破产审查，老板被抓，千亿房企正荣将何去何从？
<p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span leaf="" style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span textstyle="" style="font-size: 16px">2025年对于正荣而言可谓生死之年——实控人</span></span><span leaf="" data-pm-slice="1 1 " style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span textstyle="" style="font-size: 16px">欧宗荣</span></span><span leaf="" style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span textstyle="" style="font-size: 16px">涉案被采取强制措施、控股股东启动清盘程序、多地核心资产流拍、债务重组屡屡受挫，一系列负面事件，将这家千亿房企</span></span><span leaf="" style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span textstyle="" style="font-size: 16px">推向了悬崖边缘。</span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">近日，正</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">荣集团有了新消息：相关公告显示，位于南京河西的四大商业综合体之一—正荣中心（南京正荣德信房地产开发有限公司开发）已正式启动破产预重整程序，预重整期为6个月。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">正荣，这家曾经叱咤中国房地产市场的闽系千亿房企，如今正经历着其发展历程中最严峻的生存危机</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><br/></span></p><h2 style="margin-bottom: 16px"><span style="font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 18px;color: rgb(168, 7, 7)">从巅峰到谷底：正荣地产的兴衰历程</span></span></span></h2><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">正荣地产的发展轨迹堪称中国民营房企激进扩张模式的典型样本。</span></span></span></p><p><br/></p><section style="text-align: center" nodeleaf=""></section><p><br/></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">欧宗荣1964年1月出生于福建莆田东峤镇汀塘村。由于早年家境贫寒，欧宗荣从泥瓦匠起步，16岁就到工地当学徒，一年后成为施工队负责人。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">1985年，欧宗荣在江西创办江西正荣市政工程有限公司，重点经营路桥建设。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">1996年进入房地产领域，在江西宜春获取一块地皮，建成“赣西第一街”。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">1998年，欧宗荣整合在江西、福建等地的8个全资子公司，成立正荣集团。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">2016-2018年间，正荣采取</span><span textstyle="" style="font-size: 16px;font-weight: bold">高杠杆、猛拿地、快周转</span><span textstyle="" style="font-size: 16px">的策略疯狂收割地王，仅用4年时间便实现销售额从百亿到千亿的跨越，跻身房企TOP20，创造了令行业侧目的正荣速度</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">2018年，正荣地产成功在香港联交所上市，综合实力位居中国房地产百强企业20强。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">欧宗荣也以360亿元的财富，成为莆田地产界首富，正荣达到了辉煌的顶点。</span></span></span></p><p><br/></p><section style="text-align: center" nodeleaf=""></section><p><br/></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">然而，这种建立在债务高杠杆基础上的增长模式，在市场风向转变时显得异常脆弱。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">2020年，正荣资金链开始出现紧张迹象；</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">2022年2月，随着2亿美元永续债违约，正荣债务危机全面爆发，股价单日闪崩80%，从此步入暴雷房企行列</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">危机爆发后，正荣地产的销售业绩呈现断崖式下跌：从2020年的1419.01亿元暴跌至2024年的67.29亿元，不足巅峰时期的零头。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">2022年11月，正荣集团发生人事变更，欧宗荣退出董事长职务。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">截至2024年6月，正荣总负债高达1234.49亿元，资产负债率达到惊人的97.58%，而现金及等价物仅剩12.36亿元，远无法覆盖巨额债务。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: bold">2025年1月，公司实控人欧宗荣因涉嫌违法犯罪被依法采取强制措施，据传涉及2013年福州东二环泰禾广场土地拍卖围标事件</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: bold">。</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">其子欧国伟</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">也</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">于2025年1月辞任正荣地产非执行董事，使得原本计划的家族接班安排戛然而止</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">2025年3月，</span><span textstyle="" style="font-size: 16px;font-weight: bold">中城国际投资管理有限公司向福州中院申请对正荣集团进行破产审查。</span><span textstyle="" style="font-size: 16px">截至2025年8月，法院尚未裁定是否启动破产程序，但正荣地产在补充公告中承认，鉴于中国房地产市场持续疲弱且控股股东正进行清盘，管理层正考虑对公布的经修订重组计划进行调整。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">近日，位于上海青浦的正荣中心评估价7折拍卖仍遭流拍，凸显了资产处置面临的严峻现实。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;text-align: justify;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">曾经辉煌的正荣集团，如今已站在了生死存亡的十字路口。