The top-tier unfinished project Mingwei Longjun in Nanchang, which has been stalled for 10 years, is finally set to restart.

On May 6, Zhejiang Xingyuan Construction Management Co., Ltd. won the bid for the procurement and development services for the Mingwei Longjun International construction project. Zhejiang Xingyuan is a wholly-owned subsidiary of "Rujin Management," the development management platform under SUNAC Group.

Competing with Sun Hongbin for this business were Xu Hui Management and Greentown Management. The three bidders submitted surprisingly identical quotes: construction management service fees of 5.5 million yuan, fixed sales management service fees of 12.5 million yuan, and variable sales management service fees of 1.20%. In the end, Sun Hongbin emerged victorious.

Mentioning "Mingwei Longjun," Nanchang residents would not be unfamiliar with it. On January 8, 2010, Mingwei Real Estate acquired the former News and Publishing School land in Xihu District at 7.01 million yuan per acre, becoming the sensational land king of that year. Four years later, Mingwei Longjun obtained pre-sale permits with prices as high as 26,800 yuan per square meter. The advertising slogan "Not just anyone can enter this gate" resonated throughout Jiangxi's real estate circle.

Unfortunately, it failed to create a sales miracle. After 2015, the project entered a stagnant phase. On one hand, this was due to the developer's capital shortage; on the other hand, the project's high-end positioning and housing types failed to attract buyers. According to media reports, only 18 out of 208 residential units were sold.

Subsequently, Mingwei Longjun went through multiple listings and failed auctions, with prices dropping repeatedly but finding no buyers, becoming Nanchang's legendary unfinished project. Eventually, the project remained in the hands of the creditor disposal party - China Great Wall Asset Management Corporation Jiangxi Branch.

In March, before Rujin Management won the bid, the Jiangxi Provincial Investment Project Online Approval and Supervision Platform published filing information for the Mingwei Longjun International project. The project has a total investment of 222.24 million yuan, land area of 21,244 square meters, and 208 total units. The reporting entity is Nanchang Zhongchang Jia Property, with expected construction start in October 2025 and completion in June 2026.

**01**

Rujin Management (formerly "Rongzhe Co-creation Construction Management Group") was established at the end of 2022 with registered capital of 50 million yuan, wholly owned by Leading Prior Investment Limited, with Zhu Yao as manager and legal representative. The year it was established, Sun Hongbin faced his darkest moment as SUNAC encountered difficulties.

However, Sun did not lose heart and began focusing on development management services. SUNAC has natural advantages in the development management business, possessing high-end product DNA and professional operational experience. Additionally, during the real estate golden age, Sun Hongbin expanded aggressively, acquiring numerous projects through mergers and acquisitions, earning SUNAC the title of "white knight."

In 2024, "Rongzhe Co-creation Construction Management Group" was renamed "Rujin Management," positioning itself as a professional construction management platform providing comprehensive solutions for high-end real estate services. Internal sources revealed that the renaming aimed to define it as a light-asset management company rather than a capital company.

Sun Hongbin not only targets traditional development and sales management but also expands Rujin Management into comprehensive district consulting and specialized industry integration services. The latter includes tourism, commercial office, hotel, cultural and sports, industrial, and capital categories - all areas where SUNAC Real Estate excels.

For example, Rujin Management pioneered entry into the ice and snow industry, partnering with Hot Snow Miracle to introduce flagship indoor ski resort projects in Hangzhou, Wenzhou, and Hefei, connecting ice and snow industry resources to urban district functional enhancement, striving to help clients achieve optimal comprehensive benefits.

Additionally, SUNAC internally has a capital platform - Rujin Capital. Rujin Capital operates under the company name Hangzhou Rujin Enterprise Management, established on September 29, 2024, with registered capital of 1 million yuan, legal representative Wang Peng, wholly owned by Surtime (HK) Cultural Tourism Investment Limited, with only one investment in Shanghai Rujin Enterprise Development Co., Ltd.

"Rujin Capital" and "Rujin Management" maintain business independence, conducting business through "distressed assets + development management" approach. Rujin Capital acquires distressed asset projects and finds cooperative funding partners, while Rujin Management handles specific operations.

This platform primarily undertakes external distressed projects for SUNAC, with the principle of not actively doing or minimally doing SUNAC internal projects. This way, SUNAC can not only obtain profit sharing from funding parties but also earn development management revenue.

**02**

Currently, Rujin Management owns Zhejiang Xingyuan, Fuzhou Rujin Construction Management, and Hangzhou Zhuhui Enterprise Management.

Sun Hongbin is shrewd, understanding that during the real estate downturn, collaborative partnerships are key. As early as October 2024, Rujin Management launched the "Engine Plan," an external partner development program. It recruits partners nationwide with business information and local resources, providing comprehensive system support for the entire cooperation process from initial contact to implementation, offering multiple flexible cooperation methods including project cooperation, intermediary cooperation, and platform company cooperation.

According to Rujin Management's official account, the development management platform cooperates with multiple state-owned urban investment companies in Hangzhou, Anhui, and other locations. For example, Hangzhou Xiaoshan Anju Co-creation Property is jointly owned by Zhejiang Xingyuan (5%) and Hangzhou Xiaoshan Anju Housing Security Group (95%, backed by Xiaoshan Urban Investment).

Besides having urban investment support, Sun Hongbin has also attracted numerous "financial backers." Beijing Rongzhe Co-creation Construction Management is jointly owned by Liu Bing (60%) and Rujin Management (40%); Shenzhen Xuerong Hua Construction Management is jointly owned by Rujin Management and Zhang Liuhua (50% each).

Furthermore, shareholders in Chengdu Rujin Gaorong Construction Project Management include Chengdu Pinhao Real Estate, Chengdu Rongtong Asset Management, and Sichuan Gaodi Engineering Design Consulting, all backed by individual investors.

However, the development management business is not easy. Hangzhou Pengyi Construction Management, under Zhejiang Xingyuan, responsible for implementing comprehensive development management for the Xiaoshan District Chengxiang Street concentrated resettlement housing (Phase I) project, subcontracted survey work to entities without survey qualifications, resulting in a 50,000 yuan penalty from relevant authorities.

Meanwhile, Hangzhou Pengyi Construction Management's 10 million yuan equity stake has been frozen by the court, with freezing dates from December 24, 2024, to December 23, 2027.

Additionally, many companies under Rujin Management were previously under SUNAC Real Estate, and some still maintain equity connections with SUNAC Real Estate.

Now that Mingwei Longjun has been taken over by SUNAC, could it potentially be reborn from the ashes?