十年未供应住宅用地的成都攀成钢板块，终于"上新"了！ 2月10日，成都春节前最后一场土拍落槌，锦江区攀成钢板块一宗纯住宅用地成功出让。 地块位于二环路东四段以东、绿地·锦天府南侧，面积约17.9亩，容积率2.5，起拍楼面价16500元/㎡。现场吸引4家房企竞拍，多轮竞价后，由锦江统建以 20300元/㎡竞得，溢价率约23%。值得一提的是，该地块为攀成钢板块自2015年以来的首宗住宅用地。 配套方面，宗地距地铁8、13号线净居寺站约600米；1公里范围内有锦华万达、文华广场、光环购物中心等商业体；教育归属锦江三区，区域内有龙舟路 小学、盐道街中学、七中育才汇源校区等优质学校（具体以教育局划分为准）。地块西侧毗邻加油站，北靠带底商住宅，东、南两侧为老旧小区，生活氛 围浓厚，但城市界面尚有提升空间。 图据寻圭云图 攀成钢板块上一次出让的住宅用地成交于2015年5月8日，距今日地块约500米，面积约22.57亩，由蓝润地产以楼面价7900元/㎡竞得，即现蓝润·泷门项 目。 板块内二手房供应充足，均价约3万元/㎡，不同项目价格分化显著：仁恒滨河湾三期、伊泰天骄等项目均价可超4万元/㎡，而刚需老旧小区均价约1万元/ ㎡左 ...

Core Viewpoint - The article discusses the recent land supply announcement in Beijing for 2026, highlighting the unique characteristics of the land parcels and the implications of the supply logic in the real estate market [2][3]. Group 1: Land Supply Announcement - On February 3, 2026, the first round of land supply was announced, involving five residential land parcels totaling 16 hectares and a planned construction area of 240,000 square meters [2]. - The five parcels include locations in Dongcheng, Fengtai, Shunyi, and Changping districts, but they did not enter the pre-application phase, leading to skepticism about the reliability of assessments made by media [2][3]. Group 2: Changes in Supply Logic - The announcement removed the "round" designation from the land supply list, making it difficult to identify which parcels are new for 2026 without detailed examination [4][5]. - Currently, there are 15 parcels listed in the supply plan, with 10 of them carried over from the 2025 list, indicating a significant amount of land being held [6][7]. Group 3: Supply Volume and Market Implications - The total area of land available for supply in 2026 is 51.42 hectares, with a planned construction area of 1,057,300 square meters, suggesting a substantial supply volume [10][11]. - The supply plan for 2026 is set between 200 to 240 hectares, with the first round accounting for only 6.7% to 8% of the total planned supply [12][13]. Group 4: Market Trends and Predictions - The anticipated land transaction amount for the first quarter of 2026 is projected to be only 6.49 billion yuan, a stark contrast to the previous year's first quarter, which saw transactions totaling 56.937 billion yuan [16]. - The overall land supply for 2026 is expected to decrease by approximately 15.4%, reflecting a strategic reduction in land availability amid high inventory levels in the market [18][19].

