Cai Jing Wang·2025-09-15 10:21Core Viewpoint - The recent clarification from "CITIC City Opening South China" regarding the Shenzhen old renovation project, "Green Scene Baishizhou," highlights the project's ongoing challenges and the speculation surrounding its capital movements, particularly in light of the denied rumors about a significant investment by CITIC City Opening [1][3][10]. 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 [1]. - As of September 11, 2023, the first phase, Green Scene Baishizhou Jingting, consists of 2,746 housing units, with 819 units registered and 179 units under purchase agreements, leaving 720 units available for sale, accounting for 41.4% of the total [2][3]. - The project has faced delays, with significant portions of the second, third, and fourth phases still pending demolition and large-scale construction [2][3]. Group 2: Financial and Investment Dynamics - The project has seen previous investment from Vanke, which invested 2.3 billion yuan for an 8% stake, with profit-sharing agreements tied to the development of the third and fourth phases [4][5]. - A "betting contract" structure exists, allowing Vanke to exit if certain development milestones are not met by specified deadlines, reflecting the financial pressures faced by Green Scene Group [5][7]. - Green Scene Group's financial situation is precarious, with current liabilities of 60.57 billion yuan and cash reserves of only 342.5 million yuan, indicating a potential liquidity crisis [8]. Group 3: Market Speculation and Future Prospects - The speculation surrounding potential partnerships for the project's future development includes the possibility of introducing state-owned enterprises, which could alleviate financial pressures and leverage their operational capabilities [3][12]. - Analysts suggest that the ideal candidates for taking over the project would be large state-owned enterprises or local investment platforms, given their financial strength and ability to navigate complex governmental relationships [12][13]. - Recent government policies aimed at promoting urban renewal may provide some support for the project, but the timeline for recovery remains uncertain [14][15].