Core Viewpoint - The transformation of "professional capability monetization" is replacing "capital scale expansion" as the core driving force for the reconstruction of value in real estate companies [2]. Group 1: Market Dynamics - The construction agency sector is experiencing a resurgence, with the top 20 companies signing contracts for an additional 10,983 million square meters in the first half of 2025, representing a year-on-year increase of 28% [2]. - The number of construction agency projects awarded in the first half of 2025 reached 260, an 8% increase year-on-year, although the growth rate has slowed compared to previous years [4][5]. - In the second quarter of 2025, the number of awarded projects was 147, with quarter-on-quarter and year-on-year growth rates of 30% and 20%, respectively, indicating a recovery in project awards [5]. Group 2: Client Composition - Government and state-owned enterprises dominate the construction agency market, with 88% of awarded projects in the first seven months of 2025 coming from state-owned clients, despite a 9 percentage point decrease from 2024 [8]. - Green City Management led in the number of awarded projects, surpassing 20, while other private enterprises like Longfor and Xuhui also increased their project counts significantly [8]. Group 3: Regional Distribution - The distribution of awarded projects shows that third and fourth-tier cities account for nearly 51% of the total, while first-tier cities remain the least represented at 11% [11]. - The Yangtze River Delta region continues to be the leading area for awarded projects, accounting for 49% of the total, although this is a decrease of 6 percentage points from 2024 [11].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The top 20 construction management companies in China signed a total of 10,983 million square meters in new contracts in the first half of 2025, representing a year-on-year increase of 28% [7] - The top five companies accounted for nearly 50% of the new signed area, indicating a high concentration in the market [8] - The focus on second-tier cities has become a consensus among rapidly growing companies, with significant proportions of new contracts being signed in these areas [12] Summary by Sections Ranking of Construction Management Companies - The top five companies by newly signed construction area are: 1. Greentown Management: 1,989 million square meters 2. Xuhui Construction Management: 876 million square meters 3. Run Di Management: 865 million square meters 4. Longfor Longzhizao: 852 million square meters 5. Blue City Group: 826.2 million square meters [1] New Expansion Growth - Five companies exceeded 800 million square meters in new signed area, with Greentown Management leading the list [7] - The distribution of new signed areas among the top 20 companies shows a symmetrical pattern, with 11 companies in the 300-800 million square meter range [8] Brand Communication and Product Development - Leading companies are enhancing their brand communication through various media channels, focusing on product quality and market presence [15] - Greentown Management has launched two product lines, emphasizing high-end living and cultural identity [15][16] - Companies like Xuhui Construction Management are investing in marketing training to enhance their market strategies [17]

6月，由远洋建管代建的石家庄远洋观山首开热销，创下区域文旅项目销售新纪录。 从卖点缺失、价值洼地到远洋文旅资源导入、第四代住宅落地，远洋建管以"项目医生"般的精准把 脉，助力项目诊断、价值发掘、焕发新生，显著提升了产品力，在同质化竞争中实现破局突围，填补市 场空白。 精准诊断：为价值洼地找到突破口 2024年初，远洋建管团队入场时面临严峻挑战：地块虽依山傍水，自然禀赋优异，但初始规划缺乏 差异化卖点。远洋建管团队通过市场调研和客户访谈，快速诊断出核心问题——文旅配套"高度缺失"。 吸引力不足：项目地处石家庄西部生态区，却未能充分利用周边自然资源，业主活动区域仅为自然 山景风貌和农家院形态，缺乏山居别墅生活氛围，导致客户兴趣低迷。 价值感薄弱：对比竞品，项目缺乏"可体验性"配套，未能形成即时价值感知，客户体验感缺失。 远洋建管诊断结论：打造深度、可感应的文旅体验场景，提升产品竞争力，是激活项目、填补价值 洼地的破局关键。 解决方案一：文旅配套升级，六大场景焕活山居魅力 远洋建管将多年积累的"文旅管理标准+生活方式输出"经验导入观山项目， 采取"快迭代、高体 验"解决方案，全力推进六大配套建设，在新产品首开前完成 ...

致远洋集团及远星公司: ......... 商棋! M O U N T A I N .. M A N S I O N 三言 雅山璟庐 近日，由远洋建管代建代销的乌鲁木齐雅山璟庐200余套房屋如期交付。14个月时间里，远洋建管充分 发挥专业能力，推动项目重启、实现首开热销并跻身全市TOP10，并最终完成高品质交付，不仅赢得市 场口碑，也收获了委托方的高度肯定与表扬。 值此乌鲁木齐雅山璟庐项目圆满交付之际,我谨代表雅山璟庐项目向 贵司及奋战一线的代建代销团队致以最诚挚的感谢和最热烈的祝贺! 雅山璟庐项目始于2018年,历经疫情停工等重重考验。2024年5月我 司接手项目后,贵司乌鲁木齐团队对项目的初心和专业德力打动了我,并 将代建代销重任交给了贵司。从2024年6月雅山璟庐项目重启,我们双方 秉持对项目的坚持坚守信念,同项目一起涅槃重生。 面对时间紧、任务重的挑战,代建团队以高度的专业素养和卓越的执 行力,仅用14个月便实现了项目的高品质交付。交付现场氛围浓厚,仪式 威十足,业主们脸上洋溢着愉快的笑容,让我也满心欢喜,双方的共同努 力,最终为业主呈现了一座"看得见"的品质人居,赢得了市场与口碑的 双重认可。 14 ...