Group 1 - Beijing's land auction started smoothly this year, with three residential plots sold for a total of 5.762 billion yuan on February 3 [2] - The three plots are located in Shijingshan District, Tongzhou District, and Shunyi District, all outside Beijing's traditional core areas, and were sold at the base price [2] - The new Shougang core area plot was acquired by Shougang Real Estate for 1.39 billion yuan, with a floor price of approximately 38,000 yuan per square meter [4] Group 2 - China Railway Investment Construction Group acquired the new National Exhibition Phase III plot in Shunyi District for 2.81 billion yuan, marking its first land acquisition in Beijing [5] - A consortium including Beijing Beitou Real Estate and Beijing Xinhangcheng Development acquired the Songzhuang plot in Tongzhou District for 1.562 billion yuan, with a floor price of 17,878 yuan per square meter [5] - The overall land auction results indicate a trend of lower prices compared to the high premium bidding seen in early 2025, reflecting a "reduced quantity and increased price" pattern in Beijing's land market [6] Group 3 - The first round of planned residential land supply for 2026 includes plots in Dongcheng District, Fengtai District, Shunyi District, and Changping District, with particular attention on the Dongcheng plot due to its advantageous location [7] - The Dongcheng plot is part of a redevelopment project, covering approximately 1.2 hectares with a planned building area of about 25,200 square meters [7] - The easing of housing purchase restrictions in late 2025, particularly for families with multiple children, has led to an increase in buyer interest, with January's second-hand housing transactions up by 20.8% year-on-year [8]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated $58.7 million in net income, leading to an annual consolidated net income of $183.5 million, surpassing the previous record set in 2024 by approximately $6 million [4][21] - The company ended the year with cash of $425 million and total liquidity of $643 million, with a debt to total capitalization ratio of 16.3%, down from 9.6% at the end of 2024 [8][22] Business Line Data and Key Metrics Changes - The Great Park community closed sales on 13 different programs consisting of 920 home sites, while Valencia saw modest home sales with 70 new homes sold in Q4, up from 50 in Q3 [6][12] - The company closed an industrial land sale in Valencia for $42.5 million and reported a gross margin of 31.25% [20] Market Data and Key Metrics Changes - The housing market in 2025 faced challenges due to economic uncertainty, elevated interest rates, and affordability constraints, yet the company demonstrated resilience in its asset performance [5][6] - Demand for homes remained strong at The Great Park, while Valencia experienced more modest demand due to affordability issues [6] Company Strategy and Development Direction - The company's strategy focuses on maximizing the value of existing communities, maintaining a lean operating structure, matching development spending with revenue generation, and expanding through targeted growth initiatives [9] - The company aims to pursue growth opportunities while prioritizing its growth strategy to expand recurring revenues [8] Management's Comments on Operating Environment and Future Outlook - Management expects growing buyer confidence and moderating interest rates to improve demand for well-located home sites in 2026, projecting consolidated net income of approximately $100 million for the year [7][16] - The company anticipates a small loss in Q1 2026 due to no planned land sales, with the majority of income expected in the second half of the year [26] Other Important Information - The company successfully secured critical entitlement approvals in Valencia and The Great Park, enhancing long-term asset value and development potential [4][13] - Hearthstone, acquired in Q3 2025, contributed $11.8 million in management fee revenue and $3.5 million in net income, expanding the company's earnings profile [15][23] Q&A Session Summary Question: Development expenditures for Valencia and San Francisco in 2026 - Management indicated that development expenditures for both projects in 2026 would be similar to the current year's spending of about $125 million, maintaining a constant pace as development increases [32][34] Question: Clarification on entitlement approvals - Management clarified that the new entitlements in Great Park are additive to previously disclosed saleable acreage, with 100 acres of commercial land now redesignated as residential [39][42]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated $58.7 million in net income, leading to an annual consolidated net income of $183.5 million, surpassing the previous record set in 2024 by approximately $6 million [4][21] - The company ended the year with cash of $425 million and total liquidity of $643 million, with a debt to total capitalization ratio down to 16.3% from 9.6% at the end of 2024 [8][22] Business Line Data and Key Metrics Changes - The Great Park community closed sales on 13 different programs consisting of 920 home sites, while Valencia saw a modest increase in home sales, with 70 new homes sold compared to 50 in Q3 [6][12] - The company closed a significant industrial land sale in Valencia of 13.8 acres for $42.5 million, achieving a gross margin of 31.25% [20][21] Market Data and Key Metrics Changes - The housing market in 2025 remained