HK Stock Market Move | BEKE-W (02423) fell more than 6% during trading. The company acquired land with a high premium in Chengdu and plans to independently manage a high-end residential project.

BEKE-W(02423) fell more than 6% during the trading day, closing down 4.25% at HK$38.3 with a turnover of HK$31.3321 million. On the news front, on September 20, Beike's subsidiary Beihaojia won the Chengdu Jin San H12 land parcel for 1.076 billion yuan, with a premium rate of 42.2% and a transaction floor price of 27,300 yuan per square meter, setting a new record for land prices in Chengdu. The project is initially positioned as a high-end product, with the Beihaojia team expected to independently operate the entire process from land acquisition, positioning, design, to marketing. Xu Wangang, Vice Chairman of Beike Group and CEO of Beihaojia, stated that independently managing a project does not mean that Beihaojia aims to become a real estate developer. The main purpose is to better verify the landing capabilities of Beihaojia's C2M product solution and enhance partners' trust in the "1+2 business model".