</span></span></span></p><h2 style="margin-bottom: 16px"><span leaf="" style="font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span textstyle="" style="font-size: 18px;color: rgb(168, 7, 7)">自救与他救：重整努力与外部干预</span></span></h2><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">面对生死存亡的危机，正荣及相关方尝试了多种自救与他救措施</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">在销售断崖式下跌、资金链断裂的极端困难情况下，正荣地产将</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;font-weight: bold"><span leaf=""><span textstyle="" style="font-size: 16px">保交付</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">作为核心工作之一。2024年全年，正荣地产累计交付新房约2.69万户，在一定程度上维护了公司声誉和社会稳定</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。这一成绩的取得主要依靠地方政府保交楼专项借款和监管账户的有限资金释放。然而，保交付本质上是一种</span></span></span><strong style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">现金流净流出</span></span></strong><span style="text-indent: 0;line-height: normal;break-after: auto;font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf="" style="font-size: 19px;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span textstyle="" style="font-size: 16px">行为，在缺乏新增销售回款和融资的情况下，持续交付容易消耗公司的<span class="">流动性资金</span>。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: bold">在控股股东面临破产审查的同时，正荣系部分项目公司已先行进入破产重整程序，试图实现局部突围。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">2025年4月，南京市中级人民法院作出决定书((2025)苏01破申20号)，</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;font-weight: bold"><span leaf=""><span textstyle="" style="font-size: 16px">对南京正荣德信房地产开发有限公司(南京正荣中心开发主体)启动预重整，预重整期为6个月</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal;font-weight: bold"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">该项</span></span><span leaf="" style="text-indent: 0;line-height: normal;break-after: auto;font-size: 19px;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span textstyle="" style="font-size: 16px">目是河西南四大商业综合体之一，总建筑面积约30万平方米，主体结构已封顶。但因资金链断裂（2022年暴雷）及疫情冲击，自2021年末起多次停工。目前公寓已交付，但商业和办公楼停滞。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">预重整方案试图通过引入战略投资者、债权转股权等方式盘活资产，建邺区政府也已成立工作专班协调推进。</span></span></span></p><h2 style="margin-bottom: 16px"><span leaf="" style="font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span textstyle="" style="font-size: 18px;color: rgb(168, 7, 7)">闽系房企兴衰启示：正荣案例的行业反思</span></span></h2><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">正荣地产的危机绝非孤立事件，而是闽系房企乃至中国民营开发商激进扩张模式失败的典型案例。闽系房企</span></span></span><strong style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">赌徒时代</span></span></strong><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">的终结，反映了特定地域文化与发展模式的历史局限性。</span></span></span></p><p><br/></p><section style="text-align: center" nodeleaf=""></section><p><br/></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">以欧氏三兄弟(欧宗金、欧宗荣、欧宗洪)为代表的莆田地产商群体，凭借敢为天下先的冒险精神和高杠杆扩张策略，在中国房地产黄金时代创造了惊人业绩</span></span></span><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">巅峰时期，16家千亿房企中有多家闽系民营房企；但截至2025年，这个名单中仅剩建发房产一家闽系国企，昔日民营军团近乎全军覆没。泰禾、福晟、阳光城、正荣等福建帮的集体沉没，既是行业周期波动的结果，更是区域商业文化中</span></span></span><strong style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">重规模轻风险</span></span></strong><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">特质的必然代价。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">当行业从高速增长转向高质量发展，过去依赖胆识、杠杆和速度的玩法已经失效，精细化运营、财务稳健和产品力成为新常态下的核心竞争力。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;break-after: auto;margin-bottom: 16px"><span style="font-size: 19px;font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"><span leaf=""><span textstyle="" style="font-size: 16px">毕竟，房地产最终将回归</span></span><span leaf=""><span textstyle="" style="font-size: 16px">稳健发展本质</span></span><span leaf=""><span textstyle="" style="font-size: 16px">。</span></span></span></p><p style="margin-left: 0;text-indent: 0;line-height: normal;font-size: 16px;font-family: Calibri;margin-bottom: 16px"><span style="font-family: 楷体;font-variant-numeric: normal;font-variant-east-asian: normal;font-variant-alternates: normal;font-variant-position: normal"> </span></p><p><br/></p><section powered-by="xiumi.us" 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