Core Viewpoint - The opening pace of high-end real estate projects in Hangzhou has collectively slowed down, with developers taking longer from land acquisition to sales, reflecting a shift in market strategy and conditions [1][2][8]. Group 1: Project Timelines - The "Water Power New Village" project by Binjiang Group is expected to start sales in March 2026, indicating a one-year period from land acquisition to opening [1]. - Several high-end projects in Hangzhou, including the "Water Power New Village," have not yet opened despite being acquired in the first half of the year [5]. - The time from land acquisition to opening for various projects ranges from 165 days to 319 days, with most high-end projects anticipated to open next year [7]. Group 2: Market Conditions and Developer Strategies - Developers are investing more time in creating high-quality demonstration areas and innovative designs, which contributes to the extended timelines for project openings [8][10]. - The current market conditions, including a decline in prices and uncertainty about new pricing systems, lead developers to delay openings to choose more favorable market entry points [10][11]. - The high land acquisition costs for current projects, such as the "Water Power New Village" at 77,409 yuan per square meter, make it challenging to replicate the long development cycles of past projects [11]. Group 3: Historical Context - Historically, high-end residential projects in Hangzhou had longer development and sales cycles, with examples like the "Wulin No. 1" taking over a decade to complete [11]. - The current trend of delayed openings contrasts with the rapid sales seen in previous years, indicating a strategic shift in response to market pressures [11].