A：The research experience of the Institute in the field of agent construction is mainly reflected in four aspects: first, we have daily agent construction monitoring, including monthly, quarterly and annual reports, and every quarter we publish a ranking of enterprises under construction to track the development of excellent agent construction enterprises. Secondly, we have established the industry's first generation cloud database, including bidding information, excellent generation enterprise dynamics and generation information and other data. Third, in important research activities, such as real estate enterprise research and brand value research, a research module under construction has also been set up to pay attention to and track the development of enterprises under construction. Finally, we have maintained close cooperation with a number of agent construction head companies to study and produce agent construction development strategies for a number of companies.

A：At present, China's urbanization process has entered the middle and late stages, and urban renewal has become a key measure to promote high-quality development. According to relevant plans, 115000 new urban old residential areas will be renovated by 2030. At the same time, the risk exposure of the real estate industry has accelerated, and financial institutions such as AMCs, trusts and banks have accumulated a large number of non-performing assets to be revitalized, which provides a new focus for the non-performing assets of the agent construction industry. Therefore, under this overall background, how to seize the development opportunity of agent construction and explore the development path of agent construction is an urgent problem for the current agent construction enterprises.

A：Today's event consisted mainly of three guest speakers. Wang Lin, as the research director of the top ten research department of the planting research institute, will share the opportunities and challenges of the stock market. Li Kunlong is an analyst in the investigation and consulting department. He will introduce relevant information on urban renewal. As the general manager of the investment management center of Xinhongtu City Development Group, Lin Xiaohan will share the development and excellent experience of Xinhongtu in the field of agent construction.

A：In recent years, the real estate agent construction market has developed rapidly since 2021, but the growth rate has slowed down and may even show a downward trend this year. In the first half of this year, for example, the cumulative threshold for the top five companies is 6.8 million, down 17.7 percent from the first half of 2025. Nevertheless, on the whole, the scale of real estate construction enterprises is still at a high level, and the overall industry is shifting from scale racing to heavy service, heavy cash value enhancement direction change, some enterprises take the initiative to give up scale expansion, and focus on product and service quality, pipeline management efficiency. At present, the scale structure of real estate construction enterprises shows a highly skewed distribution, that is, the scale of most enterprises is concentrated in about 5 million square meters, while the number of enterprises in other stalls is relatively small, and even the number of enterprises in some stalls is zero, forming an obvious fault phenomenon. This means that the overall scale structure of the construction enterprise is relatively single, most enterprises are in a similar stage of development, homogenization is obvious, the difference is small. In order to develop rapidly and break through in the future, enterprises need to actively seek new tracks and models to achieve differentiated development.

A：Over the past year, the management rate of the real estate construction industry has shown a continuous downward trend. In the first half of this year, the proportion of enterprises with a management rate of less than 3% reached 94%, a significant increase compared with the same period last year. At the same time, the proportion of 2% to 3% of the management fee rate has also expanded, mainly due to the selection of sample construction enterprises in favor of large-scale development and standardized system of enterprises, these enterprises in the process of scale reduction may adjust the rate strategy.

A：Judging from the situation in the first half of this year, the model of typical agent construction enterprises shows that the proportion of commercial agent construction is getting higher and higher, reaching 75%, with the fastest growth rate, while the proportion of government agent construction and capital agent construction has declined. This change is partly due to the reduction in the scale of new investment and construction by the government, as well as the restrictions on the purchase of land by state-owned enterprises by national policies; at the same time, with the completion of the goal of the construction phase, the incremental amount of construction projects released in the early stage decreased, resulting in a decline in capital construction investment. In addition, as a new growth point, the inventory of assets is still in the stage of exploration and practice, and relatively few agent construction enterprises have invested in the project. In the first half of this year, the proportion of agent construction enterprises in third-and fourth-tier cities exceeded that in second-tier cities for the first time, reaching 48.3 per cent, as the asset-light agent construction model filled the market vacuum after the retreat of traditional asset-heavy developers. From the perspective of urban agglomerations, the growth rate of the Guangdong-Hong Kong-Macao Greater Bay Area and the central and western regions is relatively fast. Among them, the central and western regions such as Sichuan, Guizhou, Hubei and other provinces have increased significantly. In addition, the national layout continues to strengthen, typical agent construction enterprises have been deployed in 160 cities across the country, but the depth of penetration is still insufficient, most of the city's absolute area of less than 1%.

