保利发展在此次上海土拍中收获不小，其参与竞价的两幅地块全部"笑到最后"。其中，在杨浦区 C090101单元01C5-02地块的竞价中，保利发展经过95轮报价，从6位竞买人中脱颖而出，以35亿元成功 拿地，成交楼板价约为9.55万元/平方米，溢价率约30.79%。该地块成交楼板价刷新杨浦滨江板块成交 楼板价的最高纪录。另外，通过击败两位竞争对手，保利发展还收获了一幅闵行区地块，溢价率约 12.95%。 在上海中原地产市场分析师卢文曦看来，该幅杨浦区地块超9万元/平方米的成交楼板价已达到预 期。"这与近期该区域项目热销有关，位于杨浦滨江的保利·海玥外滩序BUND98一批次首开当日全部清 盘，二批次92套房源已取证，计划于6月27日开盘，此次保利发展拿下这幅地块也为保利·海玥外滩序 BUND98第二批次房源的热销起到'助攻效果'"。 ◎记者张良 6月20日，随着联发集团成功竞得浦东新区曹路科教园区地块，上海今年第五批次土地拍卖顺利收官。 此次上海土拍呈现出不少亮点：不仅是核心区域地块，一些近郊区地块同样为房企所看好；保利发展不 仅接连落子闵行、杨浦，而且以夺得杨浦新"地王"的方式"助攻"在售项目；最后登场的浦东新区 ...

Core Insights - The recent land auction in Shanghai saw a total of 6 plots sold, with a total transaction price of 21.257 billion yuan, marking the highest starting total price for land sales this year [1][2] - The auction highlighted a competitive landscape, particularly between state-owned enterprises and local developers, with a notable focus on high-demand areas [3][5] Group 1: Auction Details - The total starting price for the land auction was 19.25 billion yuan, with a total building area of approximately 313,600 square meters [1] - Five out of the six plots were sold at a premium, with an overall premium rate of 10.44% [2][7] - The most competitive plots were located in Yangpu District and the Pudong Caolu area, with significant interest from major developers [1][3] Group 2: Developer Participation - Major state-owned enterprises such as Poly Developments and China Merchants Shekou participated actively, with Poly acquiring two plots for nearly 6.6 billion yuan [5][7] - Xiamen-based state-owned enterprises, including Xiangyu Real Estate and Lianfa Real Estate, engaged in intense bidding, particularly for one plot that reached a premium rate of 41.68% [3][4] - The participation of private developers remains cautious, with some opting not to bid due to perceived risks in certain locations [4][7] Group 3: Market Trends - The auction reflects a trend of "differentiated land supply" in Shanghai, with developers showing a preference for high-quality plots that have demonstrated strong sales performance [2][5] - The competitive bidding environment indicates a high investment value in Shanghai's real estate market, with five out of six plots sold at a premium [7] - Developers are increasingly focusing on regional strengths, with successful past projects enhancing brand influence and market acceptance [5][7]

历时两天的上海2025年第五批次土拍落下帷幕。 早前，上海发布第五批次集中供地计划，合计出让6宗涉宅地，分布于杨浦区、闵行区、青浦区、金山 区、浦东新区以及宝山区，总出让面积31.4万平方米，总建筑面积70万平方米，总起价192.5亿元，于6 月19日和20日两天举行。 最后，6宗地块成功出让，其中，4宗溢价成交、2宗底价成交，最高溢价率达到41.68%，共收金212.57 亿元。 从土拍结果上看，保利连下两城，是本轮土拍的最大赢家；紧随其后的是联发集团，虽只拿下1宗地 块，但溢价率却高达41.68%，为本轮土拍中溢价率最高的地块；另外3宗地块则分别被中建东孚、大华 集团、建发竞得。 联发斩获曹路地块 41.68%，浦东曹路地块成为本轮土拍最高溢价地块。 公开资料显示，浦东新区曹路科教园区(PDP0-0306)单元C1A-3、C1A-7地块，由两宗子地块组成，C1A- 3地块为住宅用地，出让面积为37966.29㎡，规划建面56949㎡，容积率1.5，建筑限高40m，起始价约 14.5亿元，起始楼面价为25442元/m；C1A-7地块为其他商服用地，出让面积为4087.09㎡，规划建面 4905㎡，容积率1. ...

