Core Insights - The total land acquisition amount of the top 100 real estate companies from January to October increased by 26.4% year-on-year, totaling 783.8 billion yuan, although the growth rate has significantly slowed compared to previous months [2][5] - Major players in land acquisition include China Overseas Land & Investment, China Merchants Shekou, and Greentown China, with China Overseas leading with a new value of 187 billion yuan [3][5] - The trend of joint land acquisition has become mainstream among real estate companies to mitigate risks and share benefits, particularly in first and second-tier cities [1][8] Land Acquisition Trends - The top three companies in terms of new value from January to October are China Overseas (187 billion yuan), China Merchants Shekou (180.7 billion yuan), and Greentown China (120.9 billion yuan) [3][5] - Joint acquisitions are prevalent, especially in high-value land deals, with a notable transaction involving a consortium acquiring a project for 43.95 billion yuan, setting a record for residential land sales [5][8] - The land acquisition strategy is focused on core cities, with state-owned enterprises and local government-backed firms dominating the market, while private companies are primarily supplementing their land reserves in specific regions [5][9] Market Dynamics - In October, the land auction heat continued in cities like Shanghai and Hangzhou, with significant transactions occurring, including a 77.37 billion yuan deal in Shanghai [9][10] - The average premium rate for residential land in Hangzhou reached 16%, while other regions like Wuhan showed weaker demand due to high inventory levels [9][10] - The land acquisition-to-sales ratio for the top 100 real estate companies was 0.29, indicating a cautious approach to land purchases amid market uncertainties [10]

1-10月，TOP100房企拿地总额同比保持增长，但增速明显放缓。机构统计显示，中海地产（简称"中海"）、招商 蛇口（简称"招商"）和绿城中国（简称"绿城"）位列新增货值前三。而在1-9月的排名中，前三则为绿城、保利发 展和中海。 在市场不确定性加剧的背景下，聚焦于一二线核心城市，联合拿地成为房企分散风险、共享利益的主流策略。从 央企、国企到民企，多方合作拿地，以及代建介入拿地等模式频现，行业投资更趋理性与谨慎。 联合拿地共担市场风险 据中指研究院统计，1-10月，TOP100企业拿地总额7838亿元，同比增长26.4%，延续增长态势，但增幅较1-9月大 幅收窄，主要是由于9月份有多宗大规模收并购地块，导致增速较高。 | | | 5家房企全口径 | | | --- | --- | --- | --- | | | | 新增货值超1000亿 | | | | | 1-10月房企新增货值TOP20 | | | 排名 | | 企业 全口径新增货值(亿元) 权益新增货值(亿元) | | | 1 | 中海地产 | 1370 | 1307 | | 2 | 招商蛇口 | 1807 | 1124 | | 3 | 绿城中国 | 1 ...

中指研究院的数据显示，1—10月，TOP100企业拿地总额7838亿元，同比增长26.4%。从新增货值来 看，中海地产、招商蛇口和绿城中国位列前三。 中指研究院企业研究总监刘水指出，1—10月，TOP100企业拿地总额延续增长态势，但增幅较1—9月大 幅收窄，主要是由于9月多宗大规模收并购地块，致增速较高。拿地企业仍以央国企为主，拿地金额前 十企业中8家为央国企，部分民企亦有一定投资强度，比如浙江、四川的多家民营房企拿地较为积极。 从各城市群拿地金额来看，长三角位居四大城市群之首。从重点城市拿地金额TOP10房企来看，央企、 国企和地方国资仍是主力，民企仅在重点深耕区域补充土储。从全国住宅用地成交总价TOP10来看，10 月高总价地块主要集中在上海和北京。 值得注意的是，10月，多宗土地拿地方为联合体。从拿地城市来看，主要集中于一二线核心城市，包括 上海、北京等一线城市和杭州、成都等热点二线城市。从拿地金额来看，除上海静安区C070102单元32- 04地块及32-08地块地下空间地块成交总价较高外，其他地块成交金额并非巨大。 刘水认为，当前房企倾向于联合拿地，主要是为了应对市场不确定性，将市场风险如销售不畅 ...

Core Insights - The total land acquisition amount by the top 100 real estate companies in China reached 783.8 billion yuan from January to October 2025, marking a year-on-year increase of 26.4%, although the growth rate has significantly narrowed compared to the previous months due to large-scale land acquisitions in September [1][2] Group 1: Land Acquisition Trends - The top 100 companies' land acquisition continues to be dominated by state-owned enterprises, with 8 out of the top 10 companies being state-owned [2] - China Overseas Land & Investment, China Merchants Shekou, and Greentown China ranked as the top three companies in terms of new land value, with 187 billion yuan, 180.7 billion yuan, and 120.9 billion yuan respectively [2] - The total new land value for the top 10 companies reached 1,044.9 billion yuan, accounting for 48.1% of the total new land value of the top 100 companies [2] Group 2: Joint Acquisition Strategies - Many land acquisitions in October were conducted in joint ventures, primarily in first and second-tier cities such as Shanghai and Beijing, to share risks associated with market uncertainties [3] - The joint acquisition model often involves a combination of state-owned enterprises and local state-owned assets, as well as partnerships between real estate companies and financial investors [3] - Some projects are being developed through a construction agency model, where the agency is involved early in the project to secure development rights [3] Group 3: Regional Land Acquisition - The Yangtze River Delta region led the four major city clusters in land acquisition, with the top 10 companies acquiring 261.7 billion yuan worth of land [4] - In key cities, state-owned and local state-owned enterprises remain the primary players, while private enterprises are supplementing land reserves in specific areas [4] - Companies like China Merchants Shekou and Jianfa have made significant land acquisitions in cities like Beijing, Shanghai, and Chengdu, focusing on core urban areas [4] Group 4: High-Value Land Transactions - In October, high-value land transactions were concentrated in Shanghai and Beijing, with Shanghai accounting for 4 of the top 10 highest total price land parcels [5] - The highest transaction was for two underground space parcels in Shanghai's Jing'an District, totaling 7.7 billion yuan [5] - Joint ventures were involved in 4 of the top land parcels acquired [5]