【房地产】供给节奏扰动，2026开年宅地成交量价均处低位——土地市场月度跟踪报告（2026年2月）（何缅南/韦勇强）

Core Insights - The real estate market in China is experiencing a significant decline in land transactions, with a 34% year-on-year decrease in the area of land sold in the first two months of 2026 [4] - The average transaction price of land has also dropped by 24% year-on-year, indicating a challenging market environment for developers [4] Land Supply and Transactions - In the first two months of 2026, the total land supply across 100 cities was 1.75 billion square meters, showing a slight increase of 2.7% year-on-year, while the total area of land sold was 1.42 billion square meters, reflecting an 18.3% year-on-year decrease [4] - Residential land supply in the same period was 19.47 million square meters, down 17.2% year-on-year, with a total area sold of 19.19 million square meters, down 34.1% year-on-year [4] - The average transaction price for residential land was 5,457 yuan per square meter, a decrease of 23.9% year-on-year [4] City-Level Analysis - In first-tier cities, residential land supply was 1.36 million square meters, down 9.3% year-on-year, with sales of 1.11 million square meters, down 34.4% year-on-year, and an average price of 30,662 yuan per square meter, down 30.4% year-on-year [4] - In second-tier cities, residential land supply was 7.45 million square meters, down 40.0% year-on-year, with sales of 5.65 million square meters, down 44.6% year-on-year, and an average price of 4,688 yuan per square meter, down 40.9% year-on-year [4] - In third-tier cities, residential land supply was 10.66 million square meters, up 11.1% year-on-year, with sales of 12.42 million square meters, down 27.7% year-on-year, and an average price of 3,551 yuan per square meter, up 14.9% year-on-year [4] Major Real Estate Companies - The top three real estate companies by newly added land reserve value in the first two months of 2026 were Yuexiu Property (26.2 billion yuan), China Resources Land (2.2 billion yuan), and China Communications Construction Company (2.2 billion yuan) [5] Core City Performance - In the core 30 cities, the total area of residential land sold was 561 million square meters, representing a 55% year-on-year decrease, with a total transaction value of 63.9 billion yuan, down 61.6% year-on-year [6] - The average transaction price in these cities was 11,391 yuan per square meter, down 14.8% year-on-year, with a premium rate of 10.4%, a decrease of 5.6 percentage points year-on-year [6] - The core 30 cities accounted for 29.2% of the total residential land area sold across 100 cities, and 61.0% of the total transaction value [7] Price Comparison - The average land prices in the core 6 cities, core 30 cities, and across 100 cities were 24,300 yuan, 11,391 yuan, and 5,457 yuan per square meter, respectively [8]