导 读 3月土地市场成交量跌价升，呈现点状火热的态势；预计重点城市土地热度将继续维持，投资持 续筑底， 央国企保持在核心城市拿地积极性。 ☉ 文／克而瑞研究中心 | | | | 2025年1-3月 ·中国房地产企业 | | | | --- | --- | --- | --- | --- | --- | | 排名 | 企业名称 | 新增土地价值 (亿元) | 排名 | 企业名称 | 新增土地建面 (万平方米) | | 1 | 未润黑瓶 | 329 4 | 1 | 绿城中国 | 118.0 | | 2 | 中海地产 | 298.0 | 2 | 华润置地 | 104. 1 | | 3 | 绿城中国 | 287.0 | 3 | 中海地产 | 98. 4 | | 4 | 招商蛇口 | 217.7 | 4 | 招商蛇口 | 98.2 | | 5 | 中国金茂 | 199.3 | 5 | 保利发展 | 88.9 | | 6 | 滨江集团 | 195.8 | 6 | 海泰置业 | 86.9 | | 7 | 建发房产 | 193.9 | 7 | 印象置业 | 71.9 | | 8 | 保利发展 | 173.9 | 8 | 邦泰 ...

特此公告。 杭州滨江房产集团股份有限公司 董事会 二○二五年四月二日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 2025 年 4 月 1 日，公司竞得下述地块的国有建设用地使用权： | 序 | 地块编号 | | 规划用途 | 建设用地面 | 容积率 | 土地总价 | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | 积(㎡) | | (万元) | | | 1 | 杭政储出[2025]30 | 号 | 住宅 | 26148 | 2.5 | 171814 | 100% | 公司在上述项目中所占权益比例可能发生变化，上述比例仅供投 资者作阶段性参考。 证券代码：002244 证券简称：滨江集团 公告编号：2025-011 杭州滨江房产集团股份有限公司 关于竞得土地使用权的公告 ...

Core Viewpoint - The recent high-priced land transactions in Hangzhou indicate a strong confidence among developers in the local real estate market, with significant implications for future housing prices. Group 1: Land Auction Market Analysis - The Hangzhou land auction market has seen a surge in high-priced land parcels, with the recent record-breaking transaction in the Xihu District where a plot was sold for 343,463 million yuan, translating to a floor price of 88,000 yuan per square meter and a premium rate of 115.39% [1][2][3] - The competitive bidding involved several prominent real estate companies, including Binjiang Group and Greentown, highlighting the intense competition in the market [4] Group 2: Future Housing Price Trends - Short-term pressure on housing prices is expected due to high land prices, with projections indicating that new housing prices could reach between 120,000 to 150,000 yuan per square meter [5] - The inventory levels in Hangzhou's core districts are tight, with varying months of inventory depletion, further contributing to upward pressure on housing prices [5] - Strong market demand, particularly for high-end properties, is evident as the transaction volume for second-hand homes has significantly increased year-on-year [5] Group 3: Long-term Trends and Influencing Factors - The potential for government policy adjustments, such as price controls or purchase restrictions, could significantly impact future housing price trends [6][7] - Economic conditions, including growth rates and income levels, will also play a crucial role in shaping the long-term trajectory of the real estate market [7] - An increase in land supply by the government could alleviate some of the upward pressure on housing prices [8] Group 4: Data Support - Historical data shows a consistent increase in land transaction prices in Hangzhou, with the average floor price rising from 1,954.73 yuan per square meter in 2008 to 4,647.23 yuan per square meter in 2024, indicating a strong correlation between land prices and housing prices [12][17] - The total land transaction value in Hangzhou has fluctuated significantly over the years, with a notable peak in 2021 at approximately 30,050 million yuan [10][17] Group 5: Impact of High-Priced Land Auctions - High-priced land auctions are expected to push housing prices higher through cost-push effects, as increased land costs directly influence new housing prices [12] - Market expectations regarding future price increases can lead to accelerated demand, further driving up housing prices [12][16] - The sentiment in the market can be positively influenced by high land prices, enhancing confidence among buyers and investors [15][16]

