After 13 hours of fierce fighting, Hangzhou concentrated on the first round of ground hammer supply in 2022, with a final transaction value of 82.675 billion yuan.
Compared with the 117.8 billion of the first round of centralized land supply in 2021, it is more than 35 billion less.
Kerry Zhejiang regional analysis said that the heat of the current round of soil patting in Hangzhou is not high. The premium cap of 10% accounts for 39.6% of the total number of parcels sold, which is lower than last year's three batches of land, returning to the 2020 level. Of the 34 successful parcels, 25 were sold at rock-bottom prices, accounting for 74% of the parcels sold and 43% of all parcels in this batch.
For the reason why the heat of this concentrated soil auction has changed from heat to temperature, Ke Rui Zhejiang regional analysis said: "one is the structural adjustment of land supply, the proportion of land in the four areas of the main city of land supply is only 25%, and the location, quality and profit space of the land are lower than that of the previous round; second, the market continues to decline, and the cash flow of real estate enterprises is generally tightening, resulting in weaker expectations of the industry as a whole."
"although the heat is differentiated, the overall performance is still good." According to a student of the Executive Deputy General High Court of Zhejiang Branch of the Middle finger Research Institute, on the one hand, the qualification of land supply enterprises to participate in the auction has been relaxed, while the highest premium rate is only 12%, and the maximum price limit of some sectors has been raised. Developers' profits are guaranteed; on the other hand, it is also because Hangzhou is attractive to investment, residents' purchasing power is strong, and de-transformation is guaranteed.
One-time quotation
It is reported that the first round of centralized land supply in Hangzhou has launched 60 pieces of land, with a total construction area of 5.807 million yuan, with a total starting price of 79.79 billion yuan.
According to the transfer documents, 11 lands were sold in the four main urban areas, and 49 in six major areas, including Xiaoshan and Yuhang, including 16 in Xiaoshan District and 11 in Yuhang District, involving Yuncheng, Sanjianghui, Olympic Sports Center, Jiangwan New City, and so on.
According to the statistics of Zhejiang Daily Media Real Estate Research Institute, the land involves 44 plates, 6 plates are unlocked, 11 plates are up-regulated (including the maximum price increase), and 5 plates are down-regulated (including the minimum price reduction).
In the end, 36 pieces of land were determined by the bidder, and 27 of the plots were sold at the reserve price. Another 23 cases entered the "one-time quotation" link due to reaching the top price, and 1 failed auction.
"one-time quotation" is the new transfer rule set by Hangzhou this round of centralized land supply.
According to the transfer document, the practice of lottery after the previous price cap will be cancelled and operated through an one-time quotation. When the auction site reaches a 10% premium, it will be directly transferred to the one-time quotation link. In the one-time quotation process, if there are 2 or more valid quotations, that is, the second highest quotation in the valid quotation is the bidding price.
In addition, Hangzhou also changed the pre-announcement system to a direct formal announcement, while abolishing the land application system (that is, the real estate enterprises signed an agreement and paid a deposit before the local auction, and if there were no other housing companies' bids, they would be supported by the contracted housing enterprises).
Some analysts said that the adjustment of land transfer rules in cities such as Hangzhou is based on measures such as reducing enterprise development costs and alleviating the financial pressure of enterprises, which also appropriately retains project development profits for enterprises.
"measures such as one-off quotation, adjustment of quality rules, cancellation of land listing and construction, and so on, pose new challenges to the capital, quality and cost of participating in bidding for real estate enterprises." Zhang Bo, branch director of Anju Guest Room production Research Institute, said.
It's still local.
According to the statistics of the transfer results, Hangzhou local housing enterprises are still the main force of this round of soil sales. Binjiang won 11 sites with a total price of 18.435 billion yuan, Greentown seven with 14.638 billion yuan, Zhongan five with 3.909 billion yuan, and everyone's real estate three. Yuexiu, Vanke, Longhu, Jianfa, Gezhouba, Dayue City and other housing enterprises also have gains.
"the land Binjiang took in Hangzhou this time will strive to achieve a net profit level of 1%, 2%." A year ago, Qi Jinxing, chairman of Binjiang Group, made such a statement after the first round of centralized land supply in Hangzhou won five pieces of land with 9.64 billion yuan.
Of the 11 plots, 8 were owned by Binjiang and 3 were joint land. The plots include Hangzhou West Railway Station Hub Land, Future Science and Technology City plot 138 and so on.
