作为房地产市场的关键上游，土地市场的供应规模、成交价格以及政策调控走向均对市场产生深远影 响。回顾2025年，重点城市的土地市场在整体缩量与结构分化中收官，头部房企重仓部分核心城市。 值得注意的是，"缩量提质"正成为全国土地市场的整体趋势。克而瑞的报告指出，面对行业库存压力， 地方政府供地策略呈现两大特征：一是总量持续收缩；二是结构优化加速，核心城市通过降低容积率、 聚焦优质地块实现"缩量提质"。 与此同时，多地推行土地捆绑出让模式且地块多位于核心区。此外，为了响应好房子建设，各地加大低 容积率优质地块推出力度，根据中指数据，2025年300城推出宅地中容积率在2.0以下的占比达42.3%， 较2024年全年提升7.7个百分点，是近10年来的最高水平。 中指研究院的报告还指出，2025年各地为稳定土地市场，不断推出利好政策，推地质量也不断提升，增 加了房企拿地积极性，但央国企仍然是拿地主力，拿地金额TOP100企业中84家为央国企及地方国资， 其中前十企业中8家为央国企；部分民企拿地积极性有所增加，头部房企重仓上海、北京、深圳、杭 州、成都等城市。 就在近日，上海新年宅地首拍落幕。浦东高行、闵行兰香湖两幅地块 ...

Core Insights - The auction of the residential land parcel B405-0308 in Shenzhen's Futian District on December 10 marks the conclusion of the city's 2025 residential land sales, highlighting a significant event as it is the first publicly auctioned pure residential land in the area in 16 years [1][9] - The high premium of 65% achieved by China Railway Real Estate, which won the bid for 792 million yuan, signals a structural recovery in Shenzhen's real estate market [1][9] - In 2025, Shenzhen saw a total of 12 residential land transactions, with a total area of 234,357.19 square meters and a total transaction value of 29.09 billion yuan, indicating a notable increase in market activity compared to previous years [3][6] Land Auction Overview - The total number of residential land parcels sold in Shenzhen in 2025 was 12, an increase of 6 parcels compared to the previous year, with an average floor price of 37,636 yuan/m², up 141.5% from the low in 2022 [3][6] - The average premium rate for these transactions rose to 32.8%, the highest in nearly six years, although the total area sold decreased by 21.4% year-on-year [3][6] - The land auction results show a clear regional differentiation, with 9 out of 12 parcels sold at a premium, and 7 parcels exceeding a 40% premium rate [6][7] Market Trends - The land market in Shenzhen is experiencing a "reduction in quantity and improvement in quality" trend, with a focus on core areas and high-quality land parcels [10][11] - The competitive landscape for land acquisition has shifted, with state-owned enterprises dominating the market, although there is a slight increase in participation from private enterprises [7][11] - The successful auction of the B405-0308 parcel, which requires all units to be sold as completed properties, may influence future land sale policies and reflects a shift towards higher quality residential offerings [9][11]

Core Insights - The land market in major cities like Shanghai and Shenzhen has seen record-breaking land prices, indicating a competitive environment among real estate companies [1][2][3] - The overall land supply has decreased, but high-quality land parcels in prime locations are attracting significant interest from developers [1][4] - The trend of "quality over quantity" in land auctions is evident, with a notable increase in premium land sales in first-tier cities [2][5] Group 1: Land Market Trends - In July, the average premium rate for land auctions in key monitored cities reached 9.9%, the highest since Q2 2025, driven by the sale of several high-quality residential plots [2] - First-tier cities experienced a substantial increase in auction premium rates, reaching 25.7%, marking a monthly high for the year [2] - The total land transaction amount for the top 10 residential land deals was concentrated in Shanghai, Hangzhou, and Shenzhen, with Shanghai alone accounting for 244 billion yuan [3] Group 2: Developer Activity - In the first seven months of the year, the top 100 real estate companies acquired land worth 578.3 billion yuan, a year-on-year increase of 34.3% [4] - State-owned enterprises and local government-backed firms are the primary players in land acquisition, focusing on core urban areas, while private companies are selectively increasing their land reserves [4][6] - Major developers like China Overseas, Greentown China, and Poly Developments are leading in land acquisition amounts, indicating a strong competitive landscape [4] Group 3: Policy and Market Outlook - Recent policy changes in various cities aim to optimize land supply and enhance market vitality, which is expected to sustain auction activity in the second half of the year [5] - The focus on high-quality land and urban renewal projects is anticipated to provide more stable investment opportunities in the real estate market [5] - Developers are increasingly prioritizing project safety and profitability, particularly in high-demand urban areas, while also facing challenges related to high land acquisition costs [6]

