代建契合新发展模式 耿忠强表示，代建作为房地产专业化、新模式的代表，有助于转变传统三高模式，助力行业去杠杆、回 归房产品居住属性。更将在"保交楼""好房子"建设、城市更新等社会命题中承担重要角色，成为推动行 业转型与高质量发展的关键力量。 在房地产行业深度调整的背景下，代建作为"新模式"的代表，正迎来新的机遇与使命。 9月13日，第十六届房地产科学发展论坛"代建工作座谈会"在北京顺利召开。本次座谈会由中国房地产 业协会（以下简称"中国房协"）主办，中国房协代建分会、绿城管理控股有限公司（以下简称"绿城管 理"）共同承办。 在会上，中国房协代建分会会长、绿城中国执行董事兼执行总裁、绿城管理董事会联席主席耿忠强先生 分享了《新模式、新机遇、新生态——代建稳健发展与未来生态》的主题演讲。 "对代建企业而言，新的机遇也意味着责任的进阶与角色的深化。"耿忠强强调，过去代建主要扮演开发 端的专业服务商，如今则需要服务于更宏观的历史命题，成为社会问题的解决者。 在谈及代建行业现状时，耿忠强表示，经历2023年的爆发式扩张后，2024年至今行业呈现头部集中、尾 部出清的趋势。头部企业更加注重风险管控和盈利能力，"宁拒百单、不 ...

Core Viewpoint - Xinda Real Estate has been facing continuous performance decline, with a significant net loss of 3.69 billion yuan in the first half of this year, highlighting the challenges in the real estate sector and the company's struggle to adapt to market changes [1][8][9]. Company Overview - Xinda Real Estate, a capital operation platform under China Cinda, focuses on real estate development, including construction agency, property management, and commercial operations [2][8]. - The company experienced a peak period from 2015 to 2017, acquiring multiple land parcels in major cities like Shanghai, Guangzhou, and Shenzhen, but has since faced a downturn as the industry entered an adjustment phase [2][8]. Management Changes - The company has seen multiple changes in its leadership, with Guo Wei and Zong Weiguo, both from Vanke, being appointed to key positions but failing to deliver significant results [6][7]. - In August 2024, a major management reshuffle occurred, with Guo Wei resigning as general manager and Shi Aimin stepping down as chairman, leading to the appointment of Deng Lixin as the new chairman [7][8]. Financial Performance - Xinda Real Estate's financial reports indicate a continuous decline in profitability, with revenue dropping to below 10 billion yuan in 2024 and a 29.78% year-on-year decrease in revenue to 1.778 billion yuan in the first half of 2025 [8][9]. - The company reported a net loss of 3.69 billion yuan in the first half of 2025, a stark contrast to a profit of 106 million yuan in the same period of 2024, attributed to reduced project delivery and increased asset impairment provisions [8][9]. Market Conditions - The overall real estate market in China is still in a bottoming process, with new residential sales area declining by 3.7% and sales revenue down by 5.2% in the first half of 2025 [9]. - The competitive landscape for real estate companies has intensified, with the top 100 firms experiencing an 11.8% drop in sales revenue in the same period [9]. Construction Agency Business - Xinda Real Estate's construction agency business has become increasingly important, with 5.83 million square meters sold through agency projects in the first half of 2025 [10]. - The company has focused on acquiring new projects, with all new projects in the first half of 2025 being construction agency projects, indicating a strategic shift towards this model [10]. Industry Trends - The construction agency model is gaining traction as companies seek to reduce risk and capital requirements, with a reported 17.6% increase in new planned construction area for typical agency firms in the first half of 2025 [11]. - The industry is moving towards a phase of stabilization and restructuring, with increased competition and challenges in acquiring new projects [12].