PDH(SH:600048) Sou Hu Cai Jing·2025-10-02 21:15Core Insights - The real estate market in Xi'an is experiencing its worst performance in recent years, with a significant decline in sales figures for the top companies [4][8][10] Sales Performance - The total sales amount for the top 10 real estate companies in Xi'an for the first nine months of this year is 570.3 billion, a decrease of 32.3% compared to 842.4 billion in the same period last year [8] - The top three companies by sales are Poly, China Railway Construction, and Greentown, with sales of 96.1 billion, 88.6 billion, and 84.8 billion respectively [4][6] - Poly is on track to become the first company in Xi'an to exceed 100 billion in sales this year, needing only 3.9 billion more to reach this milestone [6][10] Market Dynamics - The competition among real estate companies is expected to intensify in the fourth quarter, with many companies launching new projects [2][14] - The emergence of smaller companies is impacting market share, contributing to the decline in sales for larger firms [10] Project Performance - The top three projects by sales volume are Jinmao Puyi Dongfang, China Merchants Xi'an Xi, and Poly Tianjun, with sales of 27.4 billion, 25.3 billion, and 23.8 billion respectively [11] - The concentration of high-performing projects has decreased, with no projects exceeding 30 billion in sales this year compared to five last year [13] Pricing Strategies - A price war has begun as more properties join the market, leading to increased competition and potential price reductions [14][15] - Developers are facing challenges in managing customer dissatisfaction due to price drops, highlighting the need for effective communication and policies to mitigate backlash [15]