Defeating China Overseas and Jinmao, Shanchuan Group won the "Last Mile" residential plot in Hexi, Tianjin.

The transfer of residential land in Xinbadali, Hexi District, Tianjin has officially been completed.

On the morning of September 18, the plot numbered Jinxitai (Listing) 2026-08 was officially put up for transfer.

This is the first residential plot sold by Hexi District this year, the first residential land traded in Tianjin's urban area after the introduction of the "828 New Policy", and also the first pure residential plot entering the market in Xinbadali in nearly 11 years.

This plot attracted four real estate enterprises including China Overseas, Jinmao, TEDA and Shanchuan Group to compete for it. However, in the bidding stage, the final winner was a "new face" in the land auction market.

Tianjin Zhuochen Shengchuan, under Shanchuan Group, won this residential plot with RMB 925 million, with a premium rate of 5%, equivalent to a floor price of about RMB 19,421 per square meter.

This company is a newly established entity under Shanchuan Group in 2026. It has been established for only half a year, but has successively won two residential plots in the Tianjin market.

01

"The Last Li"

Shanchuan Group's "corner overtaking" this time is truly beyond the market's expectation. Before the plot bidding, the outside world discussed more about the other three participants.

The origin of the connection between China Overseas, TEDA and the "Xinbadali" where the plot is located can be traced back to 2014 at the earliest.

At that time, Hexi District packaged eight plots on both sides of Jiefang South Road and Heiniucheng Road and launched them to the market, uniformly named "Xinbadali", planning to build another commercial and residential center adjacent to the old Badali area.

Later in 2014, six plots from Erli to Qili were all traded at the base price, with a total transaction value of RMB 25.546 billion, and the floor price ranged from RMB 12,500 to RMB 14,500 per square meter.

Among them, MCC Group won the "Qili" plot with RMB 4.949 billion, Peking University Resources won the "Sanli" plot with RMB 3.973 billion; Tianfang Group won the "Liuli" plot with RMB 4.575 billion.

China Overseas won the "Sili" plot with RMB 5.04 billion, and then won the "Wuli" plot successively with RMB 3.93 billion; Bohai State-owned Assets under TEDA Holdings won the "Erli" plot with RMB 3.079 billion, which was later entrusted to Gedia under TEDA Construction for agent development.

Later, the above plots successively formed a number of projects such as Dexian Mansion, Yuecheng, Liuhe International, Fuxing Jiuli, Huanyu Tianxia, Gedia Qiyuan and so on.

However, because the Bali plot was not expropriated and stored by the government, it means that among the expropriated and stored residential land in Xinbadali, only Yili has never had any movement.

The long-term idleness of the Yili plot is also related to its predecessor.

It is reported that this place was originally the factory area of the No.5 Radio Component Factory, and later became the location of Samsung Electro-Mechanics (Tianjin). After the production lines moved out, about 6.1 hectares of land was enclosed by walls and left unused for many years. It was not until 2025 that it was temporarily transformed into a sports leisure park and parking lot, and reopened to citizens.

The turning point came this year. On May 29, Tianjin publicized the regulatory plan revision of the Yili plot, the original urban apartment function was cancelled, and the land nature was changed to residential land, on the grounds of "promoting the development and construction of the Xinbadali area and making up for the shortcomings of regional development".

Behind this adjustment is the old problem of oversupply of commercial and office space in Xinbadali. A large number of office buildings and apartments planned in that year entered the market intensively, which made de-stocking difficult, and residential houses have become scarce products in the area instead.

After adjusting the Yili plot from apartment to residential, on July 20, Tianjin Municipal Government officially approved the regulatory plan adjustment; on August 19, the plot was listed for transfer.

The listing conditions show that the plot has a floor area ratio of 2.0, a planned construction area of about 47,600 square meters, including 1,100 square meters of commercial space, and an initial floor price of RMB 18,435 per square meter.

