After six years of construction and six months of sales, No.9 Jianguomen with zero online signing, does it still stand a chance?
By the end of 2025, the Jianguomen No. 9 project, located in the eastern 2nd Ring Road of Beijing, finally obtained the official permission for market sales after six years of construction.
Image source: Public notice
However, as of the time of publication, there was no public disclosure of any signing data for this project on the official website of the Beijing Municipal Commission of Housing and Urban - Rural Development.
Jianguomen No. 9 is a top - luxury project that has been rare in the area around Beijing's 2nd Ring Road for many years. It mainly promotes large flat - floor products ranging from about 270㎡ to 520㎡, with a unit price between 120,000 yuan/㎡ and 200,000 yuan/㎡, an average price of about 150,000 yuan/㎡, and a total price ranging from 30 million yuan to 187 million yuan (for the 893㎡ duplex).
Different from the almost "frozen" performance of Jianguomen No. 9, the national top - luxury housing market has frequently become a hot topic.
In Hangzhou, in the first five months of this year, the sales volume of new houses priced over 100,000 yuan per square meter increased by more than 140%, and projects such as Zhonghai Wanchao Jiuxu sold over 90% of their units. In Shenzhen, in the first three months, the sales volume of luxury houses priced over 30 million yuan increased by 154.55%, and projects such as Shenzhen Bay Yunxi were almost sold out after multiple additional launches.
Back in Beijing, in the first quarter, the sales volume of luxury houses priced over 30 million yuan also increased by 20%. Projects such as Zhonghai Anlan Beijing and Beijing Runyuan topped the sales charts in their respective segments.
In the booming top - luxury housing market, Jianguomen No. 9 with zero sales stands out as a misfit.
1
Obvious Advantages, More Prominent Drawbacks
Judging from its innate conditions, Jianguomen No. 9 should not have been so unpopular.
Being about 200 meters away from the eastern 2nd Ring Road and Chang'an Avenue, its location advantage is sufficient to outperform most competitors in Beijing's top - luxury housing market.
With such a prime location, the mature and high - quality supporting facilities are naturally top - notch. Needless to say, the transportation convenience provided by the 2nd Ring Road, 3rd Ring Road, and Chang'an Avenue. High - end luxury commercial centers such as the China World Mall and SKP are within easy reach.
Moreover, it is very scarce. In the past 20 years, Jianguomen No. 9 is the only new commercial residential project in the eastern Chang'an Avenue area, with only more than 90 units.
Meanwhile, according to its promotion, its product configuration also has a top - luxury style. In the 4,000㎡ clubhouse, a glass - curtained sunlit swimming pool has been built. In Buildings 1 and 2, the ratio of three elevators to two households creates double entrance doors. Building 3 even has a design of three elevators for one household, which can well guarantee the privacy of residents.
In addition, the indoor systems also seem to be on par with international high - standards. For example, the cabinets and sanitary ware are from German brand Raus and Swiss brand Laufen; institutions such as BPI from the United States and Arup from the United Kingdom are responsible for the lighting and acoustics settings of the project; there are also Honeywell fresh air systems, ECOWATER water purification systems from the United States...
Even though it has many "glories", it still can't escape the dismal reality of "zero sales". One can imagine how serious the drawbacks behind Jianguomen No. 9 are.
The floor plan is the first problem. The three main floor plans of Jianguomen No. 9 are almost all designed with a short frontage and a long depth. For example, in the 270㎡ floor plan, the south - facing frontage is 8.75 meters, while the depth reaches 26.2 meters, with a frontage - to - depth ratio of only 0.33. The slightly better 406㎡ floor plan has a frontage - to - depth ratio of only 0.69. This is not only lower than the 1.0 level of some rigid - demand products but also far from the general 1.2 level of current luxury houses. This design not only seriously affects the indoor lighting and ventilation but also causes a waste of area, greatly reducing the space utilization rate.
Image source: Project official
The so - called living - room terrace design, which might have been a highlight in the past, has lost its competitiveness in the current era when "four - generation houses" have become the mainstream and terraces have gradually become standard features.
Secondly, there is a relatively low usable floor area ratio. The 520㎡ floor plan only has a 70% usable floor area ratio, and the 270㎡ and 301㎡ floor plans only have a 79% ratio, far lower than the general market level of over 90%.
Moreover, the residential plot ratio of 4.62 of this project directly leads to severely restricted lighting and ventilation on the lower floors. And such a high plot ratio, which has long been abandoned by rigid - demand projects, now appears in a top - luxury project. One can imagine the public's acceptance level.
Image source: Project official
What cannot be ignored is that the living environment of Jianguomen No. 9 is quite "mixed". In addition to three residential buildings, it also has one office building (13 floors) and two commercial buildings. Moreover, the first to fifth floors of Building 2 are also for commercial use, so the purity of the living environment is not guaranteed at all. And the distance between the office building and the residential buildings is only more than ten meters, which will affect the privacy and view of some units.
In addition, it also has some insoluble problems: a property right of less than 50 years and the noise impact brought by the nearby Beijing Railway Station and the railway track 200 meters away... Coupled with the outdated product design and the mixed commercial - residential nature, it is not surprising that Jianguomen No. 9 has poor sales.
2
Formidable Competitors Entering the Market: Adding Insult to Injury?
In order to promote sales, in addition to self - sales, Jianguomen No. 9 has also introduced two channel agencies for joint distribution. However, even with the help of these partners and the absence of competing products in the area in the first half of the year, the project still had zero sales.
