| | | | 北京商品住宅用地成 | | | 22 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 数据采源:公开信息 | 制表:北京进深 | | | | | ਲੇਵੇ | 地块 | 成交价 | 佳宅江面 | 佳宅楼面价 | 溢价率 | 事地企业 | 成交日期 | | | | (167) | (万量) | ( ) 元 ) | (%) | | | | I | 海淀朱房0029地块(臻瀑) | 91.52 | 10.26 | 8.92 | 17.33 | 华润+中铁+招商 | 2025/1/2 | | 2 | 海淀朱房0030地块(建发海晏) | 90.40 | 9.51 | 9.51 | 25 | 建发房产 | 2025/1/2 | | 3 | 丰台西南郊冷库地块(丽泽参姚院 | 40.08 | 6.91 | 5.80 | 0 | 中海地产 | 2025/1/16 | | 4 | 亦庄X24地块(招商序) | 34.80 | 17.73 | 4.51 | 0 | 招商蛇口 = | 2025/1/20 | | ટે | 大兴经开0021 ...

Core Insights - The Beijing land auction for 2025 concluded with a total of 40 plots sold, generating approximately 1427.42 billion yuan, remaining stable compared to the previous year [1] - Haidian District led in land supply with 7 plots, marking a five-year peak, contributing to a rise in market premium rates, with the highest premium reaching 39.18% [1][3] - Joint land acquisition has become the mainstream trend, with a 180% year-on-year increase in joint acquisitions by real estate companies [1][6] Group 1: Land Supply and Market Trends - In 2025, Haidian District had the highest land supply, followed by Changping District with 6 plots, and Fengtai and Chaoyang Districts each with 5 plots [3] - The average premium rate for land plots in 2025 was approximately 4.92%, an increase of 1.24 percentage points year-on-year [3] - The increase in land supply in the six core districts coincided with the implementation of a price-unrestricted land policy at the end of 2024, boosting market activity [4] Group 2: Joint Acquisition Trends - Central state-owned enterprises dominated land acquisitions, accounting for 92.69% of total acquisitions, with notable participation from the China State Construction group [6] - The trend of joint land acquisition is rising, with 14 out of 40 plots sold through this model in 2025, compared to only 5 in 2024 [6][7] - Joint acquisitions are seen as a strategy for real estate companies to mitigate risks and enhance resource integration during market downturns [7] Group 3: Return of Private Enterprises - Private companies like Maoyuan Real Estate are returning to the Beijing land market, with Maoyuan acquiring 2 plots in 2025, matching its total from the previous five years [8] - The return of select private firms indicates a positive outlook on the Beijing real estate market and suggests that the market adjustment cycle is nearing its bottom [8][9] - The overall sentiment in the market is shifting towards stability, with expectations of a halt in price declines and a potential recovery in housing prices [9]

Core Viewpoint - The Qingdao Natural Resources and Planning Bureau announced the auction of a state-owned construction land use right in the Shinan District, scheduled for January 14, 2026, with a starting total price of 1.015 billion yuan and a starting floor price of 12,562 yuan per square meter [1][3]. Group 1: Land Details - The land parcel SN0501-23 is located east of Taizhou Road, south of Ningxia Road, west of Shandong Road, and north of Taizhou Sixth Road, covering a total area of approximately 29,795.5 square meters [1][3]. - The planned total construction area is about 86,420 square meters, with the auctioned portion occupying 26,154 square meters and a construction area of approximately 80,800 square meters [1][3]. - The land has a plot ratio of 2.9, a building density of 25%, and a green space ratio of 30% [3]. Group 2: Auction Details - The starting total price for the land is set at 1.015 billion yuan, with a starting floor price of 12,562 yuan per square meter [1][3]. - A bidding deposit of 203 million yuan is required for participants in the auction [3]. - Bidders can apply for the auction individually or in collaboration with others [3]. Group 3: Surrounding Infrastructure - The area is served by the under-construction Metro Line 5 and Line 8, with nearby bus stations providing additional transport options [5]. - Educational facilities in the vicinity include Chao Yin Middle School and Zhenjiang Road Primary School, while medical services are provided by the Municipal Hospital and community health service stations [5]. - Existing cultural and sports facilities include the National Olympic Fencing Center and a new media base, with plans for community cultural and sports facilities [5]. - The geographical location of the land is advantageous, connecting to major roads and metro stations, indicating a mature and convenient surrounding infrastructure [5].

