Core Viewpoint - The recent land auction in Shanghai showed a slight cooling compared to previous rounds, with a total of 4 plots sold for approximately 9.71 billion yuan, indicating a more cautious approach from developers [1][2][17]. Group 1: Auction Details - Four plots were auctioned in Shanghai on May 9, located in Hongkou, Yangpu, Songjiang, and Qingpu districts, with a starting total price of about 8.41 billion yuan [1][2]. - All four plots were successfully sold, generating a total revenue of 9.71 billion yuan [2]. - The Yangpu plot was acquired by Poly Real Estate with a premium rate of 26.3%, while the Songjiang plot was won by China Railway Construction with a premium rate of 20.4% [2][5][7]. Group 2: Developer Participation and Competition - The Yangpu plot attracted five developers, including China Overseas Land & Investment and Poly Real Estate, with intense competition leading to 72 rounds of bidding [8]. - The Songjiang plot also saw participation from multiple developers, ultimately secured by China Railway Construction [9]. - The plots in Hongkou and Qingpu had less competition, with the former being a commercial and cultural site and the latter located in a less desirable area [9]. Group 3: Market Analysis and Future Outlook - The premium rates for the recent land sales did not exceed 30%, indicating a more cautious stance from developers compared to previous auctions [2][17]. - Analysts remain optimistic about the Shanghai real estate market, citing the combination of central and suburban land supply as a positive factor for future stability [17].