克而瑞地产研究：2025年12月土地成交规模如期迎来环比回升 同比降幅有所缩小

Core Viewpoint - The land transaction scale is expected to rebound in December 2025, with a smaller year-on-year decline, as the traditional peak trading period approaches [1] Group 1: Supply and Demand - As of December 25, 2025, the land supply area is 66.74 million square meters, reflecting a 77% month-on-month decrease and a 26% year-on-year decrease [2] - The decline in year-on-year supply is expanding, with a 14 percentage point increase compared to the previous month [2] - Major cities like Shanghai and Guangzhou have land listings, with Shanghai's land auction prices reaching 2.56 billion yuan for a plot in Pudong [2][3] Group 2: Market Activity - Nationally, the area of land sold through auctions reached 270 million square meters, a 190% month-on-month increase, but a 7% year-on-year decrease [7] - The total transaction amount for land sales is 634.1 billion yuan, up 153% month-on-month but down 15% year-on-year [7] - The average floor price across the country is 2365 yuan per square meter, reflecting a 13% month-on-month decrease [7] Group 3: Market Heat - The average premium rate for land sales in December is 2.1%, indicating a low-level decline [10] - High premium transactions still occur for quality plots, with notable sales in cities like Guangzhou and Shenzhen, where some plots sold at over 15% premium [10][12] - The land auction failure rate is 8%, remaining at a near-low level, with several cities experiencing unsuccessful bids due to uncertain sales prospects [14] Group 4: Key Land Transactions - The highest total price for a land transaction in December is 8.456 billion yuan for a plot in Beijing, with a premium of 0.4% [16] - In Wuhan, several plots were sold at a total price of 12.9 billion yuan, with prime locations near the Yangtze River [4][16] - The highest premium rate was recorded in Shenzhen, where a plot was sold at a 42% premium, totaling 3.2 billion yuan [17]