"紫京宸园，是当前北京市场上的热门新盘。 今年4月份时，"中建智地+金茂+越秀+朝阳城开"联合体，以126亿元拿下黄杉木店组合地块。随后项 目 ...

新京报贝壳财经讯(记者段文平)因北京朝阳区黄杉木店项目定价争议引发的央国企中建智地与越秀地产 的"大战"，终以多方和解画上句号。11月16日深夜，中建智地、中国金茂、越秀地产三大房企联合发布 公告称，各股东方经过坦诚协商、充分共创、达成共识，将秉持专业、阳光、公开、透明的原则，推进 项目开发经营各项工作，向社会及客户提供更好的产品和服务。 据悉，涉事项目为今年4月28日三大房企联合竞得的北京市朝阳区黄杉木店及孙河组团地块，总成交额 高达126亿元，是北京土拍市场今年以来的重点标杆项目。其中，黄杉木店宅地进一步划分为南北两个 地块，南地块由中建智地主导操盘，项目推广名定为"紫京宸园"；北地块则由越秀地产负责操盘，中国 金茂负责产品，推广名为"璞樾"。 据了解，三方股东一致承诺，将坚决摒弃内部分歧，以朝青板块长远价值为核心，通过统一规划衔接、 协同营销节奏、规范定价机制，避免无序竞争，共同维护区域房地产市场的健康生态。之前争议中最为 关注的操盘权焦点，共识中解决方案为南北双地块将由三家联合操盘营销。针对广大购房人最为关切的 交付品质、服务保障等问题，股东方将建立常态化沟通机制，公开项目进展、透明化管理流程，从工程 ...

Core Viewpoint - The dispute regarding the Huangshanmu store has been resolved with a handshake agreement between Zhongjian Zhidi and Yuexiu, with a joint statement from the three stakeholders expected to be released before the November 17 deadline [1][3] Group 1: Joint Statement and Resolution - A joint statement from the three stakeholders is being drafted and will be released before November 17 [1] - The North Block (Puyue) and South Block (Zijing Chenyuan) will be jointly managed by Zhongjian Zhidi, Jinmao, and Yuexiu [1] Group 2: Allegations and Complaints - Beijing Xingding Real Estate Development Co., Ltd. filed a complaint against Yuexiu Real Estate for not adhering to the agreed pricing standards for the two land parcels, resulting in over 300 million yuan in losses [3] - The complaint also stated that the price adjustments led to a loss of competitive advantage for some units in the South Block, affecting over 2.2 billion yuan in contract signings [3] Group 3: Actions Taken - Zhongjian Zhidi has halted all approvals, contracts, seals, and financial work related to the North Block [3] - Zhongjian Zhidi warned that if Yuexiu does not transfer the management rights by the deadline, it will launch a comprehensive attack on all of Yuexiu's projects in Beijing [3]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The real estate market is expected to continue bottoming out, with core cities stabilizing sooner. Two major opportunities are highlighted: the rise of favorable policies for housing and the potential for commercial real estate assets to be revalued during a monetary easing cycle [2][3]. Industry Data - New home sales in 34 key cities totaled 201 million square meters last week, up 11.9% week-on-week, with first and second-tier cities increasing by 12.6% and third and fourth-tier cities by 3.2% [4][5]. - Year-on-year, new home sales in November are down 39%, with first and second-tier cities down 37.8% and third and fourth-tier cities down 49.2% [5][7]. - The inventory of unsold residential properties in 15 cities was 89.538 million square meters, with a slight increase of 0.03% week-on-week [22][23]. Policy and News Tracking - The State Council supports the issuance of REITs for private investment projects and the central bank aims to improve the foundational financial system for real estate [31][32]. - Local policies include the promotion of purchasing existing homes for affordable housing in Hangzhou and the launch of online applications for housing provident fund loans in Zhengzhou [31][34]. Company Dynamics - Several real estate companies reported their sales data for October 2025. China Jinmao achieved sales of 12 billion yuan, up 3%, while other companies like New Town Holdings and CIFI Holdings saw significant declines [38][39]. - China Resources Land announced a placement of 49.5 million shares, raising approximately 2.06 billion HKD, maintaining a 70.1% stake post-placement [38][39]. Sector Performance Review - The SW Real Estate Index rose by 2.7%, outperforming the CSI 300 Index, which fell by 1.08%, ranking 7th among 31 sectors [43][47]. - Notable stock performances included China Wuyi and Huaxia Happiness, which saw significant gains, while companies like Asia Pacific Real Estate and Shenzhen Real Estate A experienced declines [47].

