Core Viewpoint - The article highlights the rise of Fuzhou's municipal state-owned enterprises (SOEs) as new market engines amid the slowdown of large central and state-owned enterprises in Fuzhou's investment landscape [1][14]. Investment Focus - Fuzhou's municipal SOEs, unlike their counterparts in Xiamen, are concentrating on local stability and aggressive land acquisition, becoming key players in the land auction market [2][14]. - The land acquisition activity of major local SOEs such as Rongfa, Jianzhong, Zuohai, Gucuo, and Xinqu has significantly increased in recent years, making them crucial support for Fuzhou's land auction market [2][4]. Company Performance - Rongfa Real Estate has shifted its focus to pure commercial residential projects since 2021, becoming one of the most active developers in Fuzhou's land market from 2022 to 2024 [4]. - In 2024, Rongfa achieved a sales amount of 4.132 billion yuan, ranking third in Fuzhou's overall sales, with its key project, Jinshan Grand View, priced at an average of 40,300 yuan per square meter [5]. - Jianzhong Real Estate, also under Fuzhou Urban Investment Group, has been conservative in land acquisition from 2021 to 2023, focusing on public rental housing, but has actively entered the market in 2024 with a total land acquisition amount of 8.103 billion yuan [5][6]. - Zuohai Group, formed from the merger of several companies, has actively participated in key land auctions and has seen mixed performance in project sales, with its first luxury product achieving record sales [9][10]. - Gucuo Group has primarily focused on public rental housing until 2024, with its first pure commercial residential project launched in 2023, which has seen improved sales after being linked to prestigious schools [10][11]. - Xinqu Group has been the least active in land acquisition, focusing on its regional development mission, with its main project, Yingnan Tai, performing well in sales [11][12]. Market Dynamics - Fuzhou's municipal SOEs have captured a significant market share, with a notable presence in the new housing market, particularly in the first half of 2025, where they occupied seven out of fifteen projects with over 100 sales [13][14]. - The market is characterized by a strong demand for affordable housing, while the competition for improvement projects remains intense, indicating a need for enhanced product quality to achieve better sales performance [13][14].