Workflow
房地产行业定期报告：上海土拍市场点状回暖，百强房企新增货值降幅收窄
Huafu Securities·2024-12-02 00:51

Investment Rating - The report maintains a "Strong Buy" rating for the real estate sector, indicating a positive outlook for the industry in the near term [5]. Core Insights - The Shanghai land auction market shows signs of recovery, with a narrowing decline in new value added by the top 100 real estate companies. The average premium rate for the latest land auction was 14.71%, with significant interest from state-owned enterprises [1][2]. - The report highlights that the real estate market is expected to experience a recovery phase characterized by easing liquidity pressures, continued supply contraction, stabilization of housing prices, and a resurgence in sales and construction activities [2][3]. Sales Review (11.24-11.30) - A total of 33,886 residential units were sold across 34 monitored cities, representing a week-on-week increase of 37.4%. However, the cumulative sales for 2024 reached 845,000 units, reflecting a year-on-year decline of 24.8% [3][13]. - Sales in first-tier cities decreased by 8% week-on-week, while second-tier cities saw a 54.6% increase, and third-tier cities experienced a remarkable 101.6% growth [13][24]. Land Supply (11.17-11.23) - The planned construction area for residential land supply across 100 cities was 37.42 million square meters, with a cumulative supply of 387.33 million square meters for 2024, down 30.6% year-on-year [33][34]. - The average floor price for land supply across 100 cities was 3,969 CNY per square meter, showing a 7.8% decrease from the previous four weeks but a 2.3% increase year-on-year [33][35]. Land Transactions (11.17-11.23) - The total planned construction area for residential land transactions was 15.18 million square meters, with a cumulative transaction area of 235.81 million square meters for 2024, down 19.5% year-on-year [49][50]. - The average transaction floor price for residential land across 100 cities was 4,695 CNY per square meter, reflecting a 28.1% decrease from the previous period but a 21.3% increase year-on-year [52][53].