Opinion Index: In the first 12 months, 50 housing enterprises added 309.49 square meters of land construction area in a single month, up 6.8% month-on-month
The Zhitong Finance App learned that recently, Opinion Index released the “Report on New Land Reserves for Real Estate Companies in December 2025”. During the reporting period (11.24-12.18), the top 50 housing enterprises added 309.49 square meters of land construction area in a single month, up 6.8% from the previous month. It is worth noting that in January-November, the top 50 housing enterprises added a total of 454.34,200 square meters of land construction area, a slight decrease of 1.8% over the previous year. Among them, Zhonghai Real Estate, China Merchants Shekou, and Poly Development Holdings added full-caliber land reserves of 4.674,600 square meters, 3.8671 million square meters, and 3.7395 million square meters respectively, which are in a leading position. The agency believes that compared to blind expansion, companies prefer to focus on mature regions that have undergone long-term market verification and have solid data support.
Land acquisition decisions are more rational, and housing enterprises are deeply cultivating high-quality plots
According to the report on the new land reserves of real estate companies released by the Opinion Index, the top 50 housing enterprises added 309.49 square meters of land construction area in a single month during the reporting period, up 6.8% from the previous month.
It is worth noting that in January-November, the top 50 housing enterprises added a total of 454.34,200 square meters of land construction area, a slight decrease of 1.8% over the previous year.
Data source: opinion index compilation
Among them, Zhonghai Real Estate, China Merchants Shekou, and Poly Development Holdings added full-caliber land reserves of 4.674,600 square meters, 3.8671 million square meters, and 3.7395 million square meters respectively, which are in a leading position.
Judging from the amount of equity land acquired, the companies that invested the most in land in January-November were Zhonghai Real Estate, China Resources Land, Poly Development Holdings, Greentown China, and China Merchants Shekou. The equity expansion amounts were 88.02 billion yuan, 62.59 billion yuan, 53.63 billion yuan, and 49.33 billion yuan, respectively.
Judging from the value added, the companies that added the most land value in January-November were Zhonghai Real Estate, China Merchants Shekou, Poly Development Holdings, Yuexiu Real Estate, and China Resources Land. The additional values were 116.3 billion yuan, 111.34 billion yuan, 97.22 billion yuan, 79.59 billion yuan, and 78.35 billion yuan, respectively.
According to the opinion index, housing companies' land acquisition decisions are shifting to rationality. Whether Maoyuan is competing at a high premium in Chaoyang or Jin Mao's land acquisition at a reserve price in Baoshan, they are all based on a comprehensive evaluation of multiple dimensions such as regional customer base accumulation, completeness of supporting facilities, and past sales data. In contrast to this, enterprises generally have a wait-and-see attitude towards non-core sectors where support is immature, population inflow is insufficient, and market inspection is inadequate.
The scale of land supply was boosted, and the collection and storage of idle land with special debt was implemented at an accelerated pace
According to the Opinion Index monitoring, during the reporting period, Tier 1, 2, and 3 cities supplied 1,833 residential land, supplying 131.3395 million square meters of land, up 149.72% from the previous month, down 14.20% from the previous year; the starting floor price of the supplied land was 3167 yuan per square meter, down 9.69% from the previous month.
During the reporting period, second-tier cities supplied 481 cases of residential land, supplying a planned construction area of 33.5694 million square meters, up 157.08% from the previous month, down 11.71% from the previous year; the starting floor price of the supplied land was 4,131 yuan per square meter, down 9.11% from the previous month and 16.33% from the previous year.
Data source: Wind, opinion index compilation
According to the Opinion Index monitoring, residential land supply in Tier 1, 2, and 3 cities across the country showed the overall characteristics of “significant restoration from month to month and still shrinking from year to year”. In terms of scale, the scale of residential land supply in Tier 1, 2, and 3 cities increased dramatically compared to the previous month, ending the previous sluggish trend. However, there is still a clear gap compared to the same period last year, and no year-on-year correction has been achieved.
Overall, although supply in the land market picked up in November, the year-on-year performance was still weak. The continued decline in starting prices reflects that the current market's expectations of land value tend to be cautious, and the supply side adjusts pricing strategies based on the pressure on companies' land acquisition costs. The strength and sustainability of market recovery is yet to be further verified by subsequent supply and transaction performance.
In November, the total number of local bonds issued rapidly expanded, and the scale of using special bond funds to recover and buy unused land was also increasing. As of November 30, the net issuance volume of local bonds in November was 655.188 billion yuan, and the issuance volume was 303.602 billion yuan, up 351,586 billion yuan from the previous month. Among them, 492.92 billion yuan was added to the issuance of special bonds, an increase of more than 200 billion yuan over the 287.357 billion yuan in October, and an increase of 71% over the previous month.
The acceleration and expansion of the issuance of special bonds has sent a positive signal to the market, helping to enhance the confidence of market players in economic development, attract social capital to participate in project construction, and further develop the multiplier effect of fiscal policy.
The land market picked up month-on-month, and the second- and third-tier markets rebounded steadily
During the reporting period, 740 residential land lots were sold in Tier 1, 2, and 3 cities, with a planned land area of 484.252 million square meters, up 40.89% from the previous month, down 30.90%; the total transaction price was 2017 billion yuan, up 20.86% from the previous month, down 43.83% from the previous year; the average transaction price was 4165.2 yuan per square meter, down 6.43% from the previous year; the average premium rate was 2.15%.
Data source: Wind, opinion index compilation
The planned land area for residential land transactions in second-tier cities was 13.248,600 square meters, up 63.44% from the previous year, down 13.27%; the total transaction price was 71,832 billion yuan, up 84.26% from the previous month, down 33% from the previous year; the transaction floor price was 5421.94 yuan per square meter, down 12.72% from the previous year and 22.75% year on year.
