房地产行业：2024年1月上海土地招拍挂市场

Investment Rating - The report indicates a low starting point for the Shanghai land auction market in January 2024, with a total transaction amount of 80.69 billion yuan, marking the lowest transaction volume for the same period in the past three years [4][5][8]. Core Insights - The January land auction in Shanghai completed the third round of the fourth batch of land supply, with a total of 2 plots sold for a total of 63.16 billion yuan. The overall market is characterized by low transaction volumes [4][6]. - The first batch of concentrated land supply for 2024 is set to offer 11 plots, with the first round scheduled for March 14. The number of plots is reduced compared to 2023, but the overall quality of the plots has improved, with more than half located within the outer ring road [5][6]. - The average transaction price for commercial land in January dropped significantly to 16,678 yuan per square meter, reflecting a substantial decline in the market [9]. Summary by Sections Land Supply and Transactions - In January, a total of 11 plots were sold, with a total transaction price of 17.53 billion yuan, indicating a significant decline in both the number of transactions and total price compared to previous months [8]. - The concentrated land supply market did not maintain the momentum seen at the end of the previous year, starting 2024 at a low point [8]. Price Trends - The average transaction price for commercial land saw a sharp decline, with the average price dropping to 16,678 yuan per square meter. This decline was influenced by the sale of plots in the Qingpu District, where the average price was notably low [9]. - Industrial land prices showed a slight increase, with the average price rising to 3,979 yuan per square meter, although the overall volume of industrial land transactions decreased significantly [9][10]. Case Studies - A commercial land plot in Qingpu District was sold for 272.36 million yuan, with a floor price of 3,428 yuan per square meter. The project aims to include a significant portion for business offices and affordable rental housing [11]. - An industrial land plot in Pudong New District was sold for 231.72 million yuan, with a floor price of 2,500 yuan per square meter, intended for the construction of a headquarters and R&D center [12].