A：The primary objectives of this conference are to review the first‑half performance of the real estate market, forecast industry trends for the second half, and conduct an in‑depth analysis of how urban renewal can unlock the potential of existing assets. It will also examine the practical rationale behind leveraging urban planning to foster high‑quality living and sustainable development, and explore new models for integrating property development with operations under the new landscape. The ultimate aim is to help enterprises seize industry trends and growth opportunities, optimize their business strategies, and advance collaboration and high‑quality development. In the first half of the year, the real estate market generally showed signs of bottoming out, with first-tier cities and certain core cities posting relatively stronger performance. The secondhand housing market continues to undergo adjustment, with the secondhand home price index for 100 cities posting 50 consecutive months of decline; however, first-tier cities such as Shanghai and Shenzhen have begun to show month-on-month increases. In the new-home market, first-tier cities posted year-on-year growth in the second quarter, yet overall transaction volumes remain under pressure. Inventory trends are diverging: while inventories in first-tier cities have declined, those in third- and fourth-tier cities continue to face substantial upward pressure. Meanwhile, the secondhand housing market has shown a markedly stronger recovery than the new‑home market, with improvements in the supply‑demand balance.

A：The conference invited numerous distinguished guests, including Ms. Huang Yu, Director of the China Real Estate Index System Office, CEO of Zhongzhi Holdings, and Deputy President of the China Index Academy; Ms. Qin Hong, former Director of the Policy Research Center of the Ministry of Housing and Urban–Rural Development and Director of the Urban Renewal Research Center at the National School of Development at Peking University; Mr. Zhang Yi, Deputy Chief Engineer of the Chengdu Municipal Planning and Design Institute and Director of its Third Planning Division; as well as representatives from enterprises such as Jinke Services and CR‑Yaochao.

A：The conference leveraged the latest technology—CI‑body, developed by the China Index Academy—to build a data system and knowledge base. By systematically organizing skills and knowledge, establishing a memory layer to ensure contextual coherence and prevent redundancy, intelligently scheduling tasks, and implementing a robust security framework, it has significantly enhanced research efficiency and report quality, fundamentally transforming traditional research practices.

A：In the first half of the year, new-home sales in Chengdu and Chongqing declined, while the activity in the secondhand‑home market picked up. Since March, the decline in new-home sales volume in Chengdu has continued to narrow, while secondhand‑home transactions have posted year‑on‑year growth since May. Chongqing is also showing a similar trend. The secondhand housing markets in Hangzhou and Wuhan have performed well. In Hangzhou, following the launch of high-end residential projects, the decline in new-home sales has narrowed, and secondhand‑home sales have posted year‑on‑year growth. Meanwhile, in Wuhan and Chongqing, the secondhand market is dominated by properties catering to first‑time buyers and those upgrading their homes, while in Shanghai and Beijing, transactions for homes priced below RMB 3 million account for a significant share of total sales.

A：In the new-home market, upgrade‑oriented floor plans have performed well, with 120–140 square meter units accounting for the largest share; the proportion of units under 90 square meters has fallen to 15%. In the secondhand housing market, properties catering to genuine home‑purchase demand—particularly those priced under RMB 3 million—are selling more briskly, with such listings accounting for over 70% of transactions in Beijing and Shanghai.

A：There are eight residential developments nationwide with sales exceeding RMB 5 billion, most of which are concentrated in first-tier cities. Among the top 20 projects, 13 are located in first-tier cities, accounting for a substantial share of total transaction value. These best‑selling residential projects are concentrated primarily in first‑tier cities, especially Beijing, Shanghai, Hangzhou, and Shenzhen, as well as in cities such as Wuhan and Chongqing.

A：Looking ahead to the second half of the year, the real estate market is expected to remain in a bottoming-out phase, with intensifying divergence. Policy will continue to be a key determinant, and further analysis will be conducted in light of the latest guidance from the central government and revisions to local policies. Policy directions include stabilizing the real estate market, implementing city-specific policies, and optimizing housing provident fund policies. For the second half of the year, commercial housing sales area is expected to decline by 7.8%, a downward revision from the年初 forecast. The market’s bottoming-out process is still underway, with construction starts and investment remaining at low levels; however, the new‑home market is expected to gradually emerge from its trough during the 14th Five-Year Plan period.

