拿地策略更迭 保利发展、中海地产区域“缩编”

Core Viewpoint - The restructuring of Poly Developments and China Overseas Land & Investment (COLI) reflects a strategic shift in response to the current challenges in the real estate market, emphasizing a focus on core cities and operational efficiency [1][2][7] Company Restructuring - Poly Developments has merged several regional companies, including Jiangsu with Huaihai, Zhejiang with Zhe'nan, Shandong with Qilu, and Liaoning with Dalian, to streamline operations [1][3] - COLI has similarly merged its Shenyang and Dalian companies into a single Liaoning company, indicating a trend of consolidation in less prioritized regions [1][4] Market Context - The merged companies of both Poly and COLI had limited ongoing projects and were not key areas for expansion, highlighting a strategic retreat from less profitable markets [2][3] - The adjustments in company structures are seen as a reflection of the broader real estate market, where leading firms are facing significant challenges and are opting to slow down their growth [2][7] Sales Performance - In 2024, Poly Developments reported a sales amount of 323 billion yuan, maintaining its position as the industry leader, while COLI achieved approximately 310.69 billion yuan in sales, marking a slight increase of 0.3% year-on-year [5][6] - Both companies have shifted their land acquisition strategies to focus primarily on first and second-tier cities, with Poly's land acquisition in these areas reaching 94% in 2024, a significant increase of about 40 percentage points from 2023 [6] Strategic Focus - Poly Developments has concentrated its land acquisitions in first-tier cities, with Guangzhou alone accounting for 255.7 billion yuan, representing one-third of its total land expenditure [6] - COLI's land acquisitions in 2024 totaled approximately 389.47 million square meters, with a total land expenditure of about 69.64 billion yuan, also focused on key urban areas [6] Operational Efficiency - The restructuring efforts are aimed at improving operational efficiency in light of declining performance and changing land acquisition strategies, as both companies adapt to the current market conditions [7]