备受关注的北京126亿元"地王"项目操盘权之争，以多方和解告终。 11月16日晚，中建智地、中国金茂、越秀地产发布联合声明称，北京朝阳黄杉木店项目（推广名紫京宸园、璞樾）是由北京兴鼎房地产开发有限公司、北京 方兴亦城置业有限公司与广州越秀华城房地产开发有限公司三家联合竞得并合作开发的项目。 各股东方经过坦诚协商、充分共创、达成共识，将秉持专业、阳光、公开、透明的原则，推进项目开发经营各项工作，向社会及客户提供更好的产品和服 务。 据第一财经报道，近日，一封由北京兴鼎房地产开发有限公司（中建智地旗下公司）发给广州国资委的"举报信"，在业内流传。围绕北京璞樾项目，央企中 建智地作为大股东，称操盘方越秀未遵循定价规则，对部分房源"暗中调价"，并影响了隔壁项目的销售。据接近双方企业人士处消息，上述"举报信"的存在 属实，目前项目各方股东正就该事件进行积极协商，争取妥善解决营销相关的问题。 据悉，针对市场此前最关注的操盘权争议，后续南北"双地块"将由三家联合操盘营销。同时，针对项目品质及服务，股东方将建立常态化沟通机制，公开项 目进展、透明化管理流程，从工程建设到物业服务，保障业主的合法权益。 今年4月28日，据北京规 ...

Group 1 - The core viewpoint of the report indicates that the stabilization of the residential balance sheet suggests a potential bottoming out in the real estate market, but the speed of improvement will determine the duration of this bottoming process [3][4] - The report highlights that since 2021, China's housing prices have cumulatively declined by 37%, which is longer than the average decline of 34% over 6.1 years in 42 countries, indicating that while the price drop is significant, the adjustment period in China is still relatively short [22][7] - The report identifies five major opportunities in the industry, including the stabilization of the residential asset-liability ratio, a decrease in the housing price-to-income ratio, improving rental yields, a bullish stock market potentially boosting wealth effects, and a deep clearing of supply-side issues [3][4] Group 2 - The industry outlook predicts a structural bottoming out, with opportunities arising for quality housing and commercial real estate, driven by policies focusing on demand recovery and high-quality development [3][4] - The report anticipates that the core cities will stabilize sooner due to healthier supply-demand relationships, with a forecast for sales volume and price declines to narrow in 2025-2026 [3][4] - The report maintains a "positive" rating for the real estate sector, recommending specific companies in the quality housing and commercial real estate segments, as well as undervalued firms and property management companies [3][4]

本文字数：997，阅读时长大约1.5分钟 2025.11.17 作者 |第一财经 孙梦凡 备受关注的北京豪宅合作纠纷事件，各方股东终于"握手言和"。 11月16日深夜，中建智地、越秀北京、金茂北京发布联合声明，针对北京朝阳黄杉木店项目（推广名紫 京宸园、璞樾），各股东方经过坦诚协商、充分共创、达成共识，将秉持专业、阳光、公开、透明的原 则，推进项目开发经营各项工作，向社会及客户提供更好的产品和服务。 这意味着，针对黄杉木店组团项目，三方将共同推进各项开发经营工作。三方股东一致承诺，将摒弃内 部分歧，以朝青板块长远价值为核心，通过统一规划衔接、协同营销节奏、规范定价机制，避免无序竞 争，共同维护市场健康生态。 据悉，针对市场此前最关注的操盘权争议，后续南北"双地块"将由三家联合操盘营销。同时，针对项目 品质及服务，股东方将建立常态化沟通机制，公开项目进展、透明化管理流程，从工程建设到物业服 务，保障业主的合法权益。 璞樾及"兄弟项目"紫京宸园，是当前北京市场上的热门新盘。 今年4月份时，"中建智地+金茂+越秀+朝阳城开"联合体，以126亿元拿下黄杉木店组合地块。随后项目 被分为两部分开发，南地块（紫京宸园）由中 ...

2025.11. 17 本文字数：997，阅读时长大约1.5分钟 作者 | 第一财经 孙梦凡 备受关注的北京豪宅合作纠纷事件，各方股东终于"握手言和"。 11月16日深夜，中建智地、越秀北京、金茂北京发布联合声明，针对北京朝阳黄杉木店项目（推广 名紫京宸园、璞樾），各股东方经过坦诚协商、充分共创、达成共识，将秉持专业、阳光、公开、透 明的原则，推进项目开发经营各项工作，向社会及客户提供更好的产品和服务。 联合声明 中建智地在北京 2025年11月16日 22:51 北京 63人 北京朝阳黄杉木店项目(推广名紫京宸 园、璞樾）是由北京兴鼎房地产开发有限公 司、北京方兴亦城置业有限公司与广州越秀 华城房地产开发有限公司三家联合竞得并合 作开发的项目。 据悉，针对市场此前最关注的操盘权争议，后续南北"双地块"将由三家联合操盘营销。同时，针对项 目品质及服务，股东方将建立常态化沟通机制，公开项目进展、透明化管理流程，从工程建设到物业 服务，保障业主的合法权益。 璞樾及"兄弟项目"紫京宸园，是当前北京市场上的热门新盘。 今年4月份时，"中建智地+金茂+越秀+朝阳城开"联合体，以126亿元拿下黄杉木店组合地块。随后项 目 ...

