SHLG(SH:600848) 2 1 Shi Ji Jing Ji Bao Dao·2025-12-30 10:10Core Viewpoint - The announcement of the land reserve for the residential plot in Lingang marks a significant step in Shanghai's new land reserve mechanism, aimed at optimizing supply-side adjustments in the real estate market amidst a differentiated market landscape [1][4]. Group 1: Land Reserve Details - Lingang Holdings announced the land reserve for the Shengrong plot (C07-01) in the Lingang 105 area, which is the first publicly disclosed residential land reserve case in Shanghai [1]. - The residential plot was acquired in July 2023 for 3.87378 billion yuan, with a linked residential price set at 34,000 yuan per square meter; the reserve price for this land is set at 2.625 billion yuan, reflecting a 4.01% discount from the original cost [2]. - The land reserve is led by the Shanghai Land Reserve Center, with a collaborative agreement signed by four parties, aiming to optimize land resource allocation through market-oriented methods [2]. Group 2: Market Context and Implications - The reserve aims to alleviate market destocking pressure, indicating a strategic adjustment by the company in response to market changes [2]. - The surrounding area of the C07-01 plot has several new housing projects, with a current overall destocking rate of less than 40% and an expected destocking period exceeding 18 months [2]. - The Shanghai real estate market is experiencing a bifurcated trend, with core areas maintaining high prices while suburban regions like Lingang face significant destocking challenges [3]. Group 3: Future Outlook and Strategic Importance - The land reserve is part of a broader strategy to control supply and reduce inventory, directly impacting future new housing supply in the 105 area [3][4]. - The Lingang New Area has become a focal point for major real estate companies, with varying destocking performances among projects, highlighting the need for strategic adjustments in response to market conditions [3]. - The initiative is seen as a significant practice of Shanghai's combined regulatory strategy of controlling land supply at the front end while addressing housing inventory at the back end, potentially serving as a model for other high-inventory suburban areas [4].