Core Viewpoint - China Railway Construction Real Estate Group (CRCRE) successfully acquired a residential land parcel in Songjiang New City for a total price of 2.471 billion yuan, with a premium rate of 20.44% during the fourth batch of land auctions in Shanghai [1] Group 1: Land Acquisition Details - The land parcel, designated as SJC10006 unit C03A-04, has a transfer area of 42,480.63 square meters and a planned construction area of 97,705.45 square meters, with a floor area ratio of 2.3 [2] - The starting price for the land was 2.052 billion yuan, with a starting floor price of 21,000 yuan per square meter, and a stop price of 2.6673 billion yuan, corresponding to a premium rate of 30% [2] - The final transaction price was 25,288 yuan per square meter, which is approximately 14% lower than the floor price of a nearby land parcel sold three years ago [2] Group 2: Financial Performance - In 2024, CRCRE reported total revenue of 46.646 billion yuan, a decrease of 26.3% year-on-year, and a net profit of 1.242 billion yuan, down 7.7% year-on-year [5] - The company's net profit attributable to shareholders was approximately 539,590 yuan, reflecting a significant decline of 95.42% year-on-year [5] - As of the end of 2024, CRCRE's total assets amounted to 223.408 billion yuan, a decrease of 4.42% year-on-year, while total liabilities were 173.924 billion yuan, down 6.12% year-on-year [5] Group 3: Project Performance - CRCRE's projects in Shanghai include several in suburban areas, with the Xipai Haishang project being its first in the inner ring of Shanghai [4] - The Xipai Haishang project performed well, with a subscription rate of 248% during a recent sales event [3] - Conversely, the Donglai No. 1 project has seen no sales since its launch last year, indicating challenges in the current market [3]

Core Insights - The announcement of the regulatory adjustment for the Donghua Li 7 and 8 plots has sparked significant discussion within the industry [1] - The two plots are currently in the early research stage, with no confirmed plans for sale in the near future [3] - The adjustment is seen as a breakthrough in addressing historical issues related to these plots, but there are still many processes to complete before they can be officially listed [5] Industry Developments - The scarcity of residential land resources in the Zhuliao area makes any potential land sale highly anticipated, with the recent Jin Cheng Street plot in Zhencheng attracting considerable attention from industry insiders and the public [7] - Major real estate companies such as Poly, Longfor, and Beike have shown strong interest in the Jin Cheng Street plot, indicating a potential bidding war [7] - Beike is expanding into real estate development, with plans to acquire land in Foshan, marking its first project in the city [9] - Poly is speculated to be a strong competitor for the Jin Cheng Street plot, potentially developing a second phase of its Tongji Mansion project [15] - Longfor is expected to leverage its previous success with the Yuhuajing project to compete for the new plot, which is located close to its previous development [19] - The plot's location in the core area of Zhencheng, surrounded by dense commercial, educational, transportation, and medical resources, makes it a highly sought-after site for real estate companies [20] - The outcome of the bidding process on May 27 is anticipated to reshape the competitive landscape of the Foshan real estate market [22]

中国建筑（601668.SH）作为全球最大的投资建设集团，其房地产开发业务形成"双轮驱动"格局。旗下 最大的房地产开发平台为中海地产，2024年以3106亿元的销售金额位列行业第二。 此外，中国建筑旗下还有"中建八子"的房地产开发业务，包括：中建一局旗下的中建智地，中建二局旗 下的中建玖合，中建三局旗下的中建壹品，中建八局旗下的中建东孚，中建五局旗下的中建信和，以及 中建四局、中建六局、中建七局旗下的房地产开发业务。 2024年6月13日，中建智地、江苏绿建和朝阳城发以112亿元竞得朝阳17号地。该地块由酒仙桥地块、孙 河地块和中关村朝阳园区北区等三部分组成，土地面积15.7万平方米，计容建筑面积28.3万平方米。 作者 田国宝 4月28日，北京市规划和自然资源委员会挂牌出让的"京土储挂（朝）[2025]011号"地块（以下简称"11号 地"）竞价结果揭晓，由中建智地、金茂、越秀地产和朝阳城发组成的联合体以底价126亿元竞得。 11号地块的计容建筑面积为28.3万平方米，由平房地块和孙河地块两部分组成。其中，平房地块为住宅 用地，计容建筑面积21.9万平方米，楼面价5.45万元/平方米；孙河地块为商业办公用地 ...