A：At present, the real estate market is under considerable pressure. Based on current figures, the sales area of commercial housing has fallen to levels similar to those in 2017, while total sales have approached the 2013 level. New construction starts have reverted to levels seen before 2004, and investment has declined to roughly the 2012 level, indicating a pronounced adjustment across the market.

A：According to the survey results, home‑purchase intentions in first‑tier cities have improved somewhat, but overall market sentiment has yet to fully recover, particularly with regard to price expectations. In some cities, certain indicators have risen: for example, Shanghai’s existing-home prices have increased for four consecutive months, and new-home prices in Shenzhen also rose in June. However, these trends are confined to individual cities and do not reflect the overall market.

A：The market’s recovery path may unfold with prices in second- and third-tier cities stabilizing first, followed by a gradual rebound in new-home sales, which in turn will drive improvements in new construction starts and investment. There are significant differences in the pace of recovery across cities. It is expected that first-tier cities such as Shanghai, Shenzhen, and Beijing will lead the recovery, with Beijing requiring policy adjustments; second-tier cities including Chengdu, Hangzhou, and Guangzhou also possess a solid foundation for recovery.

A：According to the urban investment potential ranking, Beijing, Shanghai, Shenzhen, and Guangzhou remain in the leading tier, while Chengdu has maintained its position as sixth nationwide.

A：The property management industry is facing challenges in the era of existing‑stock assets, yet the policy environment remains favorable, particularly as urban renewal plans have explicitly incorporated it. Currently, the industry is undergoing a process of survival of the fittest, while technological applications are also enhancing efficiency, such as the widespread adoption of AI bidding agents. In the second half of the year, the industry’s operating environment will continue to improve, the value‑added services model will undergo a transformation, and technological applications will play a pivotal role in reducing costs and enhancing efficiency.

A：As real estate developers struggle to afford land acquisitions, an increasing number of companies are turning to project‑delivery services as their core business. In the future, the market will place greater emphasis on companies’ cost-control capabilities, operational efficiency, and professional expertise. Enterprises that can deliver high‑quality services while reducing costs and boosting efficiency will enjoy a competitive edge.

A：The long-term rental and commercial property markets are steadily improving, with the decline in rents narrowing and rental yields rising. The industry’s investment–financing–construction–management–exit value chain is becoming increasingly seamless, and the professionalization and quality‑enhancement of operating assets are accelerating. Meanwhile, substantial progress has been made in areas such as rental housing and commercial real estate REITs, and the market is evolving toward higher‑quality development.

A：At present, China’s urbanization is transitioning from a phase of rapid expansion to one of stable development. Although there remains room for further urbanization, the pace of growth has slowed markedly. For example, last year the urban population with permanent residency increased by 10.3 million, significantly lower than the previous average of over 20 million per year. This indicates that although the urbanization process is still ongoing, its pace has slowed significantly.

A：China’s real estate market has entered a new phase: supply capacity remains robust, but demand has softened compared with the past. In the past, the large-scale influx of people into cities generated substantial demand for new housing development. Today, however, the expansion of built-up areas is outpacing population concentration, and living standards have improved markedly, with per capita floor space exceeding 40 square meters and an average of more than 1.1 housing units per household. The issue has now shifted from simply having access to housing to pursuing better‑quality housing, marking a transition to the stage of addressing housing quality.

A：In the future, we will face the severe challenges of a declining birthrate and an aging population, with a weakening trend in labor force growth, which will in turn affect the incremental demand for real estate. Although supply capacity remains robust, demand is undergoing a transformation: it is no longer expanding at the rapid pace of the past, with greater emphasis now placed on housing quality and more efficient resource allocation.

A：The nation’s strategic orientation has shifted toward activating existing assets, particularly as embodied in urban renewal initiatives. Starting in 2025, urban renewal will assume a significantly elevated strategic position, serving as a key lever for expanding domestic demand and a pivotal measure for promoting high-quality urban development. A series of landmark policies have been rolled out, including the authorization for commercial real estate to raise capital through public offering REITs, thereby providing crucial financial support and policy incentives for urban renewal.

