中信信托被动接下昆明烂尾盘，生不逢时产品平庸只能打价格战

Core Viewpoint - The project "Sunshine City Tan Jing" (备案名: Tan Xi Garden) in Kunming has finally passed regulatory approval, allowing CITIC Trust to initiate its development after a long delay since it took control in 2021 [1][2]. Group 1: Project Development - CITIC Trust became the controlling shareholder of Yunnan Guangqian Real Estate Co., Ltd. in 2021, which is the 100% controlling shareholder of the Tan Xi Garden project [2]. - The decision for CITIC Trust to develop Tan Xi Garden was made in early last year, but it has taken nearly two years to reach the current stage of regulatory approval [2]. - The project has completed part of its foundation work and has a sales office built, but the prolonged delay has caused it to lose competitive advantages [5]. Group 2: Market Position and Competition - The land for Tan Xi Garden was acquired by Sunshine City in 2020 for a total of 1.607 billion, equating to 20.25 million per mu, which is considered high given the current market conditions [5]. - The project has a high plot ratio of 4.92, with ten residential buildings, four of which are 32 stories tall, making it less competitive compared to newer projects with lower plot ratios [5][6]. - Nearby competing projects, such as Bangtai Jinghe and Bangtai Guanyun, have lower plot ratios of 3.0 and 3.3 respectively, positioning them as more attractive options in the market [6][7]. Group 3: Future Outlook - The Tan Xi Garden project is expected to face significant challenges in market acceptance due to its outdated design and high costs, potentially necessitating a price war to attract buyers [5]. - The only remaining advantages for Tan Xi Garden are its location and surrounding amenities, as it is situated near key areas and schools, but its competitiveness will heavily depend on pricing [9].