在此之前，今年9月初，徐汇区C030301单元125-31地块（下称"125-31地块"）及徐汇区C030301单元 127b-24地块（下称"127b-24地块"）的开发权已由中国海外发展有限公司（00688.HK）（下称"中 海"）、招商局蛇口工业区控股股份有限公司（001979.SZ）（下称"招商"）、中旅（海南）投资发展有 限公司（下称"中旅投资"）等联合摘得。 截至目前，东安旧改项目三宗涉宅地块全部确定开发主体，这项总出让金额突破523亿元的"超级工 程"也已全面进入实质开发阶段。 其中，127b-23地块已于8月初开始动工，9月初公示项目设计方案。9月25日，《华夏时报》记者从招商 蛇口方面获悉，125-31地块及127b-24地块有望年内首开。记者实地走访看到，127b-24地块塔吊林立， 现已进入桩基施工阶段。另据招商蛇口上海公司副总经理张哲介绍，127b-24、125-31地块由招商蛇口 和中海地产共同操盘，目前项目营销中心及展示区已在筹备中，将于2025年10月底开放。 徐汇区C030301单元127b-24地块工地。 李贝贝/摄 本报记者 李贝贝 上海报道 9月25日，中华企业（6006 ...

Core Insights - The Shanghai Xuhui Dong'an project, the largest urban renewal project in Shanghai's history, has made significant progress with the acquisition of 100% equity and related debts of Shanghai Xin Feng An Enterprise Development Co., Ltd. for 2.987 billion yuan [1][11] - The project involves three core residential land parcels, with the 127b-23 parcel being acquired by a consortium led by China Enterprises and Chenjia Development, marking a notable entry of a private enterprise into a project primarily dominated by state-owned enterprises [1][3] Company Involvement - China Enterprises, through its subsidiary Shanghai Lanzuan Real Estate Co., Ltd., acquired 70% of the equity in Xin Feng An for 2.091 billion yuan, while Chenjia Development acquired 30% for 896 million yuan [1] - Chenjia Development, established in November 2020, is the only private enterprise involved in the Dong'an project, with a focus on real estate investment and development [4][5] - The company has previously demonstrated strong performance in its projects, including a recent successful launch in the Putuo District, indicating its capability in high-end product development [5] Project Details - The 127b-23 land parcel covers an area of 25,179.34 square meters with a floor area ratio of 2.63, allowing for a total construction area of 66,221.66 square meters [5] - The project will consist of five residential buildings ranging from 17 to 25 stories, totaling 206 units and providing 635 parking spaces, with a parking ratio exceeding 1:3 [6] - The anticipated pricing for the units is expected to place them among the top luxury properties in Shanghai, with total prices potentially exceeding 33 million yuan and average unit prices over 60 million yuan [6] Market Context - The Dong'an urban renewal project is part of a larger initiative involving seven land parcels, including three purely residential sites and various mixed-use, medical, and educational facilities [8] - The total transaction value for the three residential land parcels reached approximately 52.303 billion yuan, with the 125-31 parcel setting a record for the highest single land price in the country [10] - The completion of the 127b-23 parcel's development marks a significant step in the overall project, which is expected to conclude its expropriation work by October 2024 [7][11]

Core Viewpoint - The recent clarification from "CITIC City Investment South China" regarding the Shenzhen old renovation project "Green Scene Baishizhou" has brought attention to the project's ongoing challenges despite denying rumors of a significant investment by CITIC City Investment [2][5][14]. Group 1: Project Overview - The Green Scene Baishizhou project has a total planned construction area of 3.58 million square meters and an estimated value of approximately 220 billion yuan [5]. - As of September 11, 2023, the first phase of the project, Green Scene Baishizhou Jingting, consists of 6 buildings, including 3 residential and 2 apartment towers, with a total of 2,746 units [8]. - The first phase is nearing completion, with expected handover by the end of this year, while the second phase has been cleared for construction, and the third and fourth phases are still pending significant development [11][12]. Group 2: Financial Dynamics - Vanke previously invested 2.3 billion yuan for an 8% stake in the project, with specific terms regarding profit distribution and exit rights, reflecting the precarious financial situation of Green Scene Group [11][12]. - Green Scene Group's financial health is under scrutiny, with reported current liabilities of 60.57 billion yuan and cash reserves of only 342.5 million yuan, indicating potential liquidity issues [12]. Group 3: Market Speculation and Future Prospects - The market is speculating on potential partnerships, with analysts suggesting that large state-owned enterprises may be more likely to take over the project due to their lower capital costs and expertise in navigating complex governmental relationships [17]. - The project is positioned in a prime location in Nanshan District, which could attract significant interest from investors if the development progresses [15][17]. - Recent government policies aimed at promoting urban renewal may provide some support for the project, although the timeline for recovery remains uncertain [19][20].

