Core Viewpoint - The company Greentown, once a leader in acquiring prime land, is now facing backlash from its previous land acquisitions, particularly with the recent performance of its project Greentown Yilu, which has seen declining sales and a cancellation of the lottery system for homebuyers [1][10]. Group 1: Project Performance - Greentown Yilu launched 67 residential units in its third opening on December 6, 2025, marking the first time the lottery system was canceled [1][10]. - The first opening on September 27, 2025, offered 148 units and received 172 valid registrations, resulting in a registration rate of 116.2% [2][11]. - The second opening on November 8, 2025, had 40 units available, with a registration rate of 100% as all 40 registrations were valid [3][12]. - Cumulatively, Greentown Yilu has released 255 units, with 92 units sold, resulting in a sales rate of 36% [4][13]. Group 2: Land Acquisition Strategy - In March 2025, Greentown acquired the land for Greentown Yilu for a total price of 2.9159 billion, with a premium rate of 40% and a floor price of 71,400 per square meter, setting a record for land prices in the North Cai area [5][14]. - Over the past year, Greentown has secured four plots in Shanghai, three of which are record land prices, including the well-known Xuhui Riverside plot at a floor price of 131,000 per square meter [6][16]. - The company has adopted a strategy of high-premium land acquisition followed by rapid development to recoup funds, which was successful until market conditions began to decline in September 2025 [7][17]. Group 3: Market Challenges - The decline in market heat since September 2025 has led to a slowdown in sales for Greentown Yilu, raising concerns about the upcoming Greentown Chaoming Waitan project, which is positioned as a high-end product facing significant competition [8][18]. - The company’s previous strategy of leveraging brand premium to offset high land costs may no longer be effective, signaling potential challenges ahead for Greentown and serving as a warning for other real estate firms [9][18].
绿城上海陷入地王沼泽 逸庐去化率不足4成