进入第四季度，随着核心城市供地计划密集落地，叠加新一轮楼市政策效果逐步显现，业内普遍预计， 10月份土地市场有望保持一定热度。 从已公布的供地计划来看，10月份土地市场供给力度有所提升。根据中指研究院统计，截至10月9日， 在重点城市已公告的住宅用地待拍清单中，上海计划出让住宅用地起始价约180亿元，广州、北京均超 过50亿元，成都、杭州、苏州等城市核心地块也在30亿元以上。 广州、武汉等地率先开启10月份土拍。10月10日，广州市白云区2宗宅地共揽金19.77亿元，其中一宗地 块溢价率超16%。同日，武汉成功出让3宗涉宅用地，揽金7.37亿元。两地土拍吸引了绿城中国控股有 限公司、招商局蛇口工业区控股股份有限公司(以下简称"招商蛇口（001979）")等头部房企参与。 业内人士表示，第四季度土地供给相对优质，叠加各地楼市新政持续落地，土地市场热度有望延续。 回顾前9个月，全国土地市场保持一定热度，从房企层面看，头部房企补仓积极性较高。中指研究院最 新数据显示，2025年1月份至9月份，百强房企(以拿地金额排序)拿地总额同比增长36.7%，较前8个月提 升8.7个百分点。 中指研究院企业研究总监刘水对《证券日 ...

21世纪经济报道记者张敏 9月16日，绍兴市新昌县出让1宗低密商住地，地块容积率为1.2，建筑面积4.7万平方米。最终，绍兴市 连城房地产以3.2亿元的总价竞得，成交楼面价为6813元/平方米，溢价率12.14%。 值得一提的是，这场土拍历时约7小时，竞价轮次超过300轮。 近期，随着政策层面的利好持续释放，热点城市土地市场继续保持热度。在上述绍兴地块出让的同一 天，成都、杭州各有两宗地块溢价出让，分别收金26.12亿元、21.23亿元。 有机构指出，近期的重点城市土拍，呈现出两个主要特点：在供应端，优质地块继续推出，部分地块经 调整规划后重新上架，并获得追捧；需求方面，民营房企的拿地热情上升，接连有所斩获。 土地交易升温，在一定程度上反映出房企信心的回升。与此同时，从房企拿地区域的变化不难看出，新 的竞争局面正在形成。民企拿地热情升温 9月8日，东莞市万江街道一宗安置房用地经过100轮竞价完成成交，成交总价为3.77亿元，溢价率 35.61%。这宗地块的得主为安徽华城住丽建设投资有限公司，由上海国信泽铵实业发展有限公司100% 控股。通过股权穿透发现，中信国际资产为公司股东之一。 9月9日，浙江永康市成功出 ...

近两年核心区域最大地块 在本次公布的8宗地块中，1宗位于核心区东城区，2宗位于中心城区朝阳区，其余5宗分布于北京城市副 中心及平原多点地区，分别位于通州区、顺义区、昌平区、大兴区和房山区，每区各1宗。 北京商报记者注意到，作为北京核心区域，近几年东城区供地较少，上一次供地为2024年5月的金鱼池 地块。而此次东城区祈年大街西侧危改工程项目，用地规模达2.27万平方米，高于金鱼池地块；建筑控 制规模为2.5万平方米，也远高于金鱼池地块的5550平方米。 尽管该地块规划用途为F1类住宅混合公建用地，但从规划图来看，该宗地被划分为6个小地块，其中4 块为多功能用地，另外两块分别为交通基础设施用地及公共服务设施与公共事务用地。 北京市规划和自然资源委员会官网近日发布的2025年度第七轮拟供商品住宅用地清单中，共包含8宗地 块，土地面积约27公顷，建筑规模约63万平方米。其中最受市场关注的亮点在于东城区二环内"绝版"低 密宅地——祈年大街危改项目，这也是继2024年东城区金鱼池地块后，核心区时隔一年再供商品住宅用 地。而回溯历史数据，2020—2023年间，北京核心区域曾连续四年"零供应"商品住宅用地。此次供地不 仅填 ...

