2025年6月中国房地产土地市场数据点评：规划建面波动上升，溢价率水平显著提高

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities [6]. Core Insights - The land market in 23 key cities in China saw a total of 139 residential land plots offered in June 2025, with a planned construction area of 9.26 million square meters, reflecting an 18.3% month-on-month decrease in supply [1]. - The total land transaction amount reached 150.57 billion yuan, with a significant increase in the average land premium rate, which rose to 9.06% in June 2025 [3]. - Major developers are actively acquiring land, with China Jinmao being highlighted for its aggressive land purchases, which are expected to benefit from improved corporate governance and substantial land acquisitions [4]. Summary by Sections Land Supply and Transactions - In June 2025, the supply of residential land in 23 key cities decreased by 18.3% compared to the previous month, with 139 plots offered and 176 plots successfully sold [1]. - The total area sold was 7.24 million square meters, generating a total land transfer fee of 150.57 billion yuan [1]. Premium Rates and Developer Activity - The average land premium rate in June 2025 was reported at 9.06%, showing a significant recovery compared to earlier in the year [3]. - China Overseas Land & Investment was noted for acquiring the largest number of plots, totaling 6 plots with a total expenditure of 11.03 billion yuan [3][4]. Investment Recommendations - The report suggests focusing on China Jinmao due to its recent large-scale land acquisitions and improvements in corporate governance, which are expected to enhance its market position [4].