克而瑞地产研究：2月土地成交规模仍处在季节性低位

Core Insights - The land transaction scale remains at a seasonal low in February 2026, but the enthusiasm for land auctions has noticeably increased [1][6] - The average premium rate for land transactions has risen to 9.7%, marking a significant recovery in market heat [10] Land Supply and Transactions - As of February 25, 2026, the land supply area is 32.02 million square meters, down 4.7% month-on-month and 18.5% year-on-year [1] - Only 20 counties and cities have announced their land supply plans for 2026, significantly lower than the 1,301 cities that published plans in 2025 [1] - The total area of operational land auctioned nationwide is 21.57 million square meters, down 19% month-on-month and 21% year-on-year, with a total transaction amount of 72.4 billion yuan, up 13% month-on-month but down 29% year-on-year [6] Key Land Plots - In Shanghai, the largest residential land plot is located in Qingpu, with a planned building area of 84,000 square meters and a starting price of 2.5 billion yuan [2] - The highest starting price for a land plot in Beijing is 1.688 billion yuan for a low-density residential area in Changping [2] - The Guangzhou Ma Chang land plot achieved a total transaction price of 23.6 billion yuan with a premium rate of 27%, indicating strong demand for high-value land [16][17] Market Trends - The average floor price for land transactions nationwide is 3,358 yuan per square meter, reflecting a 40% increase month-on-month due to the higher proportion of quality residential land in major cities like Beijing and Guangzhou [6] - The land auction heat remains low, with only five plots sold for over 1 billion yuan, indicating a cautious recovery in the market [16] Premium Rates and Market Activity - The average premium rate for land transactions has increased by 7.6 percentage points compared to the previous month, indicating a resurgence in competitive bidding [10] - The land auction failure rate is at 5%, with several plots failing to sell due to uncertain future sales prospects or insufficient investment confidence [12]