央企地产冰与火：中建稳居头部，中交艰难保壳

Group 1 - China Communications Construction Company (CCCC) Real Estate has completed a significant asset restructuring, transferring all real estate development-related assets and liabilities to China Communications Real Estate Group [1][4] - Following the restructuring, CCCC Real Estate has undergone management changes, appointing Zeng Yiming as the new president, who has extensive experience in light asset operations [1][4] - CCCC Real Estate previously faced a debt crisis due to poor cash flow management and has now shifted its focus to a light asset model after exiting the real estate business [1][3] Group 2 - China State Construction Engineering Corporation (CSCEC) reported a real estate sales revenue of 174.5 billion yuan in the first half of the year, maintaining its position as the industry leader [5] - CSCEC's real estate segment has seen a decline in profit margins, with gross profit margin dropping from 26.2% in 2020 to 16.0% in the first half of this year [6] - Despite the decline in profitability, CSCEC's real estate business remains more profitable than its construction segments, which have gross margins of 10.2% and 7.3% respectively [6] Group 3 - Other major infrastructure state-owned enterprises, such as China Railway and China Power Construction, have also entered the real estate market, but their profitability has been affected by the industry downturn [7] - These companies are adjusting their strategies, with some focusing on project liquidation and revitalization in key cities [7] - The strong backing of their parent companies provides support during market adjustments, but the level of debt will significantly influence the duration of these adjustments [7]