Core Insights - As the year-end approaches, real estate companies in Shanghai are making efforts to boost their annual performance [1] - The focus of the Shanghai real estate market has shifted to sales following the last land auction of the year on November 24 [2] - In November 2025, a total of 29 new projects were launched in Shanghai, with a transaction area of approximately 33.5 million square meters [3] Sales Performance - The top three projects in terms of sales volume were Lianqi Binjiang, Binjiang Yazhu, and Beilian C1, with Beilian C1 showing impressive sales figures [7] - Beilian C1, managed independently by Beike Group's Beihome, achieved significant sales in November, marking it as a standout performer in the fourth quarter [7] - Despite having the smallest land area of only 23 acres among the top ten new home sales in November, Beilian C1's success highlights the strong demand for high-quality housing in a market characterized by cautious sentiment [8] Market Trends - Industry experts note that the emphasis on high-quality residential construction is becoming a consensus in the market, with a focus on meeting diverse and high-quality living needs [8] - The end of the year is seen as a prime opportunity for promoting quality housing products, as pent-up demand from buyers is expected to be released [8]

Core Insights - In November 2025, Shanghai saw a total of 29 new property projects launched, with a transaction area of approximately 33.5 million square meters, reflecting a month-on-month decrease of about 15.5% [1] - The Beike Group's independent residential project, Beilian C1, achieved notable sales performance, ranking third in both sales area and number of units sold [1] - Beilian C1 was launched on October 31, 2025, after acquiring land on December 31, 2024, and its sales results were recorded in November, marking it as a "dark horse" in Shanghai's real estate market for Q4 2025 [1] Market Data - The sales data is based on monitoring from CRIC and public market data, focusing solely on residential projects in Shanghai [3] - The statistical period for the sales data is from November 1 to November 30, 2025 [3] - The sales metrics include only residential properties, excluding commercial, office, serviced apartments, affordable housing, and other non-residential sales [3]

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].