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]

Core Viewpoint - The article highlights the rapid growth and recognition of Hangzhou, particularly the emergence of the "Six Little Dragons" in the technology sector, which has attracted attention from various stakeholders and boosted the local economy [1][10][12]. Group 1: Economic and Real Estate Development - The influx of visitors to Hangzhou's technology companies, particularly in the Binjiang District, indicates a growing interest in the city's innovative landscape [2][3]. - The recent land auction in Hangzhou saw the Binjiang Group acquire a plot for 5.2 billion yuan, setting a new record for land prices in the city, reflecting the rising demand in the real estate market [4][25]. - The real estate market in Hangzhou is showing signs of recovery, with significant transactions in both land and second-hand housing, indicating a revitalization of economic activity [28][29]. Group 2: Technological Innovation and Ecosystem - Hangzhou is positioned as a hub for technological innovation, often referred to as "China's Silicon Valley," with a concentration of AI and internet technology companies [6][10]. - The development of the "Six Little Dragons" is closely linked to the city's focus on artificial intelligence and digital economy, supported by a favorable government policy environment [11][12]. - The city's digital economy has been a significant driver of growth, with the core industries contributing 6.305 billion yuan to the GDP in 2024, marking a 7.1% increase [17]. Group 3: Talent Attraction and Urban Development - The rise of Hangzhou as a tech hub is attracting talent from across the country, which is essential for driving innovation and economic growth [21][22]. - The city's enhanced reputation is facilitating the entry of new industries, thereby improving the local economic structure and resilience [23]. - The government is focusing on creating a supportive environment for startups, emphasizing the need for affordable living and operational costs to sustain innovation [30][31].

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]

这不仅是一场房企争夺核心资产的狂欢，更是观察中国城市能级跃迁的绝佳样本。当一线江景资源与科技光环碰撞，这座城市正在书写"土地红利"与"人才 红利"共振的新叙事。 01 楼面价77409元/㎡ 杭州最贵地价诞生 此次引发市场瞩目的地块为滨江区西兴单元BJ030102-25地块，位于奥体滨江国际商务区核心，东邻养正巷，南靠滨盛路，西接新建设河，北依奥体街，距 离钱塘江仅300米，坐拥一线江景和城市阳台、杭州之门等地标景观。地块占地23145平方米，容积率2.5，规划建筑面积67219.5平方米，吸引了包括滨江、 绿城、保利、中海等11家房企争夺。 新地王诞生，又是杭州！ 2025年3月25日，杭州土地市场迎来历史性时刻——滨江区西兴单元一宗宅地以楼面价77409元/平方米成交，一举突破"7.7万元/㎡"大关，成为杭州涉宅用 地单价新"地王。 这是继1月24日滨江集团以64834元/㎡竞得湖墅单元地块后，杭州在短短两个月内第二次刷新地价"天花板"，标志着城市核心区土地价值持续攀升。 经过72轮激烈竞价，最终由滨江拿地，成交总价52亿元，楼面价77409元/㎡。 | | | 3月25日，杭州土拍成交结果 | | | ...

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 ...

Core Viewpoint - The land auction market in Hangzhou is experiencing increased activity, with four residential land parcels sold at a total price of 10.153 billion yuan and an average premium rate of 52%, indicating a positive trend for the local real estate market [1][7]. Summary by Sections Hangzhou Land Auction - On March 25, four residential land parcels were auctioned in Hangzhou, achieving a total transaction amount of 10.153 billion yuan, with an overall average premium rate of 52% [1][5]. - The most competitive parcel was located in the Binjiang District, which was won by Binjiang Group for 5.203 billion yuan after 72 rounds of bidding, resulting in 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 [2][5][6]. - Other parcels included land in the Shangcheng District and Xiaoshan District, with varying premium rates and transaction prices, indicating strong interest from local developers [5][6][7]. Market Implications - The frequent emergence of "land kings" in the auction market is expected to reshape the pricing structure in Hangzhou, contributing positively to stabilizing the real estate market [2][7]. - The participation of Zhejiang-based companies, particularly Binjiang Group, Green City, and Jieli Real Estate, reflects a strategic focus on acquiring high-quality land parcels [7]. Beijing Land Auction - On March 24, a pre-application announcement was made for a land parcel in Beijing's Chaoyang District, with a starting price of 12.6 billion yuan, indicating ongoing interest in urban development projects [3][9]. - The land parcel covers an area of 148,302.262 square meters with a planned building area of 282,735.7 square meters, designated for residential and commercial use [9].

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].