上半年，房企投资拿地积极性有所回升。 克而瑞研究中心的数据显示，上半年，投资百强房企拿地金额同比增长42%，9家房企拿地金额突破200亿元。 销售TOP 10房企新增货值占销售百强新增货值的73%。 克而瑞研究中心的数据显示，1—6月份，新增土储百强房企的新增货值、拿地金额和建筑面积之和分别为 11594亿元、5968亿元和5162万平方米，新增货值同比增长23.2%，拿地金额同比增长42%，建筑面积同比增长 3.4%。 克而瑞研究中心认为，拿地金额增幅显著的原因是核心城市核心地块供应量明显提升。投资百强房企总量三个 指标均同比正增长，房企投资积极性筑底回升。 具体来看，上半年，9家房企拿地金额突破200亿元，中海、保利发展均超500亿元，绿城、金茂紧随其后，均 超390亿元，头部房企投资强度持续领跑。6月单月，央国企依旧主导土地市场，中海地产拿地金额近180亿 元，保利、建发房产超80亿元，绿城、联发、中铁建、金茂等加速扩储。财务稳健的民企如滨江、邦泰等也在 重点城市有所斩获。 中指研究院的数据还显示，上半年，300城住宅用地出让金同比增幅超两成，平均溢价率超10%，较去年同期 提升。房企拿地进一步聚焦，T ...

Core Insights - The investment confidence of real estate companies in land acquisition has shown signs of recovery in 2023, particularly in hotspot cities and core areas [1][2] - The total land acquisition amount for the top 100 companies reached 506.55 billion yuan in the first half of 2025, marking a year-on-year increase of 33.3% [1] - Despite the overall decline in residential land transaction area across 300 cities, land transfer revenue has significantly increased due to the rise in quality land supply in core cities [1][3] Group 1: Market Trends - Central and state-owned enterprises dominate land acquisition, with 8 out of the top 10 land acquirers being state-owned [2] - The trend shows significant investments in hotspot cities, with Poly Development leading the investment with 89.9 billion yuan [2] - The land market is characterized by a "shrinking volume but rising prices" phenomenon, with residential land transactions in 100 core cities decreasing by 10.6% but transaction amounts increasing by 22.0% [3] Group 2: Investment Strategies - Real estate companies are increasingly cautious, balancing a desire for investment opportunities with a cautious approach due to ongoing industry adjustments [1][4] - Companies are focusing on core city land parcels, which has contributed to rising floor prices [4] - The market is witnessing a shift towards high-quality housing products, driven by new national standards and increased consumer demand for better living conditions [3][6] Group 3: Financial Dynamics - The funding for land acquisition primarily comes from self-owned funds, particularly sales returns, due to restrictions on leverage and financial tools [7] - Despite a general decline in sales for the top 100 real estate companies, some firms like Yuexiu and China Jinmao have reported sales growth of around 20% to over 30% [8] - The luxury property market remains strong, with high-net-worth individuals optimizing their asset allocations, contributing to the demand for core area land [8] Group 4: Future Outlook - The traditional off-season for the real estate market is approaching, and while debt resolution efforts are accelerating, the financing environment remains constrained [9] - Further macro-level support and policies may be necessary to improve sales performance in the latter half of the year [9]

Group 1 - In the first half of 2025, China's top 100 real estate companies showed strong investment willingness, with total land acquisition amounting to 506.55 billion yuan, a year-on-year increase of 33.3% [1] - Poly Developments led the land acquisition with a new value of 89.9 billion yuan, followed by Greentown China at 83.1 billion yuan and China Jinmao at 74.9 billion yuan [1] - The land acquisition intensity of real estate companies is positively correlated with their sales performance, with the top four companies exceeding 100 billion yuan in sales [1] Group 2 - The land acquisition by the top 100 real estate companies is primarily concentrated in core cities such as Beijing, Hangzhou, Shanghai, and Chengdu, where premium land parcels are often sold at high premiums [2] - The average premium rate for residential land sales across 300 cities in China increased by over 20% year-on-year, with an average premium rate exceeding 10% [2] - In the first half of 2025, 47.8% of sales performance from 20 representative companies came from second-tier cities, a decrease of 6.8 percentage points year-on-year, while first-tier cities' contribution increased by 9 percentage points to 40% [2]

