Core Viewpoint - Beike Group's subsidiary, Beihome, emphasizes its focus on a light-asset model rather than becoming a developer, aiming to leverage its strengths in the real estate market [2][5]. Group 1: Company Strategy - Beihome's CEO Xu Wanggang stated that the decision to not pursue further self-operated projects is not due to poor market performance of existing projects in Chengdu and Shanghai, but rather a strategic shift to collaborate with more real estate partners [2][5]. - The company aims to focus on its C2M (Customer to Manufacturer) model, which is designed to better meet customer needs through comprehensive service offerings [2][4]. Group 2: Market Performance - As of December 11, the Beicheng S1 project in Chengdu achieved 20 signed contracts within a month of opening, ranking second in total signed contracts for high-end residential properties in the city for the year [2][4]. - The Shanghai Beilian C1 project also performed well, ranking third in sales area and number of units sold in November [2]. Group 3: Industry Insights - The real estate market has shifted from a seller's market to a buyer's market since 2021, leading to longer transaction cycles and increased sales costs for developers [3]. - Despite market challenges, high-quality properties continue to sell well, indicating a demand for good housing and services [3]. Group 4: Future Collaborations - Beihome is exploring new collaboration methods beyond traditional developers, including partnerships with city investment companies, construction firms, and financial investors [6].

Core Insights - The core viewpoint of the articles is that Beike is leveraging the C2M (Customer to Manufacturer) model to transform the real estate development sector, emphasizing the importance of customer sovereignty in a changing market landscape [1][2][3] Group 1: Market Dynamics - The real estate market has shifted from a seller's market to a buyer's market since 2021, leading to more cautious purchasing behavior and longer transaction cycles [1][3] - As the market declines, customer acquisition becomes more challenging, resulting in increased sales costs for real estate companies [3] Group 2: Beike's Strategy - Beike aims to validate and enhance its C2M capabilities by independently managing real estate projects, creating a larger model to promote the C2M approach across various cities and projects [2][3] - The company has established 17 diverse real estate development projects in major cities like Beijing, Shanghai, and Guangzhou, with specific projects such as Chengdu Beichen S1 and Shanghai Beilian C1 being managed independently by Beike [2][3] Group 3: Product Philosophy - Beike's product philosophy prioritizes quality living over sales performance, emphasizing that understanding customer needs is more important than mere development experience [2][3] - Research conducted on 1,352 new projects in top 10 cities indicates that high-quality projects have better sales velocity, reinforcing the demand for well-matched housing solutions [1][3]