Core Insights - The recent land auctions in Xiaoshan District, where Binhai Real Estate acquired two low-density residential plots, indicate a cooling real estate market with lower bidding prices and reduced competition [1][3][7] Group 1: Land Auction Results - The Xiaoshan North plot was sold at a premium of 11.78%, with a transaction floor price of 22,355 yuan/m², while the Xianghu plot had a premium of 18.92% and a floor price of 20,811 yuan/m² [1][3] - The price difference between the newly acquired Xiaoshan North plot and a nearby plot acquired by Binhai in December 2024 is significant, with a gap of 3,835 yuan/m² [3][6] Group 2: Market Dynamics - The number of residential plots supplied in the Xiaoshan North area has increased, with four plots auctioned in the past year, leading to heightened competition among new housing projects [7][8] - Binhai Real Estate now has a total of 32 projects in Hangzhou, with 16 available for sale and 16 pending sale, indicating a robust project pipeline despite market challenges [1][8] Group 3: Competitive Landscape - Recent sales data from Binhai's projects show declining success rates in new home sales, with multiple rounds of sales requiring no lottery for buyers, reflecting increased market pressure [7][8] - The Xianghu New City area remains active with several projects, but uncertainty regarding future land supply may impact market stability [7][8]

Core Insights - Binjiang Group successfully acquired two residential land parcels in Hangzhou for a total price of 2.462 billion yuan, indicating strong confidence from brand real estate companies in core areas and premium segments of Hangzhou [1][2] Group 1: Land Acquisition Details - The two land parcels are located in Xiaoshan North and Xianghu areas, covering a total area of 62,800 square meters and a planned construction area of 112,900 square meters, with a starting price of 2.157 billion yuan [1] - The Xianghu parcel underwent 28 bidding rounds, achieving a floor price of 20,811 yuan per square meter and a premium rate of 18.92%, attributed to its low density and proximity to ecological resources [1] - The Xiaoshan North parcel had 18 bidding rounds, with a floor price of 22,355 yuan per square meter and a premium rate of 11.78%, despite a decrease compared to similar parcels in the same area from the first half of 2025 [2] Group 2: Market Trends and Company Strategy - The competitive bidding reflects a trend where state-owned enterprises dominate land acquisition, while private companies like Binjiang Group focus on strategic areas, with 14 out of 16 new land reserves in Hangzhou this year [2] - As of June 30, 2023, 73% of Binjiang Group's land reserves were in Hangzhou, with a total land expenditure of 33.272 billion yuan [2] - The contrasting outcomes of land auctions on November 25 and November 27 highlight a market trend where core assets remain resilient while peripheral areas face pressure, suggesting a continued demand for premium land [3]

2025 年 11 月 27 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20251127）： 杭州 2 宗宅地出让 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 <<太平洋房地产日报（20251126）：苏 州成功出让一宗高新区宅地>>-- 2025-11-26 <<太平洋房地产日报（20251125）：武 汉 12 宗地块总成交价约 39.7 亿>>-- 2025-11-25 <<太平洋房地产日报（20251124）：上 海九批次土拍收金 173.33 亿元>>-- 2025-11-24 2025 年 11 月 27 日，今日权益市场各板块多数下跌，上证综指上 涨 0.29%，深证综指下跌 0.11%，沪深 300 和中证 500 分别下跌 0.05% 和 0.20%。申万房地产指数下跌 0.63%。 个股表现： 房地产板块个股涨幅较大的前五名为万通发展、信达发展、天保 基 建 、 市 北 高 新 、 市 北 B 股 ， 涨 幅分别为 10.02%/9.89%/5.94%/4.01%/2.87%； ...

