Core Insights - The core cities' land market has maintained high activity levels this year, with record land prices in cities like Beijing, Hangzhou, and Chengdu in Q1, and continued high premium land sales in Q2 and July [1][2] - The government is enhancing land value through "regulatory adjustments" such as lowering plot ratios and commercial ratios, which has been positively received by the market [1][4] - The overall real estate market is stabilizing, but further policy support is needed to ensure a sustained recovery, as emphasized in a recent State Council meeting [1][10] Land Market Trends - In 2025, as of August 17, the planned residential land area in 300 cities decreased by 20.3% year-on-year, while transaction volume fell by 7.0%, indicating a widening decline compared to the first half of the year [3] - Despite the decrease in land supply, land transfer fees in 300 cities increased by 23.3% year-on-year, driven by core cities, although the growth rate has narrowed by about 5 percentage points compared to the first half [3] - High premium land transactions are concentrated in first and second-tier cities, with average premium rates exceeding 10%, significantly higher than those in third and fourth-tier cities [3][11] Regulatory Adjustments and Market Response - The "regulatory adjustments" for land plots are aimed at increasing their attractiveness, particularly for previously unsold or stored plots, which have gained market acceptance [4][7] - Recent successful land sales in cities like Shenzhen and Ningbo demonstrate the effectiveness of these adjustments, with significant premium rates achieved [7][8][15] - The central government has prioritized revitalizing idle land and commercial properties, providing a policy framework for local governments to adjust planning conditions [9][10] Competitive Landscape - The competition for quality land in core cities is expected to continue, with major state-owned enterprises showing strong investment interest, accounting for 55.3% of high premium land acquisitions in key cities [14][15] - The trend of "structural optimism" among real estate companies is evident, with a focus on high-value areas and successful sales of "good housing" projects boosting confidence in land acquisition [15][18] - However, many land transactions in second-tier cities are occurring at base prices, indicating a divergence in market conditions across different city tiers [18]
中指研究院：三季度土地出让金增幅收窄 高溢价地块多集中于一二线城市
智通财经网·2025-08-20 00:03