11月25日，北京、成都、杭州、武汉等地均有土地成交。 北京2宗涉宅用地总成交金额64.95亿元，其中，朝阳区松榆里地块经过173轮竞价，最终由懋源以总价 50.24亿元竞得，成交楼面价62140元/㎡，溢价率18%；房山区长阳镇综合用地则由北京城建以底价 14.71亿元竞得。 成都一宅地吸引了8家竞买人参与现场竞拍，经过35轮竞价，最终由金沙鹭岛以楼面价6000元/㎡竞得， 成交总价3.37亿元，溢价率高达39.53%。 杭州3宗宅地均底价成交，总成交金额43.32亿元，万科、绿城均有斩获。 张凯认为，整体来看，此次成交的朝阳区与房山区两宗地块分别代表了北京土地市场中核心区稀缺资源 与近郊潜力板块的不同开发逻辑。前者依托高确定性区位主打改善产品，后者则需在库存压力下靠产品 与配套挖掘价值，两者的成交结果不仅是当前市场需求的真实体现，也预示着房企在战略布局上将面临 更深层次的分化。 武汉8宗涉宅用地均底价成交，总成交金额37.81亿元。 北京朝阳区宅地溢价18.21%成交 11月25日，北京有2宗涉宅用地出让，最终1宗溢价18%成交，1宗底价成交，总成交金额64.95亿元。 其中，朝阳区松榆里地块规划建筑面积 ...

11月24日下午，随着青浦徐泾纯宅地的成功落槌，上海2025年度第九批次集中土拍正式收官。 作为年末土地市场的收官之作，本轮上海土拍共推出9宗涉宅地块，分布于杨浦、宝山、浦东、青浦、嘉定、奉贤六大区域，总 出让面积约43.8万平方米。最终，9宗地块全部成功出让，无一流拍，总成交金额达173.33亿元。但土拍过程与结果频现意外， 呈现民企逆势突围、国企稳健托底的鲜明格局。 记者丨唐韶葵 值得一提的是，两宗外环外溢价成交地块分别被佳运置业、宝业房地产这两家主业为建筑业的民企收入囊中。这也表明，资本 虽然谨慎，但对上海核心资产仍然心存执念。与此同时，国企、民企争相加仓上海，说明市场信心未见消退。 编辑丨张伟贤 （上海新房样板房，唐韶葵/摄） 分析人士指出，在年底拿地淡季、市场预期尚处调整期的背景下，本次土拍呈现出国企民企协同加仓、热点地块竞争激烈与非 核心地块底价成交并存的鲜明特征，既彰显了上海土地市场的基本盘韧性，也折射出行业转型期的理性分化，为年末楼市注入 了信心。 本轮土拍最引人注目的变化，是竞拍主体结构的显著调整。比如，过往主导上海土拍市场的保利发展、招商蛇口、华润置地等 头部央国企悉数缺席。 分析人士指出 ...

（上海新房样板房，唐韶葵/摄） 分析人士指出，在年底拿地淡季、市场预期尚处调整期的背景下，本次土拍呈现出国企民企 协同加仓、热点地块竞争激烈与非核心地块底价成交并存的鲜明特征，既彰显了上海土地市 场的基本盘韧性，也折射出行业转型期的理性分化，为年末楼市注入了信心。 记者丨唐韶葵 编辑丨张伟贤 11月24日下午，随着青浦徐泾纯宅地的成功落槌，上海2025年度第九批次集中土拍正式收 官。 作为年末土地市场的收官之作，本轮上海土拍共推出9宗涉宅地块，分布于杨浦、宝山、浦 东、青浦、嘉定、奉贤六大区域，总出让面积约43.8万平方米。最终，9宗地块全部成功出 让，无一流拍，总成交金额达173.33亿元。但土拍过程与结果频现意外，呈现民企逆势突围、 国企稳健托底的鲜明格局。 值得一提的是，两宗外环外溢价成交地块分别被佳运置业、宝业房地产这两家主业为建筑业 的民企收入囊中。这也表明，资本虽然谨慎，但对上海核心资产仍然心存执念。与此同时， 国企、民企争相加仓上海，说明市场信心未见消退。 知情人士透露，佳运置业董事长沈仁兴此番亲自坐镇现场拿地，志在必得。 另一家民企大华年内第三次在上海拿地，以11.42亿元拿下宝山高境地块，深 ...

