Institutions: Fewer premium plots in key cities, real estate developers becoming more cautious in land acquisition.

According to the China Index Academy, in the second week after the new policy, the planned gross floor area of residential land transactions in 300 cities reached 6.56 million square meters, with land transfer revenue of 22.9 billion yuan and an average premium rate of 7.9%, mainly driven by the high-premium transaction of a plot in Xiangmihu, Shenzhen; excluding that plot, the average premium rate across the 300 cities was 1.1%, indicating that land auction heat in key cities cooled somewhat from the first week. Among key cities this week, only Shenzhen, Wuhan, and Wenzhou each had one residential plot transacted at a premium. The Xiangmihu plot in Shenzhen, supported by its core location, scarce residential supply, and relatively low starting price, achieved a premium rate of 125% and was acquired by China Overseas for 2.55 billion yuan. The Baishazhou plot in Wuhan had a premium rate of 14.1%, driven by certainty of regional sales, and was won by Poly Developments and Holdings for 892 million yuan. The Chabai area plot in Wenzhou was acquired by a local real estate enterprise for 282 million yuan at a premium rate of 3.3%, reflecting that private enterprises still have structural participation opportunities when they are familiar with the area and the total price is controllable.