Investment Rating - The report indicates a general low performance in the Shanghai land market at the beginning of 2024, with a successful sale of residential land for approximately 2.052 billion yuan [2]. Core Insights - The Shanghai land market experienced a low start in January 2024, with a total transaction area dropping to 180,600 square meters and a total transaction price of only 3.12 billion yuan [2][7]. - The last batch of concentrated land supply for 2024 concluded with a residential land plot in Songjiang district sold at a premium of 28%, resulting in a transaction price of 2.94 million yuan per square meter [5]. - The industrial land market saw a decrease in transaction volume, with the average unit price for industrial land dropping significantly to 1,730 yuan per square meter [8]. Summary by Sections Overall Market Overview - In January 2024, the Shanghai land market had a total transaction price of approximately 2.052 billion yuan for residential land, with a total area of 180,600 square meters sold [2]. Concentrated Supply - The last concentrated land supply batch for 2024 included a residential plot in Songjiang district, which was sold for 2.052 billion yuan, reflecting a 28% premium over the starting price [5]. Normalized Supply - There was no supply of commercial land in January, and the industrial land supply included 8 plots, with a total area of 180,600 square meters sold for about 312 million yuan, below the average monthly transaction volume for the past year [7]. - The average unit price for industrial land decreased significantly, with research and design land prices dropping by 47% to 4,416 yuan per square meter [7][8]. Case Analysis - A specific case in the industrial land sector involved a plot in Songjiang district sold to Shanghai Biyouxin Artificial Intelligence Technology Co., Ltd. for 84.23 million yuan, covering an area of 22,000 square meters [9].