VIEW 克而瑞研究中心 "每周研究精读" ， 聚焦宏观、行业、房企、土拍、产品、客需、榜单等多个研究 成果，与各界探讨行业运行逻辑、变数及未来趋势。 点击标题阅读全文 观点 二手挂牌|10月京沪深新增挂牌量同环比双降 整体二手房市场成交规模仍将延续波动走势。 二手结构|10月京沪深200万元以下房源成交占比持增 土地周报 | 供地规模延续年内高位，成交规模低位回升（11.10-11.16） 第4 6周土地供应规模延续年内高位，成交规模低位回升，土拍热度出现回落。本周重点监测城市范围内，土地供 应建筑面积为14 33万平方米，连续两周在1400万平方米以上；成交建筑面积6 8 3万平方米，环比上升70%。本周 溢价率为0. 9%，为下半年以来新低。 11月京沪深二手房成交仍处在下行周期，短期内"以价换量"趋势延续。 土拍速递｜北京城建溢价竞得北京二环内宅地，2号子地块将建设为四合院整院出售 北京两宗宅地顺利出让，合计成交总价32.7亿元。 评司论企｜华润配售股份、重启境外债，央国企融资支撑市场引领升级转型 华润近期大举融资的原因为何？房企整体的融资情况又呈现什么样的趋势呢？ 评司论企｜12万+会员共建生态：华 ...

Core Insights - The Hong Kong Lands Department reported that in Q3 2023, the total amount involved in land premium cases registered was approximately HKD 26.81 billion, a significant increase of 25.8 times compared to HKD 1 billion in Q2 2023 [1] Summary by Categories Land Transactions - A total of 25 land transactions were registered during the period, including 22 cases of contract amendments and 3 cases of land exchanges [1] - Among these transactions, 4 were technical contract amendments that did not involve land premium amounts [1] Geographic Distribution - The registered land transactions included 4 located on Hong Kong Island, 17 in Kowloon, and 4 in the New Territories [1] Specific Land Grants - Four sites were granted through private agreements, including: - One site in Sai Ying Pun for office use - One site in Chek Lap Kok for airport development, granted to the Hong Kong Airport Authority - One site in Tin Shui Wai for the development of a non-profit school - One site in Mong Kok for residential development, granted to the Urban Renewal Authority [1] Registration Activity - There were no additional land registrations during the quarter [1]

Core Viewpoint - The State Council of China has approved a comprehensive reform pilot plan for market-oriented allocation of factors in ten regions, aiming to enhance the efficiency of resource allocation and promote a high-level socialist market economy [2][3]. Group 1: Pilot Regions and Implementation - The pilot regions include Beijing's urban sub-center, key cities in southern Jiangsu, Hangzhou-Ningbo-Wenzhou, Hefei metropolitan area, Fuzhou-Xiamen-Quanzhou, Zhengzhou, Changsha-Zhuzhou-Xiangtan, nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area, Chongqing, and Chengdu [2][3]. - The implementation of the plan is expected to break down institutional barriers that hinder the free flow and efficient allocation of factors, ensuring equal legal protection for various ownership economies [2][3]. Group 2: Technology Factor Allocation - The plan emphasizes the need to streamline the technology transfer chain and promote the construction of an international technology innovation center in Beijing [6][7]. - It encourages the integration of technology and capital factors, supporting financial institutions to provide more financial products for technology transfer [7][8]. Group 3: Land Factor Allocation - The reform includes exploring land management system reforms and encouraging the use of long-term leases and flexible supply methods for industrial land [8][9]. - It aims to revitalize idle land and low-efficiency construction land through market-oriented methods, enhancing the efficiency of land use [9][10]. Group 4: Human Resource Flow - The plan seeks to facilitate the social mobility of labor and talent by broadening the recognition of foreign professional qualifications and supporting high-level talent recruitment [10][11]. - It aims to stimulate innovation and entrepreneurship among talents by allowing flexible compensation structures [10][11]. Group 5: Data Factor Circulation - The plan proposes to improve the public data sharing mechanism and expand the application scenarios for data development [11][12]. - It emphasizes the establishment of a data circulation and trading system, promoting the integration of public and social data [12][13]. Group 6: Capital Factor Support for the Real Economy - The plan aims to increase effective financial service supply while preventing risks, supporting the development of a digital inclusive finance database [13][14]. - It encourages higher levels of financial openness and cooperation, facilitating cross-border financial services [13][14]. Group 7: Resource and Environmental Market System - The plan includes constructing a green factor trading mechanism and exploring the realization of ecological product value [14][15]. - It aims to enhance the market-oriented allocation of resource factors while ensuring ecological protection [14][15]. Group 8: Overall Efficiency of Factor Allocation - The plan focuses on enhancing the collaborative allocation efficiency of various factors, particularly in emerging industries and services [15][16]. - It aims to create a fairer and more vibrant market environment by optimizing resource allocation efficiency and maximizing benefits [15][16].

Group 1 - The "Guangzhou Land Supermarket" has launched version 4.0, integrating "listing transaction" data and adding a "marine resources" special section [1] - The upgrade allows for real-time sharing of data throughout the entire process of land announcement, listing, bidding, and transaction [1] - The platform now provides a comprehensive overview of available land for investment, including key information such as land area, building area, starting price, and transaction price [1] Group 2 - The update includes a new marine resources data section, facilitating a "one-map matching" for marine industry spatial needs [2] - A total of 36 new quality investment lands have been added, primarily residential and commercial lands located in key urban areas of Baiyun District, Panyu District, and Zengcheng District [2] - The platform has established a dynamic management and monthly update mechanism for land resources, ensuring data remains current and providing comprehensive services for global investors [2]

Core Points - The "Guangzhou Land Supermarket" has launched version 4.0, integrating "listing transaction" data and adding a "marine resources" special section [1][2] - The platform now provides real-time sharing of data throughout the entire process of land announcement, listing, bidding, and transaction [1] - A total of 36 new quality investment lands have been added, primarily residential and commercial lands located in key urban areas of Baiyun District, Panyu District, and Zengcheng District [2] Group 1 - The upgraded platform offers a comprehensive overview of available, announced, and bid lands, displaying key information such as land area, building area, starting price, and transaction price [1] - The new marine resources section facilitates a "one-map matching" for marine industry spatial needs [2] - A dynamic management and monthly update mechanism for land resources has been established to ensure data remains current and accessible for global investors [2]

Core Points - In July 2025, Guangzhou Trading Group announced the successful transaction of 13 plots of state-owned construction land use rights, totaling an area of 276,500 square meters and a total transaction price of 3.202 billion yuan [2] - A total of 34 plots of state-owned construction land use rights were announced for sale, with a total area of approximately 870,800 square meters and a starting total price of about 2.913 billion yuan [2] Summary by Category - **Transaction Details** - 13 plots of land were successfully sold, covering an area of 276,500 square meters and generating a total revenue of 3.202 billion yuan [2] - The total area of all announced plots for sale is approximately 870,800 square meters, with a starting price of around 2.913 billion yuan [2] - **Market Context** - The transactions reflect ongoing activity in the real estate market in Guangzhou, indicating demand for state-owned construction land [2]

Core Insights - The total transaction amount for residential land auctions in Hangzhou for the first half of this year is approximately 116 billion yuan, nearing the total amount for the entire previous year, which was 116.9 billion yuan [1] Group 1 - The residential land auction transaction amount in Hangzhou for H1 2023 is about 116 billion yuan [1] - This amount is close to the total residential land sales revenue of 116.9 billion yuan from the previous year [1]