Time waits for no one. In the second half of 2026, Jianguomen No. 9 has no more room to breathe because several formidable competitors are accelerating their entry into the market.
Mao Yuan · Yun Yun Tai from Panjiayuan on the eastern 3rd Ring Road just obtained the pre - sale permit half a month ago. 456 luxury units are expected to enter the market in July and August. The pre - sale average price is 144,000 yuan/㎡, and the total price can be as low as 20 million yuan. The entry threshold is lower than that of Jianguomen No. 9, and the products are newer. Moreover, it is from Mao Yuan's top - luxury Tai series, with customized luxury stone facades, double sunken courtyards, four - bay south - facing floor plans, and a plot ratio of 2.8. Every aspect outshines Jianguomen No. 9. The total price of its 234㎡ floor plan is about 30 million yuan, which may compete with the 270㎡ products of Jianguomen No. 9 for the customer group.
Further north, the threat from the Taiyanggong project may be even more fatal.
The luxury housing project - Taiyang Chenyuan, developed by China Construction Zhidi, mainly promotes floor plans ranging from 270㎡ to 380㎡, with a total price starting from 40 million yuan and a maximum of less than 60 million yuan. This almost completely overlaps with the main products of Jianguomen No. 9.
Moreover, the products of Taiyang Chenyuan completely outperform those of Jianguomen No. 9: The maximum floor height is 3.5 meters, and the frontage - to - depth ratio is 1.13. The first floors are all elevated, combined with a covered walkway and a sunken courtyard... In terms of space scale and living experience, it leaves Jianguomen No. 9 far behind.
It is worth mentioning that the area where Taiyang Chenyuan is located is a relatively mature high - end residential area. Luxury housing projects such as Taiyang Gongyuan and China Construction Jiuhe Mansion are concentrated here, and there is also the support of high - quality school districts such as Chaoyang School Affiliated to Renmin University of China, which Jianguomen No. 9 can hardly match.
The upcoming Mao Yuan · Yun Yun Tai can intercept the customer group of Jianguomen No. 9 in the 30 - million - yuan level, and the Taiyang Chenyuan, which is expected to enter the market in the second half of the year, may surround and cut off the customer group in the 40 - million - yuan level market. Caught in a pincer movement, the second half of 2026 for Jianguomen No. 9 is doomed to be full of perils.
Meanwhile, the high - quality residential land to be sold casts a longer shadow over the future of Jianguomen No. 9. For example, the Yong'anli plot that appeared in the list of land to be supplied in the seventh round last year is located between Jianguomen Bridge and Guomao Bridge, less than 1 kilometer away from Jianguomen No. 9. It is also along Chang'an Avenue and in the CBD area. Once this land is launched later, it will surely directly squeeze the sales space of Jianguomen No. 9.
3
A Long Wait
The current situation of Jianguomen No. 9 is not mainly due to insufficient product strength. What really drags it down is actually time.
In 2004, its predecessor - Plot 5 of the second phase of Huqiaocun in Chaoyang District was acquired by Tianhong Group for 127 million yuan. According to the original plan, it should have been launched in 2005 and delivered in 2007.
Unfortunately, things didn't go as planned. Obstacles in demolition and financial pressure slowed down its development process. It didn't obtain the construction permit until 14 years later, and another 7 years passed before it got the pre - sale permit.
Over the past 20 years, not to mention the great changes in the aesthetics and customer groups of the luxury housing market, the entire real - estate market has also lost its frenzy and returned to a more stable state. Jianguomen No. 9 from the past era has ultimately missed its development opportunity.
During the long period of being put on hold, the shareholders behind Jianguomen No. 9 have changed again and again.
The developer of Jianguomen No. 9 is Dongyin Yanhua (Real Estate). Early shareholders included Ping An Trust and Zhongcheng Trust and other institutions. By the end of 2020, Zhongcheng Trust, together with relevant shareholders, transferred a total of 49% of the equity to Wangtai Real Estate, which has since firmly held the position of the largest shareholder of the project until now.
In the Beijing real - estate circle, Wangtai Real Estate is a "cross - border player". It is backed by Wangtai Energy (99%) and Wangtai Holdings (1%). Wangtai Energy focuses on the gas - station business, while Wangtai Holdings is also involved in finance and real - estate in addition to energy. Statistics show that it has participated in the development of more than a dozen real - estate projects in the past 20 years.
Image source: Aiqicha
Although Wangtai Real Estate is the largest shareholder of the project, the real operator of Jianguomen No. 9 is the Shoukai Group.
Two subsidiaries of Shoukai (Yanhua Real Estate and Shoukai Yixin) jointly hold 51% of the shares. The management team, including the chairman and legal representative, comes from Shoukai. Business processes such as pre - sale application, pricing, and marketing are also led by Shoukai. Wangtai Real Estate mainly acts as an investor, sending a small number of financial personnel to the project without participating in actual management.
Image source: Aiqicha
It can be said that the management and decision - making power of Jianguomen No. 9 is firmly in the hands of Shoukai. However, for Shoukai, this project is more like a "hot potato".
According to the semi - annual report of Shoukai Co., Ltd. in 2025, the planned total investment in Jianguomen No. 9 exceeds 7.1 billion yuan, the total construction area is about 94,000㎡, and the plot - ratio construction area is about 55,000㎡. Calculated, the development cost is about 130,000 yuan/㎡. Compared with the average price of about 150,000