Core Viewpoint - The "Tianxi Bay" project in Huizhou, which has been stalled for 10 years due to a funding crisis, is seeing new developments as two consortiums have submitted registration documents and paid the registration deposit to the administrator [1] Group 1: Project Background - The "Tianxi Bay" project has been on hold since August 2015 due to a funding chain rupture, with the project company applying for bankruptcy liquidation in 2022 [2] - As of now, the project has a total saleable area of 115,000 square meters, including 655 residential units and 116 commercial units [3] - 412 homebuyers have claimed their rights to continue with the purchase contracts, involving 482 properties, while approximately 173 units remain unsold [3] Group 2: Bankruptcy and Management - The bankruptcy case for Huizhou Kanghong Real Estate Development Co., Ltd., the project company, was accepted by the court on June 20, 2022, with a law firm appointed as the administrator [3] - The project has faced numerous complications, including a lack of unity among shareholders and complex debts, making progress difficult [3] Group 3: Investment and Reconstruction Plans - The administrator is recruiting co-benefit debt investors to complete the project through a loan and construction management approach [4] - The estimated cost for resuming construction is 333 million yuan, with investors required to provide loans based on project progress [4] - If multiple investors apply, their proposals will be submitted to a creditors' meeting for voting to determine the official investors [4]

Group 1 - The core viewpoint of the article is that the Chinese public REITs are entering a new era, which may assist real estate companies in completing their strategic transformation [1] - The government continues to support the development of public REITs in 2025, with a positive market response [1][27] - The 782 document introduces four innovations to promote the normalization of public REITs development, focusing on expanding the asset scope and accelerating the approval and issuance of REITs [1][27] Group 2 - The asset scope has been expanded to include new types such as railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [3][4] - The expansion support mechanism has been optimized, simplifying the application process for newly acquired projects and allowing cross-regional integration of existing assets [3][4] - The 782 document emphasizes the importance of project quality, prioritizing applications for high-quality projects that contribute to national strategic goals [4] Group 3 - Over 87% of the listed public REITs reported profits in the first half of 2025, with stable returns [7][27] - By October 21, 2025, a total of 415.38 billion yuan has been raised for public REITs, with more listings expected by the end of the year [7][27] - The total scale of listed public REITs in China has reached 2,075.72 billion yuan [7] Group 4 - Eight real estate companies have issued public REITs, primarily in the consumer infrastructure sector [16][17] - China Resources REIT is expected to expand by over 5 billion yuan annually, providing a development model for the industry [18] - The listing of CapitaLand REIT serves as a test case for foreign institutions participating in the Chinese REITs market [18] Group 5 - State-owned enterprises are actively exploring public REITs, leveraging policy benefits to transform their roles [20][21] - Private enterprises also have opportunities to participate in public REITs, with a focus on owning quality properties [23] - Public REITs enhance the commercial independence of real estate companies and optimize liquidity to support transformation and upgrading [23][24]

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The Guangzhou real estate market showed signs of recovery in November 2025, with new residential sales area reaching 544,000 m², a month-on-month increase of 34.4% [3] - The total sales amount for the top 20 real estate companies in Guangzhou from January to November 2025 was 180.49 billion yuan, with a threshold value of 2.23 billion yuan [11] - Poly Developments topped both the sales amount and equity sales amount rankings, achieving 50.1 billion yuan and 43.15 billion yuan respectively [11] - The report highlights the strong performance of high-end residential projects, particularly Poly Yuexi Bay, which achieved a remarkable opening sales figure of 10.6 billion yuan [23] Sales Performance Summary - The top 20 real estate companies in Guangzhou for sales amount are as follows: 1. Poly Developments: 50.1 billion yuan 2. Yuexiu Property: 31.08 billion yuan 3. Zhuji Real Estate: 12.02 billion yuan 4. China Resources Land: 10.62 billion yuan 5. China Overseas Land: 9.96 billion yuan [8][12] - The top 20 companies by sales area are: 1. Poly Developments: 986,000 m² 2. Yuexiu Property: 810,000 m² 3. Zhuji Real Estate: 326,000 m² 4. China Resources Land: 305,000 m² 5. China Overseas Land: 275,000 m² [15][17] Project Sales Performance - The top projects by sales amount include: 1. Poly Yuexi Bay: 10.84 billion yuan 2. Poly Tianyao: 5.67 billion yuan 3. Poly Tianyi: 5.59 billion yuan [18][22] - The top projects by sales area include: 1. Wanbo Yufu: 82,000 m² 2. Asian Games City: 81,000 m² 3. Vanke Huangpu New City: 75,000 m² [18][22]