challenging due to economic uncertainty, elevated interest rates, and affordability constraints, impacting homebuyer demand more in Valencia than in The Great Park [5][6] - Despite these challenges, demand at The Great Park remained strong, with builders selling 78 homes in Q4, although this was a decrease from 187 in Q3 due to seasonality [10] Company Strategy and Development Direction - The company's strategy focuses on maximizing the value of existing communities, maintaining a lean operating structure, matching development spending with revenue generation, and expanding through targeted growth initiatives [9] - The company aims to pursue growth opportunities while prioritizing its growth strategy to expand recurring revenues [8][17] Management's Comments on Operating Environment and Future Outlook - Management expects consolidated net income in 2026 to be approximately $100 million, with earnings weighted more heavily toward the second half of the year as land sales and fee-based income accelerate [16][26] - The company is optimistic about growing buyer confidence and moderating interest rates improving demand for well-located home sites [7] Other Important Information - The company successfully integrated the Hearthstone Land Banking platform, which added a new earnings stream and expanded relationships with institutional capital partners [15] - The company received critical entitlement approvals in Valencia and The Great Park, enhancing long-term value and supporting future development [4][13] Q&A Session Questions and Answers Question: Expectations for development expenditures in 2026 and beyond - Management indicated that development expenditures for both Valencia and San Francisco are expected to be similar to the current year's spending of about $125 million, maintaining a constant pace as development increases [32][34] Question: Clarification on entitlement approvals and their impact on saleable acreage - Management clarified that the recent approvals in Great Park are additive to the previously disclosed saleable acreage, with 100 acres of commercial land now redesignated as residential [39][42]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated $58.7 million in net income, leading to an annual consolidated net income of $183.5 million, surpassing the previous record set in 2024 by approximately $6 million [4][20] - The company ended the year with cash of $425 million and total liquidity of $643 million, with a debt to total capitalization ratio of 16.3%, down from 9.6% at the end of 2024 [8][21] Business Line Data and Key Metrics Changes - The Great Park community closed sales on 13 different programs consisting of 920 home sites, while Valencia saw a modest increase in home sales, with 70 new homes sold compared to 50 in Q3 [6][12] - The company closed an industrial land sale in Valencia for $42.5 million and reported a gross margin of 31.25% for this sale [18] Market Data and Key Metrics Changes - The housing market in 2025 remained challenging due to economic uncertainty, elevated interest rates, and affordability constraints, impacting homebuyer demand more in Valencia than in The Great Park [5][6] - Despite these challenges, demand for homes in The Great Park remained strong, with builders selling 78 homes in Q4, although this was a decrease from 187 in Q3 due to seasonality [10] Company Strategy and Development Direction - The company's strategy focuses on maximizing the value of existing communities, maintaining a lean operating structure, matching development spending with revenue generation, and expanding through targeted growth initiatives [9] - The company aims to pursue growth opportunities while maintaining a disciplined approach to capital deployment, with a first priority on expanding recurring revenues [8][17] Management's Comments on Operating Environment and Future Outlook - Management expects consolidated net income in 2026 to be approximately $100 million, with earnings weighted more heavily toward the second half of the year as land sales and fee-based income accelerate [16][25] - The company is optimistic about growing buyer confidence and moderating interest rates improving demand for well-located home sites, despite intermittent challenges [7] Other Important Information - The company successfully integrated the Hearthstone Land Banking platform, which added a new earnings stream and expanded relationships with institutional capital partners [15] - The company received critical entitlement approvals in both Valencia and The Great Park, enhancing long-term asset value and supporting future development [4][13] Q&A Session Questions and Answers Question: Inquiry about development expenditures for Valencia and San Francisco in 2026 - Management indicated that development expenditures for both projects would be similar to the current year's spending of about $125 million, maintaining a constant pace as development increases [29][30] Question: Clarification on entitlement approvals and their impact on saleable acreage - Management clarified that the new entitlements in Great Park are additive to previously disclosed saleable acreage, increasing the total available for residential use [31][32]

1月29日，上海出让3宗涉宅用地，分别位于松江区九亭，青浦新城和赵巷板块，总土地出让面积15.95 万㎡，总规划建筑面积20.53万㎡，总起始价40.18亿元。最终，3宗地块均底价成交，总成交金额40.18 亿元。其中，松江九亭地块由长江精工以底价4.46亿元竞得，成交楼面价23000元/㎡；青浦赵巷地块由 厦门国贸（600755）以底价17.99亿元竞得，成交楼面价20000元/㎡；青浦新城地块由中交城投以底价 17.72亿元竞得，成交楼面价18467元/㎡。 青浦新城地块由中交城投以底价17.72亿元竞得，成交楼面价18467元/㎡。 ...

