Binjiang Group(SZ:002244) Sou Hu Cai Jing·2025-11-27 23:05Core Insights - The recent land auctions in Xiaoshan District, where Binhai Real Estate acquired two low-density residential plots, indicate a cooling real estate market with lower bidding prices and reduced competition [1][3][7] Group 1: Land Auction Results - The Xiaoshan North plot was sold at a premium of 11.78%, with a transaction floor price of 22,355 yuan/m², while the Xianghu plot had a premium of 18.92% and a floor price of 20,811 yuan/m² [1][3] - The price difference between the newly acquired Xiaoshan North plot and a nearby plot acquired by Binhai in December 2024 is significant, with a gap of 3,835 yuan/m² [3][6] Group 2: Market Dynamics - The number of residential plots supplied in the Xiaoshan North area has increased, with four plots auctioned in the past year, leading to heightened competition among new housing projects [7][8] - Binhai Real Estate now has a total of 32 projects in Hangzhou, with 16 available for sale and 16 pending sale, indicating a robust project pipeline despite market challenges [1][8] Group 3: Competitive Landscape - Recent sales data from Binhai's projects show declining success rates in new home sales, with multiple rounds of sales requiring no lottery for buyers, reflecting increased market pressure [7][8] - The Xianghu New City area remains active with several projects, but uncertainty regarding future land supply may impact market stability [7][8]