Manyun One is really delayed.

Tongzhou used to be a testing ground for non-local real estate enterprises to develop luxury residences in Beijing. However, after the release of the villa restriction policy and the subsequent default crisis of aggressive real estate enterprises such as Tahoe, new luxury residential projects in Tongzhou entered a long blank period. It was not until May 2024 that Minyun One emerged.

At the beginning of the next month, one month after its opening, Minyun One timely released an exciting data: Hot sales of 2.5 billion yuan on the first launch.

The project's promotional poster in that year

According to this data, Minyun One became a phenomenal product at that time. Industry insiders summarized that in the month of the project's opening, the transaction volume of Beijing's luxury residential market dropped by more than 70% year-on-year, while Minyun One achieved an independent market performance against the trend.

Looking back at historical records, the first-launch performance of Minyun One has obvious exaggeration. For the whole year of 2024, it only recorded 113 units of actual online signing, with total sales of about 1.81 billion yuan, 38% less than the publicized 2.5 billion yuan.

However, in the 2024 market, the performance of Minyun One was still remarkable. Moreover, it was the most expensive project sold in Tongzhou that year, with an average online signing price of 69,868 yuan per square meter, which raised the market expectation of Tongzhou projects by nearly 10,000 yuan per square meter on its own.

The plot located in Yongshun Town, Tongzhou District, Beijing where Minyun One is located, was an important layout deployed by Hopson and its affiliate Pearl River in Tongzhou more than 20 years ago, with a total development area of over 1 million square meters. According to the sales speed at the time of opening, this project could be sold for as long as ten years.

But after the second phase went on sale, Minyun One could no longer maintain strong sales.

01

On December 29, 2025 and March 21, 2026, Minyun One obtained pre-sale permits for the second phase in two batches (recorded name: Minyun Fuyuan (Phase II)), with a total of 239 housing units and a total sales area of about 55,000 square meters, but only 17 units have been signed online so far, with an online signed area of 3625.17 square meters, and the decontamination rate is only 6.59%.

Source: Beijing Municipal Commission of Housing and Urban-Rural Development

Source: Beijing Municipal Commission of Housing and Urban-Rural Development

The price that keeps falling along with the sales performance is as follows:

In 2024, the average sales price of the project was 69,868 yuan per square meter, with 113 units signed online, averaging 14.1 units per month; In 2025, the average sales price of the project was 66,500 yuan per square meter, with 96 units signed online, averaging 8 units per month; From January to September 2026, the average sales price of the project was 61,254 yuan per square meter, with 44 units signed online, averaging 4.9 units per month;

In July, August and September, Minyun One only recorded 13 units of online signing. Moreover, its transaction price once dropped below 60,000 yuan per square meter.

Data

Recently, the project even launched special-priced houses with a fixed total price: a 211-square-meter apartment is priced at 12.68 million yuan, equivalent to a unit price of about 60,000 yuan per square meter.

When Minyun One opened, the total price started from 15 million yuan. Two years later, the starting total price dropped to 12 million yuan, shrinking by 20%.

02

What is shrinking along with the price is the remaining term of property right of Minyun One.

In 1999, Pearl River Investment registered an enterprise in Tongzhou: Beijing Shunkai Real Estate Development Co., Ltd. This year, Country Garden just entered the Guangzhou market, and Yu Liang was still working as an assistant to Yao Mumin, the general manager of Vanke. But Hopson Group had already carried out in-depth layout in Beijing.

Pearl River Investment is another important core enterprise of Zhu Mengyi's family outside the listed platform Hopson Development. The two companies once had a clear division of labor: Pearl River Investment was responsible for primary land development, taking plots with high land acquisition difficulty, and then "reselling" them to Hopson Development, so that the latter could convert these assets into excellent performance of the listed company.

Beijing Shunkai Real Estate is the platform company of Pearl River Investment that is specifically responsible for land consolidation and land acquisition in Tongzhou. In 2001, 5 contiguous large plots in Yongshun area of Tongzhou were acquired by Beijing Shunkai Real Estate, with a total construction area of about 2.7 million square meters. Among them, the developable volume of Yongshun East Lane area exceeds 1 million square meters, and the current Minyun One is part of it.

But the story of Minyun One was delayed for more than 20 years before it was launched. It is said that the process involved some demolition agreements and planning changes, including the relocation of Yongshun Central Primary School on Plot 6081. The delay lasted for more than 20 years, which, together with the Chaoyang Xiaoyun Road project, became the two "twin projects" with the longest development time under Hopson Group.

During this period, the person in charge of Beijing Shunkai Real Estate changed several times, and its equity changed from being held by Zhu's family's Pearl River Investment and Hopson Development to a multi-shareholder enterprise that introduced fund platforms such as Bohai International Trust as shareholders.

With the changes of enterprises and the market, the product logic of the project has also changed. According to the original plan, it was an improved project with a plot ratio as high as 2.8. However, since Hopson gathered its main products and resources under the "Mansion Series" in recent years, this project finally moved towards the high-end positioning, and entered the market as a luxury large flat-floor residence with the positioning of "Minyun" luxury decoration. The average area of the project's products reaches more than 200 square meters.

As Hopson's benchmark product No.8 Xiaoyun Road re-appeared under the "Minyun Series" and amazed Beijing's luxury residential market, Minyun One in Tongzhou also benefited from this trend. According to the public statement of the project, when it was first launched in the first half of 2024, the subscription completion rate reached 101%, and the payment collection completion rate reached 149%. In the first half of 2024, Hopson's "Mansion Series" products contributed a total sales performance of 6.163 billion yuan, accounting for about 70% of the group's total sales performance. And Minyun One accounted for more than 30% of the sales contribution of the group's "Mansion Series" products.

However, with the overall evolution of Beijing's luxury residential products, especially the emergence of competitors such as Yunhe Jiuyuan in Tongzhou area, the decontamination curve and price logic of Minyun One are undergoing an obvious "downgrade".

03

After the sales speed dropped, Minyun One tilted more resources to distribution channels. According to the information on intermediaries' social media, the channel commission rate given by the project in 2024 was between 3% and 4%. During the Double Festival holiday in September this year, it directly raised the channel commission rate, with the highest sales policy reaching 4.5%.

This means that for each house sold through intermediary channels, the intermediary can get a huge commission ranging from 400,000 yuan to 1 million yuan.

Source: Internet

However, while Minyun One offered high commissions, on September 21, 2026, the project's main operating company Beijing Shunkai Real Estate was once again listed as an enterprise subject to high consumption restrictions. Since June this year, the company has been restricted from high consumption for three times and listed as a person subject to execution for four times.

Source: Tianyancha

Since the second half of 2025 when the sales speed of Minyun One began to slow down, Beijing Shunkai Real Estate has also started to default on tax payments. According to the information from Tianyancha, in the past 15 months, the company has had 19 tax arrears, totaling about 90.57 million yuan.

Source: Tianyancha

Source: Tianyancha

From the former "cash cow" to the current large-loss promotion, the situation of Minyun One reflects the dilemma of Hopson Group in the high-end residential track.

On the one hand, the brand premium of the "Mansion Series" still exists, but under the boost of policies, the product iteration of the high-end market is accelerating, and Hopson's long-term sales strategy for large-scale projects has fallen into passivity. On the other hand, although the high commission strategy can stimulate channels to bring customers in the short term, it does not fundamentally solve the problem of prolonged project decontamination cycle, but further compresses the profit margin of the project.

Minyun One can no longer afford slow sales.

This article is from the WeChat official account "Future Habitat", author: Small House in Big House, authorized for release by 36Kr.