马年刚开工，地产圈就被一场土拍炸醒了。 2月25日，广州迎来农历新年后首场重磅土拍——珠江新城马场地块。 这场竞拍从上午10点一直厮杀到晚上7点，近9个小时，243轮竞价，最终越秀地产以236亿元的总价笑到 最后。 这个数字有多震撼？它不仅创下广州2010年以来拍地成交总额最高纪录，更以超8.5万元/㎡的住宅楼面 价，刷新广州单价地王新高。 围观人数超10万，交易系统一度宕机，8家房企同台竞技，保利与越秀"硬刚"5小时…… 在行业深度调整的今天，这场"开门红"的意义，远不止于一块地的归属。 它更像一针强心剂，宣告核心城市优质资产依然是房企的安全垫，也让我们看到了广州楼市复苏的底 气。 1 9小时的"神仙打架"，系统被挤爆了 让我们把时间拨回2月25日上午。 早上10点土拍刚开始没多久，广州公共资源交易中心线上竞价系统就涌入超过10万围观群众。对于一个 土拍直播来说，这是前所未有的热度。 很快，服务器扛不住了，页面多次崩溃，网友们只能反复刷新才能跟上节奏。 前半程，越秀、保利、华润、珠实等8家房企轮番出价，热闹归热闹，还算温和。但到了下半场，其他6 家陆续收手，只剩下保利和越秀杀红了眼。 保利的策略很"极限"， ...

Group 1 - The first week of the Year of the Horse sees a recovery in the real estate market, with first-tier cities leading the way, exemplified by the competitive bidding for the Tianhe racetrack land in Guangzhou, which was won by Yuexiu Property for 23.6 billion yuan, setting a new record for land prices in Guangzhou [1][2] - The successful land auction in Guangzhou is accompanied by new housing policies in Shanghai aimed at optimizing housing purchase conditions, which include lowering purchase thresholds and increasing housing loan limits, thereby enhancing market confidence [1][4] - The competitive bidding for the Tianhe land reflects a trend of major developers focusing on high-quality land, which is expected to boost industry expectations and support Yuexiu Property's ambition to become the leading developer in Guangzhou [2][3] Group 2 - The new policies in Shanghai are designed to address the challenges in the housing market, particularly the difficulties in the "sell old to buy new" process, which has been affecting new home sales [4][5] - Recent data indicates that non-local buyers account for approximately 40%-45% of property purchases in Shanghai, highlighting the importance of this demographic in stimulating the housing market [5] - The overall real estate market is showing signs of stabilization and recovery, with various policies being implemented at both central and local levels to support this trend, including tax reductions and easing of purchase restrictions for non-local residents [6][7][8]

"可能会对周边楼盘产生降维打击，导致周边部分在售项目不得不降价竞争，开启新一轮新房降价。" 记者｜陈荣浩 编辑｜陈梦妤 黄博文 封面｜陈荣浩 摄 "围观人数已经超过10万+，请耐心等候或重新进入。" 2月25日，备受瞩目的广州马场地块正式开拍，因围观人数太多，广州交易集团官网一度出现宕机。 作为广州珠江新城最后一宗"绝版宝地"，该地块的起拍价就高达186.44亿元，已跻身广州"总价地王"序列第四位。 《每日经济新闻》记者（以下简称每经记者）去年11月19日来到项目现场时，商家早已搬空，但地块内的商铺还未完成拆除。不过，目前该地块已呈净地 状态。 "硬刚"5小时 2月25日，每经记者从广州交易集团处获悉，本次拍卖采用线上模式，10时49分，报价已经来到约197.0亿元，越秀、华润、珠实等8家房企陆续出价。13 时后，保利、越秀、广州城投频繁加价。从14时左右起，积极竞价的房企只剩保利和越秀。 克而瑞数据显示，截至2025年末，保利和越秀在广州市场分别实现542.66亿元和308.22亿元的全口径销售额，位列第一和第二。 2 对部分楼盘降维打击？ 最终，经过243轮、近9个小时的漫长竞价，越秀以约236亿元拿下马 ...

马年新春开工后，广州开年土拍大戏正式上演。 2月26日，广州今年的重磅地块马场地块进入竞价阶段。这宗地块吸引了越秀、保利、招商、华润置 地、珠江实业、广州城投、广州建筑以及广州地铁等8家房企的参与，其中5家为广州本土国企，其余3 家为央企。 根据出让公告，马场地块起始价186.44亿元，名义起拍楼面价3.29万/平方米。其总用地面积约19.45万 平方米，出让宗地面积17.4万平方米，计容总建面56.7万平方米，涵盖二类居住、商业、中小学等多种 用地性质。此外，这宗地块还将引入一家高端时尚百货运营企业。 这宗地块刚进入报价阶段就"火药味"十足：各家房企"各显神通"，很快就将价格抬入200亿元的关口。 最终，在长达9个小时的竞拍后，这宗地块被越秀地产顺利收入囊中，总价为236亿元，仅次于亚运城地 块；楼面价则突破8万元/平方米，登顶广州楼面价榜首。 随着这宗地块成功出让，广州房地产市场也迎来了最具竞争力的项目。未来，这宗地块将有望刷新保利 玥玺湾"日销百亿元"的销售神话，并在短期内提振广州乃至全国楼市的信心。 "绝版地块" 马场地块从未挂牌之时，市场就已经对它充满期待。马场地块被称为是广州CBD珠江新城的"绝版 ...

