Core Viewpoint - China State Construction East (中建东孚) has been struggling to maintain its competitive edge within the China State Construction (中建系) group, facing challenges in land acquisition and project sales, particularly in its home market of Shanghai [1][2][4]. Group 1: Land Acquisition - The China State Construction group reported a contract sales amount of 260.5 billion yuan and a land reserve of 8,204,000 square meters as of Q3 2024, with a focus on first-tier cities [2]. - In the first half of 2024, the group acquired 117,400 square meters of land in Beijing, significantly more than the 39,900 square meters in Shanghai, indicating a shift in focus [4]. - China State Construction East's total land acquisition in 2024 was 5.9 billion yuan, lower than its peers, such as China State Construction Yipin at 21 billion yuan [5]. Group 2: Sales Performance - China State Construction East has faced significant challenges in project sales, with a notable drop in sales figures compared to its competitors [9][11]. - As of April 11, 2024, the company had sold only 461 out of 943 units across three projects in Shanghai, resulting in a low sales rate of approximately 50% [7][9]. - The sales figures for 2023 were 28.76 billion yuan, ranking 40th in the market, while in 2024, the sales amount dropped to 22.21 billion yuan, maintaining the same ranking [11]. Group 3: Market Challenges - The overall market conditions and internal product competitiveness are contributing factors to the sales difficulties faced by China State Construction East [12]. - Analysts suggest that the company needs to improve product offerings and pricing strategies to enhance sales performance [12]. - The competitive landscape in first-tier cities has intensified, with other subsidiaries of China State Construction outperforming China State Construction East in sales [4][10].