Core Insights - Beijing's first land auction of the year raised 5.762 billion yuan from three residential plots in Shijingshan, Tongzhou, and Shunyi, indicating a subdued market performance compared to last year's high premium bidding [1] - The supply of residential land in Beijing continues to decrease, with the 2026 plan showing a reduction compared to the previous year, and a concentration of supply in core areas within the Fifth Ring Road, suggesting a trend of "decreasing quantity and increasing price" in the land market [1][4] Group 1: Land Auction Details - The Shijingshan plot was acquired by Shougang Real Estate for 1.39 billion yuan at the base price, with a floor price of approximately 38,000 yuan per square meter, significantly higher than nearby projects [2] - The Tongzhou plot was won by a consortium for 1.562 billion yuan, with a total planned area of 87,400 square meters and a floor price of about 17,900 yuan per square meter, despite some challenges in transportation access [3] - The Shunyi plot was secured by China Iron and Steel Construction Group for 2.81 billion yuan, with a mixed-use area of 128,600 square meters and a residential floor price of around 30,000 yuan per square meter, posing operational challenges due to high commercial ratios [3] Group 2: Market Trends and Supply Dynamics - All plots in the recent auction were sold at base prices, contrasting sharply with the high premium bidding seen at the beginning of 2025, reflecting a continued trend of "decreasing quantity and increasing price" in Beijing's land market [4] - The 2026 supply plan for residential land in Beijing is set at 200-240 hectares, a decrease from 240-300 hectares in 2025, marking the fourth consecutive year of reduction [5] - The concentration of land supply is shifting towards core urban areas, with 33% of residential land transactions in 2025 occurring within the Fifth Ring Road, the highest proportion in five years, while only 13% occurred outside the Sixth Ring Road, the lowest in five years [5]