Core Insights - Deli Real Estate has established a dominant position in the Ninghai County real estate market, with a significant number of projects and a strong local reputation [1][2][3] - The company has invested nearly 1.7 billion yuan in land acquisition in Ninghai County since 2024, indicating robust financial health and expansion capabilities [1][4] - Deli Real Estate's projects are priced higher than those of other local developers, reflecting its strong brand and product quality [2][4] Company Overview - Deli Real Estate, backed by the well-known Deli Group, has been involved in real estate since 2004 and has developed a strong presence in Ninghai County [1][4] - The company has ranked 15th in the sales rankings of real estate firms in Ningbo City for Q1 2024, with sales amounting to 440 million yuan and an area of approximately 36,000 square meters sold [2][3] Market Dynamics - Ninghai County's real estate market is characterized by a concentration of local developers, with Deli Real Estate being the most prominent [2][5] - The average selling price of Deli's projects exceeds 14,000 yuan per square meter, while competitors' projects are priced significantly lower, indicating a price premium for Deli's offerings [2][3] Economic Context - Ninghai County's economy is relatively active, with a GDP growth of 4.7% in 2024, reaching approximately 106.8 billion yuan, which supports the local real estate market [5] - The county's manufacturing sector is robust, attracting a stable population and contributing to the purchasing power of local residents [5][6] Challenges Ahead - Despite the current success, the local real estate market faces challenges, including a housing inventory turnover period of 30 months, indicating potential oversupply issues [7][8] - The overall market for lower-tier cities like Ninghai is under pressure, with a reported 22% decline in sales area for representative cities in 2024 [8]