土地市场成交延续低迷，企业投拓更加谨慎

Core Insights - The residential land market continues to adjust, with second-tier cities facing challenges, while third-tier cities show short-term localized recovery but still face long-term pressure [2][6] - In key cities like Shanghai, real estate companies are adopting a more cautious bidding strategy, focusing on core locations, low density, and mature supporting facilities [2][13] Market Performance - During the reporting period, 539 residential land transactions occurred across first, second, and third-tier cities, with a total planned building area of 34.37 million square meters, reflecting a month-on-month decrease of 6.61% and a year-on-year decrease of 27.19% [3] - The total transaction value was 148.76 billion yuan, down 13.42% month-on-month and 32.86% year-on-year, with an average floor price of 4,329.11 yuan per square meter, showing a month-on-month decline of 7.29% and a year-on-year decline of 4.55% [3] Second-tier Cities - The planned building area for residential land transactions in second-tier cities was 8.11 million square meters, with a month-on-month decrease of 30.84% and a year-on-year decrease of 16.83% [4] - The total transaction value was 38.98 billion yuan, down 41.56% month-on-month and 28.52% year-on-year, with an average floor price of 4,809.94 yuan per square meter, reflecting a month-on-month decline of 15.48% and a year-on-year decline of 14.25% [4] Third-tier Cities - The planned building area for residential land transactions in third-tier cities was 25.60 million square meters, showing a month-on-month increase of 4.10% but a year-on-year decrease of 32.63% [6] - The total transaction value was 84.87 billion yuan, up 6.52% month-on-month but down 35.47% year-on-year, with an average floor price of 3,313.53 yuan per square meter, reflecting a month-on-month increase of 2.29% and a year-on-year decrease of 4.25% [6] Key City Land Supply - From October 18 to November 16, 2025, 150 plots were listed for sale in six key cities, with a starting price of 36.60 billion yuan and a total area of 995.99 thousand square meters, indicating a month-on-month increase of 128.73% in the area offered [8] - Beijing had 11 plots listed, with 6 residential plots and 5 industrial plots, while Guangzhou led with 49 plots, including 13 residential plots, contributing significantly to the total area and value [9][10] Market Trends - The land supply is shifting from "scale expansion" to "quality enhancement," with core areas focusing on current housing sales and spatial integration design to strengthen value [11] - The market is characterized by a significant differentiation between core quality plots and non-core areas, reflecting a rational decision-making process by real estate companies under policy and financial constraints [13]