低容积率房子来了！深圳成功出让一宅地，溢价率超46%

Core Viewpoint - Recent trends indicate that major cities are launching high-quality residential land parcels, leading to increased enthusiasm among real estate companies for land acquisition. The Shenzhen housing market may be entering a "low-density" era due to smaller land parcels and lower plot ratios being offered [1][3]. Group 1: Land Market Changes - The land selling strategy has shifted, allowing more real estate companies to participate and providing them with more options. The restrained plot ratios enable developers to create higher-end products, attracting more customers and achieving higher premiums [7]. - The recent land auction in Shenzhen saw a significant interest, with 8 companies participating and a winning bid of 1.212 billion yuan, reflecting a premium of 46.6% over the starting price [3]. - Upcoming land parcels in Shenzhen are primarily located in core areas with smaller sizes and lower plot ratios, such as the A802-0309 parcel, which has a plot ratio of less than or equal to 2.8 [4]. Group 2: Market Trends and Implications - The trend of "shrinking quantity and improving quality" in the land market is evident, with a projected 20% decrease in residential land supply by 2025. This is coupled with a focus on optimizing land structure by lowering plot ratios and concentrating on high-quality land [10]. - Despite a 21% year-on-year decline in the area of residential land sold across 300 cities, the total land transfer fees increased by 9.6% to reach 100 billion yuan, indicating a shift towards higher quality land [10]. - The core logic of the current land market reflects a preference for land parcels with high certainty of returns and quick cash flow recovery, particularly in major cities like Beijing, Hangzhou, Shanghai, and Chengdu [11].