Core Insights - Green City has made a significant investment in the Shanghai real estate market by acquiring the HK315-11 plot for 6.472 billion yuan, marking a premium rate of 46.33% and a record floor price of 126,600 yuan per square meter [1] - The project, named Green City · Tide Sound Bund, is positioned as a high-end residential development in a prime location facing a central park and the Lujiazui skyline, indicating the company's ambition to establish a strong presence in the luxury market [1] - However, the sales performance of Green City's recent project, Green City Yilu, has been disappointing, with only 36.5% of the units sold despite a high initial subscription rate [3][5] Sales Performance - Green City Yilu launched with 148 units and achieved a subscription rate of 116.2%, but only 54 units were sold by October 24, leaving 94 units unsold [3][5] - In comparison, a nearby project, Kaiyun Lake Jinghuating, sold over 95% of its units shortly after launch, highlighting the underperformance of Green City Yilu [5] - The average selling price for Green City Yilu is reported at 106,900 yuan per square meter, with high-end units priced between 10.7 million yuan and 16.9 million yuan [5] Market Challenges - The surrounding area of Green City Yilu is criticized for its lack of mature infrastructure, including distant hospitals and commercial facilities, which may hinder sales [6] - Noise pollution from nearby highways and inadequate public transportation options are also cited as significant drawbacks for potential buyers [6] - As a result of slow sales, Green City has resorted to offering commission incentives to real estate agents, indicating a need to stimulate demand [8] Developer Practices - Reports have emerged of questionable practices by Green City regarding unsold parking spaces in their luxury developments, leading to dissatisfaction among homeowners [10][11] - Allegations of improper conduct during the election of property management committees have also surfaced, raising concerns about transparency and fairness in developer operations [13][14]

Core Insights - The new project "Green Town Shanghai Yilu" has reported a high subscription rate of approximately 122% with over 180 groups expressing interest in 148 units, but this figure masks underlying market challenges [1][4] - Despite the impressive initial numbers, 96 out of 148 units remain unsold less than a month after the launch, indicating potential difficulties in actual sales [2][4] Project Information - Project Name: Green Town Shanghai Yilu - Total Units: 148 - Total Area: 20,646.34 square meters - Units Sold: 52 (7,348.54 square meters) - Units Available for Sale: 96 (13,297.8 square meters) [3][4] Pricing and Market Comparison - The average price for the first batch of units is 106,900 CNY per square meter, with high-rise units averaging 98,800 CNY and duplex units at 131,700 CNY [4] - The pricing strategy has created competitive pressure on neighboring projects, such as "West Coast Sea," which has a lower average price of 96,500 CNY per square meter [5][6] Sales Strategy and Market Dynamics - The project has initiated a distribution strategy to expedite sales, indicating pressure to clear inventory ahead of a second batch release [7][10] - The project manager faces challenges balancing the sales of Yilu while also managing a new high-profile project in Hongkou, which could strain financial resources [8][9] Competitive Landscape - The land for Yilu was acquired at a record price of 2.916 billion CNY, with a 40% premium, setting a new benchmark for land prices in the area [11] - The competitive environment is intensified by the rapid sales of nearby projects, which have benefited from the heightened market interest following Yilu's launch [12] Future Considerations - The project is facing challenges related to its location and surrounding infrastructure, which may hinder its attractiveness compared to future developments [13]