2025北京土拍收官：总金额超1400亿元，联合拿地增长180%，懋源等民企强势回归

Core Insights - The Beijing land auction for 2025 concluded with a total of 40 plots sold, generating approximately 142.74 billion yuan, maintaining stability compared to the previous year [1] - Haidian District led in land supply with 7 plots, achieving a peak in supply over the past five years, contributing to a rise in market premium rates, with the highest premium reaching 39.18% [1][3] - Joint land acquisition has become the mainstream trend, with a 180% year-on-year increase in joint acquisitions among real estate companies [1][6] Group 1: Land Supply and Market Trends - In 2025, Haidian District's land supply reached a five-year high, with annual supply figures from 2020 to 2024 being 6, 6, 3, 2, and 5 plots respectively, while 2025's supply surpassed the total of the previous two years [3] - The average premium rate for land plots in 2025 was approximately 4.92%, an increase of 1.24 percentage points year-on-year [3] - Seven plots had premium rates exceeding 15%, with three located in Haidian District, indicating a clear market differentiation where prime locations are highly sought after [4] Group 2: Joint Acquisition Trends - Central state-owned enterprises dominated land acquisitions, accounting for 92.69% of total acquisitions, with notable participation from companies like China State Construction [6] - The trend of joint acquisitions is on the rise, with 14 out of 40 plots sold through this method in 2025, compared to only 5 in 2024 [6] - Joint acquisitions are seen as a strategy for real estate companies to mitigate risks and consolidate resources during market adjustments [6][8] Group 3: Return of Private Enterprises - Private companies, including Maoyuan Real Estate, are gradually returning to the Beijing land market, with Maoyuan acquiring 2 plots in 2025, matching its total from the previous five years [9] - The return of select private firms signals a positive outlook on the Beijing real estate market and suggests that the market may be nearing a bottom [10] - The competitive landscape remains challenging, as evidenced by the absence of other active private players like Greentown China in the recent auctions [10] Group 4: Policy Implications - The central government's emphasis on "quality supply" is expected to influence land acquisition strategies for 2026, focusing on controlling traditional supply while enhancing land acquisition cost-effectiveness [11] - Recent policy adjustments in Beijing, including optimized purchase restrictions and new development investment regulations, are anticipated to boost real estate companies' willingness to acquire land [11]