土地月报｜成交规模延续同比回落，一线土拍热度仍维持高位（2025年8月）

Core Viewpoint - The land market continues to experience a seasonal decline in transaction volume, with significant policy support from tax refunds expected to boost future land auction investments [2][4][8]. Supply and Demand - The supply of land in August reached 65.92 million square meters, a year-on-year decrease of 9.5%, while transaction volume was 40.74 million square meters, down 14% year-on-year [5][10]. - The average premium rate for land auctions in August was 5.6%, marking the second-lowest point of the year, with first-tier cities achieving a premium rate of 26.64%, a new monthly high for 2025 [5][18]. Market Heat - There is a significant divergence in land auction activity across different city tiers, with first-tier cities maintaining high premiums while second and third-tier cities see a decline in auction frequency [5][18]. - The average premium rates for first, second, and third/fourth-tier cities were 26.64%, 2%, and 3% respectively [5][18]. Future Outlook - The recent tax refund policy is expected to alleviate cash flow pressures for new land-acquiring companies, enhancing their confidence in participating in land auctions [8][16]. - The ongoing urban renewal and land reserve efforts are likely to improve the certainty of supply, leading to more quality land offerings in the market [7][12]. Transaction Details - As of August 25, 2025, the total transaction amount for land reached 95.3 billion yuan, a year-on-year decrease of 16%, primarily due to a decline in high-quality land transactions in major cities [15][19]. - The average floor price for land in August was 2,339 yuan per square meter, down 3% year-on-year and 20 percentage points from the previous month [15][18]. Key Land Transactions - The highest total price for a land transaction in August was 8.6 billion yuan for a site in Shenzhen, with a premium of 35% [23][24]. - The highest floor price was recorded at approximately 59,586 yuan per square meter for a site in Shenzhen, setting a new price record for the area [26][27].