Core Insights - In 2025, the total area of residential land transactions in 100 cities decreased by 14.2% year-on-year, while the average transaction price per square meter increased by 3.4% [4] - The top three companies in terms of newly added land reserve value in 2025 were China Overseas Land & Investment (CNY 99.1 billion), China Resources Land (CNY 79.1 billion), and Poly Developments (CNY 78.7 billion) [5] - The core 30 cities accounted for 43% of the total area of residential land transactions in 100 cities and 72% of the total transaction value [7] Summary by Sections Residential Land Transactions - In 2025, the total area of residential land transactions in 100 cities was 320 million square meters, with a year-on-year decrease of 14.2%. The average transaction price was CNY 5,605 per square meter, reflecting a year-on-year increase of 3.4% [4] - For first-tier cities, the supply of residential land was 10.77 million square meters, down 31.2% year-on-year, with a transaction area of 9.66 million square meters, down 29.3% year-on-year, and an average price of CNY 35,203 per square meter, up 18.6% year-on-year [4] - In second-tier cities, the supply was 149 million square meters, down 4.5% year-on-year, with a transaction area of 125 million square meters, down 1.0% year-on-year, and an average price of CNY 6,420 per square meter, up 3.2% year-on-year [4] - In third-tier cities, the supply was 215 million square meters, down 24.9% year-on-year, with a transaction area of 185 million square meters, down 20.5% year-on-year, and an average price of CNY 3,509 per square meter, down 1.6% year-on-year [4] New Land Reserves - The companies with the largest newly added land reserves in terms of value in 2025 were China Overseas Land & Investment (CNY 99.1 billion), China Resources Land (CNY 79.1 billion), and Poly Developments (CNY 78.7 billion) [5] - The companies with the largest newly added land reserves in terms of area were China Overseas Land & Investment (5.11 million square meters), Poly Developments (4.56 million square meters), and China Merchants Shekou (3.32 million square meters) [5] Core 30 Cities Performance - In December 2025, the core 30 cities saw 558 land transactions, with a total area of 39.32 million square meters, down 16.4% year-on-year, and a total transaction value of CNY 231.8 billion, down 32.5% year-on-year [6] - For the entire year of 2025, the core 30 cities had 1,970 land transactions, with a total area of 137 million square meters, down 8.7% year-on-year, and a total transaction value of CNY 1.29 trillion, down 2.8% year-on-year [6] - The average transaction price in the core 30 cities was CNY 9,404 per square meter, reflecting a year-on-year increase of 6.4% [6] - The overall premium rate for land transactions in the core 30 cities was 8.1%, up 2.9 percentage points year-on-year [6]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 2025年1-11月，百城宅地成交建面同比-15%，成交楼面均价同比+9% 2025年1-11月，百城成交住宅类用地建面为2.21亿平，累计同比-15.1%；成交楼面均价为6,295元/平方米， 累计同比+9.4%。分能级城市来看，1-11月， 一线城市：供应住宅类用地建面为1,041万平，累计同比-29.6%；成交建面778万平，累计同比-28.7%；成 交楼面均价为39,283元/平方米，累计同比+29.5%。 2025年1-11月，新增土储价值排名前三的房企为中海地产（962亿元）、华润置地（757亿元）、招商蛇口 （754亿元）。 2025年1-11月，新增土储面积排名前三的房企为中海地产（438万平）、保利发展（36 ...

2025 年 12 月 22 日 行业研究 1-11 月百城宅地成交建面同比-15%，成交楼面均价同比+9% ——土地市场月度跟踪报告（2025 年 11 月） 要点 2025 年 1-11 月，百城宅地成交建面同比-15%，成交楼面均价同比+9%。 2025 年 1-11 月，百城成交住宅类用地建面为 2.21 亿平，累计同比-15.1%；成 交楼面均价为 6,295 元/平方米，累计同比+9.4%。分能级城市来看，1-11 月， 一线城市：供应住宅类用地建面为 1,041 万平，累计同比-29.6%；成交建面 778 万平，累计同比-28.7%；成交楼面均价为 39,283 元/平方米，累计同比+29.5%。 二线城市：供应住宅类用地建面为 1.37 亿平，累计同比-1.8%；成交建面 9,273 万平，累计同比+4.4%；成交楼面均价为 6,986 元/平方米，累计同比+4.2%。 三线城市：供应住宅类用地建面为 2.01 亿平，累计同比-23.6%；成交建面 1.21 亿平，累计同比-24.9%；成交楼面均价为 3,635 元/平方米，累计同比+2.0%。 2025 年 1-11 月，新增土储价值排名 ...