上半年，拿地排名TOP100房企在土拍市场共耗资5065.5亿元，同比增长33.3%，自2022年以来出现罕见的正增长。 但金额的同比增长，是靠各城上架了大量城市核心区优质地块换来的。如果以住宅用地成交面积计算，中指研究院统计的300城住宅用地成交面积仍在继 续缩量。 同时，房企也在进一步向重点一二线城市聚焦，尤其是北上广深、杭州、成都等几个热门城市。 未来，楼市的基本盘在头部20-30个城市。上半年，TOP20城市出让金在全国的占比已经超过65%，其它所有城市之和才占到1/3。 对于房企，楼市"战场"空间变小了，在这些城市的土地市场上正面交锋、硬碰硬不可避免。 一方面，头部房企之间的竞争加剧，是频频推高优质地块的溢价率高企的主要原因，后果是：企业做项目的成本越来越高； 另一方面，"资金+操盘"实力稍弱，会很快被挤出第一梯队。能让房企跑赢的已经不是某一年的爆发力，而是持续的资金续航和产品升级能力。 值得注意的是，TOP100房企权益拿地金额的中位数只有约20亿元，TOP1的权益拿地金额，已经达到了第30位的14.8倍。现在及未来，还有能力在多个城 市群全面深耕的房企也就20家左右，在全国热门城市多点开花已经和 ...

导 读 预计下半年去库存和优化库存结构仍是行业主旋律，多数房企将维持审慎的投资策略，将销售回 款和现金流安全置于首要位置。 ☉ 文／克而瑞研究中心 | | | | 2025年1-6月 · 中国房地产企业 | | | | --- | --- | --- | --- | --- | --- | | | | No. of Days | - 地下 0 2 100 | | | | | | 新增土地价值 | | | 新增土地建面 | | 排名 | 企业名称 | (亿元) | 排名 | 企业名称 | (万平方米) | | 1 | 中海地产 | 506. 1 | 1 | 中海地产 | 256. 1 | | 2 | 保利发展 | 502. 2 | 2 | 绿城中国 | 224. 0 | | 3 | 绿城中国 | 443.0 | 3 | 保利发展 | 216. 2 | | 4 | 中国金茂 | 392. 1 | 4 | 建发房产 | 161.8 | | 5 | 建发房产 | 350. 2 | 5 | 邦泰集团 | 146. 1 | | 6 | 华润置城 | 347.6 | 6 | 招商蛇口 | 124. 3 | | 7 | 滨江 ...

Core Insights - The top 100 real estate companies in China reported a total sales amount of 1,652.68 billion yuan in the first half of 2025, representing a year-on-year decline of 10.8%, with the decline rate widening by 3.8 percentage points compared to the first five months of the year [1][5] - In June 2025, the sales amount reached 338.96 billion yuan, showing a month-on-month increase of 14.7%, with nearly 60% of the top 100 companies experiencing month-on-month growth [2][4] - The market is showing signs of stabilization, with the transaction volume in 30 key cities remaining roughly flat compared to the same period last year, and a weak recovery trend expected to continue into July [15] Sales Performance - The number of companies with total sales exceeding 100 billion yuan decreased to 3, down from 5 in the same period last year [1][14] - The sales threshold for the top 30 companies increased by 1.2% year-on-year to 11.98 billion yuan, while the thresholds for other tiers decreased [8] - Among the top 100 companies, the sales performance varied significantly across different tiers, with the top 21-30 tier remaining stable, while the top 10, 11-20, and 51-100 tiers saw declines [11] Company Rankings - The leading companies by total sales in the first half of 2025 were Poly Developments with 145.2 billion yuan, China Overseas with 120.13 billion yuan, and China Resources Land with 110.3 billion yuan [14][19] - A total of 45 companies achieved sales exceeding 10 billion yuan, which is one less than the previous year [14] Market Trends - The overall real estate market is stabilizing, with June's new home transaction volume in key cities reaching 10.34 million square meters, remaining stable compared to last year [15] - The differentiation between first-tier and second/third-tier cities is intensifying, with first-tier cities showing stronger resilience and second/third-tier cities experiencing a downturn [15] - The expected transaction volume for July is anticipated to continue fluctuating at low levels, but the year-on-year decline may narrow due to a lower base from the previous year [15]

