2025年第17周 Weekly 4月21日-2025年4月27日，第17周土地成交规模量增价涨，热度回升。本周重点城市监测供应建筑面积452平方米，环比上升119%，成交293万平方米，环 比上升136%。本周一线城市没有土地成交，二线城市中杭州、厦门、南京、郑州均有宅地溢价成交，拉动周度溢价率上升至9.2%。三四线城市方面亦有 多宗宅地溢价，平均溢价率连续五周超过5%。 供应：本周 供应建筑面积 452平方米，环比上升119%。 本周供应 含宅用地平均容积率为 2.3 ，西安、 郑州、长沙本周供应宅地平均容积率均不低于 2.2。 重点供应 地块方面， 4月21日 ，天津南开挂牌一宗宅地，起拍总价 20.75亿元 ， 平均 容积率 1.97，起拍 楼板价 1.5万元/平方米 。 该地块曾经 在 2024年11 月 出让，后 遭遇 停牌，此次为第二次出让 ， 出让 指标 较之前 相同。目前 周边无在售新房， 二手房 售价在 3万元/平方米 左右。 成交：成交 建筑面积 成交 293万平方米，环比上升136%。成交金额 296 亿元，环比上涨 519%。 本周杭州 、厦门、南京、郑州均有宅地溢价成交，其中杭 州 ...

Core Viewpoint - The recent surge in "land kings" in the real estate market is driven by a combination of policy changes, market supply and demand dynamics, and strategies adopted by real estate companies [1] Supply Side: Improved Land Quality and Policy Relaxation - Local governments are optimizing land supply structures to enhance market activity, focusing on core locations and low plot ratio land, such as in Shanghai and Beijing, which are attractive to developers due to their scarcity and high added value [2] - Cities like Nanjing and Chengdu are raising land prices by planning large luxury homes with lower plot ratios, while many regions have lifted new home price caps, allowing developers to achieve premiums through improved product quality [2] Demand Side: Release of Pent-Up Improvement Demand - Since 2017, price control policies have suppressed genuine improvement demand in core cities, leading to a decline in the quality of new homes delivered over the past six to seven years [3] - The relaxation of price controls has resulted in a concentrated release of improvement demand, providing developers focused on quality with a broader market space [3] Market Structure: Increasing Divergence in Land and Housing Markets - Since the fourth quarter of last year, high-premium land and "land kings" have been concentrated in a few core first- and second-tier cities, while third- and fourth-tier cities continue to see land transactions at base prices [4] - Developers view core city land as a "hard currency" to withstand economic downturns, creating a feedback loop of "limited supply + quality premium" [4] - The rapid improvement in new home quality in core cities has led to a divergence between new and second-hand housing markets, with high-quality new homes enjoying significant premiums while second-hand home prices remain weak [4]