“好地块”驱动高溢价，一二线低密宅地受捧

Core Insights - The recent land auctions in Nanjing resulted in nearly 6.9 billion yuan in revenue, with significant competition among developers, particularly for the Gulou Longjiang G47 and Jiangning Sanshan G50 plots, which saw premium rates exceeding 30% [1][2] - In the first seven months of the year, 363 plots nationwide had a premium rate over 20%, with a total area of 17.54 million square meters, reflecting a 14% year-on-year increase, and a total transaction value of 266 billion yuan, up 91% year-on-year [2][3] - The average premium rate for high-premium plots reached 40%, an increase of 15 percentage points compared to the same period last year, indicating a sustained high demand for quality land in core cities [2][3] Land Supply and Market Dynamics - The acceleration of quality land supply in core cities is a key factor driving high premium transactions, with many plots located in mature areas with low plot ratios [3][4] - Policy adjustments, such as the removal of price limits in land auctions, have fostered a competitive bidding environment among developers, leading to higher land prices [3][4] - The trend towards low-density housing development is expected to continue, with developers focusing on high-end products like villas and low-rise buildings, which may dominate the market [3][4] Regional Variations in Land Transactions - There is a significant disparity in high-premium land transaction volumes across different city tiers, with first-tier cities accounting for 8% of the area but 32% of the total transaction value, while third and fourth-tier cities made up 55% of the area but only 11% of the value [5][6] - The focus on core cities is evident, with major developers concentrating their investments in cities like Beijing, Shanghai, Shenzhen, and Hangzhou, where land prices have reached new highs [6][7] Developer Strategies and Market Outlook - Major state-owned enterprises are leading the land acquisition market, accounting for 55.3% of the total value of high-premium plots, while private enterprises hold a smaller share [7][8] - Developers are advised to adopt a more cautious approach in land acquisition, carefully assessing premium rates against project returns and prioritizing high liquidity areas [8] - The outlook for the land market suggests continued high demand for quality plots in hot cities, while lower-tier cities may face pressure, leading to ongoing regional disparities [8]