CHINA OVERSEAS(HK:00688) Zhong Guo Jing Ying Bao·2025-12-08 14:37Core Viewpoint - The successful auction of two residential land parcels in Shenzhen reflects strong confidence among leading real estate companies in core urban assets, indicating resilience in the high-end residential market despite ongoing market adjustments [2][4]. Group 1: Land Auction Details - On December 8, Shenzhen successfully auctioned two residential land parcels, with T207-0068 sold for 3.186 billion yuan, achieving a premium rate of approximately 43% [1][2]. - The T207-0068 parcel, located in the Shenzhen Bay Super Headquarters Base, had a floor price of 77360.14 yuan per square meter, setting a new record for residential land transaction prices in Shenzhen [1][2]. - The T207-0068 parcel covers an area of 11,833.61 square meters with a total construction area of 41,184 square meters, including residential, commercial, and community facilities [2][4]. Group 2: Market Analysis - The high premium for the T207-0068 parcel indicates that top-tier real estate companies are still actively pursuing scarce assets in prime locations, showcasing the resilience of the high-end residential market [2][4]. - In November, China Overseas Land & Investment Limited reported a contract sales amount of 22.235 billion yuan, a year-on-year decrease of 26%, with total sales for the first eleven months reaching approximately 211.4 billion yuan, down 21.8% year-on-year [5][6]. - The overall market is showing signs of structural recovery, with leading companies focusing on project development and sales to accelerate cash flow, while maintaining a cautious approach to new investments [5][6].