象屿上海土拍遭遇“背刺”

Core Viewpoint - The recent land auction in Shanghai highlights the challenges faced by real estate companies, with many firms, including Xiangyu, struggling to compete as land prices remain high and new developments emerge nearby [1][8]. Group 1: Land Auction Results - The first land auction of 2026 in Shanghai concluded with two plots sold at the base price, indicating a lack of competitive bidding [1][8]. - The winning bidders for the Minhang Zizhu low-density plot were the Zijiang Group and the Zizhu Peninsula consortium, with an average floor price of 33,440 yuan per square meter [1][8]. - Xiangyu previously acquired a land package in March 2025 at a premium of 19%, with an average floor price of 30,151 yuan per square meter [1][8]. Group 2: Comparison of Land Prices - Xiangyu's residential land prices are approximately 5,000 yuan per square meter higher than those of the recently auctioned Zijiang plot, despite being only about 1 kilometer apart [4][11]. - The residential portion of Xiangyu's land has a floor price of around 41,600 yuan per square meter, while the Zijiang plot's effective residential price is about 36,600 yuan per square meter after accounting for its smaller commercial component [2][9]. Group 3: Sales Performance of Xiangyu's Project - Xiangyu's project, Tianyu Lanshan, has had three sales openings, with the first on September 29, 2025, offering 66 residential units, of which 60 have been sold [4][11]. - The second opening on October 24, 2025, also offered 66 units, with 31 sold to date [4][12]. - The third opening on December 12, 2025, introduced 50 units, with 7 sold so far [4][14]. Group 4: Market Pressure - The emergence of new land parcels with lower costs and similar product offerings poses significant pressure on Xiangyu, raising questions about its competitive strategy in future auctions [8][15].