每周精读 | 十一假期新房认购同环比降超3成；9月中国房地产企业销售榜、新增货值榜发布（9.30-10.10）

Core Insights - The article discusses the performance and trends in the Chinese real estate market for the first nine months of 2025, highlighting sales figures, land transactions, and brand influence among top real estate companies [5][6][7]. Sales Performance - In September 2025, the top 100 real estate companies achieved a sales turnover of 252.78 billion yuan, reflecting a month-on-month increase of 22.1% and a year-on-year increase of 0.4% [7]. - The cumulative transaction volume in 30 cities for the first nine months was 883,300 square meters, showing a slight year-on-year decline of 3% [7]. Market Concentration - The concentration of new sales value among the top 100 real estate companies remains high, with the top 10 companies accounting for 68% of the total new sales value, and the top 3 companies contributing 12% [5]. Brand Influence - In September, the real estate market experienced a promotional season characterized by significant discounts and customer engagement activities, coinciding with the Mid-Autumn Festival and National Day [6]. Land Transactions - Major cities like Shanghai and Hangzhou accounted for 40% of land transactions, indicating a trend of "quantity decline and quality increase" in supply, which may maintain sales momentum but limit overall transaction scale [9]. - The land transaction volume showed a cyclical rebound in September, with a monitored supply of 6.95 million square meters, a month-on-month increase of 89%, while the transaction area was 648,000 square meters, reflecting a 7% decrease [15]. Future Outlook - The new housing subscription during the October holiday saw a decline of over 30% compared to the previous month, suggesting that the overall transaction volume may continue to fluctuate at low levels in October [11]. - The upcoming land auctions in October are set to offer 112 plots across 23 key cities, with a total starting price of 67.2 billion yuan, indicating ongoing interest in land acquisition despite market challenges [16].