房地产行业周报：5月百强房企销售金额回落-20250602

Investment Rating - The report maintains an investment rating of "Leading the Market - A" [7] Core Viewpoints - The sales amount of the top 100 real estate companies in May 2025 showed a decline, with a total sales amount of 1.4 trillion yuan, representing a year-on-year decrease of 10.8%, which is an increase in the decline rate compared to the previous month [1] - The report suggests that the sales scale changes of leading real estate companies are mainly driven by the launch of quality projects in core cities, and the current industry strategy of fewer but more frequent launches is contributing to the increased pressure of sales decline [1] - The report recommends focusing on companies that may reverse their difficulties, such as Gemdale Corporation and New Town Holdings, as well as leading companies maintaining land acquisition intensity like China Merchants Shekou, Greentown China, Poly Developments, and Binjiang Group [1] Summary by Sections Sales Review (5.24-5.30) - The total number of transactions in 32 monitored cities was 20,011 units, a week-on-week increase of 10.5%; the cumulative total for 2025 reached 334,000 units, a year-on-year decrease of 3% [2][13] - In first-tier cities, 6,400 units were sold, a week-on-week increase of 26.4%, with a cumulative total of 97,000 units for 2025, reflecting a year-on-year increase of 14.2% [2][14] - Second-tier cities saw 11,782 units sold, a week-on-week increase of 5.2%, with a cumulative total of 199,000 units, a year-on-year decrease of 9.6% [2][14] - Third-tier cities recorded 1,829 units sold, a week-on-week decrease of 1.3%, with a cumulative total of 38,000 units, a year-on-year decrease of 3.1% [2][14] Land Supply (5.19-5.25) - The planned construction area for residential land supply in 100 cities was 581 million square meters, with a cumulative supply of 7,996 million square meters for 2025, reflecting a year-on-year decrease of 12.8% [3][22] - The average listed floor price for land in 100 cities was 4,860 yuan per square meter, with a recent four-week average of 6,343 yuan per square meter, showing a week-on-week decrease of 0.5% and a year-on-year increase of 24.8% [3][24] Land Transactions (5.19-5.25) - The planned construction area for residential land transactions in 100 cities was 230 million square meters, with a cumulative total of 6,945 million square meters for 2025, reflecting a year-on-year increase of 3.1% [4][38] - The average transaction floor price for residential land in 100 cities was 6,781 yuan per square meter, with a week-on-week increase of 28.5% and a year-on-year increase of 96.5% [4][40]