Core Viewpoint - The article highlights the ongoing activity in the land auction market in several cities despite a deep adjustment in the real estate market, driven by favorable policies and a focus on core urban areas by real estate companies [1][2]. Group 1: Land Auction Activity - Since September, land transactions in hotspot cities have been active, with significant bidding for quality land parcels [1]. - On September 25, a residential land parcel in Chengdu was sold for a total price of 7.83 billion yuan, with a premium rate of 19.52% [1]. - In Chengdu, three residential land parcels were auctioned on September 24, generating a total revenue of 22.78 billion yuan, with two parcels sold at a premium [1]. Group 2: Market Trends and Strategies - Real estate companies are finding more "good opportunities" in the current land market compared to previous years, with lower plot ratios allowing for higher-end product development [2]. - Since August, multiple cities have introduced policies to stabilize the housing market, with significant new regulations from Beijing, Shanghai, and Shenzhen [2]. - The total land acquisition amount for the top 100 real estate companies reached 605.6 billion yuan in the first eight months of 2025, marking a 28% year-on-year increase [2]. - The trend of "regulatory adjustments and re-auctions" is emerging, where governments are lowering plot ratios and commercial ratios to enhance land value, which is positively received by the market [2].

Core Insights - The land market remains hot with frequent new land kings emerging across various cities, while residential prices show a divergent trend, with new homes experiencing slight price increases in core cities and second-hand homes generally adopting a "price for volume" strategy [1][4] Group 1: Land Market Dynamics - In July, several core land parcels set new price records, including a core plot in Shanghai at 200,000 yuan/sqm, a Suzhou plot at 65,200 yuan/sqm, and a Shenzhen plot at 84,180 yuan/sqm [2] - From January to July, the total land acquisition amount by the top 100 companies reached 578.3 billion yuan, a year-on-year increase of 34.3%, with residential land transfer fees in 300 cities rising by 25% [2] - The current land acquisition trend reflects real estate companies' pursuit of "certainty," focusing on high-quality plots in densely populated industrial areas to minimize sales difficulties [2][3] Group 2: Residential Price Trends - The average price of new residential properties in 100 cities was 16,877 yuan/sqm in July, showing a month-on-month increase of 0.18%, while the average price of second-hand homes was 13,585 yuan/sqm, reflecting a month-on-month decline of 0.77% [4] - The divergence in residential prices indicates that while new homes in core cities are seeing structural price increases due to improved project quality, second-hand homes are facing downward pressure as sellers adjust prices to stimulate sales [4][5] Group 3: Market Sentiment and Future Outlook - The ongoing land acquisition activity suggests a recovery in confidence among real estate companies, although this is seen as a structural phenomenon rather than a widespread trend [6] - Future market focus is expected to shift towards quality improvement rather than quantity growth, with continued price differentiation across different segments [6]