项目师法台北嘉佩乐酒店的艺术灵感，同时融入昌平千年文化底蕴，在隐逸与繁华间找到平衡。其核心在于：以约2.0的低密容积率，实现别墅级的造园理 念、社区配套与空间尺度，让"奢宅"不再是少数人的特权。 此外，园林以"两轴一芯"十字中庭铺陈游园场景，近900平方米下沉庭院、墅级植被布局；步行归家穿越8000平方米口袋公园，风雨连廊串联园林、地下会 所与地库，优雅归家；五星级双入户大堂、专属车马厅、定制星级地库，平衡仪式感与私密性；西侧规划10万平方米体育公园，形成"内外双绿环"；3300平 方米地上地下双会所，与风雨游廊相连，衔接归家动线，使得豪宅标配的"酒店式生活"真正下沉至改善社区的日常，实现了从私人居所到完整生活场的革命 性跨越。 户型全系层高3米、全明通透、高得房率，实现"同面积多一房"，如78平方米三居、96平方米三居、112平方米四居、139平方米四居，均有精准设计。龙湖 恩祥·凌雲颂的终极意义，在于它证明了"好房子"不是奢侈品，而是生活必需品。 龙湖龙智造此次联合恩祥集团打造凌雲颂，是龙湖龙智造代建模式的一次精准落地—将顶级豪宅的研发能力下沉至昌平主城，让普通家庭以可控总价享 受"超配生活"。 在北京五 ...

中指研究院最新发布的数据显示，2025年前三季度，头部代建企业新签约面积稳步增长，但行业竞争也在加剧。伴随着城 市更新、保障房建设等新项目增多，代建企业正在寻找新的结构性机遇。 具体来看，中指研究院发布的《2025年1-9月中国房地产代建企业排行榜》显示，绿城管理控股有限公司以2790万平方米 的新签约规模位居榜首，继续保持明显领先。旭辉管理集团有限公司（以下简称"旭辉管理"）和北京润地建设管理有限公司 （以下简称"润地管理"）分别以1301万平方米和1290万平方米紧随其后，处于第一梯队。 上海易居房地产研究院副院长严跃进向《证券日报》记者表示，随着代建市场竞争加剧，企业正不断突破传统住宅代建的 边界，开始向政府代建项目、城市更新等领域延伸。头部企业也在结合自身资源和能力，强化差异化布局。只有在细分赛道形 成不可替代的专业优势，才能在新一轮竞争中突围。 本报记者 陈潇 中指研究院企业研究总监刘水对《证券日报》记者表示，随着代建竞争日趋激烈，一方面，代建企业借助集团上下游链条 资源优势，拓宽代建边界，以"代建+X"模式，增加项目获取机会；另一方面，部分代建企业前置介入代建流程，联动委托方获 取优质土储。同时， ...

Core Viewpoint - The construction agency model is emerging as a new opportunity and mission in the context of a deep adjustment in the real estate industry, helping to transform traditional high-cost models and supporting the industry's de-leveraging and return to housing's residential attributes [1][4]. Group 1: New Development Model - The construction agency model aligns with the new development model emphasized by central government policies, addressing significant changes in supply and demand in the real estate market and promoting stable and healthy market development [2]. - The real estate industry is undergoing three major changes: policy direction shifting from "de-leveraging" to "risk prevention," market demand transitioning from general growth to differentiation, and competition evolving from scale expansion to quality [2]. Group 2: Market Growth and Opportunities - The construction agency model has proven effective over more than 30 years, with companies like Iron Mountain achieving over 40% project returns with less than 5% capital investment [3]. - Over 20 provincial governments in China have introduced management measures for construction agency projects, with project numbers increasing by over 40% annually from 2021 to 2024, and a projected industry penetration rate of 12.5% by 2025 [3]. Group 3: Responsibilities and Industry Trends - New opportunities for the construction agency industry come with increased responsibilities, requiring companies to address broader social issues beyond just development services [4]. - The industry is experiencing a trend of concentration among leading firms, focusing on risk management and profitability, with a consensus on prioritizing quality over quantity [4][5]. Group 4: Future Outlook - The construction agency model is seen as a promising sector that meets market demands and aligns with policy directions, while also addressing social missions such as improving living conditions and urban renewal [5]. - The industry is working towards establishing unified standards and evaluation systems to promote sustainable development and orderly competition [5].

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].