Here are the key takeaways from the delivery of Shenzhen’s tallest residential project:
- Greenview China Real Estate has officially started delivering units at its Baishizhou urban renewal project, featuring a 74-story residential tower, despite a one-month delay from the original contract date.
- Homeowners raise significant concerns over unfulfilled promises, particularly regarding a pledged school配套 from Nanshan Foreign Language School, which remains undeveloped with delayed timelines.
- The developer, Greenview Group, faces acute financial pressures with high liabilities and limited cash, casting doubt on the completion of future project phases.
- Industry experts, including Zhi Peiyuan (支培元) and Lu Kelin (卢克林), suggest state-owned enterprises or government-backed platforms may need to intervene to ensure the project’s viability.
- This 74-story residential delivery serves as a critical case study for the challenges in China’s urban renewal initiatives, especially for private developers navigating regulatory and market headwinds.
The Dawn of a Skyscraper: Greenview Baishizhou’s Delivery Milestone
After years of anticipation and mounting scrutiny, Shenzhen’s skyline welcomes its newest and tallest residential inhabitant. On February 4, Greenview China Real Estate (绿景中国地产) announced via the Hong Kong Stock Exchange that the main construction of the first phase of its Baishizhou urban renewal project—Greenview Baishizhou Jingting—was complete, with government approvals secured and the delivery process for residential units formally initiated. This 74-story residential delivery marks a pivotal moment for one of China’s most watched property developments, but it arrives shrouded in complexity and controversy.
Located in Nanshan District’s Shahe Street, the Baishizhou project represents Shenzhen’s largest urban renewal endeavor, with a total gross floor area of 3.58 million square meters and an estimated gross development value of approximately RMB 220 billion. The first phase, Jingting, comprises 1,257 pre-sold residential units, with the tower soaring to 74 stories, making it one of the highest residential buildings under construction in China. When pre-sales launched in September 2023, the units commanded a premium, with an average record price of RMB 113,500 per square meter and total prices ranging from RMB 10.12 million to RMB 52.84 million, targeting affluent buyers in the heart of the Greater Bay Area.
Engineering Marvel and Market Beacon
The technical achievement of erecting a 74-story residential tower in a densely populated urban core cannot be overstated. It requires advanced engineering to address wind resistance, seismic activity, and vertical transportation logistics. For the market, this 74-story residential delivery symbolizes the ambitious scale of Shenzhen’s urbanization drive, aiming to replace outdated urban villages with modern, high-density communities. The project’s completion, even if delayed, demonstrates a capacity to execute mega-projects, but it also tests the limits of private developer endurance in a tightening financial environment.
Unpacking the Delivery Controversies: Promises Versus Reality
The commencement of this 74-story residential delivery has been met not with universal celebration but with vocal discontent from homeowners. The core issues revolve around delayed timelines, unmet配套 commitments, and perceived compromises in construction quality, turning what should be a triumphant handover into a fraught negotiation.
The School配套 Dilemma: A Broken Covenant
For many buyers, the decision to invest was heavily influenced by the developer’s marketing materials, which prominently featured promises of access to premium education. Sales collateral, including brochures and posters, explicitly stated “quality education at your doorstep from Nanshan Foreign Language School” and highlighted a nine-year consistent school expected to be operational by September 2026. Homeowner representative Mr. Wu (吴先生) articulated the collective frustration: “A large number of us homeowners bought precisely for this school.”
However, the current reality starkly contrasts these assurances. The designated school plot has not yet commenced construction, with recent information suggesting a start date in 2027 and completion by 2029. The project负责人 explained that early plans involved developer-led construction, but due to adjustments in government fiscal planning, the responsibility shifted to the local education bureau and public works department. While the developer transferred the land in 2025 and ceased all school-related宣传 in mid-2024, homeowners feel misled, questioning the initial sales tactics that leveraged educational appeal.
Quality Quagmires: From Parking to Finishes
Beyond timing and配套, the physical execution of the project has sparked concerns. A focal point has been the underground parking facility, where some visiting homeowners noted the absence of epoxy floor paint, a feature expected in a high-end development. The project负责人 countered that garage upgrades were an additional investment beyond contractual obligations, initiated in response to owner feedback. He stated that developers are re-evaluating the garage renovation plan with professional homeowner representatives to optimize adjustments.
This tension highlights a broader issue in China’s real estate sector: the gap between marketing grandeur and delivery specifics. As buyers of multi-million-yuan properties, homeowners have heightened expectations for finishes and communal areas, making any perceived cost-cutting a flashpoint for dispute during this critical 74-story residential delivery phase.
