2025年土地市场“控增量”，北上杭卖地超1400亿元

Core Insights - The overall land market in 2025 experienced a slight decline, with a focus on "controlling increment, reducing inventory, and optimizing supply" leading to a differentiated performance across cities [1][2] - Major cities like Beijing, Shanghai, and Shenzhen showed strong land auction activity, while many other cities remained subdued [1][2] Summary by Category Land Market Performance - In the first 11 months of 2025, the total residential land transaction area was 420 million square meters, a year-on-year decrease of 15.8%, with total land transfer fees amounting to 1.8 trillion yuan, down 6% [2] - Core urban areas in first-tier cities maintained high auction activity, with average premium rates around 10%, while second-tier cities saw stable land transfer fees due to increased quality land offerings [2][5] City-Specific Highlights - Shanghai recorded 64 residential land transactions, with 37 being premium sales, setting new regional price records [3] - In Hangzhou, the total land transfer fees reached 142.08 billion yuan, with a notable drop in the second half of the year [3] - Shenzhen had a limited supply with only 9 residential land transactions, 7 of which were premium sales, including a record-breaking transaction at 84,200 yuan per square meter [4] Developer Participation - The top 20 real estate companies accounted for 66.7% of land acquisition among the top 100 firms, with state-owned enterprises dominating the market [5][6] - Private enterprises, including Agile Group and Gemdale, have begun to re-enter the land market after overcoming liquidity challenges [6][7] Future Outlook - The land market is expected to remain stable in 2026, with a continued focus on core urban areas and cautious investment strategies from developers due to high competition [1][7] - The trend of high-value land transactions is likely to persist, as major state-owned enterprises seek to avoid intense competition while replenishing their land banks [7]