大量老房仍未拆除，120亿元“天价入股”遭紧急澄清！这个深圳旧改“巨无霸”何去何从？

Core Viewpoint - The recent clarification from "CITIC City Investment South China" regarding the Green Scene Baishizhou project has brought attention to the ongoing challenges faced by this significant urban renewal project in Shenzhen, despite the denial of rumors about a 12 billion yuan investment [2][5][9]. Group 1: Project Overview - The Green Scene Baishizhou project has a total planned construction area of 3.58 million square meters and an estimated value of approximately 220 billion yuan [5]. - As of September 11, 2023, the first phase of the project, known as Green Scene Baishizhou Jingting, consists of 6 buildings, including 3 residential and 2 apartment towers, with a total of 2,746 units [8]. - The first phase is nearing completion, with 819 units registered and 179 units under purchase agreements, while 720 units remain available for sale [8]. Group 2: Financial Dynamics - Vanke previously invested 2.3 billion yuan for an 8% stake in a related company, with a profit-sharing agreement for the third and fourth phases of the project [12]. - The investment agreement includes a "betting contract" clause, allowing Vanke to exit if certain development permits are not obtained by specified deadlines, reflecting the financial pressures faced by Green Scene Group [13]. - Green Scene Group reported a liquidity issue, with current liabilities of 60.57 billion yuan and cash reserves of only 342.5 million yuan as of mid-2025 [13]. Group 3: Market Speculation and Future Prospects - The project has attracted speculation about potential partnerships with state-owned enterprises, which could provide necessary capital and expertise for further development [15][17]. - Analysts suggest that the project’s location in a core area of Nanshan District, coupled with favorable government policies for urban renewal, may enhance its long-term value [17][18]. - The ongoing urban renewal policies from the central government may offer some support to the project, although the ability of Green Scene Group to navigate these challenges remains uncertain [17].