Core Viewpoint - The delivery of residential properties remains a crucial task for the real estate market in 2025, with a notable decline in delivery volumes compared to the previous year, indicating a shift in focus for companies from "guaranteeing delivery" to seeking development opportunities [1][9]. Delivery Performance - In the first half of 2025, 55 real estate companies delivered over 500,000 units, with 15 companies delivering more than 10,000 units each [1]. - Major companies like Greenland Group, Sunac China, and Jianye Group saw delivery declines exceeding 50% compared to the same period last year [1]. - The top three companies in terms of delivery volume were Country Garden (75,000 units), Poly Developments (65,000 units), and China Overseas Property (42,155 units), with the top ten companies accounting for 56.46% of total deliveries [2][1]. Industry Trends - The pressure to ensure delivery is easing as the peak delivery period has passed, allowing companies to shift their focus towards development and operational strategies [1][9]. - Companies like Country Garden and Sunac China are actively working on completing their delivery commitments while also restructuring their financing to align with current market conditions [3][4]. Innovations in Delivery - Some companies have begun implementing innovative delivery methods, such as "delivery and certificate issuance" on-site, enhancing customer experience and operational efficiency [10]. - The focus on improving delivery quality includes better communication with homeowners and offering personalized services during the delivery process [10]. Strategic Shifts - The industry is witnessing a strategic shift where companies are prioritizing product quality, operational efficiency, and asset management over mere scale [11][12]. - Companies are categorizing their strategies into three main types: product-focused, light-asset models, and asset operation, reflecting a more nuanced approach to market challenges [11].

Group 1 - The Ministry of Housing and Urban-Rural Development announced that 16,500 old urban residential communities will be newly constructed or renovated in the first half of 2025, with a total plan of 25,000 for the entire year [1] - The renovation of old urban residential communities is a significant livelihood and development project, crucial for meeting the people's needs and promoting urban renewal [1] Group 2 - Shanghai's sixth land auction will take place on July 24, with a total starting price of 23.67 billion yuan for 8 plots, covering an area of 350 acres and a total building area of 523,000 square meters [2] - The starting floor price for residential land in Xuhui District is set at 16.36 million yuan per square meter, potentially setting a new record for Shanghai and the nation [2] - The auctioned plots are located in core areas, indicating high demand and competition among real estate companies for premium land [2] Group 3 - Greentown China won a land bid in Suzhou for 4.67 billion yuan, achieving a floor price of 65,241.78 yuan per square meter, marking a new record for Jiangsu Province [3] - The high bidding reflects Greentown China's confidence in the area's development potential and the attractiveness of quality land in the auction market [3] Group 4 - Shanghai Jinmao Investment successfully issued 2 billion yuan in medium-term notes, with a three-year term, aimed at optimizing its debt structure and alleviating financial pressure [4] - The issuance demonstrates the smooth financing channels for quality real estate companies, instilling confidence in the sluggish real estate financing environment [4] Group 5 - First Service Holdings reported that its performance target of 900 million yuan has been met, indicating stable business operations and effective fulfillment of prior commitments [5] - The disclosure of stock option exercise details provides investors with clearer insights into potential changes in the company's equity structure, aiding in the assessment of future governance and strategic direction [5]

Core Insights - The land market in key cities remains active, with significant bidding activity observed in Suzhou and Hangzhou, indicating a recovery in market confidence and a shift in investment strategies among real estate companies [1][2][3] Group 1: Suzhou Land Market - On July 23, Suzhou auctioned two land parcels totaling 107,500 square meters with a starting price of 4.964 billion yuan, where the winning bid for one parcel reached 4.667 billion yuan, setting a new record for floor price in Jiangsu province at 65,241.78 yuan per square meter, with a premium rate of 8.74% [1] - The overall land market in Suzhou is characterized by a coexistence of rationality and heat, with a trend towards "core high heat and peripheral pressure" as quality residential land supply shrinks [1] - Major state-owned and local enterprises dominate land acquisition, while private companies are focusing on specific areas for land reserves [1] Group 2: Hangzhou Land Market - On July 22, Hangzhou sold two residential land parcels with a starting total price of 1.523 billion yuan, ultimately fetching 1.898 billion yuan, reflecting an average premium rate of 24.6% [2] - The increase in land auction premium rates in key cities is attributed to market recovery driven by policy changes and improved confidence in the new housing market [2] - The trend towards smaller, centrally located land parcels with strong profit certainty is noted, as developers seek to expedite development and sales [2] Group 3: General Market Trends - Real estate companies are currently prioritizing project safety and profit certainty, with core land parcels in major cities expected to continue attracting high premium transactions [3] - The "reduction in quantity and improvement in quality" model for land supply is anticipated to persist, with core land parcels in major cities maintaining high premium rates, while third and fourth-tier cities primarily see base price transactions [3]