Core Viewpoint - The article discusses the recent land auctions in various Chinese cities, highlighting the competitive bidding and pricing trends in the residential land market. Group 1: Wuhan Land Auction - On June 30, Wuhan auctioned 5 residential land parcels, with 3 sold at the base price and 2 at a premium, totaling 28.997 billion yuan [2][6]. - The most competitive parcel in Jiang'an District attracted at least 11 bidders, with Green City winning it for 6.645 billion yuan, resulting in a floor price of 27,920 yuan per square meter and a premium rate of 54.36% [2][7]. - A parcel in Wuchang District was won by Jianfa for 12.202 billion yuan, with a floor price of 16,055 yuan per square meter and a premium rate of 22% [8]. Group 2: Chengdu Land Auction - Chengdu auctioned 1 residential land parcel in Jin Niu District, which attracted 8 bidders, ultimately won by China Energy Construction for a floor price of 20,200 yuan per square meter, totaling 17.48 billion yuan with a premium rate of 23.93% [3][10]. Group 3: Tianjin Land Auction - Tianjin conducted an auction for 15 residential land parcels, with a total transaction amount of 87.77 billion yuan [11]. - A parcel in Hexi District was acquired by China Overseas for 7.4 billion yuan, with a floor price of 21,002 yuan per square meter and a premium rate of 11.45%. The remaining 14 parcels were sold at the base price [12]. Group 4: Guangzhou Land Auction - Guangzhou auctioned 2 residential land parcels, both sold at the base price, totaling 24.96 billion yuan [5][13]. - The Baiyun District parcel was acquired by Guangzhou Metro Group at a base price of 21.83 billion yuan, with a floor price of 19,000 yuan per square meter, and the Liwan District parcel was won by Jixun Real Estate for 3.13 billion yuan, with a floor price of 30,000 yuan per square meter [14][15].

智通财经APP获悉，中指研究院发布《2025年上半年全国房地产企业拿地TOP100排行榜》。2025年上半年，TOP100企业拿地总额5065.5亿元，同比增长 33.3%，增幅较上月扩大4.5个百分点。受上年低基数影响，TOP100企业拿地同比增幅较上月扩大。核心城市优质地块竞争激烈，带动300城出让金增长明 显，但成交面积仍下降，5月以来溢价率出现回落。根据中指初步统计，2025年上半年(截至6月30日)，300城住宅用地出让金同比增幅超两成，平均溢价 率超10%，较去年同期提升。房企拿地进一步聚焦，TOP20城市出让金占全国比重超65%。 | 排名 | र्ग ना | 拿地金额 (亿元) | 排名 | रण्ड नार | 拿地面积 (万m²) | | --- | --- | --- | --- | --- | --- | | 1 | 保利发展 | 414 | 1 | 绿城中国 | 203 | | | 中海地产 | 393 | 2 | 保利发展 | 191 | | 3 | 绿城中国 | 385 | 3 | 中海地产 | 169 | | 4 | 建发房产 | 341 | 4 | 建发房产 | | | 5 ...

