楼市“半年考”| 房地产代建进入“精耕期”：规模增速28%下的费率困局与突围之道

Core Insights - The real estate construction management business is becoming a crucial avenue for many real estate companies to transition towards a light asset model amid the industry's deep adjustment period [1] - The construction management market is experiencing steady growth, with a notable "Matthew Effect" where leading companies are gaining more market share [2][5] Market Growth - In the first half of this year, the top 20 construction management companies added a total of approximately 10,983 million square meters in signed construction area, representing a year-on-year growth of 28%, which is the highest in the past three years [2][5] - The number of companies in the top 20 that signed over 3 million square meters has significantly increased compared to the same period last year, indicating a trend where the strong continue to get stronger [5] Company Performance - Among the top five companies in terms of added signed construction area, Greentown Management led with 1,989 million square meters, accounting for about 37% of the total for the top five, although its year-on-year growth was only 14% due to a high base [6] - Xuhui Construction Management and Blue City Group reported year-on-year growth rates of 20% and 23%, respectively, with Xuhui leveraging a dual strategy of "government construction + urban renewal" [6] Competitive Landscape - The construction management fee rates have been declining, currently averaging below 3%, down from the earlier range of 5% to 6% [1][11] - A significant 77.7% of construction management projects have fee rates between 1% and 3%, with 42.7% falling between 1% and 2% [11] Future Trends - The demand for construction management in areas such as affordable housing and urban village renovations is expected to exceed 500 million square meters over the next three years, becoming a primary focus for leading companies [9] - Companies are increasingly competing on product quality, with innovative projects integrating local cultural elements and high-end features [10] Strategic Directions - Companies are exploring new directions such as revitalizing non-performing assets and deepening their presence in niche markets to enhance their competitive edge [12][13] - The industry is transitioning from rapid growth to a phase of refined operations, with a shift in client selection criteria from "scale first" to "value co-creation" [13]