Core Viewpoint - The high-end residential market in Guangzhou is experiencing a vibrant development, with the launch of the rare lakeside villa project, Puyue Villa, by Jinmao and Yuexiu, injecting vitality into the real estate market as it approaches the fourth quarter of 2025 [1][3]. Group 1: Project Overview - Puyue Villa features a main unit type ranging from approximately 210 to 550 square meters, marking its debut with the opening of the Heart Lake Clubhouse and physical model units [1]. - The project is situated in the core area of Tianhe, characterized by a low plot ratio of about 1.1, making it a unique lakeside independent villa area amidst tightening regulations on villa developments [1][3]. Group 2: Development Strategy - Yuexiu Real Estate has invested approximately 14.3 billion to acquire multiple plots in the World Grand View area, enabling a cohesive development around the lake [3]. - The project emphasizes a "true heart, skilled technique, beautiful environment" philosophy, focusing on creating a harmonious living experience in a lakeside setting [3]. Group 3: Design and Living Experience - Puyue Villa is designed to integrate nature, art, and life, featuring approximately 53,000 square meters of dual lake resources and a 1.9-kilometer lakeshore [3]. - The villa's design includes vertical living spaces that provide distinct areas for family members, enhancing social interaction and personal privacy [5]. Group 4: Technology and Services - The project incorporates Jinmao's Eight Balance Technology System to address the climatic challenges of Guangzhou, significantly improving living comfort [5]. - Yuexiu's property management will provide high-quality services, leveraging its extensive experience in commercial real estate and five-star hotel management, including a customized butler service system [5].

Core Insights - The launch of "Puyue Villa" by China Jinmao and Yuexiu Properties marks a significant collaboration between two major state-owned enterprises, introducing high-quality residential offerings in Guangzhou's Tianhe District [1][2][4] Group 1: Project Overview - "Puyue Villa" features new-generation villas with areas ranging from approximately 210 to 550 square meters, alongside the unveiling of the Xinhu Clubhouse and physical model units [1] - The project is located in a rare low-density lakeside villa area with a floor area ratio of about 1.1, leveraging the mature development of the World Grand View area by Yuexiu Properties over the past two years [1][4] Group 2: Investment and Development - In March 2025, Jinmao acquired a key land parcel in Tianhe District for 1.077 billion yuan, which is part of the World Grand View Phase IV project [2] - Since August 2023, Yuexiu Properties has invested approximately 14.3 billion yuan in acquiring multiple land parcels in the World Grand View area, establishing an ecological layout of "two lakes and one valley" [2] Group 3: Design and Amenities - The villas are designed with distinct vertical spaces, including social areas for family gatherings, spacious master bedrooms, and exhibition spaces for family collections [4] - The project combines the strengths of Jinmao's "Pu" series and Yuexiu's "Yue" series, enhancing product quality and incorporating Jinmao's Eight Balance Technology System to improve living experiences [4] Group 4: Property Management - The project will utilize Yuexiu's commercial asset management experience and five-star hotel service standards to enhance community services at "Puyue Villa" [4]

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating a cautious optimism despite current challenges [2][3]. Core Insights - The investment side of the real estate sector continues to weaken, with significant declines in new construction and completion rates. For the period from January to October 2025, total real estate investment decreased by 14.7% year-on-year, with new construction down by 19.8% and completions down by 16.9% [1][20]. - The sales side shows a broader decline in sales volume and price. From January to October 2025, the sales area decreased by 6.8% year-on-year, with a more pronounced drop of 18.8% in October alone. The sales amount also fell by 9.6% year-on-year, with a 24.3% decline in October [2][33]. - Funding sources for real estate development are tightening, with total funding down by 9.7% year-on-year. In October, funding sources saw a significant drop of 21.9% compared to the previous month [35]. Investment Analysis - The report suggests that the real estate sector is still in a bottoming phase, with core cities expected to stabilize sooner. Two major opportunities are highlighted: the potential shift of real estate companies towards manufacturing and the favorable conditions for quality commercial enterprises during a monetary easing cycle [2][3]. - Adjustments to the 2025 forecasts include a projected investment decline of 14.2% (previously 11.0%), new construction down by 18.0% (previously 15.1%), and completions down by 17.7% (previously 20.0%) [20][34].

