中建智地与越秀和解背后，业绩压力下销售不及预期

Core Viewpoint - The dispute between China State Construction Intelligent Land (中建智地) and Yuexiu Group (越秀) regarding two projects in Beijing has escalated, leading to a joint statement that lacks specific details on the consensus reached between the parties involved [1][2]. Group 1: Project Background - The Beijing Chaoyang Huangshanmu Store project, also known as Zijing Chenyuan and Puyue, is a collaboration between Beijing Xingding Real Estate Development Co., Beijing Fangxing Yicheng Real Estate Co., and Guangzhou Yuexiu Huacheng Real Estate Co. [1] - The project was won by a consortium that includes China State Construction Intelligent Land, Jinmao, and Yuexiu, with the southern plot managed solely by China State Construction and the northern plot by Jinmao and Yuexiu [1][2]. - The northern plot, Puyue, is managed by Beijing Maoyue Real Estate Co., with shareholding structures indicating that Yuexiu, despite having the smallest stake, holds significant marketing power [2]. Group 2: Sales and Market Dynamics - Both projects, Zijing Chenyuan and Puyue, opened for sales in October, with Zijing Chenyuan recording 120 contracts and Puyue 133 contracts, indicating a competitive market environment [2]. - The projects are designed to attract different buyer demographics, but their proximity and similar positioning lead to inevitable competition [2][3]. - A joint marketing strategy was initially in place, but underlying tensions have surfaced, leading to accusations of malicious competition from both sides [3][5]. Group 3: Escalation of Dispute - On November 10, China State Construction sent a letter to Yuexiu demanding the cessation of what it termed malicious attacks and the transfer of marketing responsibilities for the northern plot [3]. - Following failed negotiations, China State Construction escalated the situation by filing a formal complaint against Yuexiu's leadership for alleged abuse of power and causing significant losses to state assets [3][5]. - The complaint claims that Yuexiu engaged in organized marketing tactics that undermined the sales of Zijing Chenyuan, leading to a projected loss of approximately 365 million yuan [6]. Group 4: Market Implications - The ongoing dispute reflects broader issues in joint development projects, where differing interests can lead to conflicts, especially in a declining market [8]. - The competitive dynamics between the two projects may erode buyer confidence, impacting sales performance and overall market perception [8][9]. - Both companies have experienced rapid growth in the Beijing market, with China State Construction achieving a sales amount of 18.78 billion yuan in the first ten months of the year, while Yuexiu reached 12.02 billion yuan [10][12].