Zhongzhi Research Institute: The top 100 real estate companies by land acquisition in the first two months totaled 95.04 billion yuan, a year-on-year decrease of 52.4%

The Zhitong Finance APP has learned that the China Index Academy reported that in January-February 2026, the total land acquisition amount for the top 100 companies was 95.04 billion yuan, a 52.4% decrease year-on-year, with the decline roughly the same as the previous month. Due to the Spring Festival holiