每周精读 | 杭州宅地首次全部以底价成交；土地供应规模创年内新高，成交规模延续上升。（11.24-11.29）

Group 1: Land Auction Insights - In Hangzhou, three residential land parcels were sold at the base price, marking the first occurrence since 2025 where all parcels on a day with total transaction value exceeding 3 billion yuan were sold at the base price [5] - The land supply scale reached a new high for the year, with seven parcels exceeding 2 billion yuan listed for auction during the week of November 17-23, 2025 [8] - The average premium rate for land auctions hit a new low since the second half of the year, indicating a continued low level of auction enthusiasm [8][11] Group 2: Industry Trends - In the first nine months of 2025, leading construction companies showed a strong willingness to expand, with the top 20 companies signing contracts for a total area of 15.771 million square meters, reflecting a year-on-year increase of 31% [6] - The number of winning bids for construction projects has steadily increased, particularly in the third quarter, which saw a record high in the number of projects awarded [6] Group 3: Policy Developments - The Ministry of Housing and Urban-Rural Development emphasized the importance of urban renewal, urging local governments to adopt innovative approaches in planning, funding, operations, and governance [9] - Local policies have been accelerating, with initiatives such as encouraging the sale of existing homes in Chenzhou and offering subsidies for home purchases in Hangzhou's Yuhang District [9]