Group 1: Real Estate Development Sector - As of June 27, 2025, the real estate sector's price-to-book ratio (PB) is 0.72, with a historical percentile of 73.39% [2] - The Hang Seng real estate and construction sector's PB is 0.41, with a historical percentile of 95.33% [2] - From June 1 to June 27, 2025, the real estate sector increased by 0.4%, underperforming the CSI 300 index by 1.7 percentage points and the CSI 1000 index by 3.8 percentage points [2] - Key A-share real estate companies with the highest gains include New City Holdings (+6.90%), Binjiang Group (+2.99%), and Shanghai Lingang (+1.11%) [2] - Key H-share real estate companies with the highest gains include Jianfa International Group (+14.77%), China Jinmao (+12.15%), and China Overseas Macro Yang Group (+10.87%) [2] Group 2: Property Services Sector - As of June 27, 2025, the real estate services sector's PB is 1.60, with a historical percentile of 79.83% [3] - The Hang Seng property services and management sector's PB is 0.46, with a historical percentile of 91.79% [3] - From June 1 to June 27, 2025, the real estate services sector increased by 0.5%, underperforming the CSI 300 index by 1.6 percentage points but outperforming the real estate sector by 0.1 percentage points [3] - Key A-share property service companies with the highest gains include Te Fa Service (+2.65%), Nandu Property (+1.74%), and Ningbo Fuda (+1.32%) [3] - Key H-share property service companies with the highest gains include Poly Property (+14.48%), Oceanwide Service (+13.40%), and Greentown Service (+12.23%) [3] Group 3: Current Industry Trends - The real estate industry's beta remains weak, with real estate investment at 3.62 trillion yuan from January to May 2025, down 10.7% year-on-year [4] - New housing starts totaled 23.2 million square meters, down 22.8% year-on-year, while new commodity housing sales reached 3.41 trillion yuan, down 3.8% year-on-year [4] - Despite a decline in overall sales and land acquisition, key cities like Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, and Hangzhou saw a 14.4% year-on-year increase in commodity residential sales, totaling 745.8 billion yuan from January to May 2025 [4] - The top-performing real estate companies in terms of equity sales from January to May 2025 include Yuexiu Property (30.4 billion yuan, +26.7%), China Jinmao (26.1 billion yuan, +20.5%), and Huafa Group (27.6 billion yuan, +16.1%) [4][5] - The top three companies in terms of new land value are Poly Development (41.3 billion yuan), Greentown China (39.4 billion yuan), and China Jinmao (36.0 billion yuan) [5]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][31]. Core Insights - The real estate market is showing signs of recovery with a week-on-week increase in both new and second-hand property transactions, indicating a potential stabilization in the market [4][31]. - The report emphasizes the need for continued policy support to enhance market conditions, particularly in light of the ongoing inventory reduction trends [4][31]. Industry Data Summary New Housing Transactions - In the week of June 21-27, 2025, 34 key cities recorded a total new housing transaction volume of 3.792 million square meters, representing a week-on-week increase of 51.1% [5][8]. - Year-on-year, new housing transactions in June decreased by 13%, with first and second-tier cities seeing a decline of 11% and third and fourth-tier cities experiencing a 26% drop [8][9]. Second-Hand Housing Transactions - For the same week, second-hand housing transactions in 13 cities remained stable with a slight increase of 0.5%, while the cumulative transaction volume for June showed a year-on-year decrease of 5% [13][22]. Inventory and Supply - In the week of June 21-27, 2025, 15 cities launched 1.82 million square meters of new housing, with a sales-to-launch ratio of 0.85, indicating ongoing inventory management challenges [22][31]. - The total available housing inventory in these cities was 89.79 million square meters, reflecting a week-on-week increase of 0.3% [22][31]. Policy and News Tracking - The report highlights key policy developments aimed at stabilizing the real estate market, including measures to support first-time homebuyers and families with multiple children [31][34]. - Recent statements from government officials indicate a commitment to expanding domestic demand and enhancing consumer confidence in the real estate sector [31][34].