Core Insights - Lead Real Estate Co., Ltd (LRE) has been recognized for its luxury apartment, ENT TERRACE GINZA PREMIUM, which was awarded "Luxury Apartments of the Year in Kantō" at the Travel & Hospitality Awards 2025, highlighting the company's successful strategy in the premium extended-stay market in Japan [1][10]. Company Overview - Lead Real Estate Co., Ltd is a Japanese developer specializing in luxury residential properties, including single-family homes and condominiums, and operates hotels in Tokyo while leasing apartment units in Japan and Dallas, Texas [7][9]. - The company's mission focuses on providing stylish, safe, and luxurious living environments, while its vision emphasizes continuous improvement through the Kaizen approach [8]. Product and Market Strategy - ENT TERRACE GINZA PREMIUM is positioned as the flagship of LRE's premium extended-stay series, located near Higashi-Ginza Station and Kabuki-za Theater, catering to international travelers and families seeking extended stays in Tokyo's luxury retail district [2][4]. - The property features six spacious 40-square-meter rooms, each occupying an entire floor, equipped with full kitchens and traditional tatami spaces, addressing the evolving needs of luxury travelers [4][5]. Industry Context - Japan's tourism sector is experiencing significant growth, with an estimated 28.5 million international visitors from January to June 2025, a 21% increase from the same period in 2024. Projections indicate that Japan will welcome a record 40.2 million inbound travelers for the full year 2025 [4]. - The design of ENT TERRACE GINZA PREMIUM aligns with luxury travelers' preferences for privacy, wellness, and cultural immersion, featuring wellness-focused amenities and exclusive single-occupancy floors [5]. Future Plans - Lead Real Estate plans to expand its offerings with two new hotel brand series: the Jinryu Series, inspired by Japanese mythology, launching in December 2025, and the Global Premium Series, set to debut in April 2028, which will include collaborations with luxury brands [6].

Core Viewpoint - Millrose Properties, Inc. (MRP) has performed well since its spin-off from Lennar (LEN), with a gain of approximately 11% since the beginning of the year, although shares have recently declined over 10% from their peak [1] Company Performance - MRP shares have shown a solid performance post-spin-off, gaining about 11% [1] - Despite the overall gain, there has been a recent decline of over 10% from the highest share price [1] Analyst Insights - The analyst has over fifteen years of experience in making contrarian bets based on macro views and stock-specific turnaround stories [1] - The focus is on achieving outsized returns with a favorable risk/reward profile [1]

继12月初控制性详细规划审议通过，广州珠江新城最后一块"宝地"马场地块迎来新进展。12月24日，南 都N视频记者走访发现，马场地块部分建筑已被拆除，片区更新改造迎来实质性进展。 此次清拆工作的启动，标志着马场片区更新改造进入实质性阶段。根据规划，地块收回后将按"超级城 市绿链+人民文体客厅+顶奢消费中心"方案整体开发：贯通23公里绿链，保留马场历史构件，新增九年 制学校等22处公服设施，并引入顶奢百货、高端酒店，打造集工作、生活、运动、消费于一体的国际消 费中心城市试验区。 除了清拆，马场地块的策划工作也正同步推进。记者查询发现，广州越秀商业地产经营管理有限公司近 日对马场项目策划咨询服务进行邀请采购，目前已确定上海涛汇房地产顾问有限公司为供应商。 马场地块建于1992年，最初作为经营性赛马场赛事用地，见证了广州赛马文化的辉煌。广州赛马场停止 运营后，这片土地逐渐转为汽车、家居、餐饮等经营场所，成为城市中的一片低效用地。其所在的珠江 新城板块早已寸金寸土，因此尚未更新改造的马场也被称为珠江新城"最后一块宝地"。 从2021年对标国际CBD地区进行重新定位，到珠江新城东区优化提升城市设计概念方案提出"公园+商 ...

全国住房城乡建设工作会议指出，城市政府要用足用好房地产调控自主权，适时调整优化房地产政策， 支持居民刚性和改善性住房需求，推动房地产市场平稳运行。 12月22日至23日，全国住房城乡建设工作会议在北京召开，全面盘点2025年工作，系统总结"十四五"时 期住房城乡建设事业发展成就，研究部署"十五五"时期和2026年重点任务。 会议强调，2026年是"十五五"开局之年，做好住房城乡建设工作意义重大。2026年，要着力抓好推进现 代化人民城市建设、着力稳定房地产市场、加快建筑业提质升级、夯实高质量发展基础支撑4方面工 作。 记者重点从着力稳定房地产市场这项工作进行采访，看看2026年这项工作到底应该怎么干。 坚持因城施策、精准施策、一城一策，城市政府要用好房地产市场调控自主权 此次会议关于"着力稳定房地产市场"的内容深入贯彻落实中央经济工作会议精神。 结合因城施策控增量、去库存、优供给的前提导向来看，国家发展改革委宏观经济研究院研究员刘琳 说，"目前三四线城市房地产库存压力更大，这些城市需要在控增量、去库存方面实施更大力度的政策 措施，库存高的城市应该停止新增房地产用地，重点结合城市更新、城中村改造盘活利用存量用地 ...