A：When selecting projects, enterprises give priority to projects with higher agent construction management rates, rather than choosing projects with lower rates for the sake of scale. Although this may lead to a loss of scale, it can ensure good performance of indicators such as net profit margin.

A：At present, there are opportunities and challenges in the field of urban renewal and non-performing assets. In terms of urban renewal, there are modes such as micro-renovation of old residential areas, independent renovation and original demolition and construction. Although the micro-renovation of old residential areas is large in size and strong in driving force, its profitability is generally poor. However, the autonomous renewal and original demolition and construction modes of old residential areas provide development space for agent construction enterprises, while facing challenges such as low income, long return period and unclear financing channels. The entry point of the construction enterprise in urban renewal includes participation in the micro-transformation of the old community, the independent renewal of the old community, the original demolition of the original construction project, and the provision of relief services for urban renewal projects. In addition, in the field of non-performing asset disposal, although the market is in its early stages, large scale and urgent demand, it also faces complex equity pledge relationships, high communication costs, long cycles and high risks.

A：Real estate agent construction enterprises should shift from simple agent construction services to full-cycle services, providing full-industry chain services from consulting design to later operation and management, and in the process, they should choose to do wide or deep agent construction business. At the same time, enterprises need to be based on their own endowment, play the effect of resource aggregation, build a multi-party collaborative ecological closed loop, or focus on the core main business, polishing services, enhance reputation, through high-quality development to cope with market competition, especially in the context of price war. Structural opportunities mainly include the exploration of stock assets to revitalize the market, the development space of third-and fourth-tier cities, and the opportunities brought by non-housing enterprises. Although the market competition is fierce and price wars are inevitable, companies can actively shrink their scale, improve professional capabilities and service quality, and transform and break through with high-quality development as the goal.

A：At present, the agent construction business is spreading to other parts of the country, no longer limited to the Yangtze River Delta and Pearl River Delta hot cities. This year, the central and western regions such as Sichuan, Hubei and other provinces of the agent construction business growth faster. Nevertheless, there is still room for the deep expansion of single cities, and the proportion of single cities is still low. At the same time, there are also opportunities for agent construction business in urban renewal and disposal of non-performing assets, but these businesses face risks such as unclear creditor's rights, long cycle and complex difficulty, so enterprises need to be more cautious when expanding.

A：In recent years, the policy has strongly supported urban renewal and incorporated it into the overall national economic and social development plan. The Central Urban Work Conference clearly shifted from large-scale incremental expansion to stock upgrading and transformation, and established a linkage mechanism for urban medical examination, project planning, financial support, implementation management and long-term operation. With the implementation of the "14th Five-Year Plan" and the 15th Five-Year Plan, urban renewal target indicators, major tasks and projects are further refined. Enterprises need to have the ability of preliminary planning and project transformation to intervene in urban renewal projects from the source.

A：The urban renewal market space is expected to be 15 to 20 trillion over the next five years, with an average release of about 3 trillion to 4 trillion per year. From government-led, comprehensive development of the area, independent renewal of property owners to asset operation, the four types of renewal models, the sources of funds are different, and the requirements for enterprises are also different. Among them, the government-led model mainly relies on financial funds, special bonds and policy finance; the comprehensive development of the area focuses on overall planning and resource balance; the property owner's independent renewal category needs to solve the willingness to consult and approve the plan; the asset operation category relies on rent, industrial operation and cash flow feedback.

A：At present, urban renewal projects are changing from single transformation to district coordination, involving overall planning and classified matching funds for housing, infrastructure, public services and operating resources. The service content also extends from the project construction to the whole process of service, including pre-planning, capital balance, industry introduction, investment operation and asset management. Urban renewal has changed from finding problems to scheme design and engineering construction to full-cycle closed-loop management, which puts forward higher requirements for enterprises.

A：Enterprises need to translate broad renewal needs into specific projects, and funds are front-loaded, reasonably matching fiscal funds, special debt and policy finance and bank loans. In addition, in the implementation process, we should pay attention to the process of leaving traces, the formation of complete management information for statistical investigation, fund supervision and performance evaluation.

A：For government-led projects, enterprises should cut into the aspects of testing and appraisal, scheme deepening, cost control, etc. For comprehensive development projects in the area, they should be involved in front-end planning, project packaging design, investment calculation and phased implementation. Property owners need to do a good job in consultation, scheme comparison, calculation and construction assistance for independent renewal projects. Asset operation projects need to put the operation in advance, starting with market research and product positioning, form a closed loop of investment operations and asset management.

