Core Insights - The report from the China Index Academy indicates that the delivery scale of real estate companies in the first half of 2025 has peaked and is on a downward trend, with pressures on delivery easing in the industry [1][7]. Delivery Scale Rankings - In the first half of 2025, the top real estate company delivered over 50,000 units, with 15 companies delivering more than 10,000 units each [1]. - The delivery numbers for major companies have generally decreased compared to the same period last year, with companies like Greenland, Sunac, and Jianye experiencing declines of over 50% [1]. Company Performance - The report highlights that delivery capability has become a core competitive advantage for real estate companies, with some firms managing to gain market trust by enhancing quality and optimizing services despite the overall contraction in delivery scale [7]. Market Dynamics - The new housing market remains stable, supported by the combination of "good cities + good houses," although there has been a slight weakening in the market in the second quarter [5]. - The government is expected to take stronger measures to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market in the second half of the year [6]. Delivery Quality Improvement - Real estate companies are focusing on product delivery and service optimization to enhance delivery quality, utilizing methods such as open construction days and live broadcasts to build customer trust [4].

Group 1 - The real estate industry is transitioning to a new development model, with the construction management business becoming a strategic focus for companies as a key aspect of asset-light transformation [1][2] - The construction management market is expanding, with leading companies accelerating their strategic layouts; for instance, Greentown Management ranked first in new signed area with 1,989 thousand square meters in the first half of 2025 [1] - In the second quarter, Longfor Group's Longfor Intelligent Manufacturing segment achieved a new signed area of 606 thousand square meters, indicating significant growth in construction management scale [1] Group 2 - The newly planned construction area for construction management companies increased by 17.6% year-on-year in the first half of 2025, highlighting rapid growth among late entrants in the sector [2] - "Delivery capability" has become a key industry term, with companies focusing on high-quality project delivery and participating in relief projects to ensure timely completion [2] - Greentown Management led in delivery with 25,600 units, ensuring homeowners could move in the same year through efficient project management [3] Group 3 - The emphasis on asset-light strategies and the push for high-quality delivery in construction management positions it as a significant growth area in the real estate sector, especially for companies with multi-business collaboration and refined management capabilities [3]

Core Viewpoint - The real estate market in 2025 is shifting from "market rescue" policies to "reconstruction" strategies, focusing on balancing the dual-track system of housing security and market dynamics [4][6] Group 1: Market Changes - The proportion of improvement housing purchases surged to 57% in the first half of 2024, surpassing first-time buyers, indicating a significant shift in demand structure [4] - Developers are transitioning from rapid growth to product refinement, emphasizing product strength as the core competitive advantage [4] Group 2: Delivery Capability - Leading real estate companies are maintaining their delivery capabilities as a core support during the industry's deep adjustment period, with companies like Poly Developments, China Overseas Property, and Vanke consistently ranking in the top ten [6] - Successful delivery is characterized by strict control over construction progress and quality, as well as the enhancement of community amenities and property services [6][8] Group 3: Operational Capability - The concept of a "good house" has been integrated into government work reports, emphasizing that it is not just about physical construction but also about embodying a vision for a better life [8][12] - Some benchmark companies are advancing from basic construction to service upgrades, focusing on community operations and property services [8] Group 4: Service Capability - Service quality is becoming a critical factor in community sustainability and asset appreciation, with high-quality property services positively impacting second-hand housing prices [10][11] - Examples include Vanke's community events and health management initiatives, which enhance the living experience and foster community engagement [9][10]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The overall delivery capacity of major real estate companies in China is expected to decrease in 2024 compared to 2023, with nearly 60% of companies experiencing a decline of over 30% in delivery scale, and a median decline of 38% [14] - The central government has increased loan support for "white list" projects to enhance delivery capabilities, with over 5 trillion yuan approved for loans, aiming to deliver 3.73 million housing units by the end of 2024 [13] - The focus of real estate companies is shifting from product design to quality delivery and customer experience, indicating a trend towards a more integrated delivery and service system [17][21] Summary by Sections Delivery Capacity Rankings - The report lists the top 30 real estate companies in China based on their delivery capacity for 2024, with Green City China, China Overseas Property, and China Resources Land leading the rankings [2] Delivery Scale and Performance - The delivery scale of major real estate companies is shrinking, with significant reductions in the number of units delivered compared to previous years, reflecting ongoing market challenges [14][15] - Specific companies such as Country Garden and Sunac China are highlighted for their delivery volumes, with Country Garden delivering approximately 380,000 units [15] Product and Service Integration - The report emphasizes the importance of integrating delivery with service, moving from merely delivering products to enhancing the overall living experience for residents [21][23] - Companies are increasingly focusing on creating community engagement and personalized services to improve customer satisfaction post-delivery [21] Quality of Delivery - The report identifies a trend towards enhancing the quality of both indoor and outdoor delivery, with a focus on functional upgrades and aesthetic improvements [19][20] - Projects that have previously won awards for their product quality are noted for their strong delivery performance, setting benchmarks for high-quality delivery in the industry [22][23]