21世纪经济报道记者唐韶葵 11月24日下午，随着青浦徐泾纯宅地的成功落槌，上海2025年度第九批次集中土拍正式收官。 作为年末土地市场的收官之作，本轮上海土拍共推出9宗涉宅地块，分布于杨浦、宝山、浦东、青浦、嘉定、奉贤六大区域，总 出让面积约43.8万平方米。最终，9宗地块全部成功出让，无一流拍，总成交金额达173.33亿元。但土拍过程与结果频现意外， 呈现民企逆势突围、国企稳健托底的鲜明格局。 值得一提的是，两宗外环外溢价成交地块分别被佳运置业、宝业房地产这两家主业为建筑业的民企收入囊中。这也表明，资本 虽然谨慎，但对上海核心资产仍然心存执念。与此同时，国企、民企争相加仓上海，说明市场信心未见消退。 （上海新房样板房，唐韶葵/摄） 分析人士指出，在年底拿地淡季、市场预期尚处调整期的背景下，本次土拍呈现出国企民企协同加仓、热点地块竞争激烈与非 核心地块底价成交并存的鲜明特征，既彰显了上海土地市场的基本盘韧性，也折射出行业转型期的理性分化，为年末楼市注入 了信心。国企审慎托底，民企逆势突围 本轮土拍最引人注目的变化，是竞拍主体结构的显著调整。比如，过往主导上海土拍市场的保利发展、招商蛇口、华润置地等 头部央国 ...

Core Viewpoint - Vanke has quietly acquired three residential land parcels in Chengdu and Xuzhou for a total of approximately 530 million yuan, reflecting its strategy of "spending within means and focusing on core investments" amid a challenging real estate market [1][5][10]. Group 1: Land Acquisition Details - In Chengdu, Vanke's subsidiary acquired two adjacent plots in Pidu District for a total of 316 million yuan, with a combined area of approximately 46,300 square meters and a planned construction area of about 69,400 square meters [5][6]. - The two plots in Chengdu include one mixed-use residential and commercial plot with a starting floor price of 4,550 yuan per square meter and another pure residential plot with a starting price of 4,570 yuan per square meter [5][6]. - In Xuzhou, Vanke's subsidiary secured a residential plot in Tongshan District for 213 million yuan, with a building area of approximately 53,300 square meters [5][6]. Group 2: Strategic Insights - Vanke's recent land acquisitions are part of a cautious strategy, focusing on maintaining a moderate land reserve while avoiding excessive pressure on cash flow [6][8]. - The company has adopted a "prudent" land acquisition strategy over the past two years, emphasizing resource quality and focusing on areas with strong market support [7][9]. - Vanke's approach includes a "have and hold" strategy, ensuring debt safety while sharing risks through joint development models [8][9]. Group 3: Market Context - The land market is experiencing structural changes, with a significant increase in land acquisition by top developers, particularly in core cities, while many third and fourth-tier cities face low demand [9][10]. - Vanke's focus on high-potential core cities aligns with its strategy to capitalize on market recovery and brand premium, allowing for rapid sales and improved cash flow [10][11]. - Government initiatives to optimize land auction rules and enhance land utilization efficiency are expected to stabilize development investment and boost market confidence [11][12].