作 者丨 唐韶葵 编 辑丨张伟贤 张敏 春节后，De e p s e e k火了，宇树科技也火了，杭州也出圈了。 紧随而来的是，各地政府部门、企业、个人纷纷涌向杭州高新（滨江）技术产业开发区（简称"滨江区"）对"六小龙"进行参观拜访。就在3月 11日，绿地集团董事长、总裁张玉良一行也到访杭州宇树科技进行考察交流。 彭小西（化名），一名9 0后，2 0 1 7年从上海来到杭州工作，入职滨江区一家做视频算法的人工智能企业。春节后，彭小西发现每天都有不少团 队来参观公司，"主要是浙江省内城市的政府相关人士，外省的也有。" 宇树科技总部已成杭州滨江区一道风景线。摄影：唐韶葵 其中，处于新技术领域前沿、在业内具有影响力的六家科技企业，也即杭州"六小龙"，正是诞生于此。 浙江省城市化发展研究中心特聘专家、杭州市委市政府咨询委员会委员、杭州市规划设计研究院原总工程师汤海孺，分析了杭州"六小龙"爆火 的底层逻辑。 1 9 9 0年， 杭州国家高新技术产业开发区成立，这是国务院批准的首批国家级高新技术产业开发区之一。 同年，国家科委主任宋健题词，期望 杭州打造"天堂硅谷"。1 9 9 9年，杭州提出"创业在杭州"等理念，营造良 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [1][50]. Core Views - The company, Binjiang Group, has established itself as a leading private enterprise in Hangzhou, consistently ranking first in sales for seven consecutive years. The easing of housing purchase restrictions and the cancellation of new home price limits in Hangzhou have stimulated the local real estate market, supported by the growth of the digital economy and high-tech industries, which attract a significant number of skilled talents, ensuring robust long-term demand for real estate [4][48]. Summary by Sections Company Overview - Binjiang Group focuses on high-quality residential projects and has a strong reputation in the industry. The company was founded in 1992 and has been recognized as one of the top 500 private enterprises in China and one of the top 20 real estate companies [9][10]. Sales Ranking Improvement - The company has shown resilience in sales despite the overall downturn in the real estate market. In 2024, it achieved a sales amount of 1116.3 billion yuan, entering the top 10 of national real estate companies for the first time, ranking 9th and being the only private company in that group. The company has maintained its leading position in the Hangzhou market, achieving significant sales figures [11][12][49]. Active Land Acquisition - Binjiang Group has been actively acquiring land, focusing on high-quality land reserves in Hangzhou. In 2024, the company's land acquisition amount reached 219 billion yuan, ranking 7th in the industry. The company’s land acquisition intensity was high, with 40.26% of its equity sales amount being reinvested into land purchases [13][15]. Financial Stability and Decreasing Financing Costs - The company has maintained a healthy financial status with a decreasing debt ratio. As of mid-2024, the company's total liabilities were 398.68 billion yuan, with a debt ratio of 78.98%. The average financing cost has decreased significantly from 5.6% in 2019 to a historical low of 3.4% in 2024, reflecting strong market confidence in the company's asset value and operational capabilities [16][18][21]. Revenue Growth and Profit Recovery Potential - Despite a decline in revenue due to the industry downturn, the company has remained profitable. The report forecasts that the company’s earnings per share (EPS) will increase from 0.87 yuan in 2024 to 1.06 yuan in 2026, indicating a potential recovery in performance as low-margin projects are completed and impairment provisions decrease [23][50]. Real Estate Market Recovery - The report highlights that the real estate market is gradually stabilizing, with policies aimed at boosting market confidence and demand. Hangzhou's real estate market is showing signs of recovery, with significant sales activity and competitive land auctions, positioning the company favorably for future growth [28][35][48].

