上半年300城住宅用地出让金同比增长27.5% 一二线增长均超40%

Core Insights - The residential land transfer revenue in 300 cities increased by 27.5% year-on-year in the first half of 2025, despite a 5.5% decline in transaction area [1][2] - The top 20 cities accounted for 68% of the national residential land transfer revenue, with cities like Hangzhou and Beijing exceeding 100 billion yuan in land transfer revenue [1] - The investment strategies of leading real estate companies are becoming more aligned, focusing on acquiring land in core cities where premium land supply is increasing [1] Market Trends - The land market is expected to continue a "reduced volume and improved quality" model in the second half of the year, with high premium transactions in core areas of hot cities like Beijing, Shanghai, Hangzhou, and Chengdu [2] - In contrast, the land market in most third and fourth-tier cities is likely to continue with transactions primarily at base prices [2] Policy Implications - The use of special bonds to acquire idle land is seen as a key measure to improve market supply-demand relationships and alleviate financial pressures on real estate companies, which will be a focus for policy implementation in the second half of the year [2] - As of June 30, over 3,700 parcels of idle land have been proposed for acquisition using special bonds, covering nearly 20 million square meters and totaling over 470 billion yuan [2] - Seven provinces and cities have issued special bonds exceeding 96 billion yuan, indicating a proactive approach to land management [2]