Core Viewpoint - The successful auction of the B405-0308 land parcel in Shenzhen's Futian District by China Railway Real Estate for 792 million yuan, with a high premium of 65%, indicates a structural recovery in the Shenzhen real estate market [2][9]. Group 1: Land Auction Details - The B405-0308 land parcel was sold for a total price of 792 million yuan after 148 competitive bids, resulting in a floor price of 42,695 yuan per square meter [2][4]. - The land area is 4,994.02 square meters, with a planned construction area of 18,550 square meters, including 15,380 square meters for residential use, categorized as a "mini residential land" [4][8]. - The auction required that all residential units be sold as completed properties, prohibiting pre-sales, which raises the entry threshold for developers [4][9]. Group 2: Market Reaction and Implications - The high premium of 65% for the land parcel signifies a structural recovery in the Shenzhen real estate market, with the acceptance of the "completed property sales" model likely influencing future land sale policies [9][10]. - The shift towards high-quality competition over high turnover among developers may enhance buyer confidence and stabilize market expectations [9][10]. - The scarcity of land in core areas of Shenzhen is expected to continue supporting prices, with projections indicating that the city will maintain market activity through the release of a limited number of quality land parcels in 2026 [9][10]. Group 3: Industry Outlook - The Shenzhen land auction market is showing signs of recovery, with significant transactions occurring recently, reflecting strong demand for quality land among developers [10]. - Current real estate policies are anticipated to focus on stabilizing the market, including measures to reduce purchasing costs and promote housing demand [10]. - The successful acquisition of the Futian land parcel by a state-owned enterprise underscores the strong position of central enterprises in the land market and contributes to the structural recovery of the Shenzhen real estate sector [10].