前三季度300城住宅用地出让金同比增长12%

Core Insights - The residential land transfer revenue in 300 cities increased by 12% year-on-year in the first three quarters, despite a decrease in transaction area by 8% [1] - The land market showed signs of cooling in the third quarter, with the average premium rate for residential land dropping to 5.8%, and both transaction area and transfer revenue declining by 13% and 10% year-on-year, respectively [1][2] - Major cities like Beijing, Shanghai, Shenzhen, Hangzhou, and Chengdu have seen a focus on land acquisition by real estate companies, but the pace of land supply in core cities has slowed down in the third quarter [1][3] Land Market Trends - The average premium rate for residential land was high in the first quarter at 13.4%, but it decreased to 7.5% in the second quarter and further to 5.8% in the third quarter, indicating a cautious approach from real estate companies [2] - In the third quarter, the average premium rate dropped to 3.8% in September, marking the lowest monthly level of the year [2] High Premium Transactions - In the third quarter, Shanghai saw 19 residential land transactions with a total transfer revenue of 39.72 billion yuan and an average premium rate of 19.7%, with some plots breaking city or regional price records [3] - Shenzhen had 6 residential land transactions, with 5 sold at a premium, totaling 18.08 billion yuan and an average premium rate of 31%, including a record-breaking transaction in the Qianhai area [3] Future Outlook - The overall trend indicates a continued decrease in transaction area, with real estate companies focusing on high-quality land in hot cities, leading to increased transfer revenue year-on-year [3] - The fourth quarter is typically a peak period for land supply, accounting for about 40% of annual supply, with expectations for increased market supply, although market heat will depend on the sustained improvement in new home sales [3]