The planned construction area of residential land sold in third-tier cities was 34.32,900 square meters, up 34.05% from the previous year, down 35.93% year on year; the total transaction price was 105.433 billion yuan, up 24.24% from the previous month, down 44.17% year on year; the transaction floor price was 3071.99 yuan per square meter, down 7.29% month on month and 12.86% year on year.
During the reporting period, residential land transactions in Tier 1, 2, and 3 cities showed an overall month-on-month recovery trend, and the market recovered somewhat. In terms of transaction scale, the planned construction area of land and total transaction prices in all tier cities showed a month-on-month recovery, indicating a recovery in short-term market activity, but the year-on-year data still clearly contracted, reflecting that the current pressure on the demand side of the market has not been completely relieved.
Currently, the land market is still in an adjustment cycle. Differences in the pace and pressure of restoration in various tier cities are prominent, and the increase in market popularity still needs more positive support.
The cumulative value of land purchase expenses in October was 2865.301 billion yuan, up 8.64% from the previous month, down 11.3% from the previous month. The decline was 0.7 percentage points higher than the previous month, but the growth rate continued to slow, and the cumulative scale of land purchase fees was still significantly lower than the same period last year.
Data source: Wind, opinion index compilation
Land supply transactions in key cities rebounded month-on-month, and core assets are popular
According to incomplete statistics from the Opinion Index, from November 17, 2025 to December 14, 2025, a total of 210 parcels of land were being listed in 6 key cities. The starting price was 48.320 billion yuan, up 32.01% from the previous month, and the area was 6.1211,000 square meters.
From the perspective of regional distribution, during the reporting period, Beijing listed 13 parcels of land for sale, 4 for industrial land, and 6 for commercial land. There are 3 residential land cases involving residential land, 1 in Fengtai District and 2 in Haidian District. The total planned area of 3 residential land plots is 151,900 square meters, with a total starting price of 8.925 billion yuan.
Land supply in key cities rebounded during the reporting period, but structural differentiation was significant. Core cities such as Beijing and Guangzhou have launched high-quality residential land. For example, the Shangdi plot in Haidian District of Beijing is close to industrial zones and transportation hubs; the Guangzhou Financial City plot has a high starting price and is supported by popular projects within the sector; Shanghai and Shenzhen do not involve residential land, mainly industrial land.
In terms of transactions, according to incomplete statistics from the Opinion Index, from November 17, 2025 to December 14, 2025, a total of 167 parcels were sold in the six key cities, with a transaction price of 56.644 billion yuan, an increase of 27% over the previous month. The land area traded was 4,518,200 square meters, up 17% from the previous month.
During the period, there were 7 residential land transactions in Shanghai, with a total transaction amount of 10.558 billion yuan, including 2 each in Qingpu District and Baoshan District, and 1 each in Yangpu District, Fengxian District, and Jiading District. With the exception of a parcel of land in Qingpu District which was sold at a 5.17% premium, the rest were sold at the reserve price.
According to the Opinion Index, land transactions in key cities rebounded month-on-month during the reporting period, but there was significant market differentiation. Core areas are competitive at high premiums due to scarcity, and most suburban and non-core areas are traded at reserve prices. Housing enterprises focus more on core assets in land acquisition and are cautious about non-core regions. The overall market is stable but fragmentation has intensified.
The top-level design clarifies the direction and accelerates the construction of a multi-dimensional urban renewal support system
Recently, the central level has been intensively deploying urban renewal actions, and the policy orientation is becoming more and more clear. On December 3, the State Council conducted the 17th special study on the theme of “Further Promoting New People-Centered Urbanization and Focusing on Constructing a New Pattern of Integrated Urban-Rural Development”. The emphasis is on combining urban renewal with efforts such as eliminating potential safety hazards and stabilizing the property market to solidly promote the construction of “good houses” and high-quality real estate development. The Central Economic Work Conference held on December 10-11 also required that economic work in 2026 should promote high-quality urban renewal.
The National Development and Reform Commission is simultaneously expanding the scope of infrastructure REITs distribution to areas such as urban renewal facilities and renovation of old factory areas to provide long-term low-cost financing channels for revitalizing existing assets, which is expected to attract more social capital participation.
According to data from the Ministry of Housing and Construction, from January to October 2025, the number of new construction and renovation of old urban neighborhoods across the country reached 251,000. The annual plan was completed ahead of schedule, and 16 regions, including Hebei and Shanghai, have been overcompleted, showing the efficiency of policy implementation.
Local practice has made many breakthroughs, and model innovation goes hand in hand with market participation. The local level is operating two-wheel urban renewal with policy innovation and markets. Chongqing took the lead in exploring a floor area ratio reward mechanism, providing about 15% floor area support for urban renewal projects to increase public service functions, stimulating the enthusiasm of market players by increasing the profit space of the project, and providing the whole country with a reference model of “policy motivation+market participation”. Shanghai Lujiazui and Pudong Real Estate jointly established Sanlin Xintiandi Urban Renewal Company with a registered capital of 2.32 billion yuan. The aim is to promote regional functional upgrading and stock asset revitalization through state-owned enterprises, reflecting the collaborative model of “government guidance+market operation”.
Overall, urban renewal actions are deepening from top-level design to multi-dimensional practice. Policy support (such as REITs expansion, floor area ratio rewards), model innovation (original demolition, smart construction), and market participation (led by state-owned enterprises, social capital) all form a joint effort to promote. In the future, as more cities explore sustainable renewal mechanisms, urban renewal is expected to become an important engine for stabilizing investment, benefiting people's livelihood, and promoting transformation.