Group 1 - Ningbo Housing Provident Fund can be used for down payment on second-hand homes, allowing individuals and their family members to withdraw funds to lower the financial barrier for purchasing homes, potentially boosting the local housing market's liquidity and improving transaction volumes [1] - This policy reflects local government efforts to activate existing assets and may lead to expectations of further policy tools being opened in core cities, catalyzing valuation recovery in the real estate industry [1] Group 2 - Binjiang Group won two plots of land in Hangzhou for a total of 5.203 billion yuan, setting a new record for floor price at 72,915 yuan per square meter, with a premium rate of 69.86%, indicating a strategic focus on high-quality urban assets [2] - The phenomenon suggests that larger real estate companies are consolidating their positions in core urban areas, potentially increasing pressure on smaller firms and accelerating market differentiation [2] Group 3 - Kaisa Group's offshore debt restructuring plan was approved by the Hong Kong High Court, marking a significant step in alleviating debt risks and optimizing the company's liability structure, although it may dilute the founder's control [3] - This restructuring could serve as a model for other distressed real estate companies, but overall industry credit recovery will depend on policy coordination and market confidence [3] Group 4 - Yincheng International Holdings is set to have its listing status canceled due to failure to meet resumption guidelines, reflecting the survival challenges faced by small real estate firms during industry adjustments [4][5] - The delisting may lead to increased scrutiny of governance and financial transparency among similar companies, further differentiating the credit landscape in the industry [5] Group 5 - Beijing Urban Construction Development plans to apply for a loan of up to 1.5 billion yuan to support specific projects, which will help optimize project funding structures and ensure development progress [6] - This move indicates a stable risk preference from financial institutions towards quality real estate projects, especially those with collateral, potentially serving as a reference for financing in the sector [6]

证券代码：002244 证券简称：滨江集团 公告编号：2025-010 杭州滨江房产集团股份有限公司 | 序 | 地块编号 | | 规划用途 | 建设用地面 | 容积率 | 土地总价 | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | 积(㎡) | | (万元) | | | 1 | 杭政储出[2025]16 | 号 | 住宅 | 24272 | 2.5 | 253812 | 100% | | 2 | 杭政储出[2025]18 | 号 | 住宅 | 23145 | 2.9 | 520340 | 100% | 杭州滨江房产集团股份有限公司 董事会 关于竞得土地使用权的公告 公司在上述项目中所占权益比例可能发生变化，上述比例仅供投 资者作阶段性参考。 特此公告。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 2025 年 3 月 25 日，公司竞得下述地块的国有建设用地使用权： 二○二五年三月二十六日 ...

据了解，其中最热门的滨江区西兴单元地块，经过72轮竞价，最终由滨江集团以52.03亿元竞得，成交楼面价 77409元/㎡，溢价率69.86%，成为杭州涉宅用地单价新"地王"。 业内人士认为，杭州土拍市场热度攀升，浙系企业持续加码优质地块，土拍市场"地王"频出，将进一步重塑杭 州价格体系，对楼市止跌回稳具有积极意义。 同日，成都有2宗涉宅地出让，最终均底价成交，总成交金额9.97亿元。 3月25日，杭州有4宗宅地出让，最终均溢价成交，总成交金额达101.53亿元，整体平均溢价率52%。 高院生进一步表示，本次土拍市场热度攀升，整体平均溢价率52%。从拿地房企来看，浙系企业持续加码优质 地块，滨江集团斩获2宗地块，绿城和杰立地产各竞得1宗地块。未来杭州新房市场或进一步呈现"核心区豪宅 化"格局。土拍市场"地王"频出，进一步重塑杭州价格体系，对楼市止跌回稳具有积极意义。 北京朝阳区组团地块起始价126亿 3月24日，北京市规划和自然资源委员会官网发布北京朝阳区一组团用地预申请公告，交易起始价为126亿元。 另悉，3月24日，北京市规划和自然资源委员会官网发布北京朝阳区一组团用地预申请公告，交易起始价为126 亿元。 ...