A：In the upcoming Five-Year Plan, the central government has set the goal of achieving significant progress in urban renewal within five years and plans to basically complete the development of a modern, people-centered city by 2035. This signals that the next at least 15 years will be a golden period for urban renewal, with local governments establishing project pipelines and releasing urban‑renewal initiatives on a rolling basis. Annual investment is expected to exceed RMB 3 trillion, with total investment surpassing RMB 150 trillion, thereby offering enterprises substantial market opportunities and policy‑driven benefits.

A：This Fifteenth Five-Year Plan has clearly outlined institutional innovations in managing spatial stock and facilitating land-use conversion, permitting the establishment of positive lists for mixed‑use land development and integrated spatial utilization, as well as the implementation of parallel approval procedures. This means that when a company needs to convert an office building into a hotel or a shopping mall, as long as it complies with the positive list issued by the local government, it will no longer be required to go through cumbersome approval procedures—implementation can proceed directly in accordance with the list—and the project will be deemed to conform to the detailed urban plan. This significantly streamlines the approval process and reduces the costs associated with revitalizing underutilized space.

A：Upon the expiration of the five-year transitional period, the land shall either revert to its original designated use or undergo new land-use procedures, which may require the payment of additional land‑grant fees. Meanwhile, the proposal to allow leasing upon expiration and to pay the land-use conversion fees annually offers a more flexible solution for urban renewal projects.

A：This five-year transitional policy is flexible; in principle, it does not exceed five years, and in practice, many localities have extended the transition period to ten years or even longer. Moreover, unlike previous policies that applied only to the nation’s emerging industries and sectors, the current transitional policy now covers all industries and sectors supported by the state, meaning that the vast majority of existing asset‑revitalization projects can benefit without having to amend planning approvals, pay land‑grant fees, or undertake complex administrative procedures.

A：The plan proposes a new approach to tiered property rights confirmation, permitting the separate, layered registration of land use rights for above-ground, underground, and airspace purposes. It also introduces systems of pre-registration and initial registration. For historic buildings, the registration and application process has been streamlined, which helps address longstanding challenges in property rights confirmation and facilitates the smooth transfer of existing assets.

A：The plan proposes appropriately alleviating the tax and fee burden in the processes of land consolidation, replacement, and joint development. This marks the first time at the central level that the issue of high economic costs associated with property rights integration has been addressed. This policy will help reduce the costs of asset transactions and unlock the value of existing assets with potential for appreciation.

A：The new plan explicitly states that the renewal of land-use rights for industrial and commercial purposes will be advanced in a lawful and prudent manner, revising the previous requirement to apply for renewal one year in advance. This addresses the issue of numerous existing assets facing difficulties in renewal due to remaining terms of less than 15 years, thereby enabling their true value to be reflected in appraisals.

A：The plan clearly aims to establish a diversified, market-oriented, and sustainable investment and financing system, encompassing support from the central government budget, the issuance of special-purpose local government bonds, the development of innovative financial products by financial institutions, and the encouragement of participation by private capital and household savings. Eligible projects can also achieve capital exit through securitization channels such as public offering funds and asset-backed securities (ABS), thereby establishing a closed-loop investment‑financing‑management‑exit model and fostering a virtuous cycle of capital recovery from existing assets and new investment.

A：Focusing on the characteristics of the times as a park city, Chengdu takes the new development concept as the core, and carries out planning work from the three dimensions of production, life and ecology. In terms of ecological infrastructure, Chengdu has designed a citywide urban–rural park system and established a dedicated Park City Bureau. Through key initiatives such as the “Three Greens and One Corridor” (green corridors, ecological filters, green rings, green axes, and wind passages), it has strengthened the region’s ecological foundation and shaped the distinctive aesthetic character of a park city. For example, Longquan Mountain Forest Park, as an urban green heart, will be built in accordance with the standards of urban forest parks and will be transformed from a city boundary space into a green reception room. In addition, through the strategy of industrial eastward migration and ecological and grain cultivation in plain areas, the urban pattern is optimized and the environmental quality is improved. Chengdu has developed an integrated greenway system featuring one central axis, two mountain ranges, and three ring roads, encompassing the plain areas as well as the core irrigation zone of the Dujiangyan Irrigation System, with the aim of safeguarding and enhancing the quality of the living environment. The system is centrally constructed and operated by the city‑center platform company, while the surrounding districts and cities independently develop and manage greenways with local characteristics, such as Chongzhou’s Rice‑Fragrance Loop. Greenways not only connect fragmented resources but also offer residents new consumption experiences and lifestyles, enhancing urban vitality and strengthening the ties between urban and rural areas.

