Core Viewpoint - The project "Zhongshan Wanghai Yue Garden" has faced significant challenges in its 18-year development, particularly in terms of sales and market conditions, which may impact its financial recovery and investment returns [1][4][10]. Project Overview - The project is located in Nanshan, Shenzhen, and consists of 395 residential units and 389 commercial apartments, with a significant portion being relocation housing [4][7]. - The total investment for the project is estimated at 2.848 billion RMB, with a saleable area of 55,823 square meters and an equity ratio of 51% [5][6]. Market Conditions - The current real estate market in Shenzhen is experiencing a downturn, leading to extended sales cycles and pressure on pricing for residential units [4][10]. - The average price for the commercial apartments is approximately 81,050 RMB per square meter, which is significantly higher than competing properties in the vicinity [7][9]. Sales Performance - As of May 20, 2024, only 46.78% of the commercial apartments have been sold, indicating a slow sales pace and potential long-term inventory issues [9][10]. - The project has 207 unsold units remaining, which could lead to further financial strain if sales do not improve [8][9]. Competitive Landscape - The project faces competition from nearby developments, such as Vanke Shekou Pavilion, which has lower market prices, making it challenging for Zhongshan Wanghai Yue Garden to attract buyers [7][11]. - The overall market for apartments in Shenzhen has seen a significant decline, with a 64% year-on-year drop in transaction volume and a 22.1% decrease in average prices [12][16].