最高溢价率18.92%，杭州土拍现分化格局

Core Insights - On November 27, two residential land parcels in Xiaoshan District, Hangzhou, were sold to Binjiang Group at a total transaction amount of 2.462 billion yuan, with a maximum premium rate of 18.92% [1][3] - This land auction contrasts sharply with the previous auction on November 25, where three parcels were sold at the base price, indicating a divergence in the Hangzhou land market characterized by "core assets resisting decline while peripheral areas face pressure" [1][5] Hangzhou Land Auction - The two parcels in Xiaoshan District had a total land area of 62,800 square meters and a total planned construction area of 112,900 square meters, with a starting price of 2.157 billion yuan [3] - The first parcel, located in Xianghu Unit, was sold for 849 million yuan after 28 rounds of bidding, resulting in a floor price of 20,811 yuan per square meter and a premium rate of 18.92% [3][4] - The second parcel in the North City Unit was sold for 1.613 billion yuan after 18 rounds of bidding, with a floor price of 22,355 yuan per square meter and a premium rate of 11.78% [3][4] Market Analysis - According to Gao Yansheng from the China Index Academy, the premium rates exceeding 10% for the two parcels indicate strong market recognition for high-quality low-density land, contrasting with the previous auction's lackluster performance [4] - The Xianghu low-density parcel, adjacent to scenic areas and mature resources, achieved a high premium, while the North City parcel, despite its advantages, saw a decrease in floor prices compared to earlier sales in 2025 [4][5] - Overall, the land auction results reflect a dual characteristic of the market: confidence and rationality coexist, with strong local developers like Binjiang Group actively acquiring land in core areas, while peripheral areas face greater pressure [5] Other Cities' Land Auctions - In Beijing, a residential land parcel in Tongzhou District was sold for 1.248 billion yuan, with a floor price of 22,929 yuan per square meter and a premium rate of 0.97% [6][7] - The land market in Beijing has seen increased activity, with a notable auction by a private enterprise, signaling a potential return of private firms to the land market [8] - In Nanjing, two parcels in Jiangbei New District were sold at the base price, totaling 862 million yuan, indicating a lack of competitive bidding in that area [9][10]