Core Viewpoint - Local state-owned enterprises are actively selling properties to alleviate liquidity pressure and optimize asset structures amid a declining real estate market [6][13][14] Group 1: Property Sales by Tianheng Group - Tianheng Group is selling a 62-square-meter residential property in Haidian District, Beijing, with a starting price of approximately 5.32 million yuan, equating to 85,000 yuan per square meter [3] - The group has listed 111 properties for sale on the Beijing Property Exchange, with total starting prices exceeding 330 million yuan, indicating a strategic shift towards urban renewal projects [6][7] - The properties being sold include both surplus housing from development projects and previously rented properties, all currently vacant [7] Group 2: Market Context and Trends - The majority of the properties listed by Tianheng Group are smaller units, with 106 out of 111 being under 90 square meters, reflecting a trend towards more affordable housing options [7] - Other local state-owned enterprises, such as Shaoxing Binhai New Area Holding Group, are also selling properties, indicating a broader trend of asset liquidation across various regions [8][10] - The pricing strategy shows that some properties are listed above market rates, suggesting a potential misalignment with current market conditions [7] Group 3: Financial Implications - The sales are primarily aimed at generating cash flow to meet rising debt obligations and support infrastructure and public welfare projects, as local governments face increased financial pressures [13][14] - The properties being sold often include older, low-yield assets that have become burdensome due to high holding costs, prompting a need for divestment [13][14] - Experts suggest that the current market conditions provide an opportunity for local state-owned enterprises to "swap old for new" by reallocating funds into more profitable ventures [13][14]