中经记者 庄灵辉 卢志坤 北京报道 一二线优质地块供应放量背景下，2025年上半年土拍市场出现较明显升温。 日前，多家市场机构发布的最新数据显示，2025年上半年，一二线城市住宅用地成交面积及土地出让金 同比均实现增长，部分城市上半年土地出让金已接近去年全年水平。多宗地块高溢价成交带动下，全国 300城经营性土地平均成交溢价率较去年上半年实现翻番增长。 "今年以来，头部房企投资策略趋于一致，拿地进一步聚焦核心城市，叠加核心城市优质地块供应力度 加大，带动全国300城土地出让金增长明显。"中指研究院指数研究部总经理曹晶晶告诉《中国经营报》 记者，尽管今年上半年全国300城住宅用地成交面积同比有所下降，但出让金同比增长超27%，且进一 步集中，前20名城市宅地出让收金占全国300城的比重已接近70%。 土地出让金同比增长 2025年上半年，全国土拍市场基本延续"缩量提质"态势，多数城市土地供应量同比有所下降，但优质地 块供应量有所增加。 根据中指数据，2025年上半年，全国300城各类用地推出规划建筑面积为10.8亿平方米，同比下降 11.6%，成交9.3亿平方米，同比下降7.7%。其中，住宅用地推出规划建筑面积 ...

Core Insights - The residential land in Dongguan was successfully auctioned for approximately 606 million yuan, with a premium of about 100 million yuan [1] - The project is part of the "Hong Kong City" initiative and introduces an innovative "land transfer + repurchase" model for urban village redevelopment [3][7] Group 1: Land Auction Details - The land parcel is located in Changping Town, covering an area of 15,243.1 square meters, designated for urban residential and commercial use, with a floor area ratio of 5.27 and a maximum building density of 50% [4] - The starting price for the land was set at 49.783 million yuan, and the winning bidder was determined based on the highest bid [4] - The residential and commercial property purchase price is set at 13,650 yuan per square meter, while the price for parking spaces is set at 120,000 yuan each [3][6] Group 2: Project Development and Timeline - The development period for the land is three years, with construction required to commence by August 9, 2026, and completion by August 9, 2029 [4][7] - The properties built on this land will be designated for relocation and compensation purposes, with the local government specifying the beneficiaries for property registration [6] Group 3: Market Analysis and Implications - The low starting price of the land and the profit potential post-development contribute to the high interest from developers, as the "repurchase" model minimizes sales risks [6] - The project aims to leverage the proximity to Hong Kong and the integration of industries to establish a demonstration project for the Guangdong-Hong Kong-Macao Greater Bay Area [7]

中指研究院今日发布的数据显示，2025年上半年，300城住宅用地出让金为0.86万亿元，同比增长 27.5%。其中，一线及二线城市出让金增长均超40%，而三四线城市仍小幅回落。从城市集中度来看， 上半年TOP20城市宅地出让金占全国比重升至68%，杭州、北京涉宅用地出让金均超千亿元，杭州出让 金已接近去年全年水平。 中指研究院指出，上半年，随着重点城市新房市场边际改善及优质地块供应力度加大，核心城市优质地 块土拍热度维持高位，出让金同比增长，带动300城住宅用地出让金同比明显增长。 数据显示，上半年，房企在一线城市投资布局较为积极，住宅用地推出、成交面积同比均增长，出让金 同比增幅达到49.5%；二线城市今年以来多地持续加大优质地块供应，带动成交面积、土地出让金分别 增长18.3%、43.5%，平均溢价率13.6%，其中杭州、成都土拍热度较高，也是房企重点拿地区域，而其 余多数城市土拍较为平淡。 从溢价率来看，上半年，住宅用地溢价率高于去年同期水平，其中一季度，在核心城市加大优质地块推 出节奏及房企投资策略趋同影响下，多宗地块竞拍出高溢价，北京、杭州、成都地价纪录多次被刷新， 溢价率上升明显，但二季度以来有所 ...

Group 1 - The land parcel located at Huishan Avenue, Shenyang, has been successfully auctioned, designated as Class II industrial land, and acquired by Shenyang Hongsheng Hengze Beverage Co., Ltd [2] - The land parcel in Hunnan District, identified as East-1, is classified as Class I industrial land and has been won by China Water Resources and Hydropower Sixth Engineering Bureau Co., Ltd [4] Group 2 - The Shenyang Transportation Bureau has initiated the compilation of the "15th Five-Year" comprehensive transportation plan, focusing on various upgrades including airport hub construction, high-speed rail network enhancement, and expansion of subway lines [4] - A public consultation program titled "Open Planning - Asking Citizens for Opinions and Needs" is being conducted to gather feedback on the transportation plan, encouraging participation from commuters and travelers [5]

上半年，中国土地市场呈现"量缩价涨"的特征。在核心城市优质地块供应增加带动下，300城土地出让金同比明显增长。据中指研究院最新数据，在公开市 场，全国300城住宅用地出让金总额8598亿元，同比增长27.5%，相比之下，成交面积同比下降5.5%。 上半年，中国土地市场"冰火两重天"。一二线核心城市优质地块遭房企激烈争抢，频现高溢价成交，而三四线城市则持续遇冷。在公开土地市场中，共有19 个城市宅地出让金超百亿元，其中杭州、北京涉宅用地出让金均超千亿元，杭州出让金已接近去年全年水平。上海虽然在公开市场宅地出让金未过千亿，但 其非公开市场的涉宅地出让金额超800亿元。 值得关注的是，上半年TOP20城市出让金占全国比重为68%，其中二线城市以13.6%的平均溢价率反超一线城市，房企投资逻辑清晰聚焦"安全性与盈利确定 性"的项目。 19城宅地出让金超百亿元，京杭超千亿 此外，上半年TOP20城市出让金占全国比重为68%（2024年全年为51%），占比明显提升，市场分化加剧。共有19个城市宅地出让金超百亿元，除南通、镇 江外，均为核心一二线城市，其中在公开市场中，杭州、北京涉宅用地出让金均超千亿元。 截至6月末，杭州 ...

