重点城市土地市场热度回升，核心区域受热捧

Core Insights - The report indicates a rebound in land supply transactions in key cities, with high premium competition for core area plots due to their scarcity, while suburban and non-core areas see more transactions at base prices [2][10] - Real estate companies are focusing more on core assets and adopting a cautious approach towards non-core areas, leading to a stable yet increasingly differentiated market [10] Land Supply and Transactions - From November 17 to December 14, 2025, six key cities had 210 land plots available for bidding, with a starting price of 48.32 billion yuan, reflecting a 32.01% month-on-month increase and covering an area of 6.1211 million square meters [3] - During the same period, 167 plots were successfully sold across these cities, with a total transaction value of 56.644 billion yuan, marking a 27% increase in transaction value and a 17% increase in land area sold [6][10] Regional Analysis - In Beijing, 13 plots were listed, including 3 residential plots with a total area of 151,900 square meters and a starting price of 8.925 billion yuan [5] - Shanghai had 11 plots listed, primarily industrial, with a total area of 297,900 square meters and a starting price of 633 million yuan [5] - Guangzhou proposed 39 plots, including 7 residential plots with a total planned area of 516,700 square meters and a starting price of 10.281 billion yuan [5] - Chengdu announced 79 plots, with 22 residential plots concentrated in the Shuangliu District, covering a total area of 129,600 square meters and a starting price of 2.427 billion yuan [6] Transaction Trends - In Beijing, 12 plots were sold, with a total area of 315,900 square meters and a total transaction price of 11.219 billion yuan, mostly at base prices [7] - Shanghai saw 14 plots sold, totaling 297,800 square meters and 10.79 billion yuan, with most transactions at base prices except for one plot [8] - In Guangzhou, 4 residential plots were sold, totaling 2.283 billion yuan, primarily at base prices [9] - Shenzhen had 12 plots sold, with 3 residential plots showing a clear divide in pricing between core and non-core areas [9] Policy and Market Dynamics - Recent central government initiatives emphasize urban renewal and the integration of urban and rural development, aiming for high-quality real estate development [11] - Local governments are innovating policies and market operations to drive urban renewal, with examples from Chongqing and Shanghai showcasing successful models [12] - The issuance of urban renewal REITs is expected to attract more social capital, enhancing the financing channels for revitalizing existing assets [13]