Core Viewpoint - The report highlights ongoing labor disputes at the Guiyu Lanting project in Guangming District, primarily due to inadequate project management by the contractor, Shenzhen Xintianze Fire Engineering Co., Ltd [1] Company Summary - Shenzhen Xintianze Fire Engineering Co., Ltd was established in 1995 and is located in Shenzhen, Guangdong Province, primarily engaged in the construction and installation industry [1] - The company has a registered capital of 32 million RMB [1] Project Summary - Guiyu Lanting is the first project by Greentown Real Estate in Shenzhen, located in the Cuihu community of Guangming District, offering various types of housing including commercial and talent housing [1] - The project opened for sale in March 2023, with the first phase scheduled for delivery in July 2025 and the second phase expected to be delivered in October 2025 [1]

Group 1 - A prime residential land parcel in Yiwu was successfully auctioned by Greentown with a total transaction price of 585.33 million yuan, reflecting a floor price of 16,145 yuan per square meter and a premium of 6.4% [1][2] - The land is strategically located near the Xiuhu Station of the Jin Yi East Urban Rail Transit and is less than 500 meters from Xiuhu Park, indicating its potential attractiveness for residential development [1] - This transaction is seen as a significant indicator of the land market trends in Yiwu for the first half of the year [1] Group 2 - Greentown has been actively expanding its presence in Yiwu, having developed several notable projects over the past decade, including the Rose Garden project in 2013, which became a representative residential property in the area [3][4] - Recent projects like Fengqi Chaoming and Fengqi Yilou have further solidified Yiwu as a core strategic area for Greentown, showcasing the city's high market value and purchasing power [5] - The economic growth in Yiwu, with a GDP of 126.13 billion yuan and a year-on-year increase of 7.7%, has contributed to a resilient real estate market, outperforming other cities of similar size [7] Group 3 - The newly auctioned land will support the development of modern residential products, including features like sky gardens and public shared platforms, enhancing the overall living experience [8] - As the current inventory in the central district is expected to be cleared by the end of the year, this new land parcel will fill the supply gap in the residential market [8]