前三季度房企拿地上演“强者游戏” 绿城、保利领跑

Core Insights - In the first three quarters of 2023, China's real estate investment has shown new characteristics, with a significant year-on-year increase of 36.7% in land acquisition by the top 100 real estate companies [5] - The land acquisition is highly concentrated among leading state-owned enterprises, indicating an increasing industry concentration and a pronounced "Matthew effect" [5][9] - Mergers and acquisitions have become an important method for real estate companies to acquire quality land in core cities, despite a cautious overall investment attitude in the market [5][9] Land Acquisition Trends - From January to September, the total land acquisition amount by the top 100 real estate companies reached 727.8 billion yuan, with a year-on-year growth of 36.7%, an increase of 8.7 percentage points compared to the previous period [5] - In September, several companies made large-scale land acquisitions through mergers, further boosting the year-on-year growth rate [5] - Among the top ten companies by land acquisition amount, eight are state-owned enterprises, with notable performances from private companies like Binjiang Group and Bangtai Group [5][9] Market Concentration - The top ten and top twenty companies accounted for 56.2% and 68.6% of the total land acquisition amount, respectively, marking increases of 14.8 and 13.7 percentage points compared to the end of last year [5] - The leading companies in terms of new value added from land acquisition include Greentown China, Poly Development, and China Overseas Land & Investment, with respective amounts of 117.5 billion yuan, 101 billion yuan, and 95.2 billion yuan [5] High-Value Transactions - Mergers and acquisitions have led to record-breaking land transaction prices, with notable examples including a consortium led by China Resources Land acquiring projects in Shanghai for 24.47 billion yuan [8] - The transaction for the Shanghai Xuhui East An urban renewal project was conducted under a "debt acquisition" model, with a total transaction value of 43.95 billion yuan, setting a new record for residential land sales in China [8] Regional Market Dynamics - The land markets in cities like Beijing, Shanghai, Hangzhou, and Chengdu remain active, with high premium rates observed in land auctions [9] - In contrast, cities such as Qingdao, Nanjing, and Wuhan are experiencing a sluggish land market [9] - The top ten land transaction amounts in September were dominated by state-owned enterprises, with significant acquisitions in high-value areas [10] Investment Sentiment - Despite some signs of recovery in sales in certain cities, the overall investment sentiment remains cautious, with many companies having missed the opportunity to acquire land for this year's sales [10] - The land acquisition-to-sales ratio for the top 100 real estate companies was 0.31, indicating a cautious approach to investment, with only a few companies exceeding 10 billion yuan in land acquisition [10]