两天前杭州3宗涉宅用地低调结束，市场瞬息万变，上一批宅地竞拍时不少开发商还势在必得，如今拿地热情却急转直下。继未科、石桥、转塘之后，今 天转为萧山主场，位于市北、湘湖的两宗宅地上架。 然而，和前两天骤然冰封的土拍恰恰相反，今天市北、湘湖的两宗地块受到一众开发商争抢，在开拍之前曝光的勾地名单中，市北地块已有10余家房企报 名，而湘湖低密地块也有5家，这证明，开发商普遍对这两宗地块抱有较高预期，由前几天的审慎，转为今天的积极，开发商的风向伴随着市场同样也在 悄然发生着波动。 市北再上演新盘"混战" 开发商热情不减 萧山市北板块在杭州一直是新房供应量偏多的区域，而这次新上架的宅地（开发区市北单元XS070104-07地块）位于市北中，地块距离地铁7、15号线明 星路站直线约700米，地块起始楼面地价20000元/㎡，容积率2.5。 萧山市北地块区位图（图源浙江省自然资源官网） 从竞拍情况看，尽管市北新地一直供应不断，但开发商对该板块的热情依旧十分高涨。最终，地块被滨江房产收入囊中，成交总价约16.13亿元，成交楼 面价22355元/㎡，溢价率11.78%。此前，市北板块已出让多宗宅地，地价大约在2.6-2.8万/㎡ ...

Core Viewpoint - The recent land auction in Hangzhou reflects a divergence in the real estate market, with core assets maintaining value while peripheral areas face pressure, indicating a selective recovery in land acquisition activity [2][6]. Group 1: Hangzhou Land Auction Results - On November 27, two residential plots in Xiaoshan District, Hangzhou, were sold to Binjiang Group at a total transaction amount of 2.462 billion yuan, with a maximum premium rate of 18.92% [1][4]. - The two plots had a total land area of 62,800 square meters and a total planned construction area of 112,900 square meters, with both plots achieving over 10% premium rates [4][6]. - The auction results contrast sharply with the previous auction on November 25, where three plots were sold at the base price, highlighting the market's selective interest in high-quality land [2][5]. Group 2: Market Analysis and Trends - The overall land auction in November in Hangzhou included two auctions with five plots sold for a total of 6.79 billion yuan, indicating a mixed sentiment in the market [3][6]. - The successful bids for the two plots demonstrate that strong local developers like Binjiang Group are still willing to invest in core areas, reflecting confidence in premium locations despite a general cooling in the market [6]. - The auction results indicate a growing divide in the market, with core areas like the low-density Xianghu plot and the well-equipped North City plot attracting attention, while more remote or homogeneous areas face significant challenges [5][6]. Group 3: Other City Auctions - In Beijing, a residential plot in Tongzhou District was sold to China Overseas for 1.248 billion yuan, with a floor price of 22,929 yuan per square meter and a premium rate of 0.97% [3][7]. - In Nanjing, two residential plots in Jiangbei New District were sold at the base price, totaling 862 million yuan, indicating a lack of competitive bidding in that area [3][8].

11月27日，杭州有2宗萧山区宅地出让，最终均由滨江集团溢价竞得，总成交金额24.62亿元，最高溢价 率18.92%。 业内人士认为，此次土拍与11月25日3宗地块全部底价成交的冷淡局面形成鲜明对比，印证了杭州土地 市场"核心资产抗跌、外围承压"的分化格局。 至此，11月杭州共进行2次土拍，成交5宗地块，总成交金额67.9亿元。 同日，北京通州区一宅地出让，最终由中海以12.48亿元竞得，成交楼面价22929元/m²（住宅部分楼面 价23185元/m²），溢价率0.97%。南京有2宗江北新区宅地出让，最终均底价成交，总成交金额8.62亿 元。 杭州2宗宅地溢价率均超10% 11月27日，杭州有2宗萧山区宅地出让，分别位于湘湖单元和市北单元，总用地面积6.28万m²，总规划 建筑面积11.29万m²，总起始价21.57亿元，最终均溢价10%以上成交，均由滨江集团包揽，总成交金额 24.62亿元。 其中，湘湖单元地块规划建筑面积40773.6m²，容积率1.2，起始价7.14亿元，起始楼面价17500元/m²。 经过28轮竞价，最终滨江集团以总价8.49亿元竞得地块，成交楼面价20811元/m²，溢价率18.92 ...

