融资渠道相对畅通，财务状况整体稳健。 【拿地销售比升至0.67，新增项目销售转化率达55%】 2025上半年绿城新增拿地建面355万平，同比增长172%，新增货值同比增长172%至907亿元。按 金额计权益拿地销售比从2024年的0.4提升至0.67，拿地力度明显加大。企业预计新增项目在2025年内的销售转化率为55%，可贡献销售约500亿元。截至 2025年中期，总土地储备2724万平，总可售货值4518亿元，一二线占比80%，整体土储安全边界较高。 【计提相关资产减值损失19.33亿元，净利率大幅下降】 2025上半年结转收入496.5亿元，同比减少22.1%；期末全口径已售未结资源1987亿元，其中 1030亿元预计于2025年结转确认，可保障短期营收规模的稳定。综合毛利率为13.4%，同比微升了0.3pct，但是净利率同比降低2.5pct至2.3%，归母净利 率也同比降低了2.5pct至0.4%，毛利率微升而净利率大幅下降，主要是因为其他收入同比大幅减少46%至9.3亿元，同时企业计提了相关资产减值损失 19.33亿元。 【融资渠道相对畅通，财务状况整体稳健】 2025上半年绿城累计发行77.11亿元 ...

Core Viewpoint - After facing a liquidity crisis, the company is actively seeking survival through its construction management business, which is seen as a key development direction to capitalize on the growing demand for asset disposal in the real estate sector [2][3]. Group 1: Company Financial Performance - The company has reported significant losses over the past few years, with a net loss of 159.3 billion yuan in 2022, marking its first loss since going public [6]. - In 2023, the losses expanded to 210.97 billion yuan, and in 2024, the loss attributable to shareholders reached 186.24 billion yuan, totaling over 550 billion yuan in cumulative losses over three years [6]. - As of December 31, 2024, the company's total debt amounted to 960.14 billion yuan, with 66% of this debt due within one year [7]. Group 2: Business Strategy and Market Position - The company has shifted its focus to construction management, with 33 new projects signed in the first half of 2025, covering an area of 5.62 million square meters, ranking eighth in the new contract scale among construction management firms [3]. - Approximately 70% of the company's construction management projects are residential, many of which are commissioned by financial institutions to revitalize distressed projects [3]. - The company is actively pursuing distressed asset projects in cities like Kunming, Chengdu, and Xi'an, viewing the distressed asset sector as a promising area for growth in the next two to three years [3]. Group 3: Industry Competition and Challenges - The construction management sector is becoming increasingly competitive, with a decline in the concentration of new contracts among leading firms as more companies enter the market [3]. - The management fee rates for construction projects have decreased, with 81.7% of projects having management fees between 1% and 3%, and 50.5% of projects falling between 1% and 2%, indicating a tightening profit margin for construction management firms [4]. - The leading construction management firm, Greentown Management, reported a decline in gross profit margin to 49.6% in 2024, down 2.6% from 2023, reflecting the industry's challenges [4]. Group 4: Debt Restructuring Efforts - The company has initiated a debt restructuring plan involving 7 company bonds and 3 interbank debts, totaling 18.05 billion yuan, with options including cash buybacks and asset swaps [8]. - The restructuring plan aims to cover over 60% of total debt through cash buybacks and asset swaps, with specific proposals for residential and commercial project revenues [8]. - The company has also reached an agreement on its offshore debt restructuring, converting approximately 6.315 billion USD of debt into new debt and convertible securities [9].

Core Insights - The construction agency business is becoming a crucial direction for real estate companies as they transition in a challenging market environment [1][2] - The competitive landscape in the construction agency sector is evolving, with a notable increase in new signed contracts and a shift towards professional capabilities over capital expansion [1][3] Group 1: Industry Trends - According to recent data from CRIC, the top 20 construction agency firms signed contracts for a total of 10,983 million square meters in the first half of 2025, representing a year-on-year increase of 28% [1] - The decline of land dividends and the failure of high-leverage models are prompting real estate firms to focus on "professional capability monetization" as a means to restructure their value chains [1] Group 2: Company Strategies - Ocean Group's construction agency brand, Ocean Construction Management, has emerged as a new player, expanding its area by 562 million square meters in the first half of this year, ranking eighth in the industry [1] - Ocean Group adopts a fully integrated development model for its construction agency business, emphasizing the importance of both heavy asset development and rapid expansion of agency services [2] Group 3: Competitive Landscape - The competitive landscape is characterized by a decrease in the concentration of new signed contracts among leading firms, with mid-tier and smaller firms accelerating project expansion [3] - Over 50% of construction agency projects have management fees ranging from 1% to 2%, with some reaching up to 3%, compared to previous highs of 5% [3] Group 4: Differentiation Strategies - Ocean Group is pursuing a differentiated competition strategy by diversifying its business and revitalizing non-performing assets, with urban renewal projects being a key focus [3][4] - The company has established deep cooperation with asset management companies (AMCs) to acquire distressed assets at discounted prices, enhancing value through professional management [4] Group 5: Future Development Paths - Ocean Group has identified three main paths for sustainable growth: establishing "bases" in selected cities, conducting "guerrilla warfare" to fill market gaps, and focusing on targeted project management [5][6] - The company aims to maintain steady growth in its construction agency business without setting unrealistic targets, emphasizing the importance of executing each project effectively [7]