A：Enterprises need to deepen and expand the original project management capabilities, including project planning and transformation, investment measurement and capital co-ordination, multi-party collaborative whole process management and operation introduction and asset management.

A：Urban renewal marks the key track of the transformation of the construction industry from traditional engineering construction management to urban integrated services, requiring the construction enterprises to have the ability to solve complex problems, long-term companion services and cross-domain collaborative operation, as well as to meet the challenges of interest coordination, time span, capital balance and people's livelihood governance. New Hongtu believes that urban renewal is the key track for agent construction enterprises to transform into urban asset operation service providers. Through full life cycle management and control analysis, it shows the difficulties and key points they face in urban renewal projects, emphasizes the core role of professional teams in connecting strategic intentions with on-site implementation, and points out that the current market is shifting from scale racing to heavy service and heavy cash, and the core competitiveness of urban renewal agent construction is shifting to response speed and landing accuracy.

A：New Hongtu believes that the key to solving this problem is to establish a coordination mechanism for multi-party interest balance, and requires pre-intervention, starting from the early stage of the project to customize the plan, find out, calculate and coordinate the interests of all parties.

A：At present, the management fee of the agent construction industry is generally low, for example, it has been reduced to about 2%, and the price competition is fierce, which may lead to zero profit margin. Therefore, the industry urgently needs to find new business models and revenue models.

A：New Hongtu is exploring the transformation from fixed fee collection to the mixed income mode of basic management fee, balance reward, operation share and brand value-added service fee. It tries to adopt the overall mode of F EPC O and uses the combination of fee collection and share in the practice of many projects. It not only pursues management fee, but also pays more attention to obtaining income through value-added operation.

A：New Hongtu is upgrading from a traditional construction manager to a service provider for the whole life cycle of investment, construction, management and operation. It has improved and reconstructed its capabilities in all aspects, including improving the core capabilities of early urban physical examination, positioning planning, mass work, industrial introduction and capital coordination, so as to ensure self-hematopoiesis under large-scale capital investment, ensure that the capital chain is not broken and the control and operation of the whole life cycle.

A：The solution proposed by Xinhongtu is a full-chain capability system with rapid response as the core, including positioning power (preliminary planning and consulting capability), research and development power (customized design and construction management capability) and control power (resource integration, operation pre-capital operation and whole-process control). Through the mutual cooperation of these three competitiveness, the project is ensured to be quickly implemented and stably implemented.

A：Taking the urban renewal project of Jinan Historical and Cultural Park as an example, Xinhongtu solves complex planning, land use, demolition, construction and other issues through the linkage and coordination of six major engineering sectors, involving multiple departments to work together, and revolves around the "four questions of the soul" or The decision-making framework of "Six Questions of the Soul" runs through the whole process of the project to ensure the smooth progress and high-quality completion of the project.

A：We started the pre-operation from the planning stage, including the daily operation and maintenance of the park, the hot spring hotel, the commercial street and the formulation of the operation and maintenance plan for the relocated residence. Within 90 days before the project, we completed the preparation and trial operation of all operation handover plans to ensure the smooth operation of the turnkey project. We increased the living area of the relocated residents from 62 to 85 square meters, and the park flow, daily passenger flow and the rental rate of surrounding shops increased significantly. In addition, through in-depth research and re-division of the nature of the land, the value of the land has been improved, and the history and culture of the thousand-year-old county and the transportation and water system have been transformed to improve the ecological environment and comfort. At the same time, the building has been refined, including facade transformation and internal structural function empowerment.

A：As a public space, the park is the key node to establish the credibility of the government and the confidence of the market. Through the park first, changes can be quickly displayed, reducing the resistance of subsequent demolition, commercial and residential advancement, so as to realize the value of district renewal more effectively.

A：First, project management will shift to district co-ordination, no longer limited to the transformation of a single project, but the overall development and service of the entire district. Second, from construction services to asset operations, companies need to provide more comprehensive services, including scientific landing customer ideas, building good products and helping operations add value. Third, the urban renewal model will move from individual combat to full-chain ecological coordination. No enterprise can complete all links independently, and it is necessary to find partners to jointly promote the project.

A：With rapid response as the core service, the new macro has built a complete service capability from positioning, research and development to control, and is committed to becoming a professional force in the management of the whole life cycle of urban renewal. Through ecological synergy, we will jointly explore new paths for full life cycle management of urban renewal and create incremental value in the stock era.