一封“举报信”，爆出两家头部房企合作“嫌隙”

Core Viewpoint - A recent "whistleblower letter" has revealed disputes between two leading real estate companies, China State Construction and Guangzhou Yuexiu, regarding the pricing strategy for the Beijing Puyue project, indicating underlying tensions in their collaboration [2][4][10]. Group 1: Project Dispute - The whistleblower letter was sent by Beijing Xingding Real Estate Development Co., a subsidiary of China State Construction, to the Guangzhou State-owned Assets Supervision and Administration Commission, alleging that Yuexiu did not adhere to unified pricing rules and adjusted prices secretly, affecting sales of adjacent projects [4][7]. - The Puyue project is part of a larger collaboration where the two companies are developing adjacent plots, leading to competition and pricing discrepancies between the projects [5][6]. - As of mid-November, the average transaction price for Puyue was approximately 9.96 million yuan per square meter, while the adjacent project, Zijing Chen Garden, had an average price of about 9.85 million yuan per square meter, highlighting a price difference of around 1,100 yuan per square meter [7][10]. Group 2: Market Context - The real estate market in Beijing is currently experiencing intense competition, particularly in the luxury segment, with multiple high-end projects vying for buyer attention [10][11]. - The Puyue and Zijing Chen Garden projects are located in a prime area, with the latter being the only new residential land in the Chaoyang district in the past decade, making them highly sought after [10][11]. - Despite their prime locations, both projects face competition from other high-end developments in the area, which may affect their sales performance [10][11]. Group 3: Risks in Collaborative Development - The dispute underscores potential risks in collaborative real estate development, particularly when market conditions change, leading to disagreements over pricing and marketing strategies [11][12]. - The current model of joint development can lead to increased hidden liabilities and complex debt structures, which may become problematic in a declining market [11][12]. - There are inherent challenges in aligning the interests of different stakeholders, especially when one party holds operational control but has a minority stake [11][12].