A：As a key urban planning framework in Chengdu, the Green Ring features a 100-kilometer greenway along its route, which has been completed and is widely cherished by both tourists and residents. Originally a urban buffer zone, this area has now been transformed into a key site for realizing ecological value. Legislation has safeguarded 187 square kilometers of ecological space, and through prudent development and management, it has become a high‑quality green space that integrates leisure, recreation, and cultural activities, significantly enhancing the quality of life and sense of well‑being among residents.

A：The urban planning for the living‑related sectors also encompasses future‑oriented park communities, a rail‑based city, refined governance, as well as initiatives such as the “golden corners and silver edges” strategy and the vision of a people‑centered city. The Future Park Community is being developed around the city‑ring ecological zone, leveraging land adjacent to the green spaces for integrated renewal to create a livable and work‑friendly community environment. The transit-oriented city prioritizes an efficient and convenient public transportation system; currently, Chengdu ranks fourth nationwide in terms of metro line length. In terms of refined urban governance, we have adopted human-centered design and technology-based management protocols to optimize the integrated redevelopment of streets and waterways, thereby enhancing the overall quality of the city. “Golden corners and silver edges” involve repurposing urban residual spaces to create new consumption scenarios and business formats, enabling residents to enjoy convenience and comfort right at their doorsteps. At the same time, big data analytics is leveraged to map public sentiment and address citizens’ needs and expectations regarding the urban environment.

A：We have formulated a spatial plan for industrial land construction in Chengdu, with the core goal of preventing the hollowing out of the manufacturing industry. Through a series of planning measures, we will ensure that the direction of future industrial development is appropriately guided and effectively managed. The “Three Cities and Three Capitals” initiative is a core component of Chengdu’s development, aiming to build the city into a world-renowned hub for cultural creativity, tourism, and sports events, as well as a global capital of gastronomy, music, and conventions and exhibitions. Building on this concept, Chengdu has established a citywide working framework led by the vice mayor, with each sector taking the lead, to drive urban development by comprehensively enhancing the city’s competitiveness.

A：Urban–rural integration is of paramount importance to Chengdu. We have undertaken extensive planning efforts to consolidate small, fragmented, and underdeveloped rural areas, aligning them with the city’s current level of economic development. For example, Guantang Village in Tianfu New Area features an urban‑style industrial structure while preserving a rural character, with building heights capped at 12 meters, thereby underscoring Chengdu’s distinctive approach to differentiated urban–rural development.

A：The fundamental guiding principles of the overall plan are to prioritize the needs of the people, promote the value‑based transformation of ecosystems, and address the question of “whether it is good enough.” Through planning, we will build consensus, maintain a holistic perspective, regulate development and construction, and foster coordinated progress, working together to create a happy Chengdu alive with everyday vitality, a park city nestled beneath snow‑capped mountains, and an innovative city on the move.

A：The Chengdu housing market currently leads in transaction volume, but its market structure is undergoing significant changes. The number of second‑hand home transactions far exceeds that of new homes, and significant disparities exist across different market tiers in terms of total price ranges and average unit sizes. The new‑home market is characterized by a dual‑peak structure, with oversupply or excess supply relative to demand for certain entry‑level and upgrade‑oriented properties.

A：Through policies such as park‑city planning, reduced floor‑area ratios, and a shift toward higher‑quality, scaled‑back land supply, Chengdu has established a tiered housing consumption system that is anchored in rigid demand, driven by upgrading needs, and supplemented by the rental market, thereby fostering a well‑balanced market structure characterized by demand‑tier alignment.