Shangguanjian, director of Hangzhou KE Holdings Inc. Research Institute, told Phoenix WEEKLY Real Estate that Binjiang has been focusing on ploughing Hangzhou and is more dependent on Hangzhou. In the current market environment, there is also a good brand recognition, de-chemical turnover is also relatively fast.
"however, Binjiang is not alone in Hangzhou, and many plots will choose cooperative development." Shangguan Jian said.
Binjiang Group added 38 new plots in 2021, with a cumulative value of nearly 300 billion yuan. Among them, Hangzhou topped the list with a land grant of 29.886 billion yuan.
For the whole of last year, Binjiang Group achieved sales of 169.1 billion yuan, ranking TOPO25 among the national real estate enterprises. In the ranking of Hangzhou real estate enterprises in the Central finger Academy, Binjiang Group took the lead with 115.01 billion yuan in sales; 38 new plots were added, with a cumulative value of nearly 300 billion yuan, of which Hangzhou topped the list with 29.886 billion yuan.
The sales list in Hangzhou closely follows Binjiang Group, which is another big-spending local real estate enterprise Greentown in Hangzhou.
This time, Greentown won a total of 7 plots, including Qiantang New area, Canal New Town, Xiasha, Gouzhuang and so on. However, different from the Binjiang reserve price, except for the Dongguan unit plots, the other plots are obtained by lottery after reaching the top price.
Greentown China's previously released 2021 annual report showed that Zhejiang contributed 42.697 billion yuan in sales revenue, accounting for 47.6%.
"the current Greentown is financially sound, and it is reasonable to take land against the city. The plots launched in Hangzhou this round all have certain profit margins." Shangguan Jian said, "similarly, Hangzhou is also the stronghold of Greentown, so it will not give up."
With regard to the "crazy" sweep of Binjiang and Greentown's first round of centralized land supply in Hangzhou, Yu Xiaoyu, director of the Yihan think-tank Research Center, said, "on the one hand, they all belong to local ploughing enterprises, which have a better understanding of the city and a clearer supplement to the volume of goods." on the other hand, these enterprises are also relatively high quality, there is no huge pressure to repay debts, in the case of improved profit margins, they will naturally take more. "
In addition, according to local media reports in Hangzhou, nine reserve price plots were won by local platforms or local state-owned assets. Xiaoshan City Investment, Linping Urban Construction, Linping New Countryside Construction, Eastern Hangzhou Urban Construction, Yuhang Tiaoxi Urban Construction, Hangzhou Convention and Exhibition New Town, Lin'an Xindu Real Estate and other faces all appeared on the land acquisition list.
Analysts said that at this stage, real estate companies pay more attention to health, especially cash flow, in the face of market changes in the outer suburbs of the plate, take the land is often conservative, therefore, a number of land by the city investment companies to support the bottom.
Confidence
So far, nearly 10 cities have completed the first round of centralized land supply in 2022.
Data from Anxin Securities show that land acquisition by state-owned enterprises has basically returned to the level of the first two rounds of last year, and the willingness of private enterprises to take land continues to weaken.
Among them, the state-owned enterprises (excluding urban investment) are obviously willing to repair this round of land auctions, with a total amount of 107.63 billion, accounting for 55%, up nearly 20% from 35.4% in the third round of last year, and basically returning to the level of the first two rounds of land auctions last year; the participation of private real estate enterprises in land acquisition has continued to decline, with the proportion further falling to 15.4% from 28.4% in the third round last year.
In the city, the proportion of land in Chengdu, Fuzhou and Ningbo has increased, Xiamen, Chongqing, Beijing and Changsha mainly rely on state-owned enterprises, private enterprises in Hefei and Qingdao have significantly increased their land acquisition, and more than half of the land has been auctioned by local small private real estate enterprises.
From the perspective of mainstream real estate enterprises, the first round of land acquisition in 10 cities is concentrated in seven state-owned enterprises. Jianfa, China Shipping and Poly are more willing to develop land acquisition, with a full-caliber land amount of 18.63 billion, 17.74 billion and 11.86 billion respectively. China Resources, Greentown, Jindi and Poly are also more active.
Up to now, private enterprises are less involved in the first round of land auctions, with Longhu and Xuhui taking land of 4.53 billion and 2.19 billion respectively.
Generally speaking, the relatively active land market has injected "confidence" into the property market. "the large-scale acquisition of land by housing enterprises will have a positive impact on the supply of the property market in the future, which is conducive to the long-term stability of the property market." Shangguan Jian said.