Core Insights - The real estate market in China shows mixed signals with a slight increase in land transaction area but a significant rise in average transaction prices [4][6][7] - The top 50 real estate companies have seen a substantial increase in land reserve value, indicating a strategic focus on land acquisition despite a slight decrease in land reserve area [5] Group 1: Land Transaction Data - In the first seven months of 2025, the total land transaction area in 100 cities increased by 0.3% year-on-year, with an average transaction price rising by 24% [4] - The average transaction price for residential land in first-tier cities reached 39,229 yuan per square meter, a year-on-year increase of 37.5% [4] - In second-tier cities, the average transaction price was 8,336 yuan per square meter, up 19% year-on-year, while in third-tier cities, it was 3,360 yuan per square meter, reflecting a 12.4% increase [4] Group 2: Top 50 Real Estate Companies - From January to August 2025, the top 50 real estate companies added land reserves valued at 625.9 billion yuan, a year-on-year increase of 36.3% [5] - The top three companies in terms of new land reserve value were China Overseas Land & Investment (66.4 billion yuan), Greentown China (61.5 billion yuan), and Poly Developments (52.8 billion yuan) [5] - The total area of new land reserves for these companies decreased by 2% year-on-year, totaling 42.54 million square meters [5] Group 3: Core 30 Cities Performance - In the first eight months of 2025, the core 30 cities recorded a 3% year-on-year increase in land transaction area, with an average transaction price rising by 28% [6] - The total land transaction area in these cities was 62.47 million square meters, with a total transaction value of 731.3 billion yuan, reflecting a 32.1% year-on-year increase [6] - The overall premium rate for land transactions in these cities was 12.9%, an increase of 7.9 percentage points year-on-year [6] Group 4: Market Share Insights - The core 30 cities accounted for 52% of the total land transaction area and 85% of the total transaction value across 100 cities in the first seven months of 2025 [7] - The average transaction prices in the core 6 cities, core 30 cities, and 100 cities were 25,848 yuan, 11,903 yuan, and 7,391 yuan per square meter, respectively [7]

Core Viewpoint - The real estate market in China is experiencing mixed trends, with a decline in land transaction area but an increase in land price per square meter, indicating a potential shift in market dynamics and investment opportunities [3][4]. Group 1: Land Transaction Data - In the first five months of 2025, the total area of residential land transactions in 100 cities decreased by 3.4% year-on-year, while the average transaction price per square meter increased by 26.2% [3]. - For first-tier cities, the supply of residential land was 464 million square meters, up 5.3% year-on-year, but the transaction area fell by 12.6%, with an average price of 42,605 yuan per square meter, up 50.6% year-on-year [3]. - In second-tier cities, the supply of residential land was 4,105 million square meters, down 2.9%, while the transaction area increased by 7.1%, with an average price of 8,735 yuan per square meter, up 19.1% year-on-year [3]. - Third-tier cities saw a significant decline in supply, with a 27.8% drop in residential land area, and a 10.6% decrease in transaction area, while the average price rose by 14.1% to 3,233 yuan per square meter [3]. Group 2: Top 50 Real Estate Companies - The top 50 real estate companies in China reported a 42% year-on-year increase in the value of newly acquired land reserves, totaling 421.8 billion yuan, with Poly Developments leading at 41.3 billion yuan [4]. - The total area of newly acquired land reserves by these companies decreased by 1.2% year-on-year, amounting to 30.92 million square meters, with Greentown China acquiring the largest area at 1.85 million square meters [4]. Group 3: Market Trends in May 2025 - In May 2025, the overall premium rate for land transactions in 30 core cities was 9.2%, an increase of 7.1 percentage points year-on-year, with a total of 91 land parcels sold, reflecting a 89.6% increase year-on-year [5]. - The total area of land transactions in these cities reached 6.67 million square meters, up 64.3% year-on-year, with a total transaction value of 62.3 billion yuan, up 78.3% year-on-year [5]. - The average transaction price per square meter in May was 9,342 yuan, reflecting an 8.5% increase year-on-year [5]. Group 4: Specific Land Transactions - Notable land transactions in May included a plot in Wenzhou acquired by Zhongjie Real Estate at a price of 5,484 yuan per square meter with a premium rate of 72%, and a plot in Chengdu acquired at 7,250 yuan per square meter with a premium rate of 59.3% [6]. - The total number of land transactions in the 30 core cities from January to May was 491, with a cumulative area of 34.4 million square meters, up 15.6% year-on-year, and a total transaction value of 431.7 billion yuan, up 43.2% year-on-year [6].

Core Viewpoint - The real estate market is showing signs of recovery with increased land transaction volumes and prices, particularly in key cities, indicating a potential rebound in the sector [3][4][5]. Group 1: Land Transaction Data - In Q1 2025, the total area of residential land transactions in 100 cities was 41.97 million square meters, with a year-on-year increase of 0.1% [3]. - The average transaction price of land in these cities was 7,373 yuan per square meter, reflecting a year-on-year increase of 15.1% [3]. - In first-tier cities, the supply of residential land was 2.28 million square meters, down 2.0% year-on-year, while transaction volume decreased by 24.9% to 2 million square meters [3]. - Second-tier cities saw a supply of 20.64 million square meters, down 15.3%, with a transaction volume of 18.32 million square meters, a slight decrease of 1.7% [3]. - Third-tier cities experienced a supply of 20.80 million square meters, down 22.5%, but a transaction volume increase of 4.9% to 21.65 million square meters [3]. Group 2: Top 50 Real Estate Companies - In Q1 2025, the top 50 real estate companies added land reserves valued at 281.1 billion yuan, a year-on-year increase of 47.7% [4]. - The total area of new land reserves for these companies was 23.54 million square meters, reflecting a year-on-year increase of 3.9% [4]. - The top three companies in terms of land reserve value were China Resources Land (32.9 billion yuan), China Overseas Land & Investment (29.8 billion yuan), and Greentown China (28.7 billion yuan) [4]. Group 3: Market Trends in Key Cities - In March 2025, the overall premium rate for land transactions in 30 core cities was 23%, an increase of 15.7 percentage points year-on-year [5]. - The total number of land transactions in March was 125, with a total area of 8.88 million square meters, marking a year-on-year increase of 19.0% [5]. - The total transaction value in March reached 112.6 billion yuan, up 30.7% year-on-year, with an average transaction price of 12,673 yuan per square meter, reflecting a 9.7% increase [5]. - Notable high premium transactions included a plot in Hangzhou sold at 88,029 yuan per square meter with a premium rate of 115% [5].