Group 1 - The core viewpoint indicates that despite the new housing market not fully stabilizing, the land market is showing signs of activity, particularly in core cities where high premium land parcels are being actively pursued by developers [1][2]. - In the first seven months of 2025, the proportion of premium land parcels in 30 key cities reached 30%, marking a three-year high and an increase of 12 percentage points compared to 2024, indicating a resurgence in land acquisition sentiment [2][3]. - The average premium rate for land parcels in the same period rose to 26%, nearly doubling compared to the past two years, reflecting heightened competition among developers [2]. Group 2 - The performance of companies in the land acquisition space remains fragmented, with many struggling to capitalize on opportunities, while leading firms are driving positive growth in investment amounts [3][5]. - In the first seven months of 2025, the top 100 real estate companies recorded a total new land reserve value of 682.8 billion yuan and an area of 5.802 million square meters, with a year-on-year increase of 33%, indicating a stabilization in investment trends [5]. - The concentration of land acquisition among the top 10 real estate companies remains high, with their new land value accounting for 70% of the total for the top 100, reflecting a trend towards market consolidation [6][7]. Group 3 - The top 10 real estate companies have a land acquisition to sales ratio of 0.41, significantly higher than the industry average of 0.3, showcasing their aggressive land acquisition strategies [7]. - Companies such as China Overseas, China Merchants, and Greentown have seen substantial increases in land acquisition amounts, with Poly Developments and China Resources maintaining steady investment speeds [8]. - High premium land acquisitions are primarily being made by state-owned enterprises and established regional players, with companies like CIFI, China Overseas, and China Merchants leading in this area [11][12]. Group 4 - The focus of investment is increasingly on high-quality land parcels in first and second-tier cities, leading to intense competition among developers, particularly state-owned enterprises [14]. - The attractiveness of premium land parcels is rising, as the market recognizes the importance of improvement projects in driving growth [14].

Core Insights - Major cities are activating the land market by releasing high-quality land parcels, leveraging a "leading effect" to stimulate interest from various sectors [2][7] - The participation of private real estate companies in land acquisitions is increasing, indicating a shift in market dynamics and a potential recovery in the sector [8] Group 1: Land Acquisition Trends - In Beijing, a private company, Beijing Xin'enxiang Ruize Real Estate, acquired a mixed-use land parcel for 1.369 billion yuan, marking a significant entry into the market [2] - In Nanjing, 16 residential land parcels were sold for over 7.3 billion yuan, with a focus on smaller, strategically located plots attracting private companies [3][4] - In Hangzhou, Wei Xing Real Estate won a competitive bid for a prime land parcel at 1.913 billion yuan, reflecting the strong interest of private firms in the market [5] Group 2: Company Profiles and Backgrounds - Beijing Xin'enxiang Ruize Real Estate was established recently with a registered capital of 30 million yuan, backed by Hebei Taihang Steel Group, a comprehensive enterprise with over 33 billion yuan in total assets [3] - Wen Zhou Qian Yi Real Estate, which acquired a small residential plot in Nanjing, was founded in June 2023 and is linked to a larger conglomerate in the non-ferrous metals sector [4] - Shanghai Qixiang Wangyu Real Estate, which set a record for land price in Shanghai, was established in early 2023 and is associated with a prominent family business in the automotive parts industry [7] Group 3: Market Dynamics and Implications - The increasing presence of private companies in land auctions suggests a long-term positive outlook for the real estate market, as these firms are strategically targeting lower-priced, high-quality land [8] - The trend of private firms expanding into core cities is seen as a necessary strategy to maintain pricing power and market relevance [8]

■ 王丽新 7月29日，杭州土拍共出让三宗涉宅用地，其中拱墅区石桥单元地块溢价28.13%成交；日前，上海核心 地块拍出20万元/平方米楼面价，刷新全国单价地王纪录……种种迹象表明，土地市场逐渐回暖。 中指研究院最新数据显示，2025年上半年，300城住宅用地出让金同比增长27.5%，平均溢价率为 10.2%，但成交面积下降5.5%，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。 土地市场作为房地产行业的风向标，其变化关乎楼市未来走势。笔者认为，结合上半年房企投资意愿及 下半年市场预期方向，土地市场已在三个维度展现出积极变化。 第三维度，专项债收购闲置土地加速，"控量提质"推动市场进入新循环通道。为实现行业高质量发展， 必须解决存量问题，盘活闲置土地正是重要途径之一。当前，运用地方政府专项债收回收购存量闲置土 地已取得一定进展。据中指研究院不完全统计，截至2025年6月底，全国各地公示拟使用专项债收回收 购存量闲置土地的数量超3700宗，总金额超4700亿元，其中7个省市已经发行的专项债超960亿元（均为 专项债"自审自发"试点地区）。 笔者认为，下半年专项债收地政策将进一步加快落实，这 ...

Core Viewpoint - The land market is showing signs of recovery, with increased competition for quality land in core cities and a rise in land transfer fees despite a decrease in transaction area [1][2]. Group 1: Land Market Trends - In the first half of 2025, the land transfer fees for residential land in 300 cities increased by 27.5% year-on-year, with an average premium rate of 10.2%, while the transaction area decreased by 5.5% [1]. - Core cities such as Hangzhou, Shanghai, and Chengdu are experiencing intensified competition for quality land, with Hangzhou's average premium rate reaching 35.5% and both Shanghai and Chengdu exceeding 20% [1][2]. Group 2: Factors Driving Demand - The optimization of land supply structure in major cities has led to a trend of reduced overall supply but increased land transfer fees [2]. - Policies such as "recognizing houses but not loans" and urban village redevelopment are releasing demand in core cities, making premium properties more attractive to buyers [3]. Group 3: Financial Strategies of Real Estate Companies - Financially stable real estate companies are increasing land acquisition to avoid shortages in inventory, as the industry has been in a deep adjustment period for over three years [3]. - The shift in investment logic towards quality over quantity is evident, with companies focusing on creating high-quality developments to ensure cash flow and improve sales rates [3]. Group 4: Special Debt and Land Utilization - The use of local government special bonds to acquire idle land is progressing, with over 3,700 parcels of idle land identified for acquisition, totaling over 470 billion yuan [4]. - The implementation of special debt policies is expected to enhance the supply-demand relationship in the land market and improve the financial conditions of companies [4].

