In reality, it’s like scratching through boots—so I ask again: why is Hefei’s state-owned asset investment performance so impressive, while other cities lag behind? Simply stating outcomes isn’t very meaningful. The national evaluation, promotion, and accountability system for state-owned asset commissions is uniform across the country. Risk aversion is the default norm; deviating from this equilibrium requires simultaneously meeting four conditions: - Strong local constraints (making conventional paths unviable—Hefei chose to take a bold risk in 2005 amid economic stagnation) - A high-risk opportunity during a critical time window (BOE was rejected by multiple cities at the time) - A leadership group willing to make decisive, institutionalized decisions (then-Hefei Party Secretary Sun Jinlong) - Political and fiscal feedback from the first success (enabling subsequent Hefei Party Secretaries to continue along this investment path) Overall, it’s a combination of favorable timing, location, and leadership. As for Shenzhen’s Vanke—that was a political assignment orchestrated by Ma Xingrui, more about political objectives than investment strategy.