Core Viewpoint - The land auction market in Hangzhou is experiencing increased activity, with significant transactions leading to the emergence of new "land kings," which is expected to positively impact the local real estate market and stabilize prices [2][8]. Group 1: Hangzhou Land Auction Highlights - The most competitive land parcel in the Xixing unit of Binjiang District was won by Binjiang Group for 5.203 billion yuan, with a floor price of 77,409 yuan per square meter and a premium rate of 69.86%, setting a new record for residential land prices in Hangzhou [1][6]. - A total of four residential land parcels were auctioned in Hangzhou, with a combined transaction amount of 10.153 billion yuan, all sold at a premium [6][8]. - The average premium rate for the land auction was 52%, indicating strong demand from developers, particularly from Zhejiang-based companies [8]. Group 2: Specific Land Parcel Details - The Xixing unit land parcel had a total area of 28,545 square meters, with a planned construction area of 71,362.5 square meters and a starting price of approximately 3.063 billion yuan [6]. - The second parcel in the Shibao Qibao unit was sold for 2.538 billion yuan, with a floor price of 41,828 yuan per square meter and a premium rate of 34.43% [6][7]. - The land in the Chengdong New City unit was acquired by Greentown for 2.147 billion yuan, with a floor price of 40,247 yuan per square meter and a premium rate of 43.43% [7]. Group 3: Broader Market Implications - The frequent emergence of "land kings" in Hangzhou is expected to reshape the local pricing system and contribute to a recovery in the housing market [2][8]. - Analysts predict that new housing prices in the area may reach around 120,000 yuan per square meter, reflecting the competitive nature of the current land market [6][8].

Investment Rating - The report maintains a "Positive" rating for the real estate market in Hangzhou [4][6]. Core Views - The report highlights that the economic growth in Hangzhou, driven by the technology sector and a continuous net population increase, creates a favorable environment for real estate investment [3][4]. - It emphasizes that despite a weak overall market, structural opportunities exist, particularly in core first- and second-tier cities, with expectations of a supply-demand reversal and strong resilience [4][5]. Summary by Sections 1. Macroeconomic Overview - Hangzhou's GDP is projected to reach 2.2 trillion yuan in 2024, with a year-on-year growth of 4.7%, ranking 8th among major cities in China [3][13]. - The digital economy and cloud computing sectors contribute to 80% of the GDP, indicating a robust technological foundation for future growth [3][14]. - The city has seen a net population increase of 3.5 million from 2015 to 2023, with a compound annual growth rate (CAGR) of 13.1% in the core four districts [3][29]. 2. Land Market - As of January 2025, Hangzhou's inventory is at a low of 8 months, the lowest among major cities, with core districts showing even shorter cycles of 3-5 months [3][40]. - Land transaction amounts have decreased for three consecutive years, with 2024 figures showing a 34% decline year-on-year, but the core districts' share of total transactions has increased from 40%-45% to 56% [3][50]. - The top three companies in land acquisition for 2024 are Binjiang Group (32%), Greentown China (18%), and Jianfa Real Estate (16%) [3][60]. 3. Sales Performance - The report notes a recovery in market sentiment, with second-hand home transactions surpassing new homes for the first time, accounting for 65% of total sales [3][6]. - The core four districts' share of new home sales has increased from 31% in 2020 to 49% in 2023, indicating a shift in market dynamics [3][6]. - The competitive landscape remains stable, with Binjiang Group, Greentown China, and Jianfa Real Estate leading the market [3][6]. 4. Impact and Opportunities - The report anticipates that sectors such as residential development, intermediary services, and property management will benefit from the improving market conditions in Hangzhou [3][4]. - Key companies expected to benefit include Binjiang Group, Jianfa International, and Greentown China in residential development, and Beike and Wo Ai Wo Jia in intermediary services [3][4]. 5. Investment Recommendations - The report recommends focusing on residential developers like Binjiang Group, Jianfa Shares, and Greentown China, as well as property management firms like Greentown Services and Nandu Property [4][5].