Middle Finger Research Institute: The total land acquisition amount of the top 100 enterprises is 289.58 billion yuan, a year-on-year increase of 30.6%.

On April 1st, the China Real Estate Research Institute released the TOP100 list of national real estate companies in terms of land acquisition from January to March 2025. In the first quarter of 2025, the total land acquisition of the TOP100 companies amounted to 289.58 billion yuan, an increase of 30.6% year-on-year, with an expansion of 3.9 percentage points compared to the previous month. Since the beginning of the year, there has been high competition for quality land in core cities, with a more than 20% year-on-year increase in residential land sales in 300 cities. The improvement in market sentiment in core cities has boosted the confidence of real estate companies in land acquisition, leading to a roughly 30% year-on-year increase in land acquisition by the TOP100 companies. In terms of added value, GREENTOWN CHINA, CHINA RES LAND, and China Overseas Property ranked in the top three. In the first quarter of 2025, GREENTOWN CHINA topped the list with 50.4 billion yuan in added value, followed by CHINA RES LAND with 45.6 billion yuan and China Overseas Property with 39.3 billion yuan. The total added value of the TOP10 companies in the first quarter of 2025 was 325.42 billion yuan, accounting for 39.0% of the TOP100 companies, with a minimum threshold of 2.8 billion yuan for added value. Regarding land acquisition enthusiasm, since the fourth quarter of last year, along with a stabilizing sales market in the real estate sector, there have been positive changes in the land market, especially in core cities where the enthusiasm for land auctions has increased. In the first quarter of 2025, the average premium rate for residential land in Hangzhou and Shanghai was 43.3% and 29.0%, respectively, with rates exceeding 20% in Chengdu. High-quality land parcels in core cities saw record-breaking floor prices in deals, indicating a rising trend in land prices. Shanghai and Hangzhou saw a significant increase in land market activity: Shanghai had a total of 14 residential land transactions in the first quarter, with 10 of them selling at a premium, and 5 of them at rates exceeding 30%. Hangzhou had 32 land parcels offered for sale, with 28 of them selling at a premium, many with premium rates exceeding 40%, and 4 exceeding 70%. For instance, on March 25th, a land parcel in Hangzhou was sold at a record-breaking floor price of 72,915 yuan/m. In Beijing and Chengdu, high-quality land parcels drove auctions with high premiums, while non-core areas mostly sold at base prices. In Beijing, 11 residential lands were auctioned in the first quarter, with premium transactions in HaiDian, ShuCun, and Chaoyang exceeding 70 billion yuan, and base-price deals for the remaining 7 parcels. In Chengdu, 32 residential lands were auctioned, with 14 selling at a premium and 8 with premiums exceeding 30%. Similarly, high premiums were seen in other cities like Nanjing, Tianjin, Changsha, Zhengzhou, and Shenyang. The increase in land auctions for high-quality land parcels in core cities can be attributed to two main reasons: optimism among real estate companies about the stabilization of new home sales markets in core cities, leading to a high intention to restock, and the fact that land acquisitions at the beginning of the year can enter the sales stage that same year, facilitating capital turnover and increasing operational efficiency. Additionally, local governments have ramped up the supply of high-quality land parcels, many of which are located in mature urban areas. Looking at land acquisition amounts in different city clusters, the Yangtze River Delta region ranks first among the four major city clusters. In the first quarter of 2025, the TOP10 companies in the Yangtze River Delta acquired land amounting to 85.12 billion yuan, leading the four major city clusters. The TOP10 companies in the Beijing-Tianjin-Hebei region acquired land totaling 57.10 billion yuan, ranking second, while the TOP10 companies in the central and western regions acquired land amounting to 26.50 billion yuan, ranking third. Among the TOP10 real estate companies in key cities in terms of land acquisition amounts, state-owned enterprises, government-owned enterprises, and local state-owned enterprises remain dominant, while private enterprises only supplement land reserves in key areas. CHINA RES LAND has entered the top ten in land acquisitions in Hangzhou, Beijing, Shanghai, and Chengdu, focusing on core cities to increase land holdings; China Merchants Shekou Industrial Zone Holdings and GREENTOWN CHI have also made significant acquisitions in core cities.NA, Jianfa Real Estate is among the top ten in terms of land acquisition in three cities. Hangzhou Binjiang Real Estate Group focuses on Hangzhou and ranks first in land acquisition in Hangzhou. Zhongtian Meihao Group, Dajia Real Estate, and other real estate companies are increasing land reserves in Hangzhou. Dahua Group is expanding in Shanghai, and New Hope Liuhe Real Estate has entered the top ten in land acquisition in Chengdu.Looking at the total transaction price TOP10 of residential land nationwide, in March, Hangzhou and Shanghai auctioned multiple high-priced land parcels. Among the listed parcels, the SC0402-07, SC0401-09, and SC0402-17 parcels in Wangjiang Unit topped the list with a total price of 8.1 billion RMB, with a premium rate of 35.58%. In terms of cities, Hangzhou had 3 parcels listed with a total transaction amount of 16.72 billion RMB, Shanghai had 2 parcels listed with a total transaction amount of 7.08 billion RMB, and Beijing, Suzhou, Ningbo, Chengdu, and Xiamen each had one parcel listed.