Core Insights - The land market in several major cities in China has seen record-breaking prices and high competition among real estate companies, indicating a trend of "quality over quantity" in land supply [1][2][7] Group 1: Land Market Trends - In July, the overall supply of land decreased year-on-year, but many cities recorded new high floor prices, particularly in premium locations and areas with limited supply [1][2] - The average premium rate for land auctions in key monitored cities reached 9.9%, the highest since Q2 2025, with first-tier cities seeing a significant increase to 25.7% [2][7] - Notable transactions include a residential land plot in Shenzhen that sold for a floor price of 84,180 yuan per square meter, marking a historic high for the city [2][4] Group 2: Company Participation - Major state-owned and local government-backed enterprises are the primary players in land acquisition, while private companies are focusing on specific key areas to replenish land reserves [1][9] - In the first seven months of the year, the top 100 real estate companies acquired land worth 578.3 billion yuan, a year-on-year increase of 34.3% [9][10] - Leading companies in land acquisition include China Overseas Land & Investment, Greentown China, and Poly Developments, with respective acquisition amounts of 54.2 billion yuan, 52.2 billion yuan, and 42.4 billion yuan [10][11] Group 3: Policy and Future Outlook - Recent policy changes in various cities aim to optimize land supply, with Beijing prioritizing residential land near transit stations and employment hubs [12][13] - The land market is expected to maintain a competitive atmosphere, particularly in core cities, as urban renewal projects are anticipated to provide more high-quality residential land [13] - Companies are increasingly focusing on project safety and profitability, with a trend towards enhancing design capabilities and product quality in response to market demands [13]

Core Insights - The land market in China is experiencing a significant increase in competition for high-quality plots, particularly in major cities like Shanghai, Shenzhen, and Suzhou, leading to record-breaking land prices and premiums [1][2][3] Group 1: Land Market Trends - In July, the overall supply of land decreased year-on-year, but many cities saw record-breaking floor prices due to the release of high-quality residential land [1] - The average premium rate for land auctions in key monitored cities reached 9.9%, the highest since Q2 2025, with first-tier cities seeing a premium rate of 25.7% [2] - Notable land transactions include a plot in Shenzhen sold for a floor price of 84,180 yuan per square meter, marking a historic high for the city [2] Group 2: Company Participation - The top 100 real estate companies in China acquired land worth 578.3 billion yuan in the first seven months of the year, a year-on-year increase of 34.3% [4] - State-owned enterprises and local government-backed firms are the primary players in land acquisition, focusing on core cities, while private companies are selectively increasing their land reserves [4][5] Group 3: Policy and Market Outlook - Recent policy changes aim to optimize land supply management, enhancing the quality and availability of residential land in key urban areas [5] - The land market is expected to maintain a competitive auction environment in the second half of the year, driven by policies that support market stability and encourage investment in urban renewal projects [5][6]

Group 1 - Recent trends show multiple cities actively launching small land plots, indicating a shift in land supply strategy [1] - A residential land plot in Shenzhen's Baoan district was sold for 1.215 billion yuan, with a floor price of approximately 20,363 yuan per square meter and a premium rate of about 11.5% [1] - The land market's supply scale, transaction prices, and policy adjustments significantly impact the real estate market [1] Group 2 - Government policies are providing real estate companies with a higher certainty of profit margins, with land plots continuing to have relaxed requirements [2] - The trend of smaller, centrally located land plots is driven by rapid market changes, allowing for quicker development and sales [2] - A recent land auction in Nanjing saw high competition for small plots, with one plot selling for 373 million yuan and a premium rate of 32.74% [2] Group 3 - Data from the China Index Academy indicates a 7% year-on-year decline in residential land transaction area across 300 cities, while the total land revenue has increased by over 20% [3] - The average premium rate for first and second-tier cities has exceeded 10%, with continued strong competition for quality land in core cities like Shanghai and Shenzhen [3] - The real estate market in core cities is expected to maintain resilience in the second half of the year, with ongoing differentiation trends between cities and regions [3]

Core Insights - Shenzhen's land supply has significantly increased recently, with a shift in land supply strategies across multiple cities [1][2] - The trend of smaller land plots in prime locations is emerging, driven by the need for quick development and sales to mitigate uncertainties [2][3] Group 1: Land Supply and Market Dynamics - On August 4, a residential land plot in Shenzhen's Bao'an district was sold for 1.215 billion yuan, with a floor price of approximately 20,363 yuan per square meter and a premium rate of about 11.5% [1] - The land area of this plot is approximately 19,000 square meters, categorized as a "mini plot" [1] - Since May, Shenzhen has accelerated its residential land supply, focusing on core areas with lower plot ratios and smaller sizes [1] Group 2: Government Policies and Market Trends - The government is providing a higher profit margin for real estate companies, with land sales maintaining relaxed requirements, allowing for better design and planning [2] - The trend of "volume reduction and quality improvement" is becoming prevalent in the national land market, with local governments focusing on optimizing land structure [2] - In July, Nanjing's land auction featured 13 residential plots, with a notable focus on small, well-located plots, highlighting the market's preference for mini plots [2] Group 3: Market Performance and Future Outlook - Data from the China Index Academy indicates that the transaction area of residential land in 300 cities decreased by about 7% year-on-year in the first seven months, while the total land revenue increased by over 20% [3] - The average premium rate for first- and second-tier cities exceeded 10%, indicating continued competition for quality land [3] - The strong fundamentals in core cities are expected to maintain market resilience in the second half of the year, despite ongoing regional disparities [3]

