Binjiang Group(SZ:002244) 券商中国·2025-11-27 12:53Core Viewpoint - The recent land auction in Hangzhou reflects a divergence in the real estate market, with core assets maintaining value while peripheral areas face pressure, indicating a selective recovery in land acquisition activity [2][6]. Group 1: Hangzhou Land Auction Results - On November 27, two residential plots in Xiaoshan District, Hangzhou, were sold to Binjiang Group at a total transaction amount of 2.462 billion yuan, with a maximum premium rate of 18.92% [1][4]. - The two plots had a total land area of 62,800 square meters and a total planned construction area of 112,900 square meters, with both plots achieving over 10% premium rates [4][6]. - The auction results contrast sharply with the previous auction on November 25, where three plots were sold at the base price, highlighting the market's selective interest in high-quality land [2][5]. Group 2: Market Analysis and Trends - The overall land auction in November in Hangzhou included two auctions with five plots sold for a total of 6.79 billion yuan, indicating a mixed sentiment in the market [3][6]. - The successful bids for the two plots demonstrate that strong local developers like Binjiang Group are still willing to invest in core areas, reflecting confidence in premium locations despite a general cooling in the market [6]. - The auction results indicate a growing divide in the market, with core areas like the low-density Xianghu plot and the well-equipped North City plot attracting attention, while more remote or homogeneous areas face significant challenges [5][6]. Group 3: Other City Auctions - In Beijing, a residential plot in Tongzhou District was sold to China Overseas for 1.248 billion yuan, with a floor price of 22,929 yuan per square meter and a premium rate of 0.97% [3][7]. - In Nanjing, two residential plots in Jiangbei New District were sold at the base price, totaling 862 million yuan, indicating a lack of competitive bidding in that area [3][8].