中海地产，调低了预期

Core Insights - The current trend in Beijing's real estate market shows that small units around 100 square meters and luxury apartments priced at 100,000 yuan per square meter are selling well [1][2]. Sales Performance - The new project "Future of Zhonghai" in Zhu Xinzhuang, Changping, has demonstrated impressive sales, with 48 units signed within four days of opening [3][4]. - The project has generated over 3.27 billion yuan in revenue, achieving a sales rate of over 14% and a land price coverage rate exceeding 25% [4]. Pricing Strategy - The average selling price of the "Future of Zhonghai" is approximately 61,944.36 yuan per square meter, which is about 8.85% lower than the initial asking price of 70,000 yuan per square meter [8][6]. - The project offers significant discounts, including a 200,000 yuan reduction on the first payment and a 99% discount on two installments [7]. Competitive Landscape - The nearby "Dahua Qichengfu" project sold out quickly with an average price of 61,900 yuan per square meter, indicating strong competition in the area [9]. - The land cost for the "Future of Zhonghai" project is approximately 31,800 yuan per square meter, allowing for a reasonable profit margin despite the price reductions [10]. Market Conditions - The Changping real estate market is under pressure, with an expected supply exceeding 10,000 units this year, comparable to the Fengtai district [20][21]. - The market has shown signs of fatigue, as previous demand from Haidian and Chaoyang districts has diminished due to increased land sales in those areas [21]. Future Developments - There are plans for additional residential land near the "Future of Zhonghai," which could be used for a second phase of the project [20]. - The strategy of acquiring adjacent plots is common among developers in Changping to maintain market stability and avoid price wars [20].