上海土拍现分化：北外滩底价遇冷，东外滩溢价抢地

Core Insights - The recent land auction results in Shanghai reveal a stark contrast between the performance of two plots: the Hongkou District North Bund plot sold at the base price, while the Yangpu District East Bund plot attracted intense bidding, setting a new record for the area [1][3] - This disparity raises questions about whether the myth of location is being challenged, as the North Bund plot, despite its advantageous location and amenities, faced a lack of interest from developers [1][3] Land Auction Analysis - The North Bund plot's residential component is not the focus; commercial development is key. However, the lack of a substantial commercial sector in Hongkou limits the synergistic effects, dampening developer enthusiasm [1] - In contrast, the East Bund plot, despite its shortcomings, is part of a designated urban core in Shanghai, with plans for significant development in business, culture, and ecological living [3] - The Yangpu District government has introduced housing subsidies for quality content creators in the internet sector, enhancing the area's attractiveness [3] Market Dynamics - The sales atmosphere in the East Bund area is robust, with high absorption rates for new developments, indicating ongoing demand for upgrades in the region [3] - The North Bund area, while facing limited residential land supply, will encounter direct competition from surrounding projects in the future [3] - The outcomes of the land auction illustrate that factors such as regional development plans, policy support, and market demand collectively influence land value, rather than location alone [3]