最高74层的住宅，开始交付了

Core Viewpoint - The largest urban renewal project in Shenzhen, the Green Scene Baishizhou project, has been delivered amid skepticism, with the first phase of residential units officially starting the handover process, which is expected to positively impact the company's property portfolio and financial performance in the Greater Bay Area and South China [2][4]. Group 1: Project Delivery and Timeline - The main construction of the first phase of the Baishizhou urban renewal project has been completed, and the relevant government acceptance procedures have been finalized [2]. - The delivery date for the first phase of residential units is set for January 15, 2026, with a one-month grace period specified in the purchase contracts [4][7]. Group 2: Concerns from Homeowners - Homeowners are particularly concerned about the promised educational facilities, as the school associated with the project has not yet begun construction, with reports indicating it will start in 2027 and be completed by 2029 [8]. - There are widespread concerns regarding the quality of construction, particularly the underground parking garage, which some homeowners feel does not meet the standards expected for high-end properties [11]. Group 3: Financial and Development Insights - The project has a total construction area of 3.58 million square meters and an estimated value of approximately 220 billion yuan, making it a focal point in the industry since its inclusion in the urban renewal plan in 2014 [13]. - The company reported a current liability of 60.57 billion yuan, with new borrowings of 7.703 billion yuan in the first half of the year, while cash reserves are only 342.5 million yuan [15]. - Future phases of the project are planned to be redesigned according to new regulations, with potential involvement from state-owned enterprises due to their lower capital costs and expertise in managing complex government relations [17].