开盘数月只卖几套房，建筑城投转开发后遭遇去化尴尬

Core Insights - The real estate market is facing challenges with high land acquisition but low sales, particularly for construction companies and local state-owned enterprises [2][3] - The market has seen a shift in players, with state-owned enterprises and construction companies becoming more prominent as private companies retreat [2][6] - Despite some signs of stabilization in the market, significant disparities exist between cities and projects, with many struggling to sell despite price reductions [3][4] Group 1: Market Dynamics - The new housing market in China sold 2.7 trillion yuan in the first four months of the year, a year-on-year decrease of 3.2%, with residential sales down by 1.9% [3] - In Guangzhou, some construction and state-owned projects have low sales rates, with new projects achieving only single-digit sales rates [2][3] - The market is characterized by a price war, particularly in areas with high inventory, affecting the sales performance of construction company projects [2][3][4] Group 2: Challenges Faced by Construction Companies - Construction companies entering the real estate market are facing difficulties due to their lack of experience in property development [4][5] - Projects like Zhongjian Tianyu in Guangzhou have seen significant price cuts, yet still struggle to sell, with a sales rate of only 6% as of late May [3][4] - The competitive landscape is tough, with projects facing challenges from better-located or better-equipped competitors [4][5] Group 3: Performance of State-Owned Enterprises - State-owned enterprises have increased their presence in land acquisition, with a peak of 64% of land purchases in 2024 [10] - However, many state-owned projects have low construction initiation rates, with only 8.5% of new land acquisitions in 2024 starting construction [10][11] - The trend of "state-owned land acquisition + real estate company construction" is becoming more common, as state-owned enterprises seek partnerships with more experienced developers [12] Group 4: Financial Performance and Strategy - The real estate segment of major construction companies like China State Construction saw a 34.1% decline in profit due to market adjustments [6] - Companies are shifting strategies from expansion to cash flow management, focusing on inventory reduction and project quality [7][8] - The integration of real estate operations within construction firms is seen as a way to leverage their existing strengths, such as cost control and supply chain advantages [9]