When "certainty" becomes the primary keyword for luxury home buyers

In recent years, structural changes have taken place in the asset allocation portfolios of global high-net-worth individuals. Against the backdrop of shifting monetary policies, normalized geopolitical risks and intensified fluctuations in the equity market, high-quality real estate in scarce locations of core cities has returned to the allocation lists of family offices and high-net-worth families amid the superposition of multiple factors.

The market performance of high-end residential projects in China's core areas provides a noteworthy sample. Chenyuan 139, a luxury residential project located in the Taiyanggong sector of Chaoyang District, Beijing, only plans 139 residential units with a floor area of approximately 273-385 ㎡. Most of its intended customers already hold multiple properties, and their home purchase decisions are rarely driven by short-term demands, but more represent an asset allocation behavior that emphasizes safety boundaries.

From the allocation logic of global family offices, real estate has long undertaken the functions of wealth preservation, risk diversification and intergenerational inheritance. High-quality residences in scarce locations of core cities have become important physical asset anchors for ultra-high-net-worth families due to their rigid supply and stable demand.

And the core of the safety boundary is precisely certainty.

Supply Suspended for More Than a Decade: The Value Logic of the Last Pure Residential Land Parcel in Taiyanggong

The plot where Chenyuan 139 is located — Plot 0027, Zone D, Taiyanggong New District, Chaoyang District, was transferred on September 30, 2025. This land auction attracted 9 leading real estate enterprises to participate. After 339 rounds of bidding that lasted for three hours, it was finally won by China State Construction Land under the transaction price of 4.3145 billion yuan, with a premium rate of 39.18% and a floor price of about 85,300 yuan/㎡.

Behind the 339 rounds of bidding is the market's collective vote for the land value of the core area. After the transaction of the plot at No. 8 Nongguanguan North Road in 2013, there has been a blank period of more than ten years in the supply of pure commercial residential land between the Third Ring Road and the Fourth Ring Road, north of Chang'an Avenue. This supply vacuum was not broken until the Taiyanggong plot entered the market. More critically, this is not only the first supply in more than ten years — there are no other developable land parcels for building luxury residences in the core area of the inner city at present. Scarcity does not automatically equal value. Only when "limited supply" and "sustained effective demand" are established at the same time can scarcity form pricing power. Taiyanggong has formed complete supporting facilities, leading educational resources, a sound commercial system and a gathering of high-end residents. The significance of newly added land is more close to supplementing the existing value system, rather than creating value expectations from scratch.

Secondary Transaction Price Exceeds 140,000 Yuan/㎡: The 139 New Units Have Price Safety Margin

To judge whether a set of high-end new residences has asset attributes, another key question is whether there is a sufficiently mature stock market with real transaction records in the surrounding area. Compared with planning, concepts and expectations, the transaction price of second-hand residences is a more direct valuation reference.

After about 20 years of development, Taiyanggong has formed a mature residential area with concentrated high-end residences and stable improvement demands. Projects including Hongxitai and Sun Palace form a relatively complete sample of second-hand residences. Second-hand housing market data confirms the value resilience of this sector. According to the data from second-hand housing agency platforms, the recent average unit price of Hongxitai is about 141,700 yuan/㎡, and that of Sun Palace is about 134,600 yuan/㎡;

When the second-hand residences in a sector have anchored the value bottom line with real money, the existence of new residences is not just a supply supplement, but a redefinition of the value system. After more than ten years of suspended land supply in the core area, Chenyuan 139 carries the value upgrading of this land.

According to the pre-sale permit information publicly posted by Beijing Municipal Commission of Housing and Urban-Rural Development on August 28, 2026, the proposed average selling price of Chenyuan 139 is about 180,000 yuan/㎡, the unit price of each building ranges from 174,000 yuan/㎡ to 186,000 yuan/㎡, and the maximum record price reaches 189,392 yuan/㎡. According to the on-site sales office, the actual launch price will be between 150,000 and 180,000 yuan/㎡. This pricing strategy is positioned to enhance the overall value of the region, rather than impacting the surrounding stock with low prices — fundamentally avoiding the sector value stampede caused by the low-price entry of new residences. The entire project only has 139 units, so the number of housing sources that will enter the second-hand market in the future is extremely limited. There are no other residential land parcels available for development in the Taiyanggong sector, and Chenyuan 139 occupies the last known residential land parcel. This non-replicability and scarcity are not only the ultimate endorsement of land value, but also the guarantee for long-term price stability after entering the second-hand market in the future.