7月23日，江苏省苏州市举行土拍，苏州工业园区双湖板块苏园土挂(2025)4号地块经过49轮竞拍，由绿 城以46.67亿元竞得，成交楼面价65242元/平方米，溢价率为8.74%，打破去年同样是由绿城在苏州创下 的6.5万元/平方米的江苏单价地王纪录。今日所拍地块占据金鸡湖、独墅湖双湖生态资源，周边多为高 档小区，去年绿城在同板块拿下的宅地以均价9万元左右开盘，已经四开四罄，全部清盘。(第一财经) ...

Investment Rating - The industry is rated as "Add" [6] Core Insights - In the first half of 2025, the transaction area of residential land in 100 cities increased by 2% year-on-year, while the average transaction floor price rose by 24% [1][4] - The top 50 real estate companies saw a 48% year-on-year increase in the value of newly acquired land reserves, totaling 521.3 billion yuan [2][82] - The core 30 cities experienced a 23% year-on-year increase in residential land transaction area and price [3][4] Summary by Sections 1. Supply and Demand of Land/Residential Land in 100 Cities - In the first half of 2025, the total supply of land in 100 cities decreased by 12.9% year-on-year, while the transaction area decreased by 5.6% [11] - The supply of residential land in 100 cities decreased by 15% year-on-year, with a transaction area of 93.37 million square meters, up 2.2% year-on-year [20] 2. Transaction Prices of Land/Residential Land - The average transaction floor price for residential land in 100 cities increased by 24.2% year-on-year, reaching 7,479 yuan per square meter [57] - The average transaction floor price in first-tier cities was 38,817 yuan per square meter, up 35.5% year-on-year [67] 3. Acquisition of Land by Top 50 Real Estate Companies - The top 50 real estate companies acquired land worth 5,213 billion yuan in the first half of 2025, a 47.7% increase year-on-year [2][82] - The top three companies in terms of newly acquired land value were China Overseas Land & Investment (506 billion yuan), Poly Developments (502 billion yuan), and Greentown China (443 billion yuan) [91] 4. Transaction Situation of Residential Land in Core 30 Cities - In June 2025, the core 30 cities saw a 44% increase in residential land transaction area, with a total transaction area of 1,423 million square meters [97] - The overall premium rate for residential land transactions in the core 30 cities was 13.5%, up 8.4 percentage points year-on-year [4][101] 5. Investment Recommendations - Focus on stable leading real estate companies with high product reputation and continuous sales ranking improvement, such as Poly Developments, China Merchants Shekou, and China Jinmao [111] - Consider companies with rich commercial real estate resources and strong brand competitiveness, such as China Resources Land and New City Holdings [112] - Look at the long-term development potential of the property service industry, recommending companies like China Merchants Jinling and Greentown Service [112]

苏州有2宗宅地出让，总成交金额53.39亿元。其中最受关注的工业园区宅地，由绿城房地产集团有限公 司以总价46.67亿元竞得，成交楼面价65242元/㎡，溢价率8.74%。该成交楼面价创苏州涉宅用地成交楼 面价新高。另一宗吴中区宅地则由苏州星鸿房地产开发有限公司以底价6.72亿元竞得，成交楼面价 14400元/㎡。（证券时报） ...