Core Insights - The land auction in Hangzhou for July concluded with a total transaction amount exceeding 10.2 billion yuan, indicating a significant market activity despite a clear differentiation in land value across different districts [1][4][5] - The core areas continue to attract high bids, while non-core areas are experiencing low premium transactions, reflecting a market segmentation trend [1][5] Summary by Sections July Land Auction Overview - On July 29, three residential land parcels were auctioned with a starting total price of 4.6096 billion yuan, resulting in a total transaction price of approximately 5.0346 billion yuan [1] - Throughout July, Hangzhou organized four land auctions, successfully selling eight quality parcels with a cumulative transaction amount of 10.2 billion yuan [1][4] Performance of Specific Land Parcels - The three parcels auctioned on July 29 were located in Xihu District, Gongshu District, and Linping District, with a total land area of 177,846.2 square meters and a planned building area of 343,662.6 square meters [1] - The Gongshu District parcel (GS130201-56) was the highlight, sold for 1.913 billion yuan with a premium rate of 28.13%, reflecting strong market interest [1][2] Market Differentiation - The Xihu District parcel was sold at the base price of 2.685 billion yuan, while the Linping District parcel was sold for 437 million yuan with a minimal premium of 1.16%, showcasing the stark contrast in market performance [2][5] - The analysis indicates that the Gongshu District parcel's high premium is attributed to its low density and advantageous location, while the other parcels faced challenges due to development complexities and high inventory levels [2][3] Developer Participation - Local developers like Weixing Real Estate and Hangzhou Guangda are strategically acquiring land, while a consortium including China Resources Land and local enterprises secured a TOD project, indicating a trend towards collaborative development [3] Market Trends - The land auction results from July reflect a clear market segmentation, with core areas still in demand and non-core areas seeing lower premiums [5] - The competitive landscape is evolving, with an emphasis on product differentiation, improved design capabilities, and enhanced building standards among developers [5]

Core Insights - The land auction in Shenzhen's Longhua District concluded with a base price transaction, highlighting the scarcity of low-density residential land in core areas [1] - Recent trends indicate a divergence in land auction results, with "super core" areas experiencing high demand while secondary core areas face cooling interest from developers [2] - The overall land supply and transaction prices in the real estate market are crucial for influencing market dynamics, with a notable increase in land auction activity in Shenzhen as a response to market pressures [2] Group 1 - The A815-0036 plot in Longhua was sold for 1.906 billion yuan, translating to a floor price of approximately 28,050 yuan per square meter [1] - In contrast, the Qianhai Guiwan plot was sold for 2.155 billion yuan with a floor price of about 84,000 yuan per square meter, marking an 86% premium [1] - The A802-0309 plot in Longhua was acquired for 2.37 billion yuan, with a floor price of 27,565.89 yuan per square meter and a premium of 40.7% [1] Group 2 - The land auction market in Shenzhen is characterized by a trend where top-tier developers are cautious about non-super core plots, focusing instead on high-demand areas [2] - The first half of the year saw a 27.5% increase in land auction revenue across 300 cities, despite a 5.5% decline in transaction area [2] - The top 20 cities accounted for 68% of the national land auction revenue, with cities like Hangzhou and Beijing surpassing 100 billion yuan in land sales [2] Group 3 - Recent land auctions in key cities like Suzhou have shown continued high demand, with a record floor price of 65,241.78 yuan per square meter achieved by Greentown Real Estate [3] - Developers are increasingly prioritizing project safety and profitability, particularly in core urban areas where land scarcity drives high premium transactions [3]

