CMSK(SZ:001979) Zhi Tong Cai Jing·2025-11-01 00:37Core Insights - The total land acquisition amount by the top 100 real estate companies in China reached 783.8 billion yuan from January to October 2025, marking a year-on-year increase of 26.4%, although the growth rate has significantly narrowed compared to the previous months due to large-scale land acquisitions in September [1][2] Group 1: Land Acquisition Trends - The top 100 companies' land acquisition continues to be dominated by state-owned enterprises, with 8 out of the top 10 companies being state-owned [2] - China Overseas Land & Investment, China Merchants Shekou, and Greentown China ranked as the top three companies in terms of new land value, with 187 billion yuan, 180.7 billion yuan, and 120.9 billion yuan respectively [2] - The total new land value for the top 10 companies reached 1,044.9 billion yuan, accounting for 48.1% of the total new land value of the top 100 companies [2] Group 2: Joint Acquisition Strategies - Many land acquisitions in October were conducted in joint ventures, primarily in first and second-tier cities such as Shanghai and Beijing, to share risks associated with market uncertainties [3] - The joint acquisition model often involves a combination of state-owned enterprises and local state-owned assets, as well as partnerships between real estate companies and financial investors [3] - Some projects are being developed through a construction agency model, where the agency is involved early in the project to secure development rights [3] Group 3: Regional Land Acquisition - The Yangtze River Delta region led the four major city clusters in land acquisition, with the top 10 companies acquiring 261.7 billion yuan worth of land [4] - In key cities, state-owned and local state-owned enterprises remain the primary players, while private enterprises are supplementing land reserves in specific areas [4] - Companies like China Merchants Shekou and Jianfa have made significant land acquisitions in cities like Beijing, Shanghai, and Chengdu, focusing on core urban areas [4] Group 4: High-Value Land Transactions - In October, high-value land transactions were concentrated in Shanghai and Beijing, with Shanghai accounting for 4 of the top 10 highest total price land parcels [5] - The highest transaction was for two underground space parcels in Shanghai's Jing'an District, totaling 7.7 billion yuan [5] - Joint ventures were involved in 4 of the top land parcels acquired [5]