中指研究院华东大区常务副总高院生表示，此次土拍呈现明显的分化格局，核心地块(世纪城、市北)与 外围地块(双浦、钱塘)溢价率差异显著，房企拿地依旧谨慎，聚焦低风险、流速高的项目。 滨江集团（002244）共斥资约48.7亿元斩获其中的三宗宅地，成为本次土拍的最大赢家。三宗宅地分别 为康桥单元、萧山城区市北单元和西站新城单元地块。 其中，西站新城单元地块楼面价达到2.43万/㎡，成为云城新地王。该地块交通便利，配套较完善。其 邻近杭州西站枢纽，板块内拥有地铁5号线、3号线、19号线多个站点，机场轨道交通、运溪高架路等多 条交通干线。周边配套有以杭州云城综合体、云城天街为核心的高端商业；杭州师范大学仓前校区、杭 师大附属仓前实验中学、仓前中心小学等教育资源。 6宗地共揽金约125.76亿元，整体平均溢价率22.4%。 因此，地块吸引了坤和、滨江、绿城、保利发展（600048）、华润、建发、招商、越秀等多家房企参与 竞争。最终，经过27轮降价，滨江集团以约18.63亿元拿下该地块，溢价率16.9%，楼面地价24324.6元/ ㎡，刷新了云城板块记录，超过今年1月21日华润2.16元/㎡拿下的西站新城单元YH08070 ...

Core Viewpoint - The bidding for the FZX-0303-6007 land plot in Tongzhou District, Beijing, has attracted significant interest from major developers, including China Railway Construction Real Estate and China Merchants Shekou, indicating a competitive landscape in the local real estate market [2][5][12]. Group 1: Bidding Plans and Land Details - China Railway Construction Real Estate and China Merchants Shekou have publicly announced their bidding plans for the FZX-0303-6007 land plot, with estimated investments of 223 million yuan and 226 million yuan respectively [2]. - The land plot covers an area of 12,700 square meters, with a total construction area of approximately 36,500 square meters and a low plot ratio of 1.7, which is a recent low for Tongzhou [3][11]. - The bidding results for the land plot are expected to be announced on April 29 [3]. Group 2: Market Dynamics and Developer Strategies - China Railway Construction Real Estate has been largely absent from the Beijing market, with its last acquisition three years ago, indicating a strategic return to the competitive landscape [5]. - The recent success of China Merchants Shekou's project, which sold 230 units for a total of 1.146 billion yuan at an average price of 58,900 yuan per square meter, demonstrates the potential profitability of the area [6]. - The competitive bidding for the land plot suggests a fierce contest between developers, with implications for pricing and market dynamics in the region [6][12]. Group 3: Financial Health of Developers - China Railway Construction Real Estate has a high debt ratio of 80.37% and significant short-term liabilities, indicating financial pressure as it re-enters the market [9]. - The company reported a negative operating cash flow of 2.37 billion yuan for the first nine months of 2024, compared to a positive cash flow of 374 million yuan in the same period the previous year [10].

本次四宗地块中，静安大宁、浦东北蔡有望接续高溢价的火焰。 先来看大宁地块，直线距内环高架约1公里，这里是距离内环更近的大宁。 大宁地块区位示意图 上海将迎一场更高级的土拍 3月28日星期五，2025年上海第三批次土拍将举行，涉及静安大宁、浦东北蔡、闵行紫竹、青浦西岑四宗地块，起始总价超过113亿元。 前瞻这次土拍，预计一半是火焰，一半看未来，注定是一场更高级的土地竞夺。 01 大宁和北蔡，剑指板块新地王 去年，并非纯住宅的中建玖合大宁地块，成交楼板价约6.83万/㎡。这次的大宁迷你地块， 光是起拍价就超过了7万/㎡，已提前锁定大宁新单价地王，届 时就看溢价率能拱到多高了。 此外，迷你地块开发难度不小，而且该地块还要求至少5000元/㎡的装标，以及配建2500㎡的社区商业，花落哪家房企，也是非常有意思的看点。 再来看看浦东北蔡地块。 该地块起拍总价约20.83亿元，5.1万/㎡的起拍楼板价与去年板块内的浦开地块成交单价持平。倘若溢价率超过10%，就将突破隔壁邻居西派海上5.57万/㎡ 的楼板价。 北蔡地块区位示意图 浦东中环内，7.5倍世纪公园大小的北蔡楔形绿地，正在向崭新的复合型生态住区蜕变（点看 从区位与周 ...