Core Insights - The land auction market is experiencing heightened activity, with record floor prices being set in multiple cities during July 2025, indicating strong competition for prime land parcels [1][2] - The total land acquisition amount for the top 100 real estate companies reached 578.3 billion yuan from January to July 2025, reflecting a year-on-year increase of 34.3% [1][3] - Major state-owned enterprises dominate land acquisitions, with eight out of the top ten companies being state-owned, while some private companies like Binjiang Group are also making significant investments [2][3] Land Auction Dynamics - Intense bidding activity is characterized by numerous rounds of bidding and high premium rates, exemplified by the Shenzhen Qianhai Guiwan plot, which saw 12 companies participate in 158 rounds, resulting in a final premium rate of 86.1% [2] - The competitive nature of land acquisition is driven by the scarcity of quality land, as seen in the Shanghai Xuhui District plot, which is the first new residential land in a decade for the area, enhancing its desirability [2][3] Future Outlook - The "reduced quantity and improved quality" model for land supply is expected to continue, particularly in first-tier cities like Beijing, Shanghai, and Shenzhen, where core land parcels will likely maintain high premium transactions [3] - In contrast, third and fourth-tier cities are anticipated to see land transactions primarily at base prices, with some cities potentially adjusting supply structures to attract investment [3] - Companies are urged to avoid acquiring high-priced land to mitigate challenges in subsequent project development, emphasizing the need for enhanced design capabilities and product competitiveness in the housing market [3]

Group 1 - Recent land prices in cities like Shenzhen, Shanghai, and Suzhou have reached new records, with Shanghai's Xuhui Hengfu plot hitting a record of 200,000 yuan/square meter, the highest in the country [1][2] - The land supply in July 2025 was 61.81 million square meters, an 18% increase month-on-month but a 17% decrease year-on-year, indicating a trend of reduced supply [1] - The average land price this month was 3,147 yuan/square meter, reflecting a 17% year-on-year increase, with significant price hikes in first-tier cities [2] Group 2 - The transaction volume of operating land reached 41.94 million square meters, a 15% year-on-year decline, with a total transaction value of 132 billion yuan, remaining stable compared to the previous year [2] - The average premium rate for land transactions in July was 9.9%, the highest since the second quarter, with first-tier cities seeing a significant increase to 25.7% [2] - The land auction failure rate was 9%, remaining at a low level, with cities like Wuhan, Jinan, and Xi'an experiencing unsuccessful sales due to uncertain future sales prospects [3] Group 3 - The research center anticipates more high-quality residential land to be available as urbanization progresses, driven by urban renewal and land storage efforts [3] - The integration of population, industry, urbanization, and transportation is expected to enhance demand and optimize urban space structure, providing more high-quality land supply for the real estate market [3] - The second half of 2025 is expected to release more stable signals in the land market, particularly in core cities with significant incoming populations and high economic development levels [3]

Core Insights - The average premium rate for land transactions in July has significantly rebounded, with expectations for more quality land parcels to enter the market in the second half of the year [1][2][3] Land Supply - As of July 25, 2025, the land supply area reached 61.81 million square meters, an 18% increase month-on-month but a 17% decrease year-on-year, continuing the trend of reduced supply [1] - Major cities like Beijing, Shanghai, Shenzhen, Hangzhou, Suzhou, and Chengdu have all set new records for land prices by 2025, with Shanghai achieving a national record of 200,000 yuan per square meter [1] Land Transaction - By July 25, 2025, the total area of commercially auctioned land was 41.94 million square meters, a 15% year-on-year decline, with the transaction amount for the month at 132 billion yuan, remaining stable year-on-year [2] - The average land price for the month was 3,147 yuan per square meter, reflecting a 17% year-on-year increase [2] Market Activity - The average premium rate for land in July was 9.9%, the highest since the second quarter, with first-tier cities seeing a significant rise to 25.7%, marking a monthly high for 2025 [2] - High premium rates were observed in key areas of first-tier cities, with notable transactions in Shanghai and Shenzhen exceeding 20% [2] Land Auction Dynamics - The land auction failure rate was 9%, remaining at a low level, with cities like Wuhan, Jinan, and Xi'an experiencing unsuccessful sales due to uncertain future sales prospects [3] - The research center anticipates that as urbanization progresses, more quality residential land will be released, maintaining competitive bidding activity in the second half of the year [3] Future Outlook - The center expects that the ongoing high-quality urban development will lead to more stable signals in the land market, particularly in core cities with significant population influx and high economic development levels [3]