From Product Development to Lifestyle Operation: Central SOE Credit Builds Long-term Certainty

After the high-end residential sector enters the stock competition stage, home buyers are paying more and more attention to the developer's credit, capital capacity, project management and subsequent operation.

Chenyuan 139, from land acquisition, development, project operation, delivery to later operation, is independently responsible for by China State Construction Land with 100% central SOE background, and product decision-making, capital investment and construction management can be completed within the same system.

For luxury residential customers, they will buy the best if they decide to purchase, which means not only leading products at present, but also long-term value that can stand the test of time. Whether the product has long-term leadership is an important criterion to judge the certainty of assets.

Chenyuan 139 adopts the century-old classic architectural form, classic aesthetic of the era, and the space with fewer beams and columns that can grow with the family, adapting to the needs of inheritance, which constitutes visible certainty. The residential area ratio and fine decoration standards are both in the first echelon of the region. For the building structure that cannot be easily modified, Chenyuan 139 uses the century-old residence system to comprehensively improve the construction standards, which is in line with the service life and standards of world landmarks and large super projects.

The delivery quality of China State Construction Land's past products has become a market benchmark. The "Super Delivery" of China State Construction Chenyuan has been widely recognized in the industry, which has verified the product standards with certain practical results.

The long-term value of high-end residences also depends on the certainty of post-delivery maintenance and operation. The Chenyuan service system of Chenyuan 139 builds a three-level service system of basic, exclusive and premium services, and is equipped with 24-hour bilingual dual butlers. For the living space, Chenyuan 139 takes "home" as the starting point, connecting the about 2,000 ㎡ building club, about 4,000 ㎡ main club, about 870 ㎡ Chenyao Art Center and about 10,000 ㎡ Kunxihui CENTER. It also links top global resources through the Chen CLUB, building a platform integrating clubs, communities, social circles and culture for influential figures of the era.

The later club operation is in the charge of China State Construction Land Ruiyi Property, a rising property management brand under China State Construction Land. The club of Zijing Chenyuan, the representative work of China State Construction Land, has been attracting visits and learning from various departments of real estate enterprises across the country since its opening. Ruiyi Property also undertakes property management services for places including Beijing Working People's Cultural Palace (Imperial Ancestral Temple), Beijing Financial Street Center and Beijing World Financial Center, and its high-standard service capability has been verified in the long-term operation of multiple city landmarks.

What really affects the differentiation of second-hand prices of luxury residences are often these variables that gradually emerge after delivery.

Structural Transformation of Home Purchase Logic for High-net-worth Families

At present, the residential allocation of high-net-worth families is shifting from quantity expansion to structural optimization. Integrating existing properties and allocating a new generation of residence with clear property rights, leading products, controllable delivery and stable operation in the core area of the inner city is becoming a rational choice to cope with the next market cycle.

What Chenyuan 139 presents is exactly the certainty sample after residences enter the family asset allocation system. The certainty from four dimensions — non-replicable land, firmly anchored second-hand residence value, full-cycle guarantee of central SOE development, and long-term operation of products and services — jointly form the safety boundary of Chenyuan 139 as a core asset.

On August 28, 2026, five departments including the Ministry of Housing and Urban-Rural Development, the People's Bank of China, the National Administration of Financial Regulation, the Ministry of Natural Resources and the China Securities Regulatory Commission jointly issued three major policies: the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources and the National Administration of Financial Regulation jointly issued the Notice on Improving the Commercial Residential Housing Sales System; the People's Bank of China and the National Administration of Financial Regulation issued the Opinions on Reforming and Improving Real Estate Credit Management to Promote the Accelerated Construction of a New Real Estate Development Model; the China Securities Regulatory Commission released the Opinions on Capital Market Supporting the Construction of a New Real Estate Development Model. The three policies have carried out a systematic institutional restructuring for the real estate industry from three dimensions: sales system, credit management and capital market.

Mingyuan Real Estate Research Institute pointed out that in this structural transformation, market differentiation will be further accelerated. Projects with insufficient product strength, replaceable locations and capital pressure may speed up the clearance process, and some participants will even gradually exit the market; only a small number of projects that meet the three conditions of "product strength enough to cross generational gaps, irreplaceable location, and healthy capital of the development enterprise" have the ability to go through the industry shift period, and convert certainty into new scarcity.

For Chenyuan 139, this is exactly an opportunity for structural upgrading. The product standards ranked in the first echelon of downtown luxury residences, the non-replicable Taiyanggong land, as well as the independent development and full-cycle operation by the central SOE, jointly meet the three key prerequisites. The certainty will become increasingly clear, and finally precipitate into long-term asset value that can traverse cycles.