文/北京进深 严明会 前脚，百万佳苑100多套现房，4000人摇号，不到一分钟抢光，让天恒置业吃到甜头。 这不，还没过多久，这家房企又蠢蠢欲动，在西城掏出"压箱底"，光源里1800套现房要来了。 光源里与百万佳苑一样，都是经过"变性"，由回迁房转商品房。 半个多月时间，百万佳苑网签95套，成交均价9.69万元/㎡，天恒置业进账超5.61亿元，成为10月北京东西城住宅网签销冠。 小道消息称，此次光源里价格可能更低，定在9万元/㎡左右。 也就是说，以最小52㎡一居计算，总价不到500万，就能上车西城二环书包临铁房。 但一次性砸盘放量上千套房源，天恒置业真的能顺利去化吗？ 现在北京"好房子"项目遍地，光源里本身就是回迁房水准，对比商品房有相当大的差距，对比现在的"好房子"，无论从装修、园林，还是户型设计等各方 面差距就更大了。 更可怕的是，光源里1800套新房的入市，想必会重创西城核心区的二手房市场。要知道西城二环内新房供应常年处于"断档"，大多是老破小扎堆。 比如，项目北侧的万和世家小区，2003年左右的房子，挂牌价11.9万/㎡。 01 光源里（光源逸景）的位置，硬核到没朋友。 它属于正儿八经的西城二环内，地铁 ...

Core Viewpoint - Beijing Tianheng Real Estate Co., Ltd. is selling a significant number of properties to optimize its asset structure and alleviate liquidity pressure due to a shift in its business focus towards urban renewal and the financial strain from asset devaluation [2][5][8]. Property Sale Details - A total of 111 residential properties are being sold by Tianheng Group, with a minimum transfer price ranging from 1.06 million to 139.7 million yuan, totaling over 330 million yuan [2][3]. - The properties include high-value units in prime locations, such as an 84.7 square meter apartment priced at 13.96 million yuan, and several units priced above 10 million yuan located in Beijing's West District [3][4]. - The majority of the properties are smaller units, with 106 out of 111 being under 90 square meters, indicating a focus on more affordable housing options [3][4]. Financial Performance - Tianheng Group reported a revenue of 670 million yuan in the first half of 2025, a decline of 13.4% year-on-year, following a peak of 13.2 billion yuan in 2021 [6]. - The company experienced a net loss of 390 million yuan in the first half of 2025, with a total loss of 5.07 billion yuan in 2024, primarily due to inventory impairment and asset devaluation [7]. - Operating cash flow has been negative for three consecutive years, with a net outflow of 720 million yuan in the first half of 2025, indicating ongoing liquidity challenges [8]. Debt and Leverage - As of the end of 2024, Tianheng Group's interest-bearing debt stood at 54.39 billion yuan, with a net debt ratio of 544%, highlighting significant short-term repayment pressure [10]. - The company's asset-liability ratio has increased from 76.7% in 2021 to 83.5% in the first half of 2025, indicating rising financial leverage [8]. Business Transition - Tianheng Group is transitioning from traditional real estate development to urban renewal projects, which require substantial investment but promise long-term returns [11][13]. - The company has no current land reserves or new primary development projects, which limits its immediate revenue-generating capabilities [9][12]. - Urban renewal projects, such as the "Million Garden" project, are expected to provide stable income once they reach the market, with sales anticipated to begin in October [13].