上半年，代建行业有新动向。 作为地方土地市场重要拿地主体的城投公司，拿地占比明显下降，上半年占比45%，较去年同期降5个百分点。而城投拿地是代建企业深度挖掘的增量"窗 口"和主要利润贡献点，随着城投拿地占比减少，城投代建的业务竞争愈发激烈。 值得注意的是，2025年上半年，多家代建企业通过战略签约方式深化代建业务布局，合作内容呈现出多元化。 据不完全统计，上半年有7家代建企业与不同的委托方就不同业务类型进行了合作，并有表现出全国化布局的趋势，上述7家代建企业合作项目遍布淄博、 北京、绍兴、佛山、重庆、武汉等地。 好消息是，政府代建制政策持续落地，上半年14个省市出台代建管理办法，积极鼓励政府项目实行代建制。不过，代建企业仍面临一项挑战，即现房政策 若落地将加速企业"洗牌"。 第二，强化绿色建造与技术升级。典型如内蒙古自治区政府投资项目明确提出，提倡代建项目采用先进技术、先进设备、先进工艺、新型建筑材料、智能 建造和现代管理方式，全面落实绿色建筑和绿色建材相关要求，以提高设计、建造及运维管理的科学化水平，实现节约工程投资、合理缩短工期、管理精 细化的目标，推进建筑信息化、工业化、绿色化发展。 14省市出台代建管 ...

Core Viewpoint - GDI Management has successfully completed its first construction project in Guangzhou, the Xinhua Insurance Building, after a five-year process, marking a significant milestone in its operations in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2]. Project Overview - The Xinhua Insurance Building, located in the Tianhe International Financial City, has a total investment of approximately 3 billion yuan and serves as a landmark mixed-use complex [1]. - The building stands at 180 meters tall, with a total construction area exceeding 130,000 square meters, including 110,000 square meters above ground and 28,500 square meters underground [1]. - The project faced delays due to the COVID-19 pandemic, with construction initially expected to be completed by the end of 2022 but ultimately finishing in 2025 [2]. Construction Management - GDI Management subcontracted the construction to China State Construction Engineering Corporation with a contract value of 1.114 billion yuan, showcasing its strategy of providing comprehensive management services while selecting suitable construction partners [3]. - The project utilized innovative construction methods, such as external tower cranes, which reduced unnecessary processes and lowered costs by 24.8% [3]. Expansion and Future Projects - Following the success of the Xinhua Insurance Building, GDI Management has secured additional projects in Guangzhou, including a second commercial project with an investment of approximately 1.8 billion yuan [4]. - The company has also won a third project, the Guangdong Geographic Technology Innovation Center, which aims to create a comprehensive building for research and academic exchange [5][6]. Market Dynamics - The construction management sector has seen increased competition, with over 100 companies entering the field, leading to a more challenging market environment [7]. - GDI Management is adapting by expanding its service offerings, including financing consulting and operational management, to create additional value for clients [7].

Group 1: Industry Policy - The government continues to promote the reform of the government investment project construction agency system, with 14 provinces and cities issuing or revising management measures in the first half of 2025 to enhance project management professionalism and investment efficiency [1][8] - The management measures emphasize that the construction agency is responsible for project organization, investment control, quality, and schedule, with projects handed over to the user unit upon completion [8][9] - The new management trends include refined management, enhanced green construction and technology upgrades, and improved incentive and penalty mechanisms [9] Group 2: Land Acquisition by Urban Investment Companies - In the first half of 2025, urban investment and platform companies acquired over 22 million square meters of land, accounting for 45% of the total, which is a slight increase of 4% compared to the same period in 2024, but a decrease of 5 percentage points year-on-year [2][12] - The second quarter saw a decline in land acquisition share to 41%, down 8.7 percentage points from the first quarter and 14.4 percentage points from the same period in 2024 [12] Group 3: Corporate Insights - Several construction agency companies deepened their business layout through strategic partnerships, with 7 companies collaborating with various clients across multiple regions, indicating a trend towards national expansion [3][14] - The partnerships focus on government-enterprise cooperation, cross-industry integration, and emphasize smart and ecological construction [14][15] - The collaboration types include government partnerships, state-owned enterprise resource integration, and private enterprise cross-industry alliances, enhancing competitive advantages and project acquisition capabilities [15][16][17] Group 4: Key Projects - The Dragon Lake Longzhi project in Chengdu was delivered 40 days ahead of schedule, showcasing effective project management and cost control [20][21] - The project involved significant upgrades and marketing strategies, resulting in high sales performance and customer satisfaction [21][25] - The first half of 2025 saw 260 construction agency projects awarded, an 8% increase year-on-year, with a notable rise in the second quarter [4][25]