The "Last Li" has attracted old players in the plate in the past, as well as Jinmao which owns Tianjin's high-end benchmark project Jinmao Mansion at Tibe, but finally Shanchuan Group won this residential plot with RMB 925 million, with a premium rate of 5% and a transaction floor price of RMB 19,421 per square meter.

02

After the New Policy

The enterprise that won the land is beyond expectation. The most delicate point of this plot is that it is stuck at the node of policy switching.

When the plot was listed on August 19, the 828 New Policy had not yet been implemented; when the transaction was completed on September 18, the new policy had been released for three weeks.

That is to say, this plot has become the first residential plot traded in Tianjin's urban area after the 828 New Policy, but there is no mandatory existing house sales requirement attached to the transfer documents.

According to the new policy document, commodity housing projects on newly transferred land will give priority to choosing existing house sales, but it is not mandatory. If applying for pre-sale, the main structure of a single building must be capped, and the pre-sale funds will be subject to full supervision.

No matter which choice is made, the new policy has changed not only the sales time point, but also the capital schedule of developers.

In the past, real estate projects could apply for pre-sale permits and get return funds in advance after several floors were built. Now the return fund node is greatly postponed, the proportion of self-owned funds invested in the early stage rises, and the funds are also restricted to be used in a single project and cannot be transferred across projects. If the whole existing house sales route is adopted, real estate enterprises need to fully advance funds for two to three years, and can only sell the houses and receive payments after the completion acceptance filing.

For Shanchuan Group, this time accounting is not easy to calculate.

Judging from Shanchuan Group's development mode in the Tianjin market, its strategy tends to be the "asset-light" mode, that is, to acquire low-density plots in the core area of the main city, and then entrust external brand agent developers to operate the projects.

Looking back at its layout in the Tianjin market, just a month ago, Shanchuan Group announced the planning of the Tianjian Plot project in Binhai New Area. This plot was won by Tianjin Zhuochen Shengchuan with RMB 426 million on June 30, with a premium rate of 0.14%. It is reported that the project is planned to build 8 16-18 storey small high-rise buildings, and will be agent developed by Seazen.

Earlier, Shanchuan Group had closer cooperation with Gemdale Management.

In November 2024, Shanchuan Group's system won the plot numbered Jindongwei (Gua) 2024-31 with a premium rate of 1.72%. This plot is the Hedong Reducer Factory plot, with a transaction price of about RMB 640 million. Later, the project was agent developed and operated by Gemdale, named Gemdale Qingfengshang, and planned to build 5 to 11 storey garden houses.

In July 2023, Shanchuan Group's system won the 03-09 project of Shuanggang New Home in Jinnan with the base price of RMB 382 million. As the only ultra-low density plot with a floor area ratio of about 1.1 in the urban area and surrounding areas in recent years, it was later entrusted to Gemdale for agent development and operation as Gemdale · Shanchuan Yin.

Back to the present, after the new policy, no matter whether they seek external teams for agent development or not, they need to fully advance funds for two to three years, and can only sell the houses and receive payments after the completion acceptance filing.

However, the calculation logic of this plot is still supported. Judging from the real estate projects developed in the last round of Xinbadali, China Overseas Fuxing Jiuli, Gedia Qiyuan, Peking University Resources Yuecheng are all second-hand houses delivered from 2016 to 2018, and the listing price of second-hand houses in the plate ranges from RMB 28,000 to RMB 35,000 per square meter.

The market generally predicts that the future selling price of the Yili plot project will most likely fall in the range of RMB 30,000 to RMB 35,000 per square meter, and even speculates that the selling price of the new property can reach RMB 40,000 per square meter. There is still profit space between the above selling price and the floor price of RMB 119,200 per square meter.

However, the margin on price cannot make up for the gap in capital time. As for whether the project will follow the previous agent development mode later and which agent development team to choose, it needs to be answered by time.

This article is from "Viewpoint", and is published by 36Kr with authorization.