城市与区域治理研究院 苏志勇/文 最近参加了中国房地产报"寻找中国好房子·走进四川自贡"主题调研活动，其间与当地规划设计机构和开发商进行了一场座谈，交流过程中开发商代表抛 出了一个尖锐的问题：目前房地产市场深度调整，房价大幅下滑，而"好房子"标准提升，意味着无论是设计建造还是材料成本都在增加，如何破解刚性成 本与品质提升之间的矛盾？ 一边是房价下行压力，一边是品质提升带来的成本压力，好房子"新规之下，如何做到成本与品质的平衡？这确实是一个非常现实的深层次问题，不仅涉 及了企业从拿地、规划、设计、建造到运维等各个环节，也触及了政策、标准规范等制度层面的变革。 一、新规之下开发成本之变 从房地产开发成本构成看，大致包括土地成本、建安成本、基础设施配套、财务成本以及税费等，其中土地成本和建安成本是开发成本的"大头"，土地成 本占到总成本的30~50%；建安成本占总成本的30%~40%。其他成本如基础设施配套费用，通常指项目红线内为满足入住需求而建设的各种非营利性公共 设施费用，比如小区内道路、园林绿化、市政管线接入以及安防系统、垃圾站等设施，约占总成本的15%；财务成本及税费等占15%左右。 从成本结构看，不同城市 ...

Core Viewpoint - The real estate industry is currently stabilizing after a deep adjustment period, with a focus on product quality and customer satisfaction becoming central to market competition [1][4][14]. Group 1: Company Performance - Yuexiu Properties achieved a revenue of 47.57 billion yuan in the first half of 2025, marking a year-on-year increase of 34.6%, and has maintained steady growth for seven consecutive years [1]. - The core net profit was 1.52 billion yuan, with a net profit attributable to shareholders of 1.37 billion yuan [1]. - Contract sales reached 61.5 billion yuan, up 11% year-on-year, outperforming the average of top 100 real estate companies, ranking 8th in the industry according to CRIC [1][5]. Group 2: Sales and Market Strategy - Yuexiu Properties is one of only three companies in the top 10 to achieve positive sales growth, with a 255.1% increase in contract sales in Beijing [5]. - The company focuses on first-tier and strong second-tier cities, with 80.5% of sales coming from these areas, totaling 49.5 billion yuan [5][6]. - The company has a total land reserve of 20.43 million square meters, with 94% located in first-tier and strong second-tier cities [6]. Group 3: Product and Delivery Strategy - The company emphasizes a "small plot, fast turnover" strategy, creating a closed loop of "precise investment - rapid sales - cash recovery" [8]. - Yuexiu Properties has introduced the "4X4 good product concept," focusing on quality, warmth, intelligence, and growth to meet evolving customer needs [10]. - The company has implemented a "96431" delivery management system to enhance the delivery experience and ensure high-quality products [16]. Group 4: Market Recognition and Future Outlook - Fitch Ratings maintained Yuexiu Properties' long-term issuer rating at "BBB-" with a stable outlook, while S&P also assigned an investment-grade rating, indicating strong market competitiveness [9]. - The company plans to deliver over 9,200 residential units across 19 projects in 2025, continuing its commitment to high-quality delivery [17].