Core Viewpoint - The luxury real estate market in Guangzhou is thriving, contrary to the narrative that the city is losing its status as a first-tier city. The data from 2025 indicates a significant increase in high-end property transactions, showcasing the city's appeal to wealthy buyers [1][2][30]. Group 1: Luxury Market Performance - In 2025, Guangzhou recorded 107 transactions of luxury homes priced over 50 million, marking a 123% year-on-year increase, the highest among first-tier cities [3]. - Guangzhou sold 6 new homes priced over 100 million, despite a slight decline from the previous year, indicating that only six cities in China achieved such sales [3]. - The luxury market in Guangzhou is characterized by a robust performance, particularly in high-value segments, reflecting a shift in wealth concentration [5][16]. Group 2: Market Dynamics and Buyer Behavior - The luxury market in Guangzhou is not experiencing a downturn; instead, it is witnessing a unique growth trajectory, with affluent buyers actively investing [2][30]. - The city's luxury real estate is seen as a "safe haven" for the wealthy, emphasizing lifestyle and quality of life over mere investment [10][30]. - Guangzhou's appeal lies in its affordability compared to other first-tier cities, allowing buyers to acquire premium properties without excessive financial strain [13][16]. Group 3: Urban Advantages and Future Outlook - Guangzhou's status as an international trade center and transportation hub enhances its attractiveness to high-net-worth individuals, with the Baiyun Airport's passenger volume surpassing 80 million in 2025 [16][18]. - The city's livability and lower cost of living contribute to a higher quality of life, making it an appealing choice for affluent individuals seeking a balanced lifestyle [26][28]. - The ongoing development in areas like Pazhou and the Financial City indicates a promising future for luxury real estate, driven by the influx of young, wealthy professionals [22][30].

马场片区项目区位图 记者丨 吴抒颖 编辑丨张伟贤 广州珠江新城马场路地块终于要来了。 广州市规划和自然资源局于近期挂牌出让天河区黄埔大道以南、马场路以东地块（马场1期地 块），起始价186.44亿元，名义起拍楼面价3.29万/平方米，预计将于2月25日10时起限时竞 价。 根据出让公告，这宗地块总用地面积约19.45万平方米，出让宗地面积17.4万平方米，计容总 建面56.7万平方米，涵盖二类居住、商业、中小学等多种用地性质。此外，这宗地块还将引入 一家高端时尚百货运营企业。 这是一宗备受期待的地块：它的区位优势突出、配套齐全，且位于广州CBD珠江新城，此前又 多次吹风将要引入国内的奢侈品商场，还未出场就已经赚足眼球。 马场路地块的挂牌，将是广州楼市今年最重磅的事件之一。 关于这宗地块，还有诸多讨论仍 在继续：其一是， 越秀地产作为"做地商"，能否成为这宗地块最终的归属方； 其二是， 作为 珠江新城的"绝版地"，马场路地块是否刷新广州土地总价的新高。 图/21世纪经济报道 无论最终的结果如何，马场路地块的出让都将是广州楼市的风向标。在市场持续承压的当下， 马场路地块承托着市场的展望和期待，其最终也有望像保利玥 ...

广州珠江新城马场路地块终于要来了。 广州市规划和自然资源局于近期挂牌出让天河区黄埔大道以南、马场路以东地块（马场1期地块），起 始价186.44亿元，名义起拍楼面价3.29万/平方米，预计将于2月25日10时起限时竞价。 根据出让公告，这宗地块总用地面积约19.45万平方米，出让宗地面积17.4万平方米，计容总建面56.7万 平方米，涵盖二类居住、商业、中小学等多种用地性质。此外，这宗地块还将引入一家高端时尚百货运 营企业。 这是一宗备受期待的地块：它的区位优势突出、配套齐全，且位于广州CBD珠江新城，此前又多次吹 风将要引入国内的奢侈品商场，还未出场就已经赚足眼球。 马场路地块的挂牌，将是广州楼市今年最重磅的事件之一。关于这宗地块，还有诸多讨论仍在继续：其 一是，越秀地产作为"做地商"，能否成为这宗地块最终的归属方；其二是，作为珠江新城的"绝版地"， 马场路地块是否刷新广州土地总价的新高。 不过，作为公开出让的地块，马场路地块的归属是否存在变数，仍是市场关注和讨论的重点。一位广州 房企的投资部人士告诉21世纪经济报道记者，这宗地块的起拍总价较高，但从楼面价测算仍然具有一定 的利润空间，如果其它具有实力的国央 ...

