中建智地与越秀从反目到和解，北京豪宅紫京宸园与璞樾仍难逃“价格战”

Core Viewpoint - The dispute between China State Construction Intelligence and Yuexiu Property has drawn significant public attention, stemming from allegations of price manipulation in the luxury real estate market in Beijing, particularly concerning the Huangshanmu Store project [3][4][8]. Group 1: Project Background - The Huangshanmu Store project was acquired by a consortium including China State Construction Intelligence, Yuexiu, and Jinmao for a total of 12.6 billion yuan, setting a record for land prices in Beijing's Chaoyang District [4][7]. - The project is divided into two parts: the southern plot (Zijing Chen Garden) led by China State Construction Intelligence and the northern plot (Puyue) managed by Yuexiu [7][8]. - The area has not seen new residential land for about a decade, making it a prime location for luxury housing [5][7]. Group 2: Sales Performance - Zijing Chen Garden launched its sales on October 12, achieving 5.65 billion yuan in sales within the first five days, while Puyue followed with 4.5 billion yuan in sales shortly after [8][10]. - Despite the initial success, underlying tensions between the two companies began to surface, leading to a public dispute over pricing strategies [8][10]. Group 3: Allegations and Responses - China State Construction Intelligence accused Yuexiu of intentionally lowering prices for Puyue, which allegedly resulted in a loss of 131 potential buyers for Zijing Chen Garden, impacting projected sales by over 2.2 billion yuan [8][12]. - A "whistleblower letter" was sent to the Guangzhou State-owned Assets Supervision and Administration Commission, demanding that Yuexiu cease its marketing activities for Puyue [8][10]. Group 4: Market Dynamics - Both projects target high-net-worth individuals, with Zijing Chen Garden offering units priced above 13 million yuan and Puyue slightly lower, creating direct competition [11][12]. - The pricing strategies differ, with Zijing Chen Garden offering discounts around 15% and Puyue around 6.5%, leading to a price difference of approximately 1,000 yuan per square meter [11][12]. Group 5: Financial Context - China State Construction Intelligence reported a revenue of 17.71 billion yuan in 2024, but its net profit fell by 25%, indicating financial strain [25][27]. - The company is facing increased debt levels, with total liabilities rising to 34.56 billion yuan, reflecting challenges in maintaining profitability amid a competitive market [26][27].