2025 年 08 月 17 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2024-08 2024-12 2025-04 房地产 沪深300 相关研究报告 《7 月供需两端均走弱，地产数据仍在 探底—行业点评报告》-2025.8.15 《新房上海同环比领涨，二手房价格 同环比降幅缩小—行业点评报告》 -2025.8.15 《新房成交面积同环比下降，多地加 快城市更新提速 — 行 业 周 报 》 -2025.8.10 行 业 研 究 新房成交面积环比增加，完善房地产金融基础性制度 ——行业周报 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 核心观点：新房成交面积环比增加，完善房地产金融基础性制度 本周我们跟踪的 68 城新房成交同比下降， ...

Core Viewpoint - The collaboration between China Resources Land and Binhai Bay Real Estate to open a shopping village in Dongguan marks a significant entry into the outlet market, reflecting a broader trend among developers to invest in this sector despite economic pressures on retail [1][2]. Group 1: Market Trends - Major developers like Deji Group and Hongrongyuan Group are also entering the outlet market, with significant projects planned for the coming years, indicating a competitive landscape [1][2]. - The outlet market in China is expected to continue growing, with projected increases of 11%, 9.5%, and 4.5% from 2022 to 2024, despite a decline in luxury goods consumption [3][4]. Group 2: Consumer Behavior - Chinese consumers are increasingly valuing the shopping experience alongside discounts, shifting from a focus solely on price [1][4]. - The outlet model attracts price-sensitive consumers dissatisfied with recent luxury brand price hikes, suggesting a sustained demand for discounted luxury goods [4][10]. Group 3: Developer Strategies - Successful outlet projects depend on the availability of a comprehensive brand mix and sufficient inventory, which can be challenging for new entrants without established brand relationships [6][8]. - Developers are adapting outlet formats to include more leisure and dining options, transforming them into comprehensive shopping and entertainment destinations [1][11]. Group 4: Competitive Landscape - The outlet market is dominated by a few key players, including Bailian, Florentia Village, and Bicester Village, who leverage their resources to secure prime locations and attract well-known brands [4][6]. - The relationship between outlet stores and full-price retail is complementary, with outlets helping brands manage inventory and reach target customers [8][10]. Group 5: Future Outlook - The trend towards integrating outlets with lifestyle and tourism elements is expected to continue, as developers seek to enhance consumer engagement beyond mere shopping [11].

Core Viewpoint - The successful bidding for the land in Shenzhen's Bao'an District by China Merchants Shekou and China Resources Land indicates a significant shift in the land market towards high-quality assets, reflecting strong long-term confidence from leading real estate companies in core areas of Shenzhen [2][3] Group 1: Transaction Details - The land was acquired through 187 rounds of bidding with a premium rate of 34.81%, resulting in a transaction price of 8.64 billion yuan [2] - The floor price of the land reached 59,586 yuan per square meter, setting a new record for land prices in the Bao'an central area [2] - The land was previously listed for auction on April 30 but was withdrawn; it underwent planning adjustments that significantly reduced the commercial land ratio and the plot ratio from 5.7 to 3.4 [2] Group 2: Market Context - The surrounding area has seen two other land transactions in the past two years, with the most recent being a plot sold for 52,222 yuan per square meter, indicating a rising trend in land prices [2] - The successful sale of this land signifies a new phase in Shenzhen's land market, emphasizing quality over quantity, and may reshape the high-end residential market in the Bao'an area [3] - The high premium reflects the optimism of leading developers regarding the long-term value of core assets in Shenzhen, suggesting that land values in these areas will continue to rise [3]

Core Insights - The Shenzhen land market witnessed a significant transaction with the successful sale of the South Street Square plot, which was won by a consortium of China Merchants Shekou and China Resources Land for 8.64 billion yuan [1][3][7] Land Transaction Details - The plot is designated for residential use, covering an area of 42,521.94 square meters, with a planned construction area of 145,000 square meters and a floor area ratio of ≤3.4. The starting price was set at 6.409 billion yuan, resulting in a premium of 2.231 billion yuan and a premium rate of 34.8%, marking a new record for residential land prices in the Baolong area at approximately 59,586 yuan per square meter [3][4][6] Market Context - The successful bid reflects a shift in the Shenzhen land market towards high-quality developments, with the plot being the first pure residential land in the Baolong area in five years. Its proximity to the coastline (300 meters) and the large scale of the plot have made it highly attractive to developers [4][6][7] Developer Strategy - The collaboration between China Merchants and China Resources is seen as a strategic move to leverage their experience in high-end residential development, aiming to set new benchmarks for living standards in the Baolong area. This partnership is expected to enhance the overall quality of housing in the region [6][7] Market Implications - The high premium paid for the land indicates strong confidence from leading developers in the long-term value of core assets in Shenzhen. The trend of increasing land prices in core areas is likely to continue, driven by the scarcity of land and the competitive nature of the market [6][7]