作者 | 第一财经 孙梦凡 一个去化艰难的"滞销盘"，经房企代建盘活后，四个月便实现清盘。近日，远洋集团与媒体交流轻资产业务时，讲述了青岛一项目的代建案例。 2025.08. 12 本文字数：2608，阅读时长大约4分钟 远洋集团是一家老牌房企，目前正在推进债务重组工作。在这一"主线任务"之外，据管理层透露，代建业务已经成为公司重要的发力方向。上半 年，远洋建管新拓项目33个，签约面积562万平方米，行业排名第八。 不仅是远洋，目前无论是已出现资金危机、地产主业收缩的房企，还是稳健的央国企，都不约而同地将目光投向"轻资产"。其中，"代建"以其相 对清晰的盈利模式、庞大的潜在市场，已经成为房企的"兵家必争"之地。 过往高杠杆、高周转的"重资产"时代，房企拼的是资金实力、风险控制，如今转向"乙方"角色后，更重视专业能力、服务输出，最关键的是 要"凭本事吃饭"。转型之路上，远洋这家老牌房企的"解题"思路是什么？ "凭本事吃饭" "代建业务已经成为公司的重要发力方向。"近日，远洋集团副总裁赵建军对第一财经等媒体表示。 远洋集团成立于1993年，2007年在港交所主板上市。一如业内其他同行，这家有央企背景的房企，过往主 ...

8月6日，远洋集团副总裁赵建军在接受《每日经济新闻》记者采访时表示。 作为一个在远洋集团工作21年的"老兵"，赵建军对各条线业务均十分熟稔，他更愿意将代建业务视作公 司的一个新尝试，"先让它健康成长，不设定不切实际的目标，逐年增长即可"。 代建业务已成为重要发力方向 过去三年，房地产行业迎来深度调整。2023年底，远洋集团成立了自己的代建业务品牌远洋建管。 "代建业务就是凭本事吃饭。以前做重资产，很多时候受宏观因素影响，但代建不一样，自主性更强， 路径更清晰。只要团队专业扎实、方法得当，就能达成目标。" "以前做房地产，我们是甲方，作为开发商，主导性很强，重风险控制、重管理。现在做代建，要完全 转变角色，由甲方变成乙方，作为服务商，要学会服务好客户。"赵建军强调，远洋集团也是跟着行业 的整体发展脉络，结合自身实际情况逐步推进业务的。 "尽管作为受托方，决策权归属委托方，但我们始终秉持务实解决问题的原则。有些不具备开发条件的 项目，我们甚至会明确建议委托方审慎启动，而非为了追求规模目标盲目承接。这种基于专业判断的负 责态度，反而增强了合作方对我们的信任。"赵建军坦言，乙方角色挑战不小，但对团队的要求始终 是"以 ...

Group 1 - Central state-owned real estate companies are initiating the divestiture of their real estate development businesses, with recent examples including *ST Zhongdi and *ST Nanzhi, which are transferring related assets and liabilities to their parent companies [1][2] - The primary motivations for these divestitures are asset-liability structure optimization and strategic transformation, as the real estate development business has been under pressure, negatively impacting overall performance and increasing debt repayment pressures [1] - The shift towards light asset operations aims to focus on property services and asset management, which could help mitigate delisting risks, protect minority shareholder interests, and enhance operational efficiency [1][2] Group 2 - Other state-owned and large enterprises are also adopting similar divestiture strategies, such as Huayuan Real Estate, which has transferred its real estate development assets to its parent company to concentrate on construction and hotel operations [2] - The divestiture model poses challenges for listed companies, including potential asset and revenue shrinkage, especially for those without new asset injections, leading to uncertainties in establishing new growth points [2] - Companies must address new operational and management models as they transition from heavy to light asset structures, which includes nurturing new growth curves while shedding burdens [2]

