具体来看，上述土地中溢价率最高的成华区万年场49.6亩。该地块规划建筑面积82676平方米，容积率 2.5，起始楼面价14800元/平方米，折合起始总价12.236亿元。该地块吸引了金茂、中旅投资、中海、华 润置地、润达丰滨江等多家房企参与竞拍。最终，中旅城华（成都）置业有限公司（中旅投资）以楼面 价19100元/平方米竞得地块，折合总价15.79亿元，溢价率29.05%。 另一宗地块为温江天府街道43.4亩，规划建筑面积57824.82平方米，容积率2.0，起始楼面价5000元/平 方米，折合起始总价2.89亿元。该地块经过超10轮竞拍，最终由四川宜宾树高房地产开发有限公司（树 高地产）以楼面价5700元/平方米斩获地块，折合总价3.296亿元，溢价率14.00%。 对此，中指研究院成都公司总经理黄雪表示，2025年上半年，成都房地产市场仍然表现出较强的韧性， 在商品住宅供应面积同比下降23%的情况下，成交面积仍保持了7.5%的同比增长，达658万平方米（认 购口径），"5+2"区域仍是市场供需主力，在"好房子"建设支撑下，优质产品保持快速去化，"5+2"各区 出清周期普遍低于8个月。另一方面，随着"5+2 ...

Group 1 - A prime residential land parcel in Yiwu was successfully auctioned by Greentown with a total transaction price of 585.33 million yuan, reflecting a floor price of 16,145 yuan per square meter and a premium of 6.4% [1][2] - The land is strategically located near the Xiuhu Station of the Jin Yi East Urban Rail Transit and is less than 500 meters from Xiuhu Park, indicating its potential attractiveness for residential development [1] - This transaction is seen as a significant indicator of the land market trends in Yiwu for the first half of the year [1] Group 2 - Greentown has been actively expanding its presence in Yiwu, having developed several notable projects over the past decade, including the Rose Garden project in 2013, which became a representative residential property in the area [3][4] - Recent projects like Fengqi Chaoming and Fengqi Yilou have further solidified Yiwu as a core strategic area for Greentown, showcasing the city's high market value and purchasing power [5] - The economic growth in Yiwu, with a GDP of 126.13 billion yuan and a year-on-year increase of 7.7%, has contributed to a resilient real estate market, outperforming other cities of similar size [7] Group 3 - The newly auctioned land will support the development of modern residential products, including features like sky gardens and public shared platforms, enhancing the overall living experience [8] - As the current inventory in the central district is expected to be cleared by the end of the year, this new land parcel will fill the supply gap in the residential market [8]

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry in China [4] Core Insights - The real estate market showed resilience in May, with new home sales improving month-on-month, while year-on-year declines narrowed [6][29] - The report anticipates a continued downward pressure on sales in the second half of the year due to potential uncertainties from U.S.-China trade negotiations [6][29] - The report highlights the importance of high-quality land reserves and product strength for real estate companies to achieve alpha attributes [6][29] Summary by Sections Market Performance - In the 23rd week, the real estate sector index underperformed compared to the CSI 300 index, with a relative return of -0.1%. The CSI 300 index closed at 3874.0, with a weekly increase of 0.9%, while the real estate index closed at 2174.1, with a weekly increase of 0.8% [6][10][11] Policy Developments - Nationally, the central government supports urban renewal actions, with 20 cities including Beijing and Guangzhou selected. Locally, Jiangsu has announced measures to boost consumption, while Hunan and Zhejiang have introduced policies to support housing and property acquisition [6][13][21] Sales Data - In the 23rd week, new home sales in 44 major cities decreased to 14,000 units, down 33.1% from the previous week. Second-hand home sales in 21 major cities also fell to 15,000 units, down 23.0% [6][16] - Inventory levels decreased, with 18 major cities holding 825,000 units, down 21,000 units from the previous week, and a sales-to-inventory ratio of 16.8 months, down 4.5 months [6][23] Company Announcements - Key companies have made significant announcements, including major asset restructuring and share repurchase plans. Notable mentions include Chengjian Development and Haitai Development [6][28][29] Future Outlook - The report expects a year-on-year increase in second-hand home transaction volumes, while new home sales are projected to continue declining but at a reduced rate. The core areas with high efficiency and premium properties are expected to drive this trend [6][29]