Branded real estate developers are making a strong comeback in Daxing, and a number of real estate projects are struggling to stay afloat.
On June 2, Greentown acquired the Sanhezhuang 0188 plot for 887 million yuan, returning to Daxing after a three-year absence. Then on July 22, China Merchants Shekou obtained a residential plot in the eastern cluster of Daxing New Town for 720 million yuan, re-entering the Daxing market after five years.
These are two of the very few branded real estate developers that have entered Daxing since the second half of 2023.
Previously, the Daxing property market entered a period of deep adjustment, leading real estate developers withdrew from land auctions, and district-owned state-owned enterprises such as Xingchuang Land, Daxing Development, and Daxing Urban Construction became the main land acquirers in the land auction market over the past two years.
Now, the successive moves of Greentown and China Merchants Shekou have injected long-awaited brand vitality into the Daxing property market.
At the same time, the two new projects are advancing at a very fast pace. The Langyue Hefeng project developed by Greentown is the first "fourth-generation residence" project in the area. Its planning was publicized on the very night the land was acquired, and it obtained the pre-sale permit more than 50 days later, and is about to open for sale. China Merchants Shekou has locked in its "Lanyue Series" product, and only two days after land acquisition, the project's design plan was posted online for public disclosure.
Planning Diagram of Langyue Hefeng
New projects of well-known enterprises are entering the market rapidly, leaving little time for the existing stock projects in Daxing to break through the market.
1
Clearance and sales rate of less than 10%
Over the past few years, Daxing has always been a "major supplier" in the new home market. According to statistics from relevant media, there are currently about 20 new home projects on sale in Daxing, with more than 7,000 potential unsold housing units.
The Xihongmen East, Tuanhe, and Huangcun areas have the most concentrated supply. In the past four years, more than a dozen new projects have been launched in these areas, but their sales performance varies drastically.
The two projects Yujing Xingcheng and Oak Bay in the Xihongmen East area currently only have a few remaining units for sale; the nearby China State Construction Jiuyue Mansion has achieved about 90% online signing, with less than 120 units left. The Yipin Xingchuang · Yuanqi project at the southwest corner of the area only recorded about 70 online signed units before the planning adjustment in April last year. After product upgrading, online signing was reopened, and sales gradually improved. At present, more than 600 units have been signed online, with a sales rate of nearly 60%.
In the Huangcun area, the Daxing Star City project that entered the market earlier has been completely sold out. Its neighbor, the Greentown Xiaole Hefeng project that entered the market at the end of 2023, has achieved about 93% online signing so far, with only about 70 remaining units for sale, which are mostly large-sized units of over 140 ㎡. The Yihe Mansion project launched in 2024 has recorded about 550 online signed units, with a sales rate of over 87%.
Further west, the Xingcheng Zhixing project in the western area of Daxing New Town was launched in the first half of 2024, focusing on improved housing units of 150-270 ㎡. It was the only pure improved residential community launched in the Daxing property market at that time. Coupled with the advantage of four-side wide housing units, it has been almost completely sold out.
On the east side of Jingkai Expressway, the two projects in the Tuanhe area have recorded moderate sales performance. The Jingxi project obtained the pre-sale permit in July 2024, with about 710 housing units, and has achieved about 55% online signing so far. The China Railway Xingchuang Yijing project, which was launched earlier, has been on the market for four years, with a sales rate of just over 50%, and there are still about 550 units for sale.
Where there are best-selling projects, there are also slow-selling projects. In Daxing, many real estate projects have very poor sales performance.
The Daxing Development · Wutongfu project in the western area of Daxing New Town has more than 400 housing units. It has been on the market for a year, but only 45 units have been sold so far, less than 10% of the total.
The Xingchuang Muchunshu project, which was launched two months later, is located in the core of the Huangcun area. It was launched in September last year. It is reported that the online signing rate in the first month was only 1%. Up to now, only 28 units have been signed online, with a sales rate of about 8%.
The Xingchuang Wanxiang Mingzhu project in the Xihongmen East area was launched in early June this year. In just two months, only 45 units have been signed online, with a sales rate of about 8%. Even considering the lag of online signing, this performance is far from optimistic.
Online signing status of Wanxiang Mingzhu (Source: Official website of Beijing Municipal Commission of Housing and Urban-Rural Development)
Even worse, some projects have held land for a long time, and they have not even released their project names yet, let alone entered the market.
For example, the 0007 plot in the western area of Daxing New Town was acquired by the Daxing Urban Construction consortium in November 2023, and obtained the planning permit and construction permit in 2024. But up to now, apart from the total number of about 240 housing units, almost no other information about the project has been made public. Its neighbors are the completely sold-out Xingcheng Zhixing project and the slow-selling Wutongfu project.
