Core Insights - The land auction in Hangzhou on July 29 concluded with three residential plots sold for a total of 50.35 billion yuan, highlighting a continued trend of "core area hot, non-core area cold" in the market [1][2] - The Shiqiao plot in Gongshu District attracted significant attention, sold for 19.13 billion yuan with a premium rate of 28.13%, indicating optimism among developers regarding regional value and future appreciation potential [1][2] - The overall land market in Hangzhou has entered a relatively stable phase, with a clearer differentiation in market dynamics, as developers shift their focus from scale expansion to value cultivation [3] Land Auction Details - The Shiqiao plot had a starting price of 14.9 billion yuan and a starting floor price of 15,318 yuan per square meter, ultimately sold at a floor price of 19,627 yuan per square meter [1] - The other two plots, located in Xihu District and Linping District, saw subdued performance, with the Xihu plot sold at the base price and the Linping plot achieving only a 1.16% premium [2] Developer Behavior - Developers are increasingly selective, favoring plots with clear development conditions and strong transportation links, while exercising caution towards non-core areas or complex development sites [2] - Local companies, such as Weixing Real Estate, are actively participating in land auctions, while external firms are forming joint ventures with local entities to leverage local development capabilities [2] Market Trends - In July, the total revenue from land auctions in Hangzhou reached 10.2 billion yuan, with a trend of major developers focusing on core areas while smaller firms are shifting towards non-core or suburban regions [2]