Group 1 - The core point of the article highlights the active land auction market in Shanghai, with significant premium rates indicating strong interest from real estate companies [1][4] - On June 20, Shanghai's Pudong New Area saw a multi-purpose land plot sold at a premium of 41.68%, with a total transaction amount of 21 billion yuan [2][4] - The overall transaction amount for the five batches of land auctions in Shanghai reached 21.257 billion yuan, reflecting a robust land market [1][4] Group 2 - In Chengdu, three residential land plots were auctioned, with one sold at a premium and two at the base price, totaling 1.772 billion yuan [1][5] - Wuhan also auctioned three residential land plots, with one sold at a premium and two at the base price, totaling 1.184 billion yuan [1][6] - The competitive bidding in Shanghai's land auctions, particularly in suburban areas, indicates a positive outlook for the real estate market and potential for balanced regional development [4][5]

Core Insights - The Shanghai land auction on June 19 saw a total of 5 plots sold for 191.56 billion yuan, with a starting price of 192.5 billion yuan, indicating strong competition for prime land among state-owned enterprises and private companies [1][2][10] - The auction highlighted a mix of high premium and low premium transactions, with the Yangpu Binjiang plot achieving a premium rate of 30.8%, becoming the highest-priced residential land in the area [1][3][4] - The presence of local private enterprise Dahuazhong Group, which acquired a plot at the base price, signals a positive trend for private companies returning to the land auction market [1][13] Land Auction Highlights - The auction featured three main highlights: the emergence of a new unit price king and total price king, the rare occurrence of a large-scale commercial plot being sold at a premium, and the participation of private enterprises in a market dominated by state-owned companies [3][6] - The Yangpu plot was won by Poly Developments for 35 billion yuan, with a floor price of 95,530 yuan per square meter, surpassing previous records [3][9] - Poly Developments also secured another plot in Minhang for 31.4 billion yuan, with a premium rate of nearly 13% [5][6] Market Trends - The overall land market in Shanghai is expected to maintain a certain level of activity, driven by the competition for quality plots among major real estate companies [2][16] - The first five rounds of land auctions in Shanghai have generated over 613 billion yuan, with the fifth round alone accounting for a significant portion of this total [10] - There is a noticeable increase in private enterprise participation in land acquisitions, with a reported 25% share of land purchases in key cities, reflecting a recovery in confidence among private investors [14][16]

同日，深圳龙华区一宗宅地拍卖，最终经过65轮竞价，由联发集团以总价12.12亿元竞得，成交楼面价44559 元/㎡，溢价率46.55%。 6月19日，多地土拍热度延续。 上海出让5宗地块，4宗溢价成交、1宗底价成交，总成交金额191.57亿元。其中，最受关注的杨浦区地块吸引 了6家竞买人参与，最终经过95轮竞价，由保利发展以35亿元竞得，成交楼面价95530元/㎡，溢价率30.79%。 另外，成都主城区有2宗宅地出让，总成交价38.37亿元。其中，锦江区地块经过超150轮举牌，由国贸地产以 楼面价35500元/㎡竞得，折合总价约23.26亿元，溢价率为75.7%，楼面价位居成都涉宅用地成交楼面价第二。 上海5宗地超191亿元成交 6月19日，上海出让5宗地块，分别位于青浦区、闵行区、宝山区、杨浦区、金山区，最终4宗溢价成交、1宗底 价成交，总成交金额191.57亿元。 其中，最受关注的杨浦区宅地出让面积为14655.15㎡，规划建筑面积36637.87㎡，容积率2.5。该地块起始价 26.76亿元，起始楼面价73039元/m²；中止价为37.464亿元，对应溢价率40%；配建保障房比例5%，计1747.14 ...

Group 1 - The fifth batch of land supply in Shanghai for 2025 officially commenced on June 19, marking the largest land auction in the first half of 2025, taking place over two days [1] - On the first day, five plots were sold across Yangpu, Minhang, Baoshan, Qingpu, and Jinshan districts, totaling an area of 271,700 square meters and generating a total transaction amount of 19.157 billion yuan, with four plots sold at a premium and one at the base price [1] - The most notable plot was in the Yangpu District, which attracted six bidders and was won by Poly Developments for approximately 3.5 billion yuan, with a floor price of 95,500 yuan per square meter and a premium rate of 30.79% [1] Group 2 - In addition to the Yangpu plot, Poly Developments also secured the Zhuanqiao plot in Minhang District for a total price of 3.14 billion yuan, with a floor price of 38,800 yuan per square meter and a premium rate of 12.95% [2] - The highest total price was for a group of six subplots in Baoshan District, won by China State Construction Engineering Corporation for 8.195 billion yuan, with a comprehensive floor price of 25,500 yuan per square meter and a premium rate of 1.17% [2] - A total of 14 real estate companies participated in the auction, including six central enterprises, seven local state-owned enterprises, and one private enterprise, indicating that central and state-owned enterprises remain the main participants [2]

