专题回顾 | 沪杭京等5城土地成交占四成，能否破解新房供给约束魔咒？

Core Viewpoint - The article discusses the current state of the real estate market in major Chinese cities, highlighting that while supply may decrease in quantity, the quality of offerings is expected to improve, which could maintain market activity but may not significantly boost transaction volumes [1][26]. Group 1: Land Transaction Trends - In the first eight months of 2025, land transaction amounts in 300 cities increased by 9% year-on-year, with first and second-tier cities performing significantly better than third and fourth-tier cities [3][5]. - The total land transaction area was 38,982 million square meters, with a year-on-year decline of about 10% [5][8]. - Major cities like Shanghai, Hangzhou, Beijing, and Chengdu accounted for 37% of national land transaction amounts, with each exceeding 350 billion yuan in transactions [8][9]. Group 2: Supply Expectations - The expected new supply in five key cities over the next nine months is projected to be 1,944 million square meters, a year-on-year decrease of 29% [11][14]. - The supply peak for projects in Shanghai, Hangzhou, and Chengdu is anticipated in the fourth quarter of 2025, with over 50% of new supply expected during this period [14][15]. - In contrast, Beijing's supply peak is expected in the first quarter of 2026, while Xi'an's supply rhythm has slowed due to a sluggish housing market [15][18]. Group 3: Product Mix and Market Dynamics - The anticipated new supply will primarily consist of affordable and upgraded housing products, with significant variations in supply and demand across different cities [18][25]. - In Beijing, the proportion of affordable housing is expected to be 29.2%, while in Xi'an, it could reach 62.2%, indicating a mismatch in supply and demand for different product tiers [25][41]. - The supply of mid-range products in Chengdu is expected to be severely insufficient, while high-end products may face oversupply in Shanghai [30][32]. Group 4: Market Outlook - The supply dynamics in cities like Shanghai, Hangzhou, and Chengdu are expected to stabilize market activity, but the overall impact on transaction volumes may be limited due to declining supply [26][45]. - In contrast, cities like Beijing and Xi'an face potential inventory pressure due to longer absorption cycles, which could lead to market imbalances [45].