一二线城市成土地市场主力，上半年宅地出让金增幅超四成

Core Insights - The land auction market in core cities has shown sustained high activity since 2025, driven by improved new housing market conditions and increased supply of quality land [1][6] - In the first half of 2025, the total land transfer revenue from residential land in 300 cities increased by 27.5% year-on-year, with first and second-tier cities seeing growth rates exceeding 40% [1][5] - Major cities like Beijing and Hangzhou reported land transfer revenues exceeding 100 billion yuan, indicating strong demand for residential land [5][6] Land Market Performance - The total planned construction area for residential land in 300 cities decreased by 19.4% year-on-year, while the transaction area fell by 5.5%, although the decline was less severe compared to the previous year [5] - First-tier cities showed positive investment trends, with residential land planned and transaction areas increasing by 18.3% and 20.9% respectively, and land transfer revenue rising by 49.5% [5] - Second-tier cities also experienced growth, with transaction area and land transfer revenue increasing by 18.3% and 43.5% respectively, and an average premium rate of 13.6% [5] Policy and Supply Dynamics - Cities are optimizing land auction policies to enhance participation from real estate companies, focusing on increasing the supply of quality land in core areas [7][8] - Specific measures include allowing installment payments for land transfer fees and expediting project approvals for companies that pay a portion of the land price upfront [7] - The "good housing" initiative has led to relaxed planning conditions, promoting the construction of eco-friendly residential projects [7][8] Market Outlook - The competitive landscape for land auctions in core cities is expected to intensify, with high premiums for desirable plots [8] - The "reduced quantity, improved quality" approach in land supply is anticipated to continue, particularly in major cities like Beijing, Shanghai, and Chengdu [8] - In contrast, third and fourth-tier cities may continue to see lower demand, with land transactions primarily occurring at base prices [8]