绿城管理王俊峰：代建竞争已从价格比拼转向价值创造，城市更新、存量改造成新增长极

Core Insights - The real estate industry in China is undergoing a significant transformation, moving from "incremental expansion" to "stock quality improvement" as the new paradigm for development [6][8][9] - The core competitiveness of the construction agency model has shifted from simple "price competition" to deeper "value creation" [7][8] - The market environment is opening new development windows for the construction agency industry, with a focus on core cities and institutionalized clients [8][9] Industry Trends - The penetration rate of the construction agency model in China is currently at 12.5%, indicating substantial growth potential compared to 20%-30% in mature markets like Europe and the U.S. [13] - Urban renewal and stock transformation are emerging as new growth areas within the industry [13] - The industry is witnessing a "Matthew effect," where leading firms consolidate while weaker ones exit the market [6][8] Client Structure - The client structure is becoming more diversified and balanced, with state-owned platforms playing a stabilizing role and private enterprises increasing their participation [5][8] - In the first half of the year, the proportion of private clients for Greentown Management reached 37%, an increase of 8 percentage points year-on-year [5][8] Policy Support - A clear policy framework is being established to guide the construction agency industry, focusing on urban village renovations, "guaranteed delivery" of housing, and the construction of "good houses" [9][10] - Recent policies emphasize high-quality development in real estate as a means to improve and guarantee livelihoods [9][10] Company Performance - Greentown Management reported a new construction area of approximately 1,989 million square meters in the first half of the year, a year-on-year increase of 13.9% [11] - The new construction fees reached approximately 5 billion yuan, with a year-on-year growth of 19.1%, marking the highest level in three years [11] Future Outlook - The future winners in the industry will be those companies that excel in contract fulfillment, product development, cost control, operational efficiency, service extension, and risk management [13] - Greentown Management aims to be a standard bearer, innovator, and active contributor to the industry's ecosystem, focusing on high-quality development and collaboration [14][15][16]