Policy News - Sichuan has announced the cancellation of the distinction between ordinary and non-ordinary residential standards, allowing certain residential properties to enjoy land value-added tax exemption if the appreciation does not exceed 20% after deductions [1] - Hangzhou has introduced new policies to support employees in using housing provident funds for purchasing affordable housing, allowing withdrawals for down payments and rent payments [2] - Zhengzhou is seeking public opinion on adjusting the age limit for housing provident fund loans, extending the maximum loan term to 68 years for men and 63 years for women [3] - Xiamen has optimized its housing compensation policy, allowing residents to choose from a wider range of housing options, including new homes and second-hand properties [4] Market News - The People's Bank of China has maintained the 5-year and 1-year Loan Prime Rates (LPR) at 3.6% and 3.1% respectively, unchanged for five consecutive months [5] - In Hangzhou, two residential land parcels were sold for a total of 4.47 billion yuan, with an average premium rate of 63.7% [6] - Xiamen's land auction generated 8.829 billion yuan from four parcels, with the highest premium rate at 12.34% for the Wuyuanwan parcel [6] - Nanjing sold nine residential land parcels for a total of 8.463 billion yuan, with a premium rate of 7.1% for one competitive parcel [7] Company News - Binhai Group reported a net profit of 3.791 billion yuan for 2024, with a 32.94% year-on-year increase in revenue [8] - Shoukai Group's revenue for 2024 was 24.213 billion yuan, down 49.31% year-on-year, with a net loss of 8.141 billion yuan [8] - China Communications Real Estate plans to transfer its real estate development assets and liabilities to its controlling shareholder to shift towards a light asset operation model [8]

4月22日，杭州有2宗萧山区宅地出让，总成交金额44.73亿元，平均溢价率63.7%。 其中，市北单元地块由绿城以31.13亿元竞得，成交楼面价35066元/m²，溢价率59.39%；湘湖单元地块 由滨江以13.6亿元竞得，成交楼面价19306元/m²，溢价率高达74.4%。2宗地成交楼面价均刷新板块纪 录。 业内人士认为，杭州土拍持续高热印证了房企对核心地块的信心，核心区新房价格上涨或带动次新房价 值重估。 同日，成都也有2宗宅地出让，成交金额8.97亿元。其中，最受关注的郫都区地块吸引了多家房企参与 竞价，最终由四川联投以楼面价9250元/m²竞得该地块，成交总价约2.61亿元，溢价率33.09%。 杭州2宗宅地近45亿元成交 4月22日，杭州有2宗萧山区宅地出让，分别位于市北单元和湘湖单元，总土地出让面积104375m²，总 规划建筑面积159201.9m²，总起始价27.33亿元，最终2宗地块总成交金额44.73亿元。 中指研究院华东大区常务副总经理高院生指出，本次土拍核心地块高溢价成交，市北、湘湖地块楼面价 均刷新板块纪录，显示出房企对"核心区位+低密属性"地块争夺白热化。同时，产品也有差异化竞争， ...

Investment Rating - The report indicates a cautious investment rating for the real estate sector, reflecting a decline in land supply and transaction volumes [4][5]. Core Insights - The land supply and demand scale has decreased significantly, with a 34% drop in supply and a 75% decrease in transactions compared to the previous week [4]. - The average premium rate for key cities remains above 10% for three consecutive weeks, currently at 10.7% [5][6]. - The flow rate of land auctions has reached a high level, with a recorded 18.5% of land parcels remaining unsold [4]. Supply Summary - The total land supply this week was 6.15 million square meters, down 34% week-on-week [4]. - First and second-tier cities saw a dramatic decrease in land supply by 91% and 42%, respectively, while third and fourth-tier cities experienced a 33% increase [4]. - The average plot ratio for residential land supplied was 2.3, with some cities like Quanzhou and Haikou exceeding 2.5 [4]. Transaction Summary - Total transaction area was 1.26 million square meters, down 75% week-on-week, with a transaction value of 6.5 billion yuan, reflecting an 85% decline [5]. - The average floor price for key cities decreased by 15% to 5,138 yuan per square meter [5]. - High-quality land parcels in major cities saw a reduction in transaction volume, impacting overall market dynamics [5]. Key Land Auction Results - In Shanghai's Jiading New Town, a residential plot was sold for 2.66 billion yuan with a premium rate of 30%, setting a new price record for the area [6]. - The Beijing Tongzhou area saw a residential plot listed with a starting price of 2.33 billion yuan, with a floor price of 27,000 yuan per square meter [4]. - In Hangzhou's Yuhang District, a residential plot was auctioned with a starting price of 3.61 billion yuan and a floor price of 18,000 yuan per square meter [5].