第一财经·2025-12-02 10:12Core Viewpoint - The article discusses the recent progress in revitalizing previously stalled landmark projects in various cities, highlighting the potential for these "zombie projects" to be brought back to life through coordinated efforts from government, financial institutions, and private investors [3][4]. Group 1: Revitalization of Landmark Projects - Multiple previously stagnant landmark projects are showing signs of potential revitalization, including the Chongqing Bay project and the Shenzhen-Hong Kong International Center [5][6]. - The Chongqing Bay project, acquired by Sunac from Sunshine 100, is set to receive up to 2.476 billion yuan for debt restructuring and new financing, with plans for construction to commence soon [6][7]. - The Shenzhen-Hong Kong International Center, originally acquired by Shimao Group for approximately 23.9 billion yuan, is undergoing a zoning change to allow for mixed residential and commercial use, paving the way for future development [8]. Group 2: Factors Driving Revitalization - The revival of these projects is driven by a combination of policy support, market conditions, and financial backing from institutions, with local governments playing a crucial role in resource coordination [9]. - The 2025 government work report emphasizes the importance of revitalizing existing land and commercial properties, providing a policy basis for the resumption of stalled projects [9]. Group 3: Challenges to Overcome - Despite some projects making progress, others, like the Guangzhou Round Building, continue to face challenges, including failed auctions and complex debt situations [11][12]. - Key challenges for large project revitalization include funding gaps, legal disputes among creditors, and the need to rebuild market trust and brand value [13][14]. - Financial institutions are increasingly important in this process, providing expertise and resources for restructuring and risk management [14].