Core Insights - The auction of the residential land in Shenzhen's Futian District marks the end of the 2025 residential land sales, highlighting a significant event as it is the first pure residential land auction in the area in 16 years [2][6] - The high premium of 65% for the Futian Meilin plot indicates a structural recovery in Shenzhen's real estate market, with a total of 12 residential land transactions in 2025, reflecting a notable increase in market activity [2][6] Summary by Category Auction Details - The Futian Meilin B405-0308 plot was won by China Railway Real Estate for a total price of 792 million yuan, with a floor price of 42,695 yuan per square meter [2][6] - The auction involved 8 major real estate companies and consisted of 148 rounds of bidding, showcasing intense competition [2][6] Market Trends - In 2025, Shenzhen saw a total of 12 residential land transactions, with a total area of 234,400 square meters and a total transaction amount of 29.09 billion yuan, although both metrics represent the lowest values in five years [3][6] - The average premium rate for land sales increased to 32.81%, the highest in six years, with 9 out of 12 plots sold at a premium [3][4] Regional Dynamics - The highest premium rate recorded was 86.1% for a plot in the Nanshan Qianhai Cooperation Zone, indicating a stark contrast between core and non-core areas in terms of land value [3][4] - The concentration of land acquisition has shifted, with state-owned enterprises dominating the market, while private enterprises have seen limited participation [4][6] Future Outlook - Analysts predict that the acceptance of the "current housing sales" model will influence future land sale policies, potentially leading to a market shift towards high-quality residential offerings [6] - The structural recovery in the Shenzhen real estate market is expected to continue into 2026, with a focus on maintaining market heat through the sale of high-quality plots [6]