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry in Qingdao for the period of January to October 2025 [3][4]. Core Insights - The total sales amount in the Qingdao residential market for January to October 2025 is approximately 694.7 billion yuan, with a transaction area of about 4.897 million square meters, which is weaker than the same period last year [3]. - The top 20 real estate companies in Qingdao achieved a combined sales amount of 434.01 billion yuan and a total sales area of 249.11 million square meters [4]. - Junyi Holdings leads the sales performance with 49.81 billion yuan in sales and 24.10 million square meters sold, followed by Hisense Real Estate with 47.43 billion yuan [4]. - The top residential projects in Qingdao for the same period generated a total sales amount of 113.8 billion yuan, with the highest sales project being Yin Feng·Jiu Xi Cheng at 21.3 billion yuan [5][6]. Summary by Sections Sales Performance of Top 20 Real Estate Companies - Junyi Holdings ranked first in sales amount and area, followed by Hisense Real Estate and China Jinmao [4]. - The sales performance of the top companies indicates a competitive market, with significant contributions from major players [4]. Sales Performance of Top Residential Projects - The top 10 residential projects accounted for a total sales amount of 113.8 billion yuan, with the threshold value for the top 10 projects being 8.6 billion yuan [5]. - Yin Feng·Jiu Xi Cheng leads in sales amount, while Rongsheng·Jinxiu Waitan leads in sales area [6][7]. Sales Performance in Chengyang District - The highest sales project in Chengyang District is Yin Feng·Yu Xi, with a sales amount of 4.91 billion yuan [8]. - The report highlights the performance of various projects in the central area of Chengyang, indicating a diverse market [8]. Market Trends - The report notes a significant decline in both supply and sales in October, with a total supply of 56,900 square meters and a transaction area of 397,400 square meters [11]. - The average price of residential properties in Qingdao for October is reported at 13,605 yuan per square meter, reflecting market conditions [11].

Investment Rating - The report indicates a cautious investment rating for the real estate industry in Xi'an, reflecting ongoing market adjustments and a need for sustained policy support to stabilize prices and expectations [3][12][25]. Core Insights - The Xi'an real estate market is experiencing a significant contraction, with the top 10 real estate companies achieving total sales of 64.87 billion yuan from January to October 2025, a decrease of 32.59 billion yuan or approximately 33.4% year-on-year [12]. - The market is in a "stop decline and stabilize" phase, with recent policies aimed at promoting recovery, although the momentum for recovery is weakening [3][4]. - The supply of new homes is expected to improve in the fourth quarter, supported by land parcels acquired in core cities earlier in the year, but market differentiation will continue [3][25]. Summary by Sections Sales Performance - The top 10 real estate companies in Xi'an for January to October 2025 are ranked by sales revenue, with Poly Development leading at 10.62 billion yuan, followed closely by China Railway Construction Real Estate at 10.44 billion yuan [5][6]. - The sales area for these companies shows a similar trend, with Poly Development also leading in sales area at 642,000 m² [5][6]. Market Trends - The second-hand housing market has shown positive growth, with transaction volumes increasing year-on-year, while the new housing market has seen slight recovery due to the introduction of quality projects [4][12]. - The average price of new residential properties in Xi'an increased by 0.56% month-on-month and 2.82% year-on-year as of October 2025, indicating a slight upward trend in pricing [18]. Land Market - The land market in Xi'an has seen a reduction in the number of residential land transactions, with 96 plots released and 73 plots sold, reflecting a year-on-year decrease of 31.93% and 44.13% respectively [19]. - The average floor price for land has increased to 6,694 yuan/m², a year-on-year rise of 31.64%, indicating a tightening supply and increased competition for prime land [19][24]. Future Outlook - The report anticipates a continuation of moderate recovery and internal differentiation in the Xi'an real estate market, with new housing supply remaining active and quality projects driving market dynamics [25]. - Market confidence is expected to strengthen due to ongoing policy support and an increase in quality supply, leading to a gradual stabilization of the overall market by year-end [25].