Core Viewpoint - A recent "whistleblower letter" has revealed disputes between two leading real estate companies, China State Construction and Guangzhou Yuexiu, regarding the pricing strategy for the Beijing Puyue project, indicating underlying tensions in their collaboration [2][4][10]. Group 1: Project Dispute - The whistleblower letter was sent by Beijing Xingding Real Estate Development Co., a subsidiary of China State Construction, to the Guangzhou State-owned Assets Supervision and Administration Commission, alleging that Yuexiu did not adhere to unified pricing rules and adjusted prices secretly, affecting sales of adjacent projects [4][7]. - The Puyue project is part of a larger collaboration where the two companies are developing adjacent plots, leading to competition and pricing discrepancies between the projects [5][6]. - As of mid-November, the average transaction price for Puyue was approximately 9.96 million yuan per square meter, while the adjacent project, Zijing Chen Garden, had an average price of about 9.85 million yuan per square meter, highlighting a price difference of around 1,100 yuan per square meter [7][10]. Group 2: Market Context - The real estate market in Beijing is currently experiencing intense competition, particularly in the luxury segment, with multiple high-end projects vying for buyer attention [10][11]. - The Puyue and Zijing Chen Garden projects are located in a prime area, with the latter being the only new residential land in the Chaoyang district in the past decade, making them highly sought after [10][11]. - Despite their prime locations, both projects face competition from other high-end developments in the area, which may affect their sales performance [10][11]. Group 3: Risks in Collaborative Development - The dispute underscores potential risks in collaborative real estate development, particularly when market conditions change, leading to disagreements over pricing and marketing strategies [11][12]. - The current model of joint development can lead to increased hidden liabilities and complex debt structures, which may become problematic in a declining market [11][12]. - There are inherent challenges in aligning the interests of different stakeholders, especially when one party holds operational control but has a minority stake [11][12].

楼市持续深度调整，房企合作开发模式暴露出潜在风险。 一封"举报信"的出现，暴露出两家头部房企的合作"嫌隙"。 近日，一封由北京兴鼎房地产开发有限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。 第一财经从接近双方企业人士处了解到，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。 在当前的新房市场，楼盘降价或房企打"价格战"，实际上较为常见，在豪宅扎堆的北京也是如此。但该 事件的特殊之处，是项目合作方之间产生了纠纷。当楼市持续调整，房企合作开发的模式正暴露出隐 患。 京城豪宅"联姻"插曲 一家深耕北京的地产央企，为何与广州国资房企出现定价纠纷？ 时间回到今年4月，"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）由中建智地负责营销、北地块（璞樾）由越秀负责营销和 物业。 从股权上看，两个项目实属"同宗同源"，且均是中建智地占比最高。在璞樾项目，中建智地、金茂、越 秀、朝阳城开分 ...