Zhi Tong Cai Jing·2025-10-01 02:52Core Insights - The total land acquisition amount by the top 100 real estate companies in China reached 727.8 billion yuan from January to September 2025, marking a year-on-year increase of 36.7%, with the growth rate expanding by 8.7 percentage points compared to the first eight months of 2025 [1] - In September, many real estate companies acquired large-scale land through mergers and acquisitions, leading to an increase in the total land acquisition amount, with eight out of the top ten companies being state-owned enterprises [1][3] - The top three companies in terms of new value added were Greentown China, Poly Developments, and China Overseas Property, with new value added of 117.5 billion yuan, 101 billion yuan, and 95.2 billion yuan respectively [3] Land Acquisition Trends - The total land acquisition amount for the top 100 companies in the first nine months of 2025 was 727.8 billion yuan, with a year-on-year growth of 36.7% [1] - The top ten companies accounted for 42.5% of the total new value added, with a minimum threshold of 6.5 billion yuan for new value added [3] - The trend of acquiring land through mergers and acquisitions has been prominent, especially in core cities, with high transaction amounts [3] Key Companies and Regions - The top land acquirers included Greentown China, Poly Developments, and China Overseas Property, with significant acquisitions in major cities like Beijing, Shanghai, and Xiamen [1][3] - The Yangtze River Delta region led the four major city clusters in land acquisition, with the top ten companies acquiring 250.8 billion yuan worth of land [6] - In September, high-value land transactions were concentrated in Beijing, Shanghai, and Xiamen, with notable deals such as the acquisition of a project in Xuhui District for 154.78 billion yuan [4][9] Acquisition Methods - Many companies are utilizing the "debt acquisition" model, where developers take on existing debts of the acquired projects, allowing for higher transaction values [4] - Companies like Longhu Group are enhancing project value through construction management after acquiring stakes in key projects [4] Summary of Top Acquirers - The top ten land acquirers in the first nine months of 2025 included state-owned enterprises and a few private companies, with a focus on core urban areas [1][3][6] - Notable private companies like Binjiang Group and Bandai Group also made significant investments, ranking among the top twenty in land acquisition [1]