A：The shift in policy from high‑density development to quality‑oriented growth has led to a decline in floor area ratios and a reduction in land supply, thereby bringing about marked changes in the types, quality, and architectural character of real estate products. In particular, the increased supply of upgrade‑demand housing has helped stabilize market prices, revitalized the home‑upgrading cycle, and elevated the construction of high‑quality homes as a key issue in market development.

A：We have observed a notable shift: by refining design strategies such as optimizing the elevated spaces of sunken courtyards, we have enhanced the project’s layered landscape sequence and integrated it with the city’s park‑city initiative, thereby strengthening the interplay between urban “golden corners” and “silver edges” and the development itself. This not only enables developers to better extend their projects but also unlocks greater potential for the commercial operation of clubhouse facilities and quasi‑clubhouse spaces, preventing them from becoming mere ornamental features or operational black holes.

A：To enhance service quality, we have adopted a professional, high-end IP‑co‑branding monetization strategy to address the challenge of informal, amateur‑style community operations. Through tiered user engagement, an elastic pricing model, and proactive customer acquisition initiatives, we ensure the efficient allocation of commercial services and safeguard against losses. At the same time, we will strengthen community operations, innovatively organize a variety of events, and work together to build a better life for our neighbors.

A：At present, high-quality housing projects in Chengdu are rapidly gaining traction, with an ample supply of premium properties across all size categories, extending beyond the luxury segment. Customers are voting with their feet, and well‑designed housing projects continue to enjoy strong market demand. Looking ahead, small‑unit homes may once again drive value in core areas; products in the outer fringes of the New Sixth District have room for iterative upgrades; the high‑price segment could see a winner‑takes‑all dynamic; some secondary‑market demand may flow back into the new‑home market; and urban renewal will also unlock substantial additional demand.

A：Since entering Chengdu in 2019, Yuexiu Property has gone through three distinct stages of development. In the first phase, we primarily aligned with the best practices of leading Chengdu property developers, focusing on product exploration and innovation. In the second phase, building on our understanding of Chengdu’s customers and their lifestyle aspirations, we began piloting targeted R&D initiatives. By the third phase, committed to becoming a market leader in Chengdu, we launched two product lines—the Tianfu Series and the Pinecone Series—designed to deliver comfortable living experiences and a wealth of “rejuvenation”‑inspired amenities, catering to the diverse needs of customers across different age groups.

A：The core design philosophy of the Tianfu‑series products is to make high-end living accessible, with a commitment to creating truly comfortable spaces that meet customers’ aspirations for an elevated quality of life. Through refinement and upgrades to its product value and functional modules, the brand aims to infuse Chengdu’s urban core with contemporary, fashionable elements, offering a high-end yet accessible lifestyle of exceptional quality. For example, in the Cloud Collection Phase III project, a city‑level park spanning approximately 11,000 square meters—the Qiangqiang Cat Park—has been developed, complemented by a multi‑functional clubhouse and independently operable themed spaces, as well as innovative unit designs that comply with new regulations and revert to gross floor area calculations, thereby maximizing the utilization of living space.

A：Our urban spatial values are reflected in our decision to develop a product tailored for young people within Chengdu’s 2.5‑ring area, in a mature, established core urban district—rather than encouraging first‑time homebuyers to wait for underdeveloped areas to deliver on their potential or to purchase second‑hand homes. We offer a prime location and a residential community that caters to the personalized needs of young people, encouraging them to seamlessly integrate vibrancy with everyday life. In terms of community space values, we reject the notion that young people should be limited to only essential‑need products. Although essential needs are being met, we believe we should strive for a higher‑quality standard of living. In this project, we have adopted an all-T2, pure‑plate, north‑south orientation design, prioritizing living comfort and equitable space distribution even in compact units. At the same time, by integrating non‑standard commercial elements, we are creating a multifunctional social hub that caters to the needs of young residents.

A：Developed with young people in mind, we reject the conventional multi‑bedroom, multi‑living‑room layout and champion the concept of a family living space. Even in compact homes, we prioritize a premium living experience by reimagining interior space allocation and elevating everyday comfort. By optimizing the structural design, offering a turnkey clean‑finish delivery, and reserving space for personalized renovations, even small‑format units can meet multifunctional needs.