Group 1: Housing and Real Estate Developments - Beijing has completed its annual affordable housing task ahead of schedule, with 50,000 rental housing units planned and 80,000 units constructed [1] - Hangzhou has introduced 16 measures to optimize land resource allocation, aimed at reducing enterprise costs and activating existing space [2] - In October, new residential sales prices in first-tier cities decreased by 0.3% month-on-month, with Shanghai seeing a 0.3% increase while Beijing, Guangzhou, and Shenzhen experienced declines [3] - From January to October, the sales volume of new residential properties reached 69,017 billion yuan, reflecting a year-on-year decrease of 9.6% [4] Group 2: Land Auctions and Transactions - In Wuhan, eight land parcels were sold for a total of 1.12 billion yuan, with two residential plots acquired by private enterprises at zero premium [5] - Chengdu saw two residential plots sold at a total of 1.286 billion yuan, both at the base price [5] Group 3: Company Performance and Financials - Beike Holdings reported a total transaction volume of 736.7 billion yuan in Q3, with a net profit of 747 million yuan, a year-on-year decline of 36.1% [6] - China Resources Land plans to place 49.5 million shares of its subsidiary, raising approximately 2.061 billion HKD for land acquisition and operational costs [6] - China Fortune Land Development has completed a financial debt restructuring totaling approximately 192.7 billion yuan [7] - CIFI Group has initiated a major organizational restructuring, dissolving four regional groups and multiple business units [8] Group 4: Sales Performance of Real Estate Companies - China State Construction reported total sales revenue of approximately 287.1 billion yuan and sales area of 10.7 million square meters from January to October [9] - China Resources Land's sales revenue for the same period was about 169.6 billion yuan with a sales area of 6.41 million square meters [9] - China Jinmao reported sales revenue of approximately 92.7 billion yuan and a sales area of 4 million square meters [9] - Other companies such as Yango Group, New城控股, and others also reported their sales figures, indicating a challenging market environment [9]

新京报贝壳财经讯(记者段文平)因北京朝阳区黄杉木店项目定价争议引发的央国企中建智地与越秀地产 的"大战"，终以多方和解画上句号。11月16日深夜，中建智地、中国金茂、越秀地产三大房企联合发布 公告称，各股东方经过坦诚协商、充分共创、达成共识，将秉持专业、阳光、公开、透明的原则，推进 项目开发经营各项工作，向社会及客户提供更好的产品和服务。 据悉，涉事项目为今年4月28日三大房企联合竞得的北京市朝阳区黄杉木店及孙河组团地块，总成交额 高达126亿元，是北京土拍市场今年以来的重点标杆项目。其中，黄杉木店宅地进一步划分为南北两个 地块，南地块由中建智地主导操盘，项目推广名定为"紫京宸园"；北地块则由越秀地产负责操盘，中国 金茂负责产品，推广名为"璞樾"。 据了解，三方股东一致承诺，将坚决摒弃内部分歧，以朝青板块长远价值为核心，通过统一规划衔接、 协同营销节奏、规范定价机制，避免无序竞争，共同维护区域房地产市场的健康生态。之前争议中最为 关注的操盘权焦点，共识中解决方案为南北双地块将由三家联合操盘营销。针对广大购房人最为关切的 交付品质、服务保障等问题，股东方将建立常态化沟通机制，公开项目进展、透明化管理流程，从工程 ...

Core Viewpoint - A dispute between state-owned real estate companies has been resolved amicably, following allegations of unfair competition and pricing issues in a joint project in Beijing [1][3][6]. Group 1: Background of the Dispute - On November 12, a complaint was filed by Beijing Xingding Real Estate Development Co., a subsidiary of China State Construction, against Guangzhou Yuexiu Real Estate's subsidiary, alleging unreasonable pricing and malicious competition in the Beijing Puyue project [1][3]. - The joint project, known as the Huangshanmu Store project, was won by a consortium including China State Construction, China Jinmao, and Yuexiu Real Estate for 12.6 billion yuan, setting a record for floor prices in the Chaoyang District [7][10]. Group 2: Resolution and Future Plans - On November 16, the involved parties reached a consensus and issued a joint statement, committing to transparency and collaboration in project development [3][6]. - The three companies will jointly manage marketing for both the southern and northern plots of the Huangshanmu Store project, aiming to enhance product offerings and services [6][19]. Group 3: Market Context and Implications - The competitive landscape in Beijing's real estate market is intense, with significant public interest in the projects, leading to discussions about pricing strategies and customer retention [15][19]. - The resolution of the dispute is seen as beneficial for both developers and buyers, allowing for a more stable market environment amid ongoing adjustments in the real estate sector [20].

