招商地产和港中旅，又手拉手了

Group 1 - The core event in Shanghai's land market is the acquisition of two prime residential plots in Dong'an New Village by a consortium including China Overseas Land & Investment, China Merchants Shekou, and Xuhui Urban Investment, along with a lesser-known state-owned enterprise, China Travel Service Property [1][2] - This collaboration marks the first joint venture between China Overseas and China Merchants in Shanghai in recent years, indicating a significant shift in their typical independent strategies [2][10] - China Travel Service Property, despite being a long-established state-owned enterprise, has had a low profile in the real estate sector, with its last notable project in Shanghai dating back to around 2005 [3][4][7] Group 2 - China Travel Service Property has been active in various cities but reported a total sales figure of only 11.25 billion in 2024, which is relatively low compared to other major players in the market [7][8] - The company's gross margin has seen a significant decline, dropping by 17.35% year-on-year in 2024 and further decreasing by 31.87% in the first quarter of 2025 [8] - The partnership with China Merchants has proven effective, with a high success rate in land acquisitions, securing five out of six joint bids since their collaboration began [10] Group 3 - The current market dynamics in Shanghai have reduced the number of active players, providing an opportunity for the consortium to enhance their product and brand strength through the Dong'an New Village project [13][14] - There is a pressing need for the consortium to deliver a standout project that resonates with buyers, as previous projects have faced quality and delivery issues [12][14]