Core Viewpoint - The delivery of residential properties remains a crucial task for the real estate market in 2025, with a notable decline in delivery volumes compared to the previous year, indicating a shift in focus for companies from "guaranteeing delivery" to seeking development opportunities [1][9]. Delivery Performance - In the first half of 2025, 55 real estate companies delivered over 500,000 units, with 15 companies delivering more than 10,000 units each [1]. - Major companies like Greenland Group, Sunac China, and Jianye Group saw delivery declines exceeding 50% compared to the same period last year [1]. - The top three companies in terms of delivery volume were Country Garden (75,000 units), Poly Developments (65,000 units), and China Overseas Property (42,155 units), with the top ten companies accounting for 56.46% of total deliveries [2][1]. Industry Trends - The pressure to ensure delivery is easing as the peak delivery period has passed, allowing companies to shift their focus towards development and operational strategies [1][9]. - Companies like Country Garden and Sunac China are actively working on completing their delivery commitments while also restructuring their financing to align with current market conditions [3][4]. Innovations in Delivery - Some companies have begun implementing innovative delivery methods, such as "delivery and certificate issuance" on-site, enhancing customer experience and operational efficiency [10]. - The focus on improving delivery quality includes better communication with homeowners and offering personalized services during the delivery process [10]. Strategic Shifts - The industry is witnessing a strategic shift where companies are prioritizing product quality, operational efficiency, and asset management over mere scale [11][12]. - Companies are categorizing their strategies into three main types: product-focused, light-asset models, and asset operation, reflecting a more nuanced approach to market challenges [11].

Core Insights - The article emphasizes the importance of delivery capability in the real estate industry, particularly under the "Good House" policy, which aims to enhance housing quality and customer satisfaction [2][10] - Longfor Group's "New Heart Delivery" system has been highlighted as a significant innovation in property delivery, focusing on a comprehensive service standard throughout the entire lifecycle of a property [5][10] Group 1: Delivery Performance - Longfor Group delivered nearly 40,000 quality housing units across 36 cities in the first half of 2025, achieving an overall delivery satisfaction rate of over 90% [1][5] - The "New Heart Delivery" system includes three value dimensions: "New Residence," "New Community," and "New Life," aiming to provide a holistic service experience for homeowners [2][5] Group 2: Product Lines - The high-end product line "Yunhe Song" made its debut delivery, focusing on providing an exceptional living experience for urban elites, with projects like Suzhou Dongwu Yunhe Song showcasing luxury and modern design [7][8] - The "Yuhujing" product line continues to excel, with projects like Hefei Yuhujing demonstrating high-quality aesthetics and community engagement, further solidifying Longfor's reputation in the market [9][10] Group 3: Industry Implications - The article suggests that delivery is no longer the endpoint of the development process but rather the starting point for brand reputation and long-term value in the real estate sector [2][10] - Longfor's approach serves as a model for the industry, emphasizing the need for a customer-centric philosophy that translates into measurable and executable standards throughout the property lifecycle [10]

Core Viewpoint - The construction of "good houses" is accelerating in China, with the implementation of national standards and a shift in focus from large and expensive houses to quality and affordable housing solutions [3][4][5]. Group 1: Implementation of Standards - The national standard "Residential Project Specification" was fully implemented on May 1, marking the beginning of the "standardization" era for "good houses" [4]. - The Ministry of Housing and Urban-Rural Development emphasized that "good houses" should not be equated with "large houses" or "expensive houses," but should focus on quality design, materials, construction, and services to address living issues [4][9]. - The standards aim to enhance housing quality across various regions, sizes, and price points, ensuring that different types of "good houses" are available [4][9]. Group 2: Market Dynamics - The increase in land supply for "good houses" is evident, with cities like Beijing and Hangzhou actively promoting the sale of land designated for quality housing projects [6][7]. - In May, Beijing's land auction saw a focus on encouraging refined design and higher quality residential projects, reflecting a broader trend of extending "good house" standards to suburban areas [6][7]. - The demand for improved housing is expected to stimulate the real estate market, with policies supporting the construction of "good houses" likely to be further refined [5][9]. Group 3: Corporate Initiatives - Several major real estate companies, including Longfor Group, China Overseas Property, and COFCO Joy City, have committed to developing "good houses" to meet diverse housing needs [7][8]. - COFCO Joy City is establishing a "Good House Laboratory" to innovate and test products that align with user demands, focusing on health and smart living solutions [8][9]. - The industry is moving towards a closed-loop logic of "research - standards - implementation," which is crucial for the successful rollout of "good houses" [9].

Group 1 - The core viewpoint of the articles highlights Longfor Group's financial performance in 2024, showcasing a revenue of RMB 127.47 billion and a net profit attributable to shareholders of RMB 10.401 billion, with a core profit of RMB 6.97 billion after adjustments [1][2] - The operating and service business revenue reached RMB 26.71 billion, reflecting a year-on-year growth of 7.4%, with a gross profit margin of 16.0% [1] - The company achieved contract sales of RMB 101.1 billion, with over 90% of sales coming from first- and second-tier cities, and a collection rate exceeding 100% [1] Group 2 - Longfor Group has been focusing on high-tier cities, delivering approximately 100,000 quality housing units across 43 cities in the past year, achieving a customer satisfaction rate of 90% [2] - As of December 31, 2024, the company's total land reserves amounted to 33.12 million square meters, with an average cost of RMB 4,304 per square meter [2] - The land reserves are distributed across various regions, with the Bohai Rim, Western, Central China, Yangtze River Delta, and Southern regions accounting for 34.6%, 27.6%, 15.0%, 13.9%, and 8.9% of the total area, respectively [2]