11月27日，杭州有2宗萧山区宅地出让，最终均由滨江集团溢价竞得，总成交金额24.62亿元，最高溢价率18.92%。 业内人士认为，此次土拍与11月25日3宗地块全部底价成交的冷淡局面形成鲜明对比，印证了杭州土地市场"核心资产抗跌、外围承压"的分化格局。 市北单元地块规划建筑面积72172.5㎡，容积率2.5，起始价14.43亿元，起始楼面价20000元/㎡。经过18轮竞价，最终滨江集团以总价16.13亿元竞得地块，成交楼面 价22355元/㎡，溢价率11.78%。 中指研究院华东大区常务副总高院生指出，此次2宗宅地均溢价10%以上成交，与11月25日3宗地块全部底价成交的冷淡局面形成鲜明对比。其中，湘湖低密地块紧 邻湘湖风景区，定山广场等生态配套环伺，湘湖金融小镇、贺知章学校等成熟资源加持，更坐享湘湖新城"中国视谷"产业红利，最终溢价18.92%成交，显示出市场 对优质低密地块的认可。市北地块周边配套齐全，交通便利，邻近地铁2号线和7号线，最终经溢价11.78%成交，但较2025年上半年同板块内的几宗地块楼面价仍有 下降（最低降幅在2000元/㎡），反映出土拍市场热度明显降温。 至此，11月杭州共进行2次土 ...

Core Insights - Binjiang Group successfully acquired two residential land parcels in Hangzhou for a total price of 2.462 billion yuan, indicating strong confidence from brand real estate companies in core areas and premium segments with unique resources [1][2] Group 1: Land Acquisition Details - The two land parcels are located in Xiaoshan North and Xianghu areas, covering a total area of 62,800 square meters and a planned construction area of 112,900 square meters, with a starting price of 2.157 billion yuan [1] - Both parcels were won by Binjiang Group after competitive bidding, with a premium rate exceeding 10% for each [1] - The Xianghu parcel had a particularly intense bidding process, going through 28 rounds, with a final floor price of 20,811 yuan per square meter and a premium rate of 18.92% [1] Group 2: Market Analysis - The Xiaoshan North parcel was acquired after 18 rounds of bidding, with a final floor price of 22,355 yuan per square meter and a premium rate of 11.78% [2] - The surrounding area of Xiaoshan North is well-equipped with amenities and convenient transportation, indicating a slight decline in floor prices compared to similar parcels sold in early 2025, reflecting a cooling in the land auction market [2] - Binjiang Group's active land acquisition in these areas demonstrates the company's strong financial position and ongoing confidence in Hangzhou's core regions [2] Group 3: Market Trends - The recent land auction results contrast sharply with the previous auction on November 25, where three parcels were sold at base prices, totaling 4.332 billion yuan [3] - This disparity highlights a market trend where core assets remain resilient while peripheral areas face pressure, a pattern observed in the national land auction market [3] - Despite a cautious approach to land acquisition among real estate companies as the year ends, competition for scarce premium land remains intense, suggesting a continued differentiated market landscape [3]

| 序号 | 地块编号 | 规划用途 | 建设用地面 积(㎡) | 容积率 | 士地总价 (万元) | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | | I | 杭政储出[2025]127 号 | 住宅 | 33978 | 1.2 | 84854 | 100% | | 2 | 杭政储出[2025]128 号 | 住宅 | 28869 | 2.5 | 161345 | 100% | | | | | | | | 上開發 | 格隆汇11月27日丨滨江集团(002244.SZ)公布，11月27日，公司竞得下述地块的国有建设用地使用权： ...

滨江集团（002244）(002244.SZ)公告，公司于2025年11月27日竞得两处地块国有建设用地使用权，编 号为：杭政储出[2025]127号、杭政储出[2025]128号，均为住宅用地，土地总价分别为8.49亿元、16.13 亿元。 ...