Group 1: National Land Market Performance - The transaction scale of residential land in 65 key cities has rebounded, with a year-on-year increase of 18.4% in the first half of 2025, indicating a stabilization trend after a decline [1][4] - The total transaction of operating land in these cities reached 3,564 plots, with a total planned construction area of 23,406.6 million square meters, showing a significant decrease of 9.4% year-on-year [1] - The total land transfer revenue for residential land reached approximately 7,595.8 billion yuan, with residential land accounting for 85% of this figure, reflecting a 45% year-on-year increase [4] Group 2: Price Trends and Premium Rates - The average floor price of residential land in first-tier cities reached 36,484 yuan per square meter, with a year-on-year increase of 24% [6][8] - The average floor price for residential land in second-tier cities rose to 9,894 yuan per square meter, marking a 20% year-on-year increase [6] - The average premium rate for residential land in core cities increased to 14.2%, up 8.9% from the previous year, with 10 cities exceeding a premium rate of 10% [22][24] Group 3: Land Auction Dynamics - The number of unsold residential land plots decreased to 79, with a low auction failure rate of 8.7%, particularly in first and second-tier cities [9] - First-tier cities did not experience any unsold plots in the first half of 2025, while second-tier cities saw a flow rate drop to 5.6% [9] - The land supply strategy has shifted towards high-quality plots, effectively reducing the number of unsold plots [9] Group 4: Corporate Participation in Land Acquisition - The share of local state-owned enterprises in land acquisition has decreased to 38.3%, while the shares of central enterprises and private enterprises have increased to 18.5% and 26%, respectively [26][27] - Central and private enterprises have shown increased activity in acquiring land in core cities, with notable participation from private firms in high-premium land auctions [27] - The trend of joint land acquisitions among real estate companies has increased, reflecting a cautious yet strategic approach to land procurement [27]

Core Insights - Shenzhen's land market is showing signs of recovery with the introduction of two new residential plots, indicating a proactive adjustment in land supply strategy to counter market downturn pressures [2][10] Land Market Overview - As of mid-2025, only three residential plots have been successfully traded in Shenzhen, with a total transaction value of 62.71 billion yuan, marking a 200% increase compared to the same period in 2024 [8][9] - The new plots are located in potential areas, specifically Longhua and Baoan, with a total of four plots now available for bidding in the second half of the year [2][10] Specific Land Details - The Longhua plot (A815-0036) covers an area of 21,920.84 square meters with a starting price of 19.06 billion yuan, scheduled for auction on July 30 [3][7] - The Baoan plot (A319-1225) spans 19,246.94 square meters with a starting price of 10.9 billion yuan, set for auction on August 4 [5][7] Auction Conditions - Both plots will utilize an innovative auction model that allows for immediate transfer of ownership and does not impose price limits or mandatory affordable housing requirements, enhancing market flexibility [7][10] Future Land Supply - Additional plots are scheduled for release in the second half of 2025, focusing on core areas such as Longhua and Qianhai, reflecting a strategy of quality over quantity in land supply [10][11]

Group 1 - The core viewpoint of the article highlights the significant recovery in the Hangzhou land market, with a total of 6 residential plots sold for a total of 15.115 billion yuan and an average premium rate of 30.5% during the last concentrated land auction of the first half of the year [1][2] - The total amount of residential land sold in Hangzhou for the first half of the year reached 116 billion yuan, nearing the total for the entire year of 2024, indicating a clear upward trend in the land market [1] - High premium transactions were concentrated in hot areas, reflecting strong demand from real estate companies for quality land with premium potential [1][3] Group 2 - The highest total price land plot was in the core area of Qianjiang Century City, sold for 5.578 billion yuan with a floor price of 54,473 yuan per square meter, setting a new record for the area [1][2] - The plot with the highest premium rate was in the Shushan unit, sold for 1.103 billion yuan with a premium rate of 67.6%, indicating aggressive bidding from major real estate firms like Hangzhou Binjiang Real Estate Group [2] - Other notable transactions included a plot in Future Technology City sold for 3.33 billion yuan with a premium rate of 32.14%, and a plot in the original Canal New City sold for 1.157 billion yuan with a premium rate of 55.91%, both setting new records for their respective areas [2]