证券研究报告|固收研究报告 [Table_Date] 2025 年 7 月 7 日 [Table_Title] 上半年，京沪杭蓉领跑土拍市场 [Table_Summary] ►上半年，土地出让金止跌转增，城市间分化明显 连跌四年后，今年 1-6 月土地出让金 1.19 万亿元，同比增长 12%，迎来拐点。重点城市拉动明显，出让金 TOP3、TOP5、 TOP15 的城市占据全国 1/4、1/3、1/2 的市场份额，较去年同 期有 6-9 个百分点的提升。 具体城市上，杭州、北京、上海、成都与其他城市拉开较大差 距，出让金、溢价率双高，扣除这四城后，1-6月出让金同比增 长 0.4%。扣除出让金 TOP15 城后，1-6 月出让金下滑 6%。 ►下半年，核心城市供地力度可能减弱，关注上海 7 月 土拍 根据供地数据，7 月供地起始价 2142 亿元，同比下滑 11%，环 比下滑 29%，整体供地力度已经减弱。 热门城市供地热度能否延续？从起拍价超过 20亿元的高价地块 供给来看，7 月高价地主要集中在上海，别的热门城市供地数 量较少。7 月上海供地起始价同比大幅增长 156%，环比增长 18%，推地涉及南京西路 ...

Group 1 - The Beijing Housing Provident Fund Management Center reports that the interest rate on provident fund deposits is significantly higher than current bank deposit rates [1] - Shanghai's real estate market "half-year report" shows that the transaction volume of new and second-hand houses reached 13.11 million square meters, the highest for the same period since 2022 [2] - Country Garden and others are subject to enforcement actions totaling 830 million [3] - Hefei adjusts the contribution base and ratio for the housing provident fund [4] - Zhongliang Real Estate delivered 15,026 new homes from January to June [5] - Nanjing launched 5 residential land plots with a total starting price of 2.381 billion [6] - CIFI Group delivered a total of 15,000 new homes nationwide from January to June [7] - Poly Developments plans to issue the second phase of corporate bonds for 2025, with a scale of 1.5 billion [8] - Knight Frank reports a strong performance in Hong Kong's luxury residential rental market in the first quarter, with a year-on-year rental increase of 6.5% [9] - In June, Hong Kong's existing property mortgage registrations reached a 22-month high, with pre-sale mortgage registrations increasing by 46.9% month-on-month [10]

6月30日，广州原计划有5宗住宅用地竞价出让，但最终只以底价成交了2宗。剩下的3宗地在三天前已公 告"因故终止出让"。据了解，这3宗地分别位于天河区、海珠区，原本是该批次土地中较受关注的热门 地块，不料最终却无人问津。整个6月份，广州推出了10宗住宅用地，有4宗未能成交。广州市房协专家 委员会委员邓浩志对记者表示，这些地块无法成功出让，与广州的计容新规收紧有一定关系，但根源还 是在于市场的持续低迷，建议地方政府适度降低新增土地供应的起拍价。(中国房地产报) ...

Core Insights - On June 30, Tianjin auctioned 15 residential land parcels, with a total transaction amount of 8.777 billion yuan [1] - A residential land in Hexi District was won by China Overseas Land & Investment for 740 million yuan, with a floor price of 21,002 yuan per square meter and a premium rate of 11.45% [1] - The remaining 14 parcels were sold at the base price [1]

emm....原以为，今天是6月土拍最热闹的一天。按照原计划，6月30日本有五宗宅地出让。 结果，临门一脚时，天河广东电视台地块（含083、084地块）、海珠AH050335地块均终止出让。 剩下的两宗地块中，白云区槎头车辆段（一期）地块定向出让给广州地铁，218299万元底价成交，折合楼面价约1.9万元/㎡。 但因为地块需配建东西较多，有商业还有公服设施，成本也比较高。而荔湾区小梅大街7号AL011408地块则已是降价回炉，最终被力迅以31338万元底价 成交，折合楼面价约3万元/㎡。 接下来，我们再来看看各宗地块的具体情况。 荔湾区小梅大街7号AL011408地块同样也是一块典型的"小而美"地块，宗地面积5384.57平方米，计容建筑面积10446平方米。 地块位于西关板块，邻近地铁1、8号线陈家祠站、彩虹桥站等，周边配套成熟。此次已经是第二次挂牌，起拍总价降价6279万元，如今底价成交，总价 31338万元，折合楼面价3万元/㎡。 目前地块周边在售项目有西关雅筑、西关都荟，参考价格在6-7万元/㎡。按照3.3万元/㎡的楼面价测算，未来地块售价或将也在6字头左右。 白云区槎头车辆段（一期）地块该地块位于罗 ...