Group 1 - The Shanghai land auction on June 19 attracted 14 real estate companies, including 6 state-owned enterprises and 7 private enterprises, raising a total of 191.57 billion yuan from 5 residential land parcels [1] - The Baoshan South Da multi-purpose land parcel, with a total area of nearly 100,000 square meters and a planned construction area of 320,000 square meters, was sold to China State Construction for approximately 8.2 billion yuan [1][4] - The most competitive land parcel was the Yangpu District Dongwaitan plot, which attracted 6 bidders and was won by Poly Development for 3.5 billion yuan, setting a new record for land prices in Yangpu District at 95,530 yuan per square meter [2][3] Group 2 - The Minhang District Zhuanqiao plot was also acquired by Poly Development for about 3.14 billion yuan, with a floor price of 38,775 yuan per square meter and a premium rate of 13% [3] - The auction results indicate a sustained market interest in high-quality land parcels, which are expected to contribute to regional development and housing supply in Shanghai [4] - The overall market sentiment remains positive, with the continuous release of quality new housing and policy effects expected to stabilize the Shanghai real estate market [4]

Core Insights - Shanghai's mid-year land auction achieved the highest total amount this year, with a total land sale amount of 191.57 billion yuan from six plots [1] - The auction attracted 14 participating companies, including 6 state-owned enterprises and 1 private enterprise, indicating strong interest in the market [1] - The largest plot, a combination of six parcels in Baoshan District, was sold for 81.95 billion yuan, highlighting the competitive nature of the auction [2][3] Group 1: Auction Details - The total area of land sold during the auction was 271,700 square meters, with a planned total construction area of 638,500 square meters [1] - The auction was conducted over two days, with all five plots successfully sold [1] - The highest floor price was recorded at 73,000 yuan per square meter for a plot in Yangpu District, which became the new land king of the area [6] Group 2: Developer Participation - China State Construction Engineering Corporation and China Resources were the only two developers to bid for the largest plot, which was ultimately won by China State Construction East [3] - Poly Developments emerged as a significant winner, acquiring the most sought-after plot in Yangpu District for 35 billion yuan, with a premium rate of 30.79% [6][7] - Other notable developers included Jianfa and private enterprise Dahuazhi, which secured plots in Jinshan and Qingpu districts, respectively [7][8] Group 3: Market Implications - The auction reflects a trend of slowing supply of residential land, with a focus on "industry first, living facilities follow" development logic [5] - The successful sale of high-quality plots is expected to enhance the housing supply in Shanghai, contributing to a more stable real estate market [8] - The competitive bidding and high prices indicate strong demand for residential properties in prime locations, suggesting a positive outlook for future developments [2][6]

Investment Rating - The report assigns an "Overweight" rating to the real estate sector [1] Core Insights - The real estate market in May continued to show stability, aligning with the government's efforts to stabilize the market and prevent further declines [3][60] - Key indicators such as sales area and sales amount showed narrow fluctuations compared to April, with sales area declining by 4.6% year-on-year and sales amount decreasing by 7.1% [5][60] - The report anticipates that urban renewal will be a significant focus, with an emphasis on "building good houses" as a consensus in the industry [61][62] Summary by Sections 1. Industry Performance - In May, the real estate market maintained a steady state, with most data showing narrow fluctuations compared to April [5][60] - Year-on-year sales area decreased by 4.6%, while sales amount fell by 7.1% [5][60] - The report notes that the overall trend is expected to continue, with a focus on stabilizing the market [3][60] 2. Investment Trends - The cumulative real estate development investment from January to May 2025 was 36,234 billion yuan, a year-on-year decrease of 10.7% [12] - New construction area saw a year-on-year decline of 22.8%, while completed area decreased by 17.3% [18][26] - The report suggests that the focus should shift from year-on-year growth rates to absolute levels, with a projected total real estate development investment of 10 trillion yuan for 2024 [61][62] 3. Sales Performance - From January to May 2025, the total sales area of commercial housing was 35.3 million square meters, with a year-on-year decline of 2.9% [26][28] - The sales amount for commercial housing was 34,091 billion yuan, reflecting a year-on-year decrease of 3.8% [10][26] - The report highlights a mismatch in supply and demand in first-tier cities, with sales showing significant strength [33] 4. Funding Sources - Total funding sources for real estate reached 40,232 billion yuan from January to May 2025, down 5.3% year-on-year [45][47] - Domestic loans accounted for 16.6% of funding sources, with a year-on-year decrease of 1.7% [47][49] - The report indicates that self-raised funds decreased by 7.2%, while foreign investment saw a significant increase of 49% [47][56] 5. Investment Recommendations - The report recommends several companies for investment, including Vanke A, Poly Development, and China Overseas Development in the development category [62] - For commercial and residential sectors, companies like China Resources Land and Longfor Group are highlighted [62] - The report emphasizes that companies with lower burdens will have a more significant advantage in the current structural market [62]