Group 1 - The new residential project, New World Xiangmi Seasons, is generating significant market interest due to its limited supply in the core area of Futian, with over 3,800 customer appointments for viewings despite only a few hundred units available for sale [2][6][9] - The project has a complex history, having undergone a 15-year urban renewal process from its original form as Huatai Community, which was recognized for redevelopment in 2005 and officially started in 2013 [4][6] - New World Group, the developer, has a strong background in urban renewal projects and has established a significant presence in the real estate market, with total assets exceeding 100 billion yuan and operations in key cities both domestically and internationally [6][9] Group 2 - The project is expected to have a high price point, with initial estimates suggesting prices for 105 square meter units could range from 13 million to 14 million yuan, translating to over 120,000 yuan per square meter [9][11] - Comparatively, the pricing may not offer a significant advantage over nearby properties, which have lower average prices, although the delivery standards differ, with New World Xiangmi Seasons offering only basic functional finishes [9][11] - The project has a high plot ratio of 7.6, which raises concerns about living density compared to other recent developments in Shenzhen, where the average plot ratio is around 3.1 [11][13] Group 3 - The project includes a mix of residential, hotel, and public housing units, which may dilute the luxury appeal and affect the living experience, potentially limiting future price appreciation [13][20] - Despite some doubts about its location being marketed as part of the "Xiangmi Lake" luxury area, the project does benefit from strong transportation and commercial amenities, including proximity to major shopping centers and schools [18][20] - The project is set for delivery in 2027, raising concerns about potential delays and the developer's financial stability, which could impact the quality of construction and delivery timelines [20]

Core Viewpoint - The recent planning announcement of the Dahuazhong An Danning project marks a significant shift for Dahuazhong Group, which has primarily focused on urban renewal projects, as it ventures into high-end residential development with a projected selling price of over 140,000 yuan per square meter [1][4][5]. Company Overview - Dahuazhong Group has established itself as a major player in urban renewal, focusing on the transformation of old neighborhoods and large-scale community development, positioning itself as one of the largest urban renewal operators [1][5]. - The company has seen a decline in sales volume, with a projected total sales of 15.5 billion yuan in 2024, down from a peak of 50 billion yuan in 2020 [1][3]. Project Details - The Danning project will consist of one 24-story high-rise and three 5-6 story stacked residential buildings, totaling 175 units, with a high-rise residential area complemented by commercial and supporting facilities [1][3]. - Dahuazhong won the Danning diamond land plot for 2.486 billion yuan, with a premium rate of 32.31%, setting a record for land prices in the Danning area at 92,659 yuan per square meter [3][4]. Market Context - The Danning area is characterized by a scarcity of new housing, with recent land transactions indicating strong demand for high-end products, as seen with the recent acquisition by China State Construction [2][4]. - The area has a history of high property values, with previous projects achieving prices as high as 180,000 yuan per square meter during peak periods [4]. Strategic Challenges and Opportunities - The Danning project represents both a challenge and an opportunity for Dahuazhong, as it seeks to diversify its product line and enhance its market perception amid a competitive landscape [5][6]. - The company has been expanding its footprint beyond Shanghai, entering markets in cities like Guangzhou and Beijing, but faces challenges in maintaining its competitive edge as its traditional advantages diminish [6][11]. Financial Performance - Dahuazhong's gross profit margin has been declining, with a reported margin of approximately 20% in 2023, down from previous years where it was above 56% [9][10]. - The company's strategy of "overall development + bidding" has been a key driver of its business model, allowing it to maintain a relatively high gross margin despite rising land costs [7][9].