In the Guanyinsi Subdistrict on the east side of Jingkai Expressway, in January 2025, Daxing Development Land acquired the 0021 and 0022 plots for 2.32 billion yuan. The project's design plan was publicized in August that year, and the project construction bid winning result was publicized in March this year. But apart from the number of building towers and the general layout, the project name and official housing unit layout drawings have not been released yet, and it seems that it will take some time before the project enters the market.
In Yihezhuang, Xingchuang Land also acquired the 051 and 052 plots in July 2024. The design plan was publicized in mid-October last year, and then the planning permit and construction permit were obtained. It was originally supposed to enter the sales phase, but the plan was adjusted again in March this year, and no further updates have been seen since then.
2
Product and timing
Why can some projects be completely sold out while these projects cannot be sold? Many people's first reaction is that the products are not good enough. But in Daxing, this explanation may not hold.
In fact, most of the above-mentioned slow-selling and even nearly stagnant projects have remarkable performance in product design and quality presentation.
Take Wutongfu as an example. Although the land was acquired two years ago, its products have already moved towards the standard of "good houses", such as the design of double balconies on the north and south sides, a floor height of 3.1 meters, and a 94% housing area ratio (including free space).
The Xingchuang Muchunshu project, whose land was acquired in the same month, has also made great efforts in product design. It has all the elements of "good houses" such as balconies, indoor open spaces, covered walkways, and overhead floors. Such configurations are rare in the mixed high-rise and villa track.
The sincerity in product design has failed to win over the market, and the root cause may be the mismatch between supply and demand.
Whether it is Muchunshu, Wutongfu, or the unlaunched 0007 plot project, all of them follow the pure improved large-sized unit route. For example, the main units of Muchunshu are 130-192 ㎡ three-bedroom and four-bedroom units and 205-283 ㎡ stacked villas; the smallest unit of Wutongfu is 168 ㎡; the planned unit area of the 0007 project in the western area of Daxing New Town is between 150-210 ㎡; the Daxing Development Land 021/022 project also plans to build 150-370 ㎡ large flat units.
Unit Layout of Muchunshu
However, the reality is that the Daxing market has been supported by rigid demand and improved demand customer groups in recent years, and the pure improved market segment is very small. When a large number of large-sized unit products flood into the market without sufficient demand support, even the most competitive products can only end up as also-rans.
Timing is of course also very important.
Looking back at these slow-selling projects in Daxing, most of them acquired land around 2024, when the market was already in a downward cycle. That year, the transaction volume of new homes in Daxing dropped by 19%, and the total transaction value also dropped by nearly 15%. In the land auction market, all the land was backed and acquired by Daxing district-owned state-owned enterprises. The market chill spread to buyers, and homebuyers who kept waiting became more cautious, making the sales of projects naturally very difficult.
Different timing leads to completely different fates. Taking the western area of Daxing New Town as an example, the Xingcheng Zhixing project, whose land was acquired in 2023, entered the market in 2024. Its product quality is excellent and highly matches the market demand at that time, so its sales performance is very outstanding. The Wutongfu project across the street has little difference in unit layout, its unit price is 3,000 yuan lower, and it has the elements of "good houses", but its sales rate is less than 10%. The core reason behind this is probably the time difference of nearly one year from land acquisition to opening, which made the project miss the market window.
Since last year, "good houses" with stronger product quality have gradually become the new preference of the market. Many projects that entered the market earlier have not yet gained a firm foothold before being squeezed by upgraded competing products.
In the Xihongmen East area, the Wanxiang Mingzhu project that was just launched in June has a high housing area ratio of about 99%, but it is not a "good house" type project, and its product design has no outstanding highlights. The Weilai Yuanzhu project that is about to enter the market in the area has the lowest plot ratio of 2.3, the highest housing area ratio of 102%, and is a TOD integrated project... It can be said that it completely outperforms Wanxiang Mingzhu, and the latter with a sales rate of less than 10% has little hope of reversing the situation.
But whether it is product positioning or timing control, in the final analysis, it is a comprehensive test of the project operation ability.
Now, the supply side of Daxing continues to expand. The Xihongmen East 6037 plot and the Daxing New Town East Cluster 0209 plot have all been listed in the proposed supply list. With new land continuously entering the market, those slow-selling stock projects will only have smaller and smaller living space in the future.
Source: Official website of Beijing Municipal Planning and Natural Resources Commission
For these projects, one of the few good news is that the Daxing market is recovering. In the first half of this year, the transaction volume of new homes in Daxing reached 1961 units, a year-on-year increase of 33%; the transaction value increased by 18% year-on-year to 9.781 billion yuan. Coupled with the overall recovery of the Beijing market in the same period, homebuyers' wait-and-see sentiment has loosened to some extent. In this period of improving market conditions, how to find a breakthrough may be a problem that these slow-selling projects need to think deeply about.
This article is from the WeChat official account "Weilai Keqi", author: Weilai Keqi, published by 36Kr with authorization.