A：We reject feature‑bloat, emphasizing the integration of form and function. Drawing on Chengdu’s experience with non‑standard commercial spaces, we combine such developments with community‑level amenities to create vibrant, multifunctional social hubs that energize neighborhoods and better align with the needs of young people.

A：The industry is currently grappling with a profitability crisis: costs, such as labor expenses, are rising rigidly, while revenue growth has hit a ceiling. Maintenance costs for residential properties are accelerating as equipment ages, yet there is a severe lack of funding to address them. Intense competition has sparked price wars, further exacerbating cost pressures. Meanwhile, collection rates have plummeted, and the tension between tenant satisfaction and payment compliance is becoming increasingly acute. A critical talent shortage compounds these challenges, and surging regulatory compliance costs are pushing the entire sector into deep crisis and mounting pressure.

A：Our five areas of improvement include: implementing精细化 management to enhance efficiency, such as adjusting janitorial staffing levels based on community occupancy rates and the mix of business formats; rebuilding trust by ensuring that annual engineering budgets are fully utilized in each community, and establishing three dispute-resolution centers to address conflicts among residents, between residents and the property management company, and between residents and the local subdistrict government; strengthening the timeliness of information to prevent delinquent payments arising from unresolved service requests; and treating cash flow as the sole survival metric, emphasizing the importance of maintaining positive cash flow.

A：The lessons learned from South Korea highlight the importance of emphasizing the concept of “community” in residential property management: residents must fulfill their corresponding obligations while enjoying their rights. By upgrading relevant regulations, residents can be made to understand that they must first discharge their duties before they can exercise their rights, which helps improve the overall community environment and interpersonal relations among residents.

A：In community operations, Chengdu China Merchants Shekou has first upgraded its customer brand “China Merchants Hui” to “Chengdu ZhaoZhao Friends.” By maintaining a streamlined, highly professional team, it meticulously nurtures interpersonal relationships and is committed to building a pool of high‑value user assets. They have developed an operational model centered around four key dimensions—user branding, omnichannel space, public connectivity, and commercial‑industrial transformation—to close the loop on full‑stack user asset management. For example, by repurposing residential‑complex podiums and community centers to foster neighborly ties and by integrating the neighborhood with surrounding streets and commercial areas, a model of coordinated development has been established from the community level to the broader district. Furthermore, by hosting diverse events and building a cultural‑IP portfolio, community cohesion and influence have been strengthened.

A：Youchao has made significant strides in asset securitization; since its listing on December 9, 2022, it successfully completed its first follow‑on offering in January of this year. Youchao has developed a large-scale rental housing project on the WS‑designated site in Shanghai, with a total floor area of 100,000 square meters and 7,475 residential units. The development offers a diverse range of unit types—studio apartments, one‑bedroom flats, and blue‑collar dormitories—tailored to meet the needs of different demographic groups. The project has become a benchmark within China’s national housing‑security framework.

A：The whole project has maintained a good operating condition, with a rental rate of 96%, and the commercial supporting part has also been operated successfully. The project is located in Minhang District, close to several major national‑level enterprises such as China National Nuclear Corporation, Aviation Industry Corporation of China, and Commercial Aircraft Corporation of China.

A：We began preparing the issuance application in 2024, received the National Development and Reform Commission’s endorsement in September 2025, and obtained approval from the China Securities Regulatory Commission and the stock exchange in October. Our offering was structured as a single, unique issuance across the entire market, employing an original placement‑with‑allotment mechanism with a distinct procedural framework. Settlement was completed at the end of last year, and the listing ceremony was held on January 12, 2023.

A：Game public offerings typically employ a private placement model, akin to A- share placements: shares are issued exclusively to a select group of investors within a capped quota, with pricing set at a discount relative to the prevailing market price.

A：In response to the call of the 19th National Congress, Youchao launched its rental housing business at the end of 2017 and established its brand in 2018. Today, it manages nearly 100,000 units. Youchao has developed distinctive expertise in asset securitization and heavy‑asset investment, particularly in the development of rental housing communities. It has established an integrated business‑finance information system with end‑to‑end coverage, enabling users to complete various business processes online.