Core Viewpoint - Rongsheng Development reported stable operations and a debt reduction strategy amid the real estate industry's adjustment, with a focus on enhancing operational quality and diversifying into non-property businesses [1][2][3] Financial Performance - In 2024, the company achieved a revenue of 38.009 billion yuan, aligning with industry averages and expectations [1] - The company’s debt scale continues to decline, and its debt structure is being optimized [1] Debt Restructuring Plan - The company plans to utilize two platforms, "Zhixiang" and "Zhiqi," to convert approximately 16 billion yuan of debt into equity, focusing on light asset operations in sectors like hotel management and commercial management [1][2] - The debt-to-equity swap mechanism provides creditors with equity appreciation potential while allowing the company to retain control over core assets [2] Strategic Transformation - The company is enhancing its light asset operational capabilities, particularly in hotel management and project management, with a dual focus on stable operations and sustainable development [2][3] - The project management segment has seen a 45% year-on-year increase in project value for 2024, while the hotel management segment is recovering to 90% of pre-pandemic revenue per available room (RevPAR) [2] Industry Context - The debt restructuring and light asset transformation of Rongsheng Development serve as a model for the industry, providing a new approach to debt restructuring through market-driven mechanisms [3] - The shift towards light asset operations aligns with the broader industry trend, as 38 out of the top 50 real estate companies are now engaged in light asset operations, with project management scale increasing by 470% over three years [3]

在很多大型民营房企还没有爆雷的 2022 年 ， 龙湖就敏锐感知到市场风向的转变，主动进行一系 列调整，主要表现在收缩开发业务 、 提升运营及服务业务占比 、 降杠杆并调整债务结构 。 可以说 ， 在看到冰山之前 ， 龙湖就已提前转弯 。 但即便如此 ， 龙湖依然感受到了巨大的寒意 ：过去两年间，龙湖集团交出的成绩单难言乐观， 营收 与净利连续下滑。基于 当前 较低的销售 规模， 预计未来几年的营收仍将处于下降通道 ，盈利 能力也依然会 受到房地产开发业务的拖 累。 此外 ， 今年龙湖依然还会面临大额的债务到期 ， 在龙湖管理层看来 ， 今年 是龙湖债务结构转 换的最后一年，也是最 为 关键的一年。 资料图。 龙湖"瘦身"两年：营收规模退至6年前 王琳 根据 Wind 数据，龙湖集团收入、净利已经连续两年 下降 ， 除 2024 年之外 ， 2023 年收入 同比 下降 27 . 8% ，净利 同比下 降 47 . 3% 。 与过去几年相比 ， 龙湖 2024 年 的 收入规模仅比 2018 年略高，净利规模仅比 2016 年略高。 龙湖集团 2024 年累计实现总合同销售面积 712.4 万平方米，同比 下 ...

Core Viewpoint - In 2024, Greentown's contract sales decreased, with a record high proportion of construction management sales, increased land acquisition equity, and a recovery in gross profit margin, indicating overall financial stability [2]. Group 1: Sales Performance - In 2024, Greentown achieved contract sales of 276.8 billion yuan, with a sales area of 14.09 million square meters, representing a year-on-year decrease of 8.1% and 8.9% respectively [3][7]. - The construction management business saw a smaller decline, with sales of 105 billion yuan, down 1.7%, contributing 37.9% to total sales, a historical high [3][7]. - The overall destocking rate improved from 60% to 62%, but still lags behind the disclosed 82% initial destocking rate, indicating ongoing pressure on inventory [3][7]. Group 2: Land Acquisition and Investment Strategy - In 2024, Greentown acquired 42 new land parcels, with a total area of 4.18 million square meters, down 25% year-on-year, and the new land value decreased by 23.6% to 108.8 billion yuan [4][12]. - The equity ratio of new projects increased by 5.4 percentage points to 80.5%, while the equity land sales ratio dropped from 0.47 to 0.4, reflecting a conservative investment strategy to maintain cash flow stability [4][12][15]. - The company focuses on high-quality projects, primarily in second-tier cities, and is exploring investment opportunities in strong third and fourth-tier cities [15]. Group 3: Financial Performance - Greentown's total revenue for 2024 was 158.55 billion yuan, a year-on-year increase of 20.7%, with recognized revenue of 147.02 billion yuan, up 21.9% [21]. - The comprehensive gross profit margin was 12.8%, a slight decrease of 0.2 percentage points, while the property sales gross profit margin increased by 0.4 percentage points to 11.7% [21]. - Net profit margin decreased by 2.5 percentage points to 2.6%, primarily due to losses from associated businesses and a provision for impairment losses of 4.9 billion yuan [21]. Group 4: Financial Stability - In 2024, Greentown issued 12.531 billion yuan in domestic bonds, with an average cost slightly rising to 3.88% [5][22]. - The bank loan scale reached 104.6 billion yuan, with interest-bearing liabilities increasing to 76.3%, indicating a shift towards lower-cost bank loans [5][22]. - The cash coverage ratio for short-term debt was 1.41 times, maintaining a relatively low short-term repayment pressure [24].