杭政储出[2026]1号，即城东新城单元SC080201-27地块，东至环站西路，南至新塘路，西至规划绿化， 北至规划三皋路。 具体来看，1号地块其实就在火车东站西广场区域，南面一线临京杭大运河，没有任何遮挡，河对面就 是去年大热的安琪儿区块。西面临麦庙港，两面环水，在市中心非常稀缺。 商报记者 周坚洪 杭州土地市场，开年连续推出重磅住宅地块。 1月22日，杭州挂牌了1宗城东新城宅地，将在3月6日正式出让，成为杭州土地市场的"马年第一拍"。紧 接着，在1月28日又挂牌了1宗钱江世纪城宅地，计划将在3月10日出让。 至此，开年至今杭州已经挂牌3宗宅地，全部位于热门核心板块。其中，本周五将迎来2026年的首次宅 地出让，位于市中心东新板块的1宗低密宅地，有望为土拍市场打响"开门红"。 市中心一线运河景观宅地 起价29776元/平方米 3号地块出让面积23133平方米，容积率低至1.8，地上建筑面积41639平方米，纯住宅。起价136578万 元，楼面起价32800元/平方米，将在3月10日出让。 地块北面500米就是火车东站，到地铁4号线新风站只有200多米，出行便利。往东可以享受2公里内彭埠 的商业配套，往西和 ...

Core Insights - The recent auction of commercial land in Hangzhou's Xiaoshan District saw a significant premium rate of nearly 200%, indicating strong market demand and competition for prime real estate [1][10] - Zhejiang Xianglv Green Development Co., Ltd. won the bid for the land, which is part of a broader strategy to enhance its existing projects in the Xianghu area [3][4] Group 1: Land Auction Details - The commercial land parcel, identified as XS160203-13, covers approximately 22,800 square meters with a floor area ratio of 0.9-1.0, and was sold for 34,435 million yuan, resulting in a floor price of about 15,094 yuan per square meter [1][2] - The auction involved 115 rounds of bidding, reflecting high interest in the property despite its relatively small size [1][2] Group 2: Market Context - In 2025, Hangzhou's land market was highlighted as one of the few "high-profile samples" nationwide, with residential land sales exceeding 140 billion yuan, placing it among the top three cities in China [6][8] - The first half of 2025 saw 68 residential land transactions, with a total sales amount nearing 116 billion yuan, indicating a robust market activity [7] Group 3: Future Outlook - Looking ahead to 2026, the land supply in Hangzhou is expected to focus on mature core areas, with an emphasis on stability and precision in land offerings [8][9] - The upcoming commercial developments, including major projects like Hangzhou Henglong Plaza and Hangzhou Kerry Center, are anticipated to enhance market expectations regarding location and long-term value [10]

Core Insights - The article discusses the planned supply of residential land in Haidian District, with a total of 11 plots, including 19 residential land parcels, covering a planned construction area of 517,200 square meters [1][3]. - The expected transaction price for these land parcels is projected to exceed 58 billion yuan [2]. Group 1: Land Supply Details - The Haidian District plans to supply residential land parcels, with specific projects listed, including the Shangdi 0702 block, which has already been sold for 8.456 billion yuan, reflecting a symbolic premium of 0.4% [3][4]. - The supply includes new offerings in the Zhu Fang area and the West Sanqi area, with the latter featuring four pure residential plots, enhancing options for first-time buyers in northern Haidian [4]. Group 2: Project Progress and Requirements - The Zhu Fang second phase urban village renovation project has completed demolition and is currently processing land requisition approvals, with plans to enter the market in early 2026 [11][13]. - The West Airport area projects have obtained necessary planning approvals and are preparing for market entry, with various assessments completed [18][21]. - The Baoshan urban village project has also made significant progress, with demolition nearing completion and various evaluations underway [34][40]. Group 3: Financial Projections - The expected transaction prices for various plots are detailed, with the Baoshan project estimated at 9.621 billion yuan for three plots, while the West Sanqi project is projected at 44.13 billion yuan for multiple parcels [27][33]. - The total expected transaction value for the residential land supply in Haidian District is anticipated to exceed 58 billion yuan, indicating strong demand in the real estate market [2].