Core Viewpoint - China State Construction's real estate business has been expanding against the trend, with significant growth in land acquisition and project development in Beijing, despite increasing competition in the new housing market [2][8]. Group 1: Land Acquisition and Market Position - China State Construction's subsidiary, China State Construction First Engineering Bureau, saw its real estate business grow nearly 180% last year [2]. - In 2023, China State Construction's real estate platform, Zhongjian Zhidi, acquired land in Beijing worth 13.3 billion yuan, a year-on-year increase of over 50% [2]. - The recent acquisition of the Huangshanmu Store land in Chaoyang District for 12.6 billion yuan set a new record for total land price in Chaoyang [3][6]. Group 2: Project Development and Product Offering - The Huangshanmu Store project will feature residential units ranging from 140 to 300 square meters, with a focus on improving living conditions [5]. - Zhongjian Zhidi has four product series, with the "Chen" series being the top-tier offering [5]. - The project is strategically located near major commercial areas and parks, which may enhance its market appeal [4][9]. Group 3: Sales Performance and Market Challenges - In 2024, Zhongjian Zhidi's real estate business achieved revenue of 15.29 billion yuan, a year-on-year increase of 179.6%, accounting for 9% of total revenue [9]. - Despite the strong sales performance, the new housing market in Beijing remains under pressure, with significant price reductions observed in some projects [11][12]. - The company is currently evaluating its customer acquisition and sales strategies for upcoming projects amid fierce competition [7][12].