3宗地全部底价成交，建发持续补仓杭州

Group 1 - The core point of the news is that China Communications Construction Company (CCCC) has successfully acquired the "Twin Stars" TOD land parcels in Jianghaicheng, indicating a strong interest in urban development projects in Hangzhou [1][3]. - The total area of the three commercial and residential land parcels auctioned in Hangzhou is 232.6 acres, with a total construction area of approximately 315,000 square meters, and they were sold at a base price, generating around 2.573 billion yuan [1]. - The East Bay New City land parcel is highlighted as the main attraction of the auction, featuring a low-density residential configuration with a floor area ratio of only 1.082, and was acquired by a consortium led by Jianfa for 1.76 billion yuan, with a floor price of 17,255 yuan per square meter [1][3]. Group 2 - The commercial land in the QT020102-28 and QT020102-29 parcels must be held for 40 years and cannot be subdivided, indicating a long-term investment commitment required from developers [2]. - The commercial land ratio in the acquired parcels is nearly 30%, which imposes high capital requirements on developers, reflecting the cautious attitude of real estate companies in the current market [3]. - The market is expected to maintain a dual structure of high competition in core areas and rational bidding in peripheral areas, with ongoing pressure on the absorption of commercial and residential land development [4].