8月15日，深圳出让一宗宝安区新安街道宅地，最终经过187轮线下竞价，由深圳市招顺置业有限公司、 深圳市润昆房地产有限公司(招商蛇口、华润置地)联合体以总价86.4亿元竞得，成交楼面价59586元/ ㎡，溢价率34.81%。 据了解，该地块土地面积42521.94㎡，建筑面积145000㎡(其中住宅125000.00㎡、商业18350.00㎡、物 业服务用房300.00㎡、社区配套用房700.00㎡、小型消防救援站650.00㎡)，容积率3.41，起始价64.09亿 元，起始楼面价44200元/㎡。 该地块开拍前共3家竞买人报价，最终经过187轮线下竞价，招商蛇口和华润置地联合体以总价86.4亿元 竞得，成交楼面价59586元/㎡，溢价率34.81%。 孙红梅介绍，该地块由此前4月份中止交易的A002-0060宗地分拆调规而来，原地块用地性质为居住用 地、商业用地，土地面积47546.92㎡，规划建筑面积271000㎡，原规划含51%商业及酒店，因4月流拍 后调整为纯住宅用地，容积率从5.7降至3.4，住宅占比提升至86.2%，并剔除商业配套。调整后，居住 属性更纯粹，地块开发门槛降低，对开发商来说更有吸引力 ...

8月15日，深圳宝安中心区出让1宗海景商住地。 经过187轮线下竞价，地块由深圳市招顺置业有限公司、深圳市润昆房地产有限公司（招商蛇口&华润 置地）以86.4亿元竞得，溢价34.8%，成交楼面价59586元/㎡。 资料显示，该地块宗地号A002-0108，位于宝安区新安街道甲岸南路与金科路交叉口西南侧，土地面积 42521.94㎡，容积率3.4，建筑面积145000㎡，起价64.09亿元，楼面起价44200元/㎡。 ...

格隆汇8月15日丨华润置地(01109.HK)发布公告，2025年8月15日，公司作为借款人，与一家银行作为贷 款人，就金额高达15亿元人民币的定期贷款融资，订立一份贷款融资协议。该贷款融资期限为自该贷款 融资首次被提取款项或拟被首次提取款项的日起计24个月。 ...

格隆汇8月15日丨华润置地(01109.HK)公布，于2025年8月15日，公司作为借款人，与一家银行作为贷款 人，就金额高达18亿元人民币(或等值港币)的定期贷款融资，订立一份融资函件。该贷款融资期限为自 该贷款融资的首次提款日期起计三十六个月。 ...

8月15日下午，宝中西组团南街坊黄金地块终于成功出让！ 宝安A002-0108宗地挂牌出让，共吸引3家房企竞买，起拍价64.09亿元，鏖战187轮，最终由招商+华润联合体竞得，成交总价86.4亿元，溢价率34.81%，楼 面地价约 59586元/㎡。 A002-0108宗地位于宝安新安街道，为纯商品房用地，土地面积42521.94㎡，建筑面积145000㎡，容积率≤3.4，土地用途为二类居住用地，以"价高者得"原则 决定竞得人。 该宗地块吸引了华润+招商联合体、中海及建发的国央房企竞买。但线下竞价环节，66号建发做壁上观，举牌0次，招商华润联合体志在必得，全场举牌积 极，毫无迟疑！ 宝中宅地现状。乐居摄 地处深圳西部核心片区，配套优势显著 从地块步行至欢乐港湾景区，娱乐设施、城市绿道、消费休闲一应俱全。作为深圳西部热门文旅地标，欢乐港湾（含湾区之光摩天轮、滨海文化公园等）年 均客流量超千万，为地块带来稳定人流与消费潜力，尤其适合布局高端商业、休闲业态，形成"居住-消费-娱乐"闭环。 项目毗邻前海自贸区，直接受益于前海扩区政策红利与产业辐射，未来可承接前海金融、科技等高净值人群的居住与消费需求，形成"产城联动" ...

Group 1 - The company, China Resources Land (01109), announced a loan financing agreement with a bank for an amount of up to 1.5 billion RMB [1] - The loan financing term is set for 24 months from the date of the first withdrawal or intended first withdrawal [1]