【房地产】8月土拍热度有所回落，核心30城宅地成交建面单月同比-42%——土地市场月度跟踪报告（25年8月）（何缅南/韦勇强）

Core Insights - The real estate market in China shows mixed signals with a slight increase in land transaction area but a significant rise in average transaction prices [4][6][7] - The top 50 real estate companies have seen a substantial increase in land reserve value, indicating a strategic focus on land acquisition despite a slight decrease in land reserve area [5] Group 1: Land Transaction Data - In the first seven months of 2025, the total land transaction area in 100 cities increased by 0.3% year-on-year, with an average transaction price rising by 24% [4] - The average transaction price for residential land in first-tier cities reached 39,229 yuan per square meter, a year-on-year increase of 37.5% [4] - In second-tier cities, the average transaction price was 8,336 yuan per square meter, up 19% year-on-year, while in third-tier cities, it was 3,360 yuan per square meter, reflecting a 12.4% increase [4] Group 2: Top 50 Real Estate Companies - From January to August 2025, the top 50 real estate companies added land reserves valued at 625.9 billion yuan, a year-on-year increase of 36.3% [5] - The top three companies in terms of new land reserve value were China Overseas Land & Investment (66.4 billion yuan), Greentown China (61.5 billion yuan), and Poly Developments (52.8 billion yuan) [5] - The total area of new land reserves for these companies decreased by 2% year-on-year, totaling 42.54 million square meters [5] Group 3: Core 30 Cities Performance - In the first eight months of 2025, the core 30 cities recorded a 3% year-on-year increase in land transaction area, with an average transaction price rising by 28% [6] - The total land transaction area in these cities was 62.47 million square meters, with a total transaction value of 731.3 billion yuan, reflecting a 32.1% year-on-year increase [6] - The overall premium rate for land transactions in these cities was 12.9%, an increase of 7.9 percentage points year-on-year [6] Group 4: Market Share Insights - The core 30 cities accounted for 52% of the total land transaction area and 85% of the total transaction value across 100 cities in the first seven months of 2025 [7] - The average transaction prices in the core 6 cities, core 30 cities, and 100 cities were 25,848 yuan, 11,903 yuan, and 7,391 yuan per square meter, respectively [7]