Core Viewpoint - The dispute regarding the Huangshanmu store has been resolved with a handshake agreement between Zhongjian Zhidi and Yuexiu, with a joint statement from the three stakeholders expected to be released before the November 17 deadline [1][3] Group 1: Joint Statement and Resolution - A joint statement from the three stakeholders is being drafted and will be released before November 17 [1] - The North Block (Puyue) and South Block (Zijing Chenyuan) will be jointly managed by Zhongjian Zhidi, Jinmao, and Yuexiu [1] Group 2: Allegations and Complaints - Beijing Xingding Real Estate Development Co., Ltd. filed a complaint against Yuexiu Real Estate for not adhering to the agreed pricing standards for the two land parcels, resulting in over 300 million yuan in losses [3] - The complaint also stated that the price adjustments led to a loss of competitive advantage for some units in the South Block, affecting over 2.2 billion yuan in contract signings [3] Group 3: Actions Taken - Zhongjian Zhidi has halted all approvals, contracts, seals, and financial work related to the North Block [3] - Zhongjian Zhidi warned that if Yuexiu does not transfer the management rights by the deadline, it will launch a comprehensive attack on all of Yuexiu's projects in Beijing [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Views - The central bank is enhancing financial support for the real estate sector, contributing to a new development model, while second-hand housing sales have shown a month-on-month increase [6][15] - The report highlights that the real estate sector has outperformed the broader market, with the Shenwan Real Estate Index rising by 2.7% compared to a 1.08% decline in the CSI 300 Index, resulting in a relative return of 3.78% [3][11] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index increased by 2.7%, while the CSI 300 Index decreased by 1.08%, indicating stronger performance in the sector [3][11] 2. Industry Fundamentals - For the week of November 7-13, the total number of new homes sold in 38 key cities was 20,673 units, a year-on-year decrease of 31.4% and a month-on-month decrease of 2.5%. The total area sold was 2.171 million square meters, down 35.5% year-on-year and 0.1% month-on-month [4][20] - In the same week, the total number of second-hand homes sold in 16 key cities was 18,576 units, a year-on-year decrease of 23.8% but a month-on-month increase of 3.4%. The total area sold was 1.855 million square meters, down 18.7% year-on-year but up 6.2% month-on-month [4][32] - The inventory of commercial housing in 17 key cities was 188.439 million square meters, with a month-on-month increase of 0.1% and a depletion cycle of 173.4 weeks [4][50] 3. Land Market Supply and Transaction Analysis - During the week, 6,292.4 million square meters of land were supplied, a year-on-year increase of 2.9%, while land transactions totaled 1,189.5 million square meters, down 73.9% year-on-year [5] 4. Financing Analysis - Real estate companies issued a total of 4.62 billion yuan in credit bonds during the week, reflecting a year-on-year decrease of 6.29% and a month-on-month decrease of 50.05% [5]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The real estate market is expected to continue bottoming out, with core cities stabilizing sooner. Two major opportunities are highlighted: the rise of favorable policies for housing and the potential for commercial real estate assets to be revalued during a monetary easing cycle [2][3]. Industry Data - New home sales in 34 key cities totaled 201 million square meters last week, up 11.9% week-on-week, with first and second-tier cities increasing by 12.6% and third and fourth-tier cities by 3.2% [4][5]. - Year-on-year, new home sales in November are down 39%, with first and second-tier cities down 37.8% and third and fourth-tier cities down 49.2% [5][7]. - The inventory of unsold residential properties in 15 cities was 89.538 million square meters, with a slight increase of 0.03% week-on-week [22][23]. Policy and News Tracking - The State Council supports the issuance of REITs for private investment projects and the central bank aims to improve the foundational financial system for real estate [31][32]. - Local policies include the promotion of purchasing existing homes for affordable housing in Hangzhou and the launch of online applications for housing provident fund loans in Zhengzhou [31][34]. Company Dynamics - Several real estate companies reported their sales data for October 2025. China Jinmao achieved sales of 12 billion yuan, up 3%, while other companies like New Town Holdings and CIFI Holdings saw significant declines [38][39]. - China Resources Land announced a placement of 49.5 million shares, raising approximately 2.06 billion HKD, maintaining a 70.1% stake post-placement [38][39]. Sector Performance Review - The SW Real Estate Index rose by 2.7%, outperforming the CSI 300 Index, which fell by 1.08%, ranking 7th among 31 sectors [43][47]. - Notable stock performances included China Wuyi and Huaxia Happiness, which saw significant gains, while companies like Asia Pacific Real Estate and Shenzhen Real Estate A experienced declines [47].