证券时报·2025-09-11 13:14Core Viewpoint - The article discusses the recent developments regarding the Baishizhou urban renewal project in Shenzhen, highlighting the clarification issued by CITIC Group's subsidiary, CITIC Urban Development, regarding rumors of their investment in the project [1][4]. Group 1: Project Overview - The Baishizhou project is a significant urban renewal initiative in Shenzhen, covering a total land area of approximately 460,000 square meters, and is expected to be developed in four phases [4]. - The first phase, known as Green Scene Baishizhou Jingting, is currently under construction and is projected to be delivered by January 2026, with a completion rate of 70% for facade work and 60% for interior decoration as of June 30, 2025 [4]. Group 2: Investment and Partnerships - There were rumors that CITIC Urban Development intended to invest 12 billion yuan for a 50% stake in the second to fourth phases of the Baishizhou project, which were later denied by the company [1][4]. - Vanke has previously announced a conditional investment of 2.3 billion yuan into the parent company of the Baishizhou project, which would give Vanke an indirect 8% stake in the project, while Green Scene's stake would be diluted to 92% [4]. - Vanke's investment is structured with conditions that allow for an exit mechanism, indicating that they can withdraw if issues arise in the later stages of the project [4]. Group 3: Urban Renewal Context - Urban renewal has become a focal point in the real estate market, with the Chinese government emphasizing the need for steady progress in urban village and dilapidated housing renovations [5]. - The Central Committee and State Council have issued opinions to support urban renewal, which is expected to lead to more detailed and actionable policies from various departments to facilitate high-quality urban development [5].