高价地成“烫手山芋” 城建发展减值项目调查

Core Viewpoint - The high-priced land acquisitions during the overheated real estate market are becoming a burden for real estate companies, leading to significant declines in profit margins as these projects enter the settlement phase in 2024 [3][9]. Group 1: Impact of High-Priced Land - Many real estate companies are experiencing a notable decline in gross profit margins due to the settlement of high-priced land projects acquired in 2020 and 2021, which are now facing lower-than-expected sales prices [3][10]. - For example, Chengjian Development reported a revenue increase of 24.94% to 25.442 billion yuan, but its net profit turned from profit to loss, primarily due to inventory impairment totaling 2.745 billion yuan [3][9]. - The ongoing market adjustments and frequent impairment provisions for high-priced land projects are eroding profits for real estate companies [3][10]. Group 2: Market Conditions and Sales Strategies - The real estate market shows signs of stabilization, but companies must balance expansion and profitability through refined operations and diversified strategies to mitigate existing risks [3][9]. - The project "Longyue Hexi" in Beijing, which was launched during the peak of the market, is now facing challenges in sales due to price adjustments and market conditions, with current prices significantly lower than initial expectations [6][9]. - The average selling price of the Longyue Hexi project has dropped to around 67,000 to 70,000 yuan per square meter, compared to the initial selling price of 84,000 yuan per square meter [6][9]. Group 3: Financial Performance and Inventory Management - Chengjian Development's gross profit margin in the Beijing region fell to 15.10%, a decrease of 5.65 percentage points year-on-year, and down 20 percentage points from 2020 [10]. - The company reported a total inventory of 77.595 billion yuan, with an inventory ratio of 63.48%, indicating a high level of capital tied up in unsold properties [10]. - The frequent impairment provisions for inventory due to market downturns could lead to further risks if unsold inventory cannot be liquidated in a timely manner [10].