Core Viewpoint - The real estate industry is increasingly focusing on the integration of delivery and service, expanding the breadth and depth of services, and emphasizing all-age-friendly services to enhance the quality of high-end concierge services [3][35]. Group 1: Delivery and Service Integration - The product focus has shifted from "good design" to "quality delivery" and then to "good living experience," which spans the entire development cycle [3]. - A full-process delivery service system is becoming a trend in the industry, ensuring delivery quality and enhancing customer experience [6]. - Companies like China Resources Land and Poly Real Estate are implementing comprehensive management systems that cover the entire delivery cycle, from pre-delivery to post-delivery services [7][9]. Group 2: Community Service and Brand Operation - Real estate companies are expanding their service offerings by creating community service IPs and organizing diverse community activities to enhance relationships with homeowners [13]. - China Resources Land's "Run Bilingual" brand aims to create a warm community atmosphere, while China Merchants Shekou emphasizes community connections through shared interests [15][19]. - Various projects are actively organizing community cultural activities to strengthen community cohesion and homeowner satisfaction [21]. Group 3: Focus on All-Age Needs - Many real estate companies are enhancing service standards to cater to the unique needs of the elderly and children, creating a warm community environment [24]. - Vanke Property has released a "Community Children's Property Service Manual" to address children's needs across different age groups [24]. - Projects like China Merchants Shekou's "Love in the Morning and Evening" initiative focus on providing care services for both the elderly and children [27]. Group 4: High-End Concierge Services - Some projects are elevating their property service standards to provide personalized, professional, and meticulous concierge services [31]. - The "Double Concierge Service System" implemented by Poly Real Estate in Foshan offers tailored services to enhance the quality of life for homeowners [32]. - Poly Property is collaborating with the "Golden Key" international alliance to upgrade its service standards and enhance high-end property services [34]. Group 5: Overall Industry Trends - The delivery capability is evolving from "delivering products" to "delivering lifestyles," with a growing emphasis on service components [35]. - The integration of delivery and service, along with the expansion of service breadth and depth, is becoming a consensus in the industry [35].

Core Viewpoint - The article emphasizes the importance of product strength and delivery capability in the real estate industry, highlighting that strong delivery capability is essential for maintaining the advantages of product strength [3][31]. Group 1: Product Strength and Delivery Capability - Product strength is identified as a long-term core competitiveness for real estate companies, while delivery capability is a key component of product strength [3]. - Projects that excel in product strength during the initial stages often demonstrate strong delivery capability during the delivery phase, ensuring that the advantages of product strength are sustained [3][12]. Group 2: Realistic Restoration and Design Effectiveness - The first impression of a residential property is often shaped by its exterior facade, which reflects its aesthetic and taste [5]. - The Jinan Poly Zhenyu project showcases a perfect restoration of design intent with its aluminum exterior and elegant lines, enhancing the visual experience [5][6]. - The Shanghai Jindi Jiayuan project emphasizes the importance of realistic landscaping and community facilities, which significantly enhance the attractiveness of the community space [7][8]. Group 3: Differentiated Delivery Standards - Different projects exhibit varied delivery standards that reflect the diverse needs of customers, such as the use of high-quality materials for interior design [14][16]. - The Guangzhou White Goose Pond project uses leather for its background wall, while the Beijing Longhu Shunyi project opts for a simpler design, showcasing different value orientations in delivery [16][17]. Group 4: Craftsmanship as a Foundation for Quality - High-quality living is built on meticulous craftsmanship, with strict controls over materials and processes [19]. - The Shanghai Qiantan Runjing project exemplifies this with its careful selection of materials and detailed construction processes, resulting in a visually appealing facade [20][21]. - The Zhaoshang Xi'an Sequence project emphasizes the "slow work produces fine products" philosophy, ensuring high-quality landscaping and construction [22][24]. Group 5: Emotional Engagement in Delivery Services - The delivery process has evolved to include emotional engagement and experience optimization for homeowners [26]. - The Changsha Binjiang Jing project enhances homeowner satisfaction by providing personalized gifts during the handover process, creating a memorable experience [27][28]. - The Chengdu Jiabai Dao project further elevates the delivery experience with customized notifications and artistic gifts, reflecting a commitment to customer care [29][30]. Group 6: Future Outlook on Delivery Capability - The concept of product strength in the real estate industry has expanded from design to delivery and service systems, with delivery capability becoming a key competitive battlefield [31][32].

Core Viewpoint - The article emphasizes a transformative product revolution in the real estate industry, highlighting the shift from "scale-oriented" to "quality-oriented" development in China, with a focus on defining new standards for good housing by 2025 [2][3]. Group 1: Industry Evolution - Since 2021, the "Product Power 100" initiative has visited 71 benchmark projects and published over 120 in-depth reports, marking a significant transition in the real estate sector [2]. - The upcoming 2025 initiative aims to redefine the standards of good housing through a multi-dimensional evaluation system that includes aspects like "green low-carbon," "delivery fulfillment," and "community operational capacity" [3]. Group 2: Upcoming Events - The "Zhengzhou Station" event will feature 8 prominent projects and a closed-door meeting to decode the characteristics of "good housing" in Zhengzhou, scheduled for March 13-14 [4]. - The event will focus on the real-life performance of properties post-delivery, rather than just showcasing demonstration areas, and will include discussions on the characteristics of residential delivery in 2024 [4]. Group 3: Historical Insights - The 2024 tour highlighted various trends across different cities, such as the emergence of "fourth-generation housing" in Xi'an, market-driven product enhancements in Shenzhen, and intensified competition in core urban areas of Zhengzhou [7]. - Since 2018, the company has collaborated with over a hundred brand developers to conduct comprehensive evaluations of product power, delivery capability, and value retention, continuously pushing for improvements in industry product quality [8].