三季度土地出让金增幅收窄，多地“调规”地块获认可

Core Insights - The land market in core cities has remained active in 2023, with record high land prices in cities like Beijing, Hangzhou, and Chengdu in Q1, and further price increases in Q2 and July [1][15] - The government has implemented "regulatory adjustments" to enhance land value, which has been positively received by the market [1][6] - The overall real estate market is stabilizing, but further policy support is needed to maintain this trend, as emphasized in a recent State Council meeting [1][10] Land Market Performance - In Q3, the trend of reduced land supply continued, with land transfer fees increasing year-on-year, but the growth rate has slowed [2][4] - For the period from January to August 2025, the total residential land area launched in 300 cities decreased by 20.3%, while the transaction area fell by 7.0% [4] - Core cities have seen significant increases in land transfer fees, with first-tier cities experiencing over 40% growth [5][13] Regulatory Adjustments - "Regulatory adjustments" have been used to reintroduce previously unsold land, enhancing its attractiveness and facilitating successful sales [7][9] - Examples include Shenzhen's Bao'an District, where a land parcel was successfully auctioned after adjustments increased its residential proportion [8][10] Investment Trends - Real estate companies are focusing on high-quality land in core cities, with a notable increase in bidding activity for premium plots [11][15] - The competitive landscape for land acquisition is intensifying, particularly in first- and second-tier cities, where high premium land transactions are common [15][17] Policy Direction - The central government has prioritized the revitalization of idle land and commercial properties, providing a framework for regulatory adjustments [9][10] - Recent policies emphasize the supply of high-quality residential land, aligning with market demand and supporting the construction of "good houses" [18][20] Market Outlook - The trend of high premium land sales is expected to continue, particularly in core cities, as developers remain optimistic about market recovery [15][21] - The focus on quality housing and strategic land acquisition is seen as essential for navigating current market challenges [21]