The second-phase plot of Zhuoyue Langsong project has been restarted after a five-year hiatus. Who will take over the development baton?

On October 15, Changsha put up for sale a residential land parcel numbered [2026] Changsha No.046. The total area of the parcel is 44108.05 square meters, with a transfer area of 35600.27 square meters. It is classified as Class II residential land, with a floor area ratio no higher than 2.2 and a maximum height limit of 54 meters.

This plot is adjacent to the first phase of Excellence Langsong, which was originally planned as the second phase of Excellence Langsong and was sold at the same time as the first phase. However, while the first phase has gone through construction, opening for sale and final delivery, the second phase project has not yet started construction.

In September 2026, the second-phase plot was re-listed, and was fully acquired by Changsha Guanyue Real Estate Co., Ltd., one of the original land holders, with a transaction price of 242.8 million yuan, a 6% discount compared with the first transfer price of 258.54 million yuan.

"Combined into One"

The story of this land parcel dates back to 2024.

On July 9, 2024, Kaifu District of Changsha concentratedly transferred two plots of land, numbered [2024] Changsha No.023 and [2024] Changsha No.024. At that time, the buyer of both plots was the consortium of Excellence Group.

Among them, the No.023 plot has a total area of 22001.02 square meters, a transfer area of 18190.19 square meters, and its planned use is R2 with a floor area ratio of ≤2.4. The final total transaction price was 144.11 million yuan, equivalent to a floor price of 3301 yuan per square meter.

The No.024 plot has a total area of 44108.05 square meters, a transfer area of 35600.27 square meters, and its planned use is R2 with a floor area ratio of ≤2.2. The final total transaction price was 258.54 million yuan, equivalent to a floor price of 3026 yuan per square meter.

After acquiring the land, the No.023 plot was positioned as "Excellence Langsong". The project started construction first and launched pre-sale at the end of the same year. The project obtained pre-sale permits and opened for sale in three batches, and completed centralized delivery this year.

According to the original plan, the No.024 plot would be the second phase of Excellence Langsong. When the demonstration area of Excellence Langsong opened at that time, the bird's-eye renderings of the first and second phases were publicly displayed simultaneously. After the approved planning scheme of the second phase was disclosed in August 2025, the second phase was officially named "Ruige Academy" for record filing.

However, after that, there was no sign of construction for the project. Some reports even pointed out that the Changsha Land Supply Cloud Platform once showed the status as "unannounced".

By September 15 this year, the plot was re-listed on the Changsha Land and Resources Trading System, numbered [2026] Changsha No.046. At that time, market sources revealed that the main reason for the re-listing of the plot was that Jinxia Group, a district-owned state-owned enterprise, adjusted its shareholding ratio and increased its equity proportion, so the re-listing process was required.

However, after checking, View Media found that the only bidder for this transaction was Changsha Guanyue Real Estate Co., Ltd., which is Changsha Zhuoxinchen Real Estate Co., Ltd., one of the original land acquirers.

In other words, this re-listing is essentially the exit of the district-owned state-owned enterprise.

It is worth noting that the controlling shareholder of Zhuoxinchen Real Estate is the "land owner" of the first-phase plot. After the original developer took over the second-phase plot, the development entities of the first phase and the second phase have been unified at the equity level.

This also explains why the two plots were acquired at the same time, the first-phase project can be developed at a fast pace while the second phase entered the "slow lane". In fact, this change had been foreshadowed as early as 2025.

On September 26, 2025, Hunan Guhu Development and Construction Co., Ltd., one of the original land acquirers, announced that it planned to list and transfer its 20% equity held in Changsha Guanyue Real Estate Co., Ltd.

By December 4 of the same year, the information from Qichacha showed that Hunan Guhu completed its exit, and Changsha Zhuoxinchen Real Estate took over the 20% equity and held 100% equity of Guanyue Real Estate.

In other words, this is a procedural re-listing triggered by equity changes. After being re-listed, the conditions of the land parcel have not been adjusted, with a total area of 44108.05 square meters, a transfer area of 35600.27 square meters, and a floor area ratio of ≤2.2.

However, the transfer price was adjusted from 259 million yuan to 242 million yuan, and the floor price dropped from 3301 yuan per square meter to 3100 yuan per square meter.

The Role of Excellence

The "rebirth" node of this land parcel just coincides with the final clearance of the first phase. As the construction manager of the first-phase project, the industry generally believes that Excellence Group will continue to operate the second-phase plot.

To understand the certainty of the second-phase entrusted construction, we first need to look at the market performance of the first phase.

The first phase of Excellence Langsong opened in January 2025, mainly offering 3-bedroom and 4-bedroom apartments of 88 to 139 square meters, with an average sales price of about 11500 yuan per square meter. Its core selling point is the supporting admission qualification for the expanded east campus of Qingzhuhu Xiangyi Foreign Language School.

According to the official website, the first opening of the first phase achieved a sales rate of over 95%. In July 2026, Buildings 1, 2, 3, 5 and 6 of the first phase of Excellence Langsong officially started centralized delivery, and the first phase was almost sold out. In September, the east campus of Qingzhuhu Xiangyi was officially put into use.

From opening to clearance to delivery, the first phase completed a full cycle in less than two years, verifying the market appeal of the combination of top school supporting resources and high-quality products in northern Kaifu District.

From the perspective of surrounding projects, the current new housing competition pattern in this area shows obvious polarization.

On one side are the school-district represented by Excellence Langsong, which can achieve a selling price of 11000 to 12000 yuan per square meter relying on the supporting advantage of Qingzhuhu Xiangyi; on the other side are projects including Qingzhuhu Xiyuan and Metro Construction Junhecheng, with average selling prices of 5500-7500 yuan per square meter and starting from 5088 yuan per square meter respectively, whose prices are less than half of those of the school-district properties.

It is not difficult to see that the biggest value anchor point of the Guanguan Lake area at present is education, and the biggest risk also lies in it. The school district premium raises the pricing of projects, but it also means that once there are changes in education policies or school district division, the price support will face tests.

Now that the floor price of the plot has dropped from 3301 yuan per square meter to 3100 yuan per square meter, it has released greater pricing flexibility for the product positioning of the second phase to a certain extent.

It is worth mentioning that although Excellence Langsong is the only entrusted construction project of Excellence Group in the Changsha market at present, after establishing its first regional branch for national layout in Changsha in 2004, Excellence has launched 10 projects in the city. Around 2020, it once achieved the performance of 8 projects in one city, pushing the overall sales scale of Changsha branch from 500 million yuan to 3 billion yuan.

However, after that, the pace of Excellence seems to have slowed down. Its latest action in Changsha is the entrusted construction of the first and second phases of Excellence Langsong.

According to its official website, in recent years, Excellence Group has taken the entrusted construction and sales business as a new growth curve. From the national market, the map of Excellence's entrusted construction business covers 21 projects in 9 core cities including Shenzhen, Zhuhai, Dongguan, Zhongshan, Shanghai, Nanjing, Changsha, Chongqing and Chengdu, with a cumulative entrusted construction area of over 3.25 million square meters.

However, back to the land parcel itself, the first phase of Excellence Langsong has completed market verification in the area, but whether the second phase can be promoted smoothly still depends on the final product positioning and subsequent market environment.

This article is from the WeChat official account "View", written by View Media, and authorized for release by 36Kr.