Investment Rating - The report indicates a positive investment outlook for the high-end real estate market, particularly in first-tier cities like Shanghai, which continues to lead in sales performance [3][7]. Core Insights - The report highlights that despite a general downturn in the real estate market, luxury properties are experiencing a unique surge, with several projects achieving sales exceeding 10 billion yuan, reflecting a growing consensus on the value of "certainty" in asset allocation during uncertain times [3][11]. - The luxury market is characterized by a significant demand for properties priced over 10 million yuan, with 21 out of the top 30 projects achieving this threshold, indicating a shift towards higher-value transactions [13][19]. Summary by Sections Market Dynamics - The top 30 projects in key cities are predominantly led by state-owned enterprises, with about 80% of these projects being developed by such entities, showcasing a trend towards collaborative development to mitigate risks [12]. - Shanghai dominates the luxury market, accounting for 13 out of the 30 top projects, with a notable resilience in high-end demand despite overall market adjustments [7][11]. Sales Performance - In 2025, the luxury segment showed a mere 2% decline in transaction volume for properties priced over 10 million yuan, while overall new residential sales in 25 key cities dropped by 22% [7][11]. - The report notes that the average price for luxury properties has crossed the 100,000 yuan per square meter mark, with several projects exceeding 150,000 yuan per square meter [13][19]. Consumer Preferences - High-net-worth individuals are increasingly prioritizing properties that offer unique locations, quality services, and features that meet their evolving needs, such as efficient space utilization and enhanced living experiences [14][16]. - The integration of cultural elements and advanced technology in property design is becoming essential to appeal to affluent buyers, reflecting a shift in consumer expectations towards lifestyle and identity [17][18]. Future Trends - The report anticipates a long-term trend of market differentiation, where high-end properties will continue to thrive due to their perceived value and certainty, while ordinary residential markets may face ongoing challenges [19].

Core Viewpoint - The Guangzhou real estate market is showing signs of stabilization, particularly in core areas, with both new and second-hand markets experiencing a simultaneous increase in transaction volume and prices [1][3][8]. Group 1: Market Performance - In December 2025, the transaction volume in the Pan-Pearl River New Town area increased by 30% compared to October, reaching an average monthly transaction of 333 units [1]. - The average transaction price in the Pan-Pearl River New Town area rose by 8% month-on-month in December, marking a six-month high [1]. - The overall transaction volume for new homes in Guangzhou reached 5,542 units in November, driven by the successful launch of high-end projects [3]. Group 2: Seller Confidence and Pricing - Sellers in the second-hand market are showing a "reluctant to sell" mentality, leading to reduced negotiation space and a general trend of price stabilization [1][5]. - The average price for second-hand homes has shown signs of recovery, with some properties selling for significantly higher prices than in previous lows [5]. - The transaction volume for second-hand homes in November and December was 9,191 and 8,787 units, respectively, indicating a recovery across various regions [3]. Group 3: Future Outlook - The implementation of favorable policies, such as VAT reductions, is expected to enhance market expectations for Guangzhou's real estate in 2026 [1][2]. - The land market is also evolving, with new low-density residential land being offered, aimed at encouraging the construction of quality housing [7]. - Industry experts believe that the market is nearing a bottom, and the introduction of new, well-designed properties will stimulate demand and contribute to market stabilization [8].

Core Insights - The real estate market in Guangzhou's core areas is showing signs of recovery, with both new and second-hand property prices increasing [2][3] - The market is expected to stabilize further in 2026 due to favorable policies such as VAT reductions and a focus on improving supply and demand balance [4][8] Market Performance - In December 2025, the average transaction volume in the Guangzhou Pearl River New Town area increased by 30% compared to October, with December transactions reaching 333 units [2] - The average transaction price in the same area rose by 8% month-on-month in December, marking a six-month high [2] - The total residential area sold in Guangzhou in December was 716,400 square meters, an 11% increase from November, making it the highest monthly sales figure for 2025 [4] Price Trends - The second-hand housing market in Guangzhou is stabilizing, with notable price recoveries in popular properties compared to their lowest prices in 2025 [3][6] - In November and December, second-hand home transactions were 9,191 and 8,787 units respectively, indicating a recovery across various regions [5] - Specific properties, such as those in Zhujiang New Town, have seen prices rise above previous lows, indicating a shift in seller confidence [6] Policy and Future Outlook - The Guangzhou government is implementing policies aimed at controlling supply, reducing inventory, and improving housing quality, which are expected to stabilize the market [4][8] - The introduction of new land parcels for residential development is anticipated to enhance market expectations and support price stability [7][9] - Industry experts believe that the market performance in 2026 will likely surpass that of 2025, driven by improved product quality and favorable land supply conditions [9]