65242元/㎡，苏州宅地单价新高！绿城补仓双湖板块 金十数据7月23日讯，苏州迎来2宗宅地出让，分别位于工业园区和吴中区，总土地出让面积107469.85 ㎡，总规划建筑面积118205.49㎡，总起始价49.64亿元。最终绿城斩获工业园区双湖宅地，星河集团联 手天鸿伟业斩获吴中区郭巷街道宅地，两地块共收金53.39亿元。今日土拍最值得关注的地块为工业园 区宅地，最终由绿城房地产集团有限公司以总价46.67亿元竞得，成交楼面价65242元/㎡，溢价率 8.74%。该成交楼面价也刷新了苏州涉宅用地成交楼面价TOP1位置。 （土地情报） ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - In June, the overall land supply volume increased month-on-month, but the pace of core land supply continued to slow down. The overall transaction volume also saw a month-on-month increase, with the premium rate continuing its downward trend since March, while the auction failure rate remained low [2][10] - Major players such as Jianfa, Zhonghai, and Poly were active in the land market in June, with Jianfa, Jinmao, Binhai, and Greentown showing strong land acquisition intensity from January to June. Jianfa, Greentown, and Jinmao achieved better sales performance [2][8] - The quality of land acquired by sample real estate companies in June was higher for Greentown, Jinmao, and Jianfa, reflecting a focus on regional advantages, product strength, and low inventory among leading companies, as well as stable cash flow from leading brokerage, commercial real estate, and state-owned property management companies [2][10] Summary by Sections Supply - In June, the overall land supply volume increased by 38.4% month-on-month compared to May, but the supply of core land decreased compared to April and May. From January to June, the cumulative launched residential land area in 300 cities decreased by 17.3% year-on-year, with first-tier cities seeing a 23.9% increase, while third and fourth-tier cities saw a 23.3% decrease [6][10] Transactions - The transaction volume in June increased by 43.5% month-on-month, with the transaction amount rising by 98.3%. The cumulative transaction area and amount in 300 cities from January to June decreased by 4.3% and increased by 28.0% year-on-year, respectively [7][10] Real Estate Companies - In June, Jianfa, Zhonghai, and Poly were the top three in land acquisition amounts, with total acquisition amounts of 21.9 billion, 11 billion, and 8.9 billion respectively. From January to June, Jianfa, Poly, and Jinmao led in total land acquisition amounts, with 59.2 billion, 50.9 billion, and 49.2 billion respectively [8][10] Investment Recommendations - The report suggests focusing on medium to long-term structural opportunities, emphasizing leading companies with regional advantages, product strength, and low inventory, as well as those with stable cash flow [10]

Core Insights - The land auction market in Hangzhou remains active, with a total of 18.98 billion yuan raised from two residential land parcels, reflecting an average premium rate of 24.6% [1][2] - Local leading real estate companies are strategically consolidating their positions in key areas while showing rational bidding behavior for non-core plots [1][2] Group 1: Auction Results - Two residential land parcels were auctioned in Hangzhou, with a starting total price of 15.23 billion yuan, ultimately selling for 18.98 billion yuan, indicating a strong market demand [1] - The land in Yuhang District was won by Hangzhou Binjiang Real Estate Group for 15.30 billion yuan, with a floor price of 17,472 yuan per square meter and a premium rate of 29.65% [1] - The land in Gongshu District was acquired by Hangzhou West Lake Real Estate Group for 3.68 billion yuan, with a floor price of 15,295 yuan per square meter and a premium rate of 7.29% [1] Group 2: Market Trends - The Hangzhou land market is experiencing a notable trend of differentiation, with local leading companies actively participating in strategic acquisitions while maintaining a cautious approach in less desirable areas [2] - The average premium rate for land auctions in July was reported at 24.6%, indicating a slight increase compared to previous auctions, but with signs of market segmentation and rational bidding behavior [1][2] - The presence of external developers entering the market, such as a company acquiring a low-density residential plot for 2.73 billion yuan with a premium rate of 10.07%, suggests a cautious approach due to high regional inventory [2] Group 3: Future Outlook - The short-term heat in the Hangzhou land market is expected to continue, but a structural differentiation may persist in the long term [3] - Future land releases are anticipated to include more low-density residential and high-quality plots, prompting developers to shift focus from volume to refined land acquisition and long-term operational capabilities [3]

绿城再添中交系大将。 近日，绿城中国官网一则人事变动，引发关注。原执行总裁李森的简介悄然被撤下，取而代之的是中交 系资深高管赵晖走马上任，担任绿城新的党委书记、执行总裁一职。 不过，在其任内的2019年，中交地产实现签约销售金额仅293.87亿元，销售面积188.52万平方米。在经 营业绩方面，2019年，中交地产"增收不增利"，营业收入同比增长57.17%，归属于上市公司股东的净利 润同比下降33.01%，这也是连续增长三年后再次下降。 此后，赵晖任职中交集团市场开发总监，直至调入绿城中国。 不管是被中交寄予厚望的中交房地产集团，还是中交地产，中交嫡系在地产开发领域的规模并不算大， 在央企房企中的存在感也相对较弱。 赵晖是中交体系的"老将"，曾任职过中交房地产集团有限公司董事长、党委书记兼中交海外房地产有限 公司董事长，于2025年6月加入绿城中国，主要负责党群、华中区域公司、商业管理等工作。 前有绿城中国换帅，今有赵晖加入，央企中交对于绿城的管控进一步增强。 58岁老兵赵晖的"终极一战"？ 赵晖是一位老中交人。资料显示，其今年58岁，毕业于清华大学水利水电工程建筑专业，工学博士。 在任职中交房地产集团董事 ...