A：The Maqiao Project is a large-scale, integrated residential community comprising 2,500 units and offering housing options across all age groups and product categories. The project proposes a tripartite community co‑construction model, leveraging tenant KOLs and government resources. By establishing Party branches, residents’ committees, and other mechanisms, it enriches community activities and aligns them with government services, with the aim of creating a high‑quality living circle.

A：At the Maqiao project, we have sought to effectively align community services with government resources by establishing street‑level service stations and deploying “One‑Stop” service terminals, enabling tenants to handle matters such as residence permit applications and social security registration without leaving the residential compound. This approach represents a nationwide model for scaling up and replicating high‑quality housing, vibrant communities, and comprehensive services.

A：The key to the Urban Renewal Group’s ability to achieve an integrated, closed-loop model encompassing investment, construction, and operation in urban renewal projects lies in overcoming the challenges of coordination and decision-making among property owners. Particularly in the renovation of older residential neighborhoods, even when a majority of residents agree, the project may still be stalled by the opposition of a minority. Furthermore, the opening and optimization of policy channels also pose significant challenges.

A：Our reconfiguration of the value proposition for our villa products is primarily structured across four dimensions. First of all, the value of the villa is reflected in the emotional value of family life, that is, to provide a space suitable for long-term family living and emotional communication. Secondly, the value derived from the scarcity of land and resources is one of the core differentiators that set villas apart from conventional residential properties. Third, villas offer the dual benefits of preserving and enhancing value, weathering economic cycles, and serving as a vehicle for wealth succession. Ultimately, the product value that meets functional needs is a reflection of the villa’s overall worth—capturing the design, spatial layout, and the extent to which it satisfies customer requirements. To restructure our product features, we have introduced the concept of five fully integrated modules: Lifestyle, Social, Business, Vacation, and Interest. These modules are thoughtfully and systematically incorporated into a single residence, creating a product configuration where each city caters to a distinct generation and each floor serves a specific function, thereby meeting the diverse lifestyle needs of modern residents.

A：In reimagining land value, we emphasize the careful stewardship and respectful utilization of every precious acre of land and resource, rigorously analyzing and redefining land’s intrinsic worth to maximize its conversion into product value. For example, the Jiaozhi Comics project developed in the Financial District leverages scarce land resources to deliver villa‑style homes that align with the area’s exclusivity.

A：Taiyu Group’s core strategy for building high-quality homes in Xichang comprises three key elements: first, adopting a minimalist approach to location selection by focusing on the city’s prime western district, emphasizing a relaxed, convenient lifestyle; second, strategically enhancing amenities by offering premium property management, commercial facilities, and schools as standard features rather than marketing highlights; and third, custom‑tailoring product design to meet customer needs, ensuring that each home not only fulfills upgrading aspirations but also serves as a unifying hub for the entire family.

A：The coordinated development of real estate and property management should be reflected in deep, end-to‑end engagement across the entire value chain—spanning early‑stage project planning and marketing support, product‑enhancement recommendations, handover inspections and delivery‑process optimization, as well as the provision of high‑quality services during the post‑delivery operational phase. This approach enhances tenant satisfaction and helps developers build a strong reputation. Meanwhile, mutually beneficial development can be achieved through the establishment of joint ventures and other means.

A：The differentiated development strategy of the Chongqing Bay project is built around the following key elements: leveraging its prime, natural location at the confluence of two rivers to offer iconic urban‑scale vistas; integrating large‑scale planning that seamlessly combines high‑end residential living, commercial spaces, the adaptive reuse of heritage‑protected buildings, and riverside cultural and tourism amenities; delivering a world‑class clubhouse and service ecosystem, including indoor and outdoor fitness facilities, a cigar lounge, a tea room, and more, to cater to social needs across all age groups; and adopting a no‑compromise, premium fully fitted‑out finish standard, complemented by Dutch butler services and an internationally certified support system, ensuring meticulous, personalized care. Furthermore, the project has benefited from multifaceted support and empowerment under a central–local cooperation framework, successfully delivering a high-quality residential benchmark that meets market demand.