Core Viewpoint - The recent clarification from "CITIC City Investment South China" regarding the Shenzhen old renovation project, Greenview Baishizhou, has sparked renewed interest and speculation about the project's financial dynamics and future development plans [1][5]. Project Overview - The Greenview Baishizhou project has been under the urban renewal plan since 2014, with a total planned construction area of 3.58 million square meters and an estimated value of approximately 220 billion yuan [5]. - As of September 11, 2023, the first phase of the project, Greenview Baishizhou Jingting, consists of 6 buildings, including 3 residential and 2 commercial buildings, with a total of 2,746 units [7]. Current Status - The first phase is nearing completion, with 819 units registered and 179 units under purchase agreements, while 720 units remain unsold, accounting for 41.4% of the total [7]. - The second phase has been cleared, but the third and fourth phases are still in the planning stages, with potential adjustments to residential and commercial indicators according to new regulations [7][10]. Financial Dynamics - CITIC City Investment's denial of the 12 billion yuan investment rumor has not quelled market speculation about the project's capital movements [10]. - Vanke previously invested 2.3 billion yuan for an 8% stake in a related company, with a profit-sharing agreement for the third and fourth phases [10][11]. Strategic Partnerships - The partnership between Greenview Group and Vanke resembles a "betting contract," with clauses allowing Vanke to exit if certain development milestones are not met by specified deadlines [11]. - The potential for introducing state-owned enterprises for future development has been suggested, as these entities typically have lower capital costs and better government relations [15]. Market Outlook - The project is located in a prime area of Nanshan District, which is expected to appreciate in value over time, raising questions about who will ultimately take over the project [13][15]. - Analysts suggest that large state-owned enterprises or local investment platforms are more likely candidates to step in, given their financial capabilities and government connections [15][16].

Core Viewpoint - The recent clarification from "CITIC City Opening South China" regarding the false rumor of a 12 billion yuan investment in the Green Scene Baishizhou project highlights the ongoing challenges faced by this significant urban renewal project in Shenzhen [1][3]. Group 1: Project Overview - The Green Scene Baishizhou project has been under the urban renewal plan since 2014, with a total planned construction area of 3.58 million square meters and an estimated value of 220 billion yuan [3]. - As of September 11, 2023, the first phase of the project, known as Green Scene Baishizhou Jingting, consists of 2,746 housing units, with 819 units registered and 179 units under purchase agreements, leaving 720 units available for sale, accounting for 41.4% of the total [3][4]. Group 2: Development Status - The first phase is nearing completion, with interior finishing expected to be completed by the end of this year [4]. - The second phase has been cleared for construction, while the third and fourth phases are undergoing regulatory adjustments to align with new Shenzhen regulations [4][10]. Group 3: Financial Dynamics - Vanke previously invested 2.3 billion yuan for an 8% stake in the project, with a profit-sharing agreement for the third and fourth phases [6]. - The agreement includes a "betting contract" clause, allowing Vanke to exit if certain development milestones are not met by specified deadlines, reflecting the financial pressures faced by Green Scene Group [6][8]. Group 4: Market Speculation - The denial of the investment rumor has not quelled speculation about potential capital movements related to the project, with expectations that state-owned enterprises may become involved in future developments [5][10]. - Analysts suggest that large state-owned enterprises are more likely to take over due to their lower capital costs and expertise in navigating complex government relations [11]. Group 5: Strategic Considerations - The project is located in a prime area of Nanshan District, which is expected to appreciate in value over time, making it an attractive opportunity for potential investors [10]. - The recent policy support from the central government for urban renewal projects may provide some assistance to Green Scene Group, although the company's financial viability remains uncertain [12][13].

Core Viewpoint - The recent clarification from "CITIC City Investment South China" regarding the Shenzhen old renovation project "Green Scene Baishizhou" has brought attention to the project's ongoing challenges despite denying rumors of a significant investment by CITIC City Investment [2][5][14]. Group 1: Project Overview - The Green Scene Baishizhou project has a total planned construction area of 3.58 million square meters and an estimated value of approximately 220 billion yuan [5]. - As of September 11, 2023, the first phase of the project, Green Scene Baishizhou Jingting, consists of 6 buildings, including 3 residential and 2 apartment towers, with a total of 2,746 units [8]. - The first phase is nearing completion, with expected handover by the end of this year, while the second phase has been cleared for construction, and the third and fourth phases are still pending significant development [11][12]. Group 2: Financial Dynamics - Vanke previously invested 2.3 billion yuan for an 8% stake in the project, with specific terms regarding profit distribution and exit rights, reflecting the precarious financial situation of Green Scene Group [11][12]. - Green Scene Group's financial health is under scrutiny, with reported current liabilities of 60.57 billion yuan and cash reserves of only 342.5 million yuan, indicating potential liquidity issues [12]. Group 3: Market Speculation and Future Prospects - The market is speculating on potential partnerships, with analysts suggesting that large state-owned enterprises may be more likely to take over the project due to their lower capital costs and expertise in navigating complex governmental relationships [17]. - The project is positioned in a prime location in Nanshan District, which could attract significant interest from investors if the development progresses [15][17]. - Recent government policies aimed at promoting urban renewal may provide some support for the project, although the timeline for recovery remains uncertain [19][20].