“地产一哥”正式易主 中国建筑为何强势布局房地产

Core Viewpoint - The real estate sector in China is undergoing significant adjustments, leading to a reshuffling of market leaders, with China State Construction Engineering Corporation (CSCEC) emerging as the new industry leader in 2024 despite a decline in sales [2][3]. Group 1: Company Performance - CSCEC's real estate business achieved sales of 421.9 billion yuan in 2024, a decrease of 6.5% year-on-year, yet it surpassed Poly Developments to become the industry leader [2][7]. - This marks the first time CSCEC has claimed the top position in the real estate sector, supported by its subsidiaries, China Overseas Land & Investment and China Construction Real Estate [3][4]. - The gross profit margin for CSCEC's real estate business was 17.3% in 2024, significantly higher than its other main businesses, contributing 25.4% of the total gross profit despite only accounting for 14% of total revenue [3][11]. Group 2: Market Position and Strategy - The "China Construction System" includes two major real estate brands, China Overseas and China Construction Real Estate, which have been actively acquiring land and increasing sales [4][5]. - In 2023, the "China Construction System" achieved contract sales of 451.4 billion yuan, with a year-on-year growth of 12.4% [5]. - CSCEC's aggressive land acquisition strategy has positioned it as a leader in the industry, with 75 new land purchases totaling 1.385 billion yuan in 2024 [9][10]. Group 3: Industry Context - The real estate market in China is experiencing a deep adjustment period, with shrinking new home market size and declining industry profit margins [9][11]. - Despite the challenges faced by the real estate sector, CSCEC's strong central enterprise background and proactive strategies have allowed it to capitalize on opportunities during this downturn [11][13]. - The importance of the real estate business is underscored by its relatively high profit margins compared to other segments, making it a crucial component of CSCEC's overall performance [11][13].