中建系兄弟赛马，这次却破天荒联手拿地

Core Viewpoint - The recent land auction in Beijing's Fengtai District for the Zhangguozhuang plot, which sold for 1.354 billion yuan, marks a significant collaboration between two subsidiaries of China State Construction Engineering Corporation, indicating a strategic move in the real estate market despite previous challenges in land acquisition [3][4][22]. Group 1: Land Auction Details - The Zhangguozhuang plot, designated for residential use, covers an area of 3.18 hectares with a planned construction area of approximately 47,750 square meters [4]. - The floor price for the land was set at 28,400 yuan per square meter, which is lower than the 31,500 yuan per square meter for a nearby plot, indicating potential profitability for the developers [5][16]. - The plot has a unique triangular shape but benefits from proximity to the subway, enhancing its attractiveness for development [15]. Group 2: Development History - The Zhangguozhuang plot has undergone three rounds of bidding, with the first two attempts failing due to the burden of a combined commercial and residential offering [11][13]. - The third attempt succeeded, with the plot finally being auctioned on December 16, 2025, after delays attributed to slow progress in municipal infrastructure development [14][19]. Group 3: Infrastructure Challenges - Delays in the completion of essential municipal infrastructure have been a significant factor in the repeated failures to auction the land, with key projects now expected to be completed by the end of 2026 [17][21]. - The infrastructure plan includes 12 projects, with several deadlines pushed back, impacting the overall timeline for land development [19][20]. Group 4: Company Strategies - The collaboration between China State Construction's subsidiaries, China State Construction Engineering Corporation and China State Construction Zhidi, is unusual, as these entities typically compete against each other in land acquisitions [22][23]. - China State Construction Engineering Corporation's subsidiary, China State Construction Management, is not primarily a real estate developer but engages in urban comprehensive development and PPP projects, which may provide strategic advantages in land acquisition [24][25]. Group 5: Financial Performance - In 2024, China State Construction Management reported revenues of 8.986 billion yuan, a year-on-year increase of 3.52%, although net profits decreased by 5.7% [26]. - The company has previously engaged in successful land acquisitions, such as the 560 million yuan purchase of a plot in Yanqing New Town, demonstrating its capability in the real estate market [28].