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]

Core Insights - The top 100 real estate companies in China spent a total of 506.55 billion yuan on land acquisition in the first half of the year, marking a year-on-year increase of 33.3%, a rare positive growth since 2022 [1] - The increase in spending is attributed to the release of numerous high-quality land parcels in core urban areas, although the total area of residential land transactions continues to decline [1] - The focus of real estate companies is shifting towards key first- and second-tier cities, particularly in hotspots like Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, and Chengdu [1] - The competitive landscape is tightening, with the top 20 cities accounting for over 65% of the total land transfer fees, leaving the remaining cities with only one-third of the market share [1] Group 1: Land Acquisition Trends - The median land acquisition amount for the top 100 companies is approximately 2 billion yuan, with the top company having an acquisition amount 14.8 times that of the 30th ranked company [2] - The top 10 companies by land acquisition amount in the first half of the year include Poly Developments, China Overseas, and Greentown [3][4] - Poly Developments led the land acquisition rankings with 41.4 billion yuan, followed closely by China Overseas with 39.3 billion yuan [5] Group 2: Regional Focus - Poly Developments has made significant investments in the four major metropolitan areas, particularly in the Yangtze River Delta and the Beijing-Tianjin-Hebei region, with land acquisition amounts in the first half of the year exceeding the total for the previous year [6] - China Jinmao has also accelerated its land acquisition, spending 26.1 billion yuan in the first half of the year, compared to 18.7 billion yuan for the entire previous year [8] Group 3: Competitive Dynamics - The competition among leading real estate companies is intensifying, leading to higher premium rates for quality land parcels, which in turn increases project costs [1] - Companies with weaker financial and operational capabilities risk being pushed out of the top tier, as sustained financial endurance and product upgrade capabilities become critical for success [1] Group 4: Company Performance - Jinmao's total new value added from land acquisition reached 74.9 billion yuan, indicating a strong recovery and potential for improved performance in the future [10][12] - Jianfa Real Estate has also shown aggressive land acquisition strategies, achieving a land acquisition intensity of 64.22% in the first half of the year, making it a significant player in the market [13][14] Group 5: Market Challenges - Companies that are currently acquiring less land may face financial constraints or are adjusting their strategies due to past investment mistakes, as seen with Huafa [15][17] - The overall land acquisition intensity among top companies remains high, with a notable shift towards focusing on first- and second-tier cities, potentially squeezing out second- and third-tier companies [20][26]

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 ...

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - New home transaction area increased on a month-on-month basis but decreased year-on-year, with a significant drop in the year-on-year rate of decline [1] - The inventory of new homes and the de-stocking cycle both decreased on a month-on-month and year-on-year basis [1] - The land market saw both volume and price increases, with a notable rise in the premium rate [1] - Domestic bond issuance by real estate companies decreased significantly, indicating tighter financing conditions [1] - The absolute return of the real estate sector increased, while the relative return compared to the CSI 300 also improved [1] Summary by Sections 1. Key City New Home Market, Second-hand Home Market, and Inventory Tracking - New home transaction area for 40 cities was 3.366 million square meters, up 37.0% month-on-month but down 25.7% year-on-year [1][18] - Second-hand home transaction area decreased by 2.7% month-on-month but saw a smaller year-on-year decline of 0.9% [1][18] - New home inventory area for 12 cities was 87.42 million square meters, down 0.3% month-on-month and down 16.3% year-on-year [1][45] 2. Land Market Tracking - Total land transaction area for 100 cities was 15.761 million square meters, up 47.9% month-on-month and up 25.6% year-on-year [1][14] - Total land transaction price reached 57.35 billion yuan, up 186.7% month-on-month and up 155.3% year-on-year [1][14] - The average floor price of land was 3,639 yuan per square meter, up 93.9% month-on-month and up 103.2% year-on-year [1][14] 3. Industry Policy Review - The report highlights ongoing government efforts to stabilize the real estate market through various supportive measures [1][6] 4. Sector Performance Review - The absolute return of the real estate sector was 3.1%, an increase of 4.8 percentage points from the previous week [1][15] - The sector's price-to-earnings ratio (PE) was 23.85X, up 0.68X from the previous week [1][15] 5. Company Announcements - The report includes a summary of key company announcements within the real estate sector for the week [1][15] 6. Bond Issuance Situation - The total bond issuance in the real estate sector was 4.79 billion yuan, down 43.0% month-on-month and down 37.1% year-on-year [1][15]

