Investment Rating - The report indicates a cautious investment rating for the real estate industry in Xi'an, reflecting ongoing market adjustments and a need for sustained policy support to stabilize prices and expectations [3][12][25]. Core Insights - The Xi'an real estate market is experiencing a significant contraction, with the top 10 real estate companies achieving total sales of 64.87 billion yuan from January to October 2025, a decrease of 32.59 billion yuan or approximately 33.4% year-on-year [12]. - The market is in a "stop decline and stabilize" phase, with recent policies aimed at promoting recovery, although the momentum for recovery is weakening [3][4]. - The supply of new homes is expected to improve in the fourth quarter, supported by land parcels acquired in core cities earlier in the year, but market differentiation will continue [3][25]. Summary by Sections Sales Performance - The top 10 real estate companies in Xi'an for January to October 2025 are ranked by sales revenue, with Poly Development leading at 10.62 billion yuan, followed closely by China Railway Construction Real Estate at 10.44 billion yuan [5][6]. - The sales area for these companies shows a similar trend, with Poly Development also leading in sales area at 642,000 m² [5][6]. Market Trends - The second-hand housing market has shown positive growth, with transaction volumes increasing year-on-year, while the new housing market has seen slight recovery due to the introduction of quality projects [4][12]. - The average price of new residential properties in Xi'an increased by 0.56% month-on-month and 2.82% year-on-year as of October 2025, indicating a slight upward trend in pricing [18]. Land Market - The land market in Xi'an has seen a reduction in the number of residential land transactions, with 96 plots released and 73 plots sold, reflecting a year-on-year decrease of 31.93% and 44.13% respectively [19]. - The average floor price for land has increased to 6,694 yuan/m², a year-on-year rise of 31.64%, indicating a tightening supply and increased competition for prime land [19][24]. Future Outlook - The report anticipates a continuation of moderate recovery and internal differentiation in the Xi'an real estate market, with new housing supply remaining active and quality projects driving market dynamics [25]. - Market confidence is expected to strengthen due to ongoing policy support and an increase in quality supply, leading to a gradual stabilization of the overall market by year-end [25].

Core Insights - The real estate market in Xi'an is experiencing its worst performance in recent years, with a significant decline in sales figures for the top companies [4][8][10] Sales Performance - The total sales amount for the top 10 real estate companies in Xi'an for the first nine months of this year is 570.3 billion, a decrease of 32.3% compared to 842.4 billion in the same period last year [8] - The top three companies by sales are Poly, China Railway Construction, and Greentown, with sales of 96.1 billion, 88.6 billion, and 84.8 billion respectively [4][6] - Poly is on track to become the first company in Xi'an to exceed 100 billion in sales this year, needing only 3.9 billion more to reach this milestone [6][10] Market Dynamics - The competition among real estate companies is expected to intensify in the fourth quarter, with many companies launching new projects [2][14] - The emergence of smaller companies is impacting market share, contributing to the decline in sales for larger firms [10] Project Performance - The top three projects by sales volume are Jinmao Puyi Dongfang, China Merchants Xi'an Xi, and Poly Tianjun, with sales of 27.4 billion, 25.3 billion, and 23.8 billion respectively [11] - The concentration of high-performing projects has decreased, with no projects exceeding 30 billion in sales this year compared to five last year [13] Pricing Strategies - A price war has begun as more properties join the market, leading to increased competition and potential price reductions [14][15] - Developers are facing challenges in managing customer dissatisfaction due to price drops, highlighting the need for effective communication and policies to mitigate backlash [15]

