Greenland Holdings(SH:600606) Zhong Guo Jing Ying Bao·2025-05-23 19:33Core Viewpoint - The Chengdu Greenland Shufeng 468 super-tall project, under Greenland Group, has recently resumed construction after a long hiatus, but uncertainties remain regarding its completion timeline [2][5][6]. Company Summary - Greenland Group's Chengdu Shufeng 468 project has been under construction for 13 years, with a planned height of 468 meters, and is now confirmed to be back on track [2][3]. - The project has faced multiple stoppages, and the recent deletion of a social media post regarding its resumption has raised questions about its progress [2][4]. - The construction of the main tower (T1) has reached significant heights, with the core cylinder at 444 meters and the outer frame at 417 meters [5]. - The construction contractor has changed to China Wuyi, which has partnered with Industrial Bank to ensure funding continuity [5][6]. Industry Summary - The overall financial health of Greenland Group is under pressure, with a reported net cash flow of -3.336 billion yuan in 2024, a 60.4% decline year-on-year, and an increase in the debt ratio to 89.16% [6]. - The company has implemented cost-cutting measures, including staff reductions and salary cuts, in response to ongoing financial challenges [6]. - Other super-tall projects in various cities are also resuming construction, potentially influenced by recent government policies aimed at revitalizing stalled projects [7][8].