中国房地产 2026 销售展望- 基于 2025 年拿地的自下而上分析-China Property 2026 Sales Outlook Bottom-up Analysis on 2025 Land Acquisitions

Vi e w p o i n t | 05 Jan 2026 13:34:29 ET │ 28 pages China Property 2026 Sales Outlook; Bottom-up Analysis on 2025 Land Acquisitions CITI'S TAKE We evaluate 2025 new land acquisitions (354 new projects) of 13 key listed names to assess land replenishment quantity & quality to back our '26E sales & stock picks. '25 land purchases value: listed names +15%yoy vs. 300 cities -7%yoy: For '25 land purchase, we see: i) GFA -10% in 300 cities ('24: -21%) but -6% only for 30 listed names; ii) attri. cost of listed ...