Core Insights - The report from the China Index Academy outlines the performance of real estate companies in Xi'an for the first half of 2025, highlighting the competitive landscape and market trends [1]. Sales Performance - Poly Developments secured the top position in Xi'an's real estate sales with a revenue of 6.54 billion yuan and a sales area of 386,000 m² [2][4]. - China Railway Construction Real Estate and Greentown followed, achieving sales of 6.08 billion yuan (326,000 m²) and 5.83 billion yuan (332,000 m²) respectively [5][6]. - Despite strong performances, leading companies like Poly, China Railway, and Greentown experienced a decline in sales compared to the same period last year [5][7]. - The total sales performance of the top 10 real estate companies in Xi'an reached 40.15 billion yuan, while the top 20 companies totaled 55.34 billion yuan, indicating a contraction in the overall market compared to 56.8 billion yuan and 71.35 billion yuan in 2024 [8][9]. Land Acquisition - Greentown led land acquisitions in Xi'an with an investment of 4.59 billion yuan for approximately 450,000 m², followed by Poly Developments with 2.72 billion yuan for 349,000 m² [12][13]. - The land acquisition landscape shifted significantly from 2024, with local companies like Shaanxi Construction and Xi'an Urban Investment absent from the top rankings, replaced by national firms [11][12]. Top Projects - The top-selling residential projects in Xi'an for the first half of 2025 were led by China Merchants' Xi'an Xi with sales of 2.53 billion yuan, followed by Jinmao's Puyi Dongfang at 1.97 billion yuan and Poly's Tianjun at 1.8 billion yuan [15][17]. - High-tech zones, Qujiang, and port areas emerged as key hotspots in Xi'an's real estate market, with multiple projects from leading brands making the sales leaderboard [18]. Market Outlook - The report indicates a competitive environment with established brands maintaining strong positions while local players like Gaoke Real Estate are making notable gains, suggesting a dynamic market landscape moving into the second half of 2025 [9][10].

Core Insights - The high-end residential market in Xi'an is being redefined by Jinmao, with significant sales achievements in April and May 2025, totaling approximately 23.2 billion yuan [1][3][28] - Jinmao has established itself as a leader in the "healthy technology residential" category, leveraging a unique methodology that competitors cannot replicate [4][6][10] Sales Performance - Jinmao's two recent launches, Jinmao Puyi Dongfang and Qujiang Jinmao Mansion, achieved sales of approximately 12.6 billion yuan and over 10.6 billion yuan respectively, showcasing strong market demand [1][3] - The average price in this high-end market exceeds 30,000 yuan per square meter, indicating a premium positioning [3] Product Innovation - Jinmao is recognized as a pioneer in the healthy technology residential segment, offering a comprehensive experience that includes pre-purchase trial stays and post-delivery lifecycle services [4][9] - The company continuously evolves its product offerings, ensuring they meet the needs of high-net-worth individuals through thoughtful design and amenities [10][12] Customer Experience - Jinmao provides a "trial stay experience" for customers before purchase, allowing them to experience the technology systems and living conditions firsthand [9] - A dedicated operational team is assigned to each community to ensure the efficient functioning of technology systems and to enhance the living experience for residents [9][35] Long-term Strategy - Jinmao's commitment to long-termism has solidified its reputation in the Xi'an real estate market, with a track record of early project deliveries and high customer satisfaction [28][29] - The company has successfully delivered multiple projects in Xi'an, all of which have received positive feedback and high occupancy rates [29][36] Future Outlook - Jinmao's ongoing expansion in Xi'an, including new project signings, suggests that the company is poised for continued success and market leadership [40]

Group 1 - The core achievement of China Jinmao's "Jinmao Puyi Dongfang" project is a remarkable sales performance of 1.26 billion yuan during its grand opening, marking a significant growth trend in the national real estate market [1][5][12] - This project has set a new record for high-end residential launches in Xi'an for 2025 and is recognized as a phenomenon in the national real estate market, showcasing Jinmao's strategic focus on "technology + quality" [5][10] - The "Puyi" product line has quickly become a market benchmark since its launch in 2024, with strict standards that emphasize premium locations and cultural significance, leading to impressive sales records across various cities [5][10][18] Group 2 - The location of "Jinmao Puyi Dongfang" is strategically significant, situated in the core area of Qujiang New District, which is supported by substantial government investment in cultural and technological infrastructure [14][16] - Jinmao holds a dominant position in Xi'an's high-end residential market, with a 30% market share, indicating its effective strategy of targeting core urban areas for development [18][20] - The project is characterized by its unique landscape design that reflects the cultural heritage of the Qinling Mountains, enhancing its appeal to high-net-worth individuals [31][33][36] Group 3 - Jinmao's technological innovations in residential design have established it as a leader in the field, with the "Jinmao Puyi Dongfang" project incorporating advanced health and environmental control systems [22][24][26] - The project features a comprehensive health technology club, which includes air purification systems and temperature-controlled facilities, providing a unique living experience [28] - The design philosophy emphasizes a blend of modern aesthetics with traditional cultural elements, aiming to resonate with the values of high-net-worth clients [38][39][51]