Core Viewpoint - The recent launch of the Yipin Luanshan Yayuan project in Shenzhen's Baoan district, after nearly 32 years, has raised concerns about its pricing and market positioning, as it exceeds market expectations despite offering discounts [3][4][8]. Group 1: Project Overview - The Yipin Luanshan Yayuan project consists of 218 residential units ranging from 94 to 162 square meters, with a registered average price of 66,100 yuan per square meter and a total price range of 5.16 million to 13.26 million yuan per unit [3][10]. - The project was developed by Hualian Holdings and has faced significant delays, with construction resuming only recently after being stalled since 2016 [7][8]. - Hualian Holdings holds a 70% stake in the project and has emphasized its importance for generating new revenue and improving financial conditions [10][14]. Group 2: Financial Implications - Hualian Holdings has set a sales target of 1.5 billion yuan for the Yipin Luanshan Yayuan project, indicating its critical role in the company's financial recovery [10][14]. - The company reported a total asset value of 7.619 billion yuan and a net asset value of 5.08 billion yuan as of the end of 2024, with a significant decline in revenue and net profit due to the ongoing downturn in the real estate market [13][14]. Group 3: Market Reception - There is a notable market divide regarding the project's pricing and positioning, with some analysts questioning whether the project can sustain its luxury branding given its pricing strategy [15][40]. - The project's average price after discounts is 61,500 yuan per square meter, which is higher than nearby developments, raising concerns about its competitiveness in the current market [41][40]. - The project has been criticized for its design and layout, with some potential buyers expressing dissatisfaction with the perceived quality and spacing of the units [17][38][39].