Country Garden misses 34 billion yuan as space real estate company painfully sells its most valuable chip 1. Cutting meat, cutting meat again, just to survive For Country Garden, perhaps the cruelest thing in the past two years was not the decline in profits, but the fact that they knew they held the best assets, but could only exchange them for cash in advance. In December 2024 and April 2025, Country Garden Venture Capital successively sold its holdings Changxin Technology Blue Arrow Aerospace has cashed out 2 billion yuan and 1.3 billion yuan respectively, with a total withdrawal of approximately 3.3 billion yuan. Looking at the returns alone, these two transactions are not bad: Changxin Technology invested 900 million yuan to exchange for 2 billion yuan; Blue Arrow Aerospace has invested over 500 million yuan and ultimately realized 1.3 billion yuan, all of which are considered successful exits. The problem is that liquidity crises never give people the patience to wait for the "best time". Baojiao Building, engineering construction, and cash gap are all in front of us. No matter how tempting the high valuation of the future is, it cannot compare to the cash we can get today. The assets sold by Country Garden are precisely the highest quality and easiest to monetize. 2. Real estate capital that is most similar to VC Looking back, Country Garden Ventures is not a CVC lacking vision. Since its official establishment in 2019, it has invested in a number of star projects such as Changxin Technology, Blue Arrow Aerospace, Ziguang Spreadtrum, BYD Semiconductor, Boren Technology, Zhumi Technology, and Beike. At its peak in 2021, 21 projects were invested in a year, with a total investment of over 90 companies, and more than 10 projects have been successfully listed. Judging solely from its ability to capture projects, it was once the most VC like real estate capital firm. The problem is not with the wrong investment, but with not being able to hold onto it. For independent VCs, they can wait for a better exit window; For CVCs that are highly dependent on their parent company, once the parent company's cash flow is under pressure, the high-quality equity on their books will quickly shift from "future revenue sources" to "current realizable resources". This is also the most poignant aspect of Country Garden Venture Capital. It proves that a traditional real estate company can also make excellent hard technology investments, but this ability has not yet grown into a truly independent investment institution, and has been held back by the cycle of the parent company. So, this is not just a simple 'selling off', but more like a realistic choice in a crisis: to survive first and then talk about the future. Many times, the first thing a company sells is often the most valuable chip in its hand.