PDH(SH:600048) Di Yi Cai Jing·2025-10-30 07:21Core Insights - The land auction market in October showed a mixed performance, with a decline in overall transaction scale but instances of high premium land sales [1][2][4] Group 1: Market Performance - In October, the national operating land transaction area decreased by 13% month-on-month and 25% year-on-year, totaling 60.57 million square meters [1] - The transaction amount for the same period was 151.9 billion yuan, reflecting a month-on-month decline of 20% and a year-on-year decline of 35% [1] - The average premium rate for land auctions fell to 2.7%, marking a new low for the year, with a land abandonment rate of approximately 5% [1][2] Group 2: High Premium Transactions - Despite the overall market contraction, core cities maintained high transaction activity, with several key cities witnessing high total prices, premiums, or unit prices for residential land [2] - The highest total price for a land parcel in October was in Shanghai's Jing'an district, where a consortium won the bid for 7.737 billion yuan with a premium rate of 9.03% [2] - The highest unit price was recorded in Shanghai's Xuhui district at 148,500 yuan per square meter, with a total transaction price of 4.465 billion yuan and a premium rate of 10% [2][3] Group 3: Regional Highlights - Other cities also experienced high premium land sales, such as Changsha, Hangzhou, and Chengdu, with premium rates exceeding 18% in several cases [3] - In Qingdao, a land auction involved intense competition, resulting in a premium rate of 25.77% for a parcel won by Hisense [3] Group 4: Future Outlook - The recent release of the "15th Five-Year Plan" emphasizes the need for a new model in real estate development, focusing on optimizing housing supply and improving quality [6] - The market is expected to see further optimization in land supply, with a focus on quality improvement and meeting demand [6]