Core Insights - All five residential land parcels in Wuhan were successfully auctioned on June 30, with a total transaction amount of 2.8997 billion yuan and a total land area of 175,500 square meters [1][3] - The highest premium was for the residential land parcel located at Jiang'an District, which attracted 14 bidders and was won by Greentown China at a total price of 664.5 million yuan, resulting in a floor price of 27,920 yuan per square meter and a premium rate of 54.36% [1][3] Summary by Sections Jiang'an District New Residential Land Parcel - The Jiang'an District land parcel is noted for having the highest number of bidders and the highest floor price and premium rate in recent years in Wuhan [3] - The floor price achieved is the second highest in Wuhan's history, only behind a previous parcel sold for 30,558 yuan per square meter in 2020 [3] - The land is strategically located near historical and commercial areas, enhancing its attractiveness for high-quality residential development [3] Fuzhiyuan Residential Land Parcel - The Fuzhiyuan land parcel attracted seven bidders and was won by Jianfa International Group for 1.2202 billion yuan, with a premium rate of 22.42% [5] - This parcel is situated in a well-established commercial area with strong educational and cultural amenities, indicating significant investment potential [5] Additional Land Parcels - The other three parcels were sold at base prices, with the lowest being 1.96 billion yuan for a parcel in Hanyang District, achieving a floor price of 3,500 yuan per square meter [6] - The land auction reflects a strong recovery in Wuhan's land market, with many prominent companies actively participating, indicating a positive outlook for future market trends [6][7] - The auction results demonstrate a strategic adjustment in land supply conditions, aimed at stimulating market activity and encouraging more companies to participate [6]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The real estate sector is showing signs of stabilization in sales for the first half of 2025, with expectations for continued supportive fiscal and monetary policies to aid in the industry's recovery [8] - The top 100 real estate companies experienced a year-on-year sales decline of 11.4% in the first half of 2025, with a total sales amount of 17,820 billion yuan [5] - The average sales price for the top 100 companies was 20,727.2 yuan per square meter, indicating a trend of higher prices among leading firms [6] Summary by Sections Sales Performance - In the first half of 2025, the cumulative sales amount for the top 100 real estate companies was 17,820 billion yuan, down 11.4% year-on-year, with a cumulative equity sales area of 113,013.6 million square meters, also down 11.5% [5] - The sales performance varied across different tiers, with the top 10, top 50, and top 100 companies showing declines of 14.0%, 11.5%, and 11.4% respectively [6] Company Insights - Poly Development maintained the largest sales scale, while China Jinmao and Jianfa Real Estate showed strong monthly sales performance in June 2025, with increases of 27.9% and 17.3% year-on-year respectively [7] - The top five companies by sales in the first half of 2025 were Poly Development, China Overseas Property, China Resources Land, China Merchants Shekou, and Greentown China, with respective cumulative sales amounts of 1,452.0 billion, 1,201.3 billion, 1,103.0 billion, 888.9 billion, and 803.0 billion yuan [7] Investment Recommendations - Recommended companies include those with strong credit and good urban fundamentals, such as Greentown China, China Merchants Shekou, and China Overseas Development, as well as firms benefiting from both residential and commercial real estate recovery [8]

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].

Core Insights - The land auction in Wuhan on June 30, 2025, resulted in the sale of 6 plots covering 19.10 hectares, with a total transaction value of 2.906 billion yuan, indicating strong demand in the central urban area [1] - The record high floor price for residential land in Wuhan was achieved by Greentown at 27,920 yuan per square meter for the Hankou plot, marking the second highest in the city's history [1] - The city's strategy of optimizing land supply and focusing on high-quality plots is evident, as shown by the low plot ratio of 1.30 for the sold land, highlighting its scarcity value [1][2] Land Market Dynamics - Since September 2024, Wuhan has actively increased the supply of quality land in central urban areas, implementing measures to enhance land quality and control prices [2] - The enthusiasm of real estate companies for land acquisition has risen, with major firms like China Resources and Vanke participating actively in recent auctions [3] - The "Han Nine Policies" have effectively stimulated housing demand by lowering purchase costs, leading to a positive trend in the land market [3] Urban Development and Investment Attraction - Key plots sold are located in core development areas with mature surrounding amenities, indicating significant future growth potential [5] - Wuhan's designation as a central city in the midlands and its planning as a technology innovation center are attracting investor interest, enhancing its position in the national development landscape [5] - The city's infrastructure, including dual hubs for air transport and extensive high-speed rail connectivity, supports the flow of resources and talent, further boosting its investment appeal [5] Market Trends and Future Outlook - The competitive landscape of the land market is shifting, with first and second-tier cities seeing heightened competition for core areas, while third and fourth-tier cities face inventory pressures [6] - The premium prices achieved for quality plots in Wuhan are significant for the city's development trajectory, suggesting a positive outlook for future land transactions [6]