Financial Precariousness: The Developer’s Balancing Act
The delivery of the 74-story residential tower occurs against a backdrop of severe financial strain for Greenview Group. The company’s involvement in the Baishizhou旧改 over the past decade has been an all-in bet, now testing its liquidity and solvency in a challenging market.
Balance Sheet Under the Microscope
According to Greenview China Real Estate’s 2025 interim report, the company’s current liabilities stood at RMB 60.57 billion. In the first half of 2025, it added new borrowings of RMB 7.703 billion, with approximately RMB 2.914 billion in loans due within one year. Alarmingly, the company’s bank balances and cash were merely RMB 342.5 million, supplemented by about RMB 1.449 billion in restricted and pledged deposits. This liquidity crunch raises immediate questions about the developer’s ability to fund ongoing obligations, let alone future phases of the colossal Baishizhou project.
The Search for a Financial Lifeline
The need for external capital infusion is acute. Last September, rumors circulated about “CITIC City Development South China” injecting RMB 12 billion into the project, but these were swiftly denied in an official WeChat statement, emphasizing the information was false. A source close to the project indicated that while the first phase住宅 were near completion, future phases—with the second phase demolished and the third and fourth phases pending regulatory redesign—might require introducing central or state-owned enterprise partners for co-development.
This aligns with expert analysis. Zhi Peiyuan (支培元), Vice President of the China Investment Association上市公司投资专业委员会, noted that state-owned enterprises have a higher probability of taking over due to their lower capital costs and expertise in navigating complex government-business relations. Local城投 platforms are also potential candidates, given their role in stabilizing strategic urban projects.
Expert Analysis: Decoding the Urban Renewal Equation
The saga of this 74-story residential delivery offers a microcosm of the larger dynamics shaping China’s urban renewal landscape. Industry observers weigh in on the prerequisites for success and the pitfalls that can derail even the most prominent projects.
The Four Pillars of Successful Takeover
Lu Kelin (卢克林), International Certified Innovation Manager and CEO of Lukedao Technology, distilled the criteria for rescuing such mega-projects into four essential “tickets”: substantial cash reserves capable of billion-yuan injections,默契 in negotiating拆迁 compensation with district and street-level governments, product iteration力 to make redesigned plans economically viable, and financial拆解术 to repackage the RMB 220 billion value into manageable portions for phased sales. His blunt assessment: “Shenzhen’s large-scale旧改江湖 only recognizes two tickets: money and government credit endorsement.”
This framework underscores why private developers like Greenview struggle alone. The 74-story residential delivery, while a technical achievement, may represent just the first step in a longer journey requiring deeper pockets and stronger political capital to fully realize the project’s vision across multiple phases.
Regulatory and Market Interplay
The Baishizhou project’s evolution reflects broader regulatory shifts. Urban renewal in Shenzhen is governed by stringent rules on planning ratios, compensation standards, and public配套 contributions. The school配套 issue, for instance, shows how changes in government fiscal policy can abruptly alter developer responsibilities, leaving buyers in limbo. For investors, this highlights the importance of due diligence not just on developer credibility but also on the stability of local government planning and funding commitments for associated infrastructure.
Future Trajectory: Implications for Stakeholders and the Market
As the 74-story residential delivery proceeds, its ramifications extend beyond the immediate homeowners to influence investment strategies, developer approaches, and policy considerations across China’s real estate sector.
Lessons for Developers and Investors
For real estate developers, the Greenview Baishizhou case is a cautionary tale about over-leverage and the risks of making forward-looking sales promises based on uncertain配套 timelines. It emphasizes the need for conservative financial management and transparent communication with buyers, especially in long-gestation urban renewal projects. For institutional investors and fund managers, this 74-story residential delivery signals the heightened counterparty risk associated with privately held developers amid sector-wide liquidity pressures. Due diligence must now incorporate deeper analysis of liability maturities, cash flow coverage, and the potential for state-led bailouts or partnerships.
Strategic Moves and Monitoring Points
Looking ahead, key indicators to watch include the pace of unit handovers, homeowner satisfaction post-delivery, and any announcements regarding strategic partnerships for subsequent phases. The involvement of state-owned enterprises, as suggested by experts, could provide a stabilizing force, but it may also dilute returns for existing stakeholders. Additionally, regulatory responses to the school配套 dispute could set precedents for marketing accountability in future pre-sales.
The successful delivery of this 74-story residential tower, despite its controversies, offers a glimmer of hope for the completion of complex urban renewals. However, it also reinforces that in today’s market, survival and success increasingly depend on financial resilience, regulatory agility, and collaborative models that blend private execution with public sector support. Stakeholders are advised to closely monitor Greenview’s next steps, government policy cues, and broader market sentiment toward high-density urban redevelopment as they navigate the evolving landscape of Chinese real estate investment.