Core Viewpoint - The land auction in Hangzhou and Yongkang on July 29 showed intense competition, with significant price variations between core and non-core areas, indicating a continued divergence in the real estate market [2][4]. Summary by Sections Hangzhou Land Auction - Three residential land parcels were auctioned in Hangzhou, with a total transaction amount of 50.35 billion yuan. Two parcels were sold at a premium, while one was sold at the base price [3][4]. - The Shiqiao unit land in Gongshu District was sold for 19.13 billion yuan after 43 rounds of bidding, with a floor price of 19,627 yuan per square meter and a premium rate of 28.13% [3]. - The Xingqiao unit land in Linping District was sold for 4.37 billion yuan after 2 rounds of bidding, with a floor price of 10,622 yuan per square meter and a premium rate of 1.16% [3]. Yongkang Land Auction - A low-density residential land in Yongkang was sold for 5.11 billion yuan after 169 rounds of bidding, with a floor price of 27,256 yuan per square meter and a premium rate of 54.38% [5][6]. - The land had an area of 18,562.87 square meters and a planned building area of 18,748.50 square meters, with a plot ratio of 1.01 [6]. Market Trends and Insights - The total transaction amount for the July land auction in Hangzhou reached 102 billion yuan, reflecting a continued divergence in the land market, with core area premium plots still in demand while non-core areas see low premium transactions [4]. - High-quality plots in core areas are favored by leading real estate companies, while smaller firms are shifting focus to non-core or suburban areas. There is an increasing trend towards enhancing product competitiveness, including improved building efficiency and upgraded exterior materials [4].

Core Insights - The land auction in Hangzhou and Yongkang on July 29 was highly competitive, with significant price increases for certain plots [1][3] - The total transaction amount for the Hangzhou land auction reached 102 billion yuan, indicating a continued differentiation in the land market [3] Hangzhou Land Auction Summary - Three residential land plots were auctioned in Hangzhou, with two sold at a premium and one at the base price, totaling 50.35 billion yuan [2][3] - The plot in Gongshu District was sold for 19.13 billion yuan after 43 rounds of bidding, with a floor price of 19,627 yuan/m² and a premium rate of 28.13% [2][3] - The plot in Linping District was sold for 4.37 billion yuan after 2 rounds of bidding, with a floor price of 10,622 yuan/m² and a premium rate of 1.16% [2] Yongkang Land Auction Summary - A low-density residential plot in Yongkang was sold for 5.11 billion yuan after 169 rounds of bidding, with a floor price of 27,256 yuan/m² and a premium rate of 54.38% [4] - The plot had a land area of 18,562.87 m² and a planned building area of 18,748.50 m², with a low plot ratio of 1.01 [4] Market Analysis - The land auction results reflect a continued trend of market differentiation, with core areas still attracting high bids while non-core areas see lower premiums [3] - Major real estate companies are focusing on core areas, while smaller firms are shifting towards non-core and suburban regions [3] - There is an increasing trend towards enhancing product competitiveness, including improvements in usable area and exterior materials [3]

Core Insights - The land auction in Hangzhou and Yongkang on July 29 showed intense competition, with significant price variations between core and non-core areas [1][3]. Group 1: Hangzhou Land Auction - Three residential land parcels were auctioned in Hangzhou, with a total transaction amount of 50.35 billion yuan, where two parcels were sold at a premium and one at the base price [2][3]. - The Shiqiao unit in Gongshu District was sold for 19.13 billion yuan after 43 rounds of bidding, resulting in a floor price of 19,627 yuan per square meter and a premium rate of 28.13% [2][3]. - The Xihu District San Dun unit, which faced higher development challenges, was sold at the base price of 26.85 billion yuan, with a floor price of 13,092 yuan per square meter [2][3]. Group 2: Yongkang Land Auction - A low-density residential land parcel in Yongkang was sold for 5.11 billion yuan after 169 rounds of bidding, achieving a floor price of 27,256 yuan per square meter and a premium rate of 54.38% [1][4]. - The Yongkang land auction reflects a strong demand for low-density residential areas, indicating a competitive market environment [4]. Group 3: Market Trends and Analysis - The land market in Hangzhou continues to show differentiation, with core areas attracting significant interest while non-core areas experience lower premium sales [3]. - Major real estate companies are focusing on core areas, while smaller firms are shifting towards non-core and suburban regions, indicating a strategic market shift [3]. - There is an increasing trend towards enhancing product competitiveness, with improvements in design capabilities and building standards becoming essential for developers [3].