Company Insights - CIFI Construction Management has established a presence in over 80 cities [1] - Greentown Management expanded its new entrusted construction projects with a management fee of 5 billion RMB in the first half of the year [1] - Ningxia Zhongfang Construction Management has entered Xining for the first time, signing a high-end residential project on Hailake Road [1] Project Highlights - Happiness Anji has delivered the Shenyang Sujiatun relief project with a total area of 720,000 square meters, where state-owned/government projects account for 51% and re-entrusted projects account for 25% [1] - The company reported a nearly 60% increase in cash collection, a 160% surge in sales, and a simultaneous improvement in profit margins [1] - A project in Suzhou's Wuzhong District aims to transform an old commercial building into a low-density mountain residence, covering an area of approximately 54,000 square meters [2] - A project in Dalian's Jinpu New District will develop high-quality residential products in a prime location, with a total construction area of about 85,000 square meters [2] Financial Performance - Greentown Management's newly expanded entrusted construction projects have a total contracted building area of 19.89 million square meters, representing a year-on-year growth of approximately 13.9% [3] - The estimated management fee for these new projects is 5 billion RMB [3] - The total contracted sales area for the non-self-invested properties managed under the "He Sheng" brand is approximately 41,231 square meters, with a contracted sales amount of about 3.736 billion RMB [3] Typical Projects - A project in Taizhou's Luqiao District has a total volume of 184,195 cubic meters, with a winning bid amount of 806 million RMB [6] - A housing project in Qingtian County has a total volume of 295,126 cubic meters, with a winning bid amount of 984 million RMB [6]

Core Insights - The real estate construction management business is becoming a crucial avenue for many real estate companies to transition towards a light asset model amid the industry's deep adjustment period [1] - The construction management market is experiencing steady growth, with a notable "Matthew Effect" where leading companies are gaining more market share [2][5] Market Growth - In the first half of this year, the top 20 construction management companies added a total of approximately 10,983 million square meters in signed construction area, representing a year-on-year growth of 28%, which is the highest in the past three years [2][5] - The number of companies in the top 20 that signed over 3 million square meters has significantly increased compared to the same period last year, indicating a trend where the strong continue to get stronger [5] Company Performance - Among the top five companies in terms of added signed construction area, Greentown Management led with 1,989 million square meters, accounting for about 37% of the total for the top five, although its year-on-year growth was only 14% due to a high base [6] - Xuhui Construction Management and Blue City Group reported year-on-year growth rates of 20% and 23%, respectively, with Xuhui leveraging a dual strategy of "government construction + urban renewal" [6] Competitive Landscape - The construction management fee rates have been declining, currently averaging below 3%, down from the earlier range of 5% to 6% [1][11] - A significant 77.7% of construction management projects have fee rates between 1% and 3%, with 42.7% falling between 1% and 2% [11] Future Trends - The demand for construction management in areas such as affordable housing and urban village renovations is expected to exceed 500 million square meters over the next three years, becoming a primary focus for leading companies [9] - Companies are increasingly competing on product quality, with innovative projects integrating local cultural elements and high-end features [10] Strategic Directions - Companies are exploring new directions such as revitalizing non-performing assets and deepening their presence in niche markets to enhance their competitive edge [12][13] - The industry is transitioning from rapid growth to a phase of refined operations, with a shift in client selection criteria from "scale first" to "value co-creation" [13]

Core Viewpoint - Recently, the company won the bid for the Jinan Hotel site urban renewal project, providing comprehensive management and sales services for the client [1] Group 1: Project Overview - The project is located in the Shizhong District, covering an area of 41 acres with a total construction area of 87,000 square meters, originally an old commercial building [3] - The plan includes the construction of a hotel, commercial spaces, offices, and high-end residential apartments, focusing on high-end commercial development while preserving the old building [3][5] - The urban renewal project aims to blend historical memory with modern elements, creating a vibrant area that intertwines cultural experiences and consumer services [3][5] Group 2: Historical Significance - The Jinan Hotel, originally built in 1909 as the "Jinpu Railway Hotel," was the first Western-style luxury hotel in Jinan and played a significant role in foreign reception and railway operations [5] - The project adheres to a renovation strategy of "protection first, restore as old, build as old," aiming to preserve the original texture and spatial form of the traditional building while integrating unique commercial elements [5] Group 3: Industry Context and Company Strength - The Central Urban Work Conference emphasized that urban renewal will be a key focus for current and future urban work [7] - The company has over 25 years of experience in urban renewal, known for respecting urban fabric and preserving historical context, which has made it a preferred partner for various government departments and collaborators [7] - The company has successfully developed over ten well-known projects in Jinan, demonstrating strong market performance and professional service capabilities, ranking 8th in the "New Contract Scale Ranking" and 11th in the "Government New Contract Scale Ranking" in the 2025 mid-year report by the China Index Academy [7]