CMSK(SZ:001979)2025-04-11 00:55Investment Rating - The report indicates a cautious investment rating for the real estate sector, reflecting a decline in land supply and transaction volumes [4][5]. Core Insights - The land supply and demand scale has decreased significantly, with a 34% drop in supply and a 75% decrease in transactions compared to the previous week [4]. - The average premium rate for key cities remains above 10% for three consecutive weeks, currently at 10.7% [5][6]. - The flow rate of land auctions has reached a high level, with a recorded 18.5% of land parcels remaining unsold [4]. Supply Summary - The total land supply this week was 6.15 million square meters, down 34% week-on-week [4]. - First and second-tier cities saw a dramatic decrease in land supply by 91% and 42%, respectively, while third and fourth-tier cities experienced a 33% increase [4]. - The average plot ratio for residential land supplied was 2.3, with some cities like Quanzhou and Haikou exceeding 2.5 [4]. Transaction Summary - Total transaction area was 1.26 million square meters, down 75% week-on-week, with a transaction value of 6.5 billion yuan, reflecting an 85% decline [5]. - The average floor price for key cities decreased by 15% to 5,138 yuan per square meter [5]. - High-quality land parcels in major cities saw a reduction in transaction volume, impacting overall market dynamics [5]. Key Land Auction Results - In Shanghai's Jiading New Town, a residential plot was sold for 2.66 billion yuan with a premium rate of 30%, setting a new price record for the area [6]. - The Beijing Tongzhou area saw a residential plot listed with a starting price of 2.33 billion yuan, with a floor price of 27,000 yuan per square meter [4]. - In Hangzhou's Yuhang District, a residential plot was auctioned with a starting price of 3.61 billion yuan and a floor price of 18,000 yuan per square meter [5].