地产图谱｜上半年300城宅地出让金增近三成，京杭沪蓉领跑

Core Insights - The Chinese land market in the first half of the year shows a "frozen and fiery" situation, with core cities experiencing fierce competition for high-quality land, while third and fourth-tier cities remain cold [1][12] - The total land transfer revenue from 300 cities reached 859.8 billion yuan, a year-on-year increase of 27.5%, despite a 5.5% decrease in transaction area [3][12] - The top 20 cities accounted for 68% of the national land transfer revenue, with second-tier cities surpassing first-tier cities in average premium rates [2][4] Land Market Performance - In the first half of the year, 19 cities had land transfer revenues exceeding 10 billion yuan, with Hangzhou and Beijing each surpassing 100 billion yuan [4][5] - Hangzhou's total transaction amount reached 116.1 billion yuan, a 96% increase year-on-year, nearing its total for the entire year of 2024 [5] - Beijing's residential land transaction total was 100.6 billion yuan, up 37.3% year-on-year, driven by high-value and scarce land parcels [5] Regional Disparities - Shanghai's residential land transactions totaled 63.8 billion yuan, with an additional 80 billion yuan from private agreements, bringing the total to over 140 billion yuan [6] - Chengdu increased the supply of quality land, with 56 parcels sold, 28 of which had premiums, including one with a premium rate of 106% [7] - In contrast, cities like Wuhan, Nanjing, Zhengzhou, and Tianjin saw most land sold at base prices due to large inventory and cautious investment from developers [8] Premium Rates and Investment Trends - The average premium rate for residential land across 300 cities was 10.2%, an increase of 6 percentage points year-on-year [11] - First-tier cities saw a 49.5% increase in land transfer revenue, while second-tier cities experienced an 18.3% increase in transaction area and a 43.5% increase in land transfer revenue [12] - The average premium rate for second-tier cities reached 13.6%, surpassing that of first-tier cities, indicating a shift in investment focus [12] Future Outlook - Companies are expected to prioritize project safety and profitability, with core areas in hot cities likely to maintain high premium transactions, while third and fourth-tier cities will continue to see base price sales [15]