news

reporter丨li huilin editor丨tan lu

during the national day holiday, a special exhibition of national treasures calligraphy and painting from the song, yuan, ming and qing dynasties was held in guangzhou.

the 15 paintings and calligraphy on display are worth nearly 2 billion yuan.

the exhibition was held in the top luxury mansion "guangzhou pengrui no. 1", and the event was led by xu hang, founder of pengrui group.

this luxury project with an average price of over 100 million yuan per unit broke through the unit price ceiling of new homes with a reported sales price of 560,000 yuan/㎡ two months ago.

pengrui told the "21cbr" reporter that from january to june this year, the guangzhou pengrui no. 1 project6 properties worth over 100 million were sold online, becoming the number one transaction winner in the country for luxury homes with a total price of over 100 million.

the project has attracted so much attention that xu hang himself rarely appears in public, and the press conferences are all attended by company executives.

in 2024, xu hang was selected into the hurun global rich list with a wealth of 110 billion yuan.

with the continuous introduction of major policies, the property market is expected to stop falling and stabilize, and his luxury property business is also expected to benefit.

luxury properties recover

xu hang was originally the co-founder of mindray medical. because of his interest in architecture, he founded pengrui real estate and built shenzhen's top luxury "shenzhen bay no. 1".

in xu hang’s vision, guangzhou pengrui no. 1 will surpass shenzhen bay no. 1 in all aspects.

this project is an urban complex located in the second cbd of guangzhou——the first-line riverside section of international financial city, covering an area of ​​approximately 54,200 square meters, with a total investment of no less than 16 billion yuan.

for the first time, xu hang used the word "peng rui" as the name of the project. the six planned buildings cover top luxury apartments, luxury hotels, art centers, top clubs, high-end customized businesses, etc.

pengrui told the "21cbr" reporter that the company has also obtained the 20-year right to use 1,300 acres of beidisha island, and plans to build it into an ecological island in the center of the city, open to citizens, and also bringing peace of mind to the owners of its guangzhou project. a nearby ecological paradise.

pengrui no. 1 is a large flat-floor apartment product with a property right of only 40 years., but did not affect the interest of potential customers.

the official website of the guangzhou housing and urban-rural development bureau shows that the total number of pre-sale units in the project is 152, and 28 units have been sold.

among them, the house with a registered price of 560,000/㎡ belongs to the "king of buildings" building t, which has a south-facing river view and focuses on large flat floors of more than 750 square meters. according to market news,2 units for sale, with a total price of about 200 million yuan per unit。

when xu hang acquired the land three years ago, he spent 5 billion yuan, and the floor price was 18,000/㎡. based on the average sold price of the entire project of 230,000/㎡, the profit was considerable.

only the apartments in buildings t1-t3 have a total pre-sale area of ​​78,900 square meters. if all are sold, xu hang will earn at least 18 billion yuan.

pengrui no. 1 is selling like hotcakes, echoing the current resurgence in luxury housing. cric data shows that from january to june this year, 401 luxury homes with a total price of more than 50 million yuan were sold, a year-on-year increase of 1.2 times.

yang yongjun, research director of the south china branch of the china index research institute, analyzed to the "21cbr" reporter that there are two reasons: one is to improve the release of sexual demand; the other israre things are valuable。

"high-end improved residences in core areas are relatively scarce and have stronger ability to maintain value and withstand declines. potential buyers hope to achieve diversified investment and reasonable allocation of assets to better cope with cyclical economic fluctuations," he said.

copy mode

xu hang, who was born in guangzhou, is better known as the co-founder of mindray medical.

1991,he founded mindray medical together with li xiting and others, to build china's largest medical equipment company, with a market value of nearly 600 billion yuan at its peak.

xu hang founded pengrui in 2007 and acquired land in shenzhen the next year to build shenzhen bay no. 1. in 2012, he resigned as co-ceo of mindray and fully devoted himself to the luxury property business.

after 10 years of careful planning by xu hang, when shenzhen bay no. 1 entered the market, the opening price was 170,000/㎡, which became the ceiling of new houses in shenzhen. so far, the price of second-hand houses is more than 200,000/㎡.

relying on this project in shenzhen alone, pengrui's net profit in 2017 reached 3.8 billion yuan, which was 1.2 billion yuan more than mindray.

xu hang has the ambition to become bigger and stronger. from 2019 to 2021, under the banner of "deep cultivation in the region and development across the country", he frequently acquired land and once "took over" 10 old renovation projects of china fortune land development's southern headquarters.

the greater bay area is its core market, xu hang has deployed 12 high-end projects, distributed in guangzhou, shenzhen, foshan, dongguan, zhuhai, and qingyuan.

according to yang yongjun’s observation, since the adjustment of the real estate market, the demand for high-end improvement in the core areas of the cities in the greater bay area has not been greatly affected, and some areas have bucked the trend and have grown.

"pengrui's newly acquired land parcels in the greater bay area in recent years are of relatively high quality. many of them are located in core areas, and most of them are riverside land parcels. they have unique landscape resources and are suitable for building high-end improvement projects." yang yongjun mentioned.

debt reduction

in this round of expansion, xu hang’s goal is to copy more “shenzhen bay no. 1”.

he is passionate about building landmark buildings and selling multi-million-dollar luxury properties. for example, zhuhai bay center in zhuhai, sanlong bay no. 1 in foshan, and tianyue in dongguan.

yang yongjun believes that,pengrui has accumulated a certain amount of development and marketing experience as well as a mid-to-high-end customer base., which is conducive to copying the development model to other cities.

many of pengrui's new projects are indeed selling well.

for example, foshan sanlongwan no. 1 has achieved sales of nearly 10 billion yuan a year and a half after its opening. in the first half of this year, the project won the championship in terms of transaction amount and number of units of foshan's tens of millions of luxury homes. dongguan tianyue, sold out for 1 billion yuan in the first half day, and sold out in the third opening.

according to incomplete statistics from "21cbr" reporters, in 2023,pengrui's total sales exceed 12 billion yuan。

yang yongjun believes that the real estate market is still in the adjustment period, and more and more real estate companies are targeting the improvement market. pengrui is facing increasingly fierce competition, and sales pressure is expected to increase.

xu hang's main projects are mostly commercial complexes with long investment cycles, large amounts of capital deposits, and financial pressures.

in the past two years,pengrui stops taking land, adjust the organizational structure and reduce the number of personnel in the urban renewal department.

at the work deployment meeting at the beginning of the year, he encouraged employees to "face challenges with high ability and strong confidence."

like many real estate tycoons, xu hang has focused his business policies on reducing debt, focusing on profits, reducing costs, and streamlining troops and administration.

the difference is that xu hang's plate is not large and the house can be sold, so the situation is much better.

unless otherwise noted, the pictures are from pengrui