Core Viewpoint - The planning adjustment for the Taihua Wutong Linju project in Bao'an District, Shenzhen, is significant as it removes the "7090" policy restriction, allowing for a substantial increase in the proportion of larger units, aligning with the current market demand for improved housing options [2][4][3] Group 1: Project Overview - Taihua Wutong Linju is one of the largest unsold properties in Bao'an Center, with a development history spanning over 22 years [1][5] - The project was initially contracted in January 2003, with a land use period of 70 years, but has faced multiple delays and challenges in obtaining necessary permits [6][7] Group 2: Planning Changes - The recent public notice indicates the removal of the requirement that at least 70% of the total building area and units must be under 90 square meters, which is expected to lead to a significant increase in larger unit offerings [4][2] - The total planned units for the project are 4,482, with 3,538 units previously designated as under 90 square meters [4] Group 3: Market Implications - Analysts believe that the cancellation of the "7090" restriction will allow developers to cater to the current market trend favoring larger, improved housing, potentially increasing the project's overall value and profit margins [4] - The project has been under scrutiny for its lengthy development timeline, with many similar projects in the area already completed and sold [7] Group 4: Regulatory Context - The planning adjustment process allows for changes to be made before project completion, raising questions about compliance and potential penalties for delays [9] - Shenzhen's regulatory framework has been tightening regarding land development timelines, with penalties for delays potentially impacting developers [9]

Core Viewpoint - The Nancheng Duhui project, once backed by Li Ka-shing, has faced significant challenges, including over 5,000 unsold residential units and substantial tax debts totaling nearly 28 billion yuan, leading to a complex situation involving multiple stakeholders [1][4][10]. Group 1: Project Background - The Nancheng Duhui project was initiated by Cheung Kong Holdings in 2004, with an investment of 2.135 billion yuan and a floor price of 1,030 yuan per square meter [2]. - The project has undergone multiple ownership changes since July 2020, involving Cheung Kong, Yuzhou Group, and Chengdu Ruizhuo, creating a complicated relationship among the parties [1][2]. Group 2: Financial Issues - Shunhong Real Estate has accumulated tax debts exceeding 28 billion yuan, including over 19 billion yuan in land value-added tax and additional penalties for late payments [4][5][6]. - The company also owes approximately 1 to 2 billion yuan for infrastructure construction costs that the Chengdu High-tech Zone has already advanced [7]. Group 3: Operational Challenges - The project has been effectively stalled due to various factors, including the pandemic, legal disputes, and asset seizures, leading to a suspension of operations from April 1 to June 30, 2025 [3][10]. - Shunhong Real Estate has been involved in numerous legal cases, with 467 cases recorded, of which 348 are as defendants, totaling 3.816 billion yuan in claims [11]. Group 4: Stakeholder Conflicts - The relationship between Yuzhou Group and Chengdu Ruizhuo deteriorated, leading to accusations of financial misconduct, including the illegal seizure of company funds and documents [10][11]. - The ongoing disputes among Cheung Kong, Yuzhou Group, and Chengdu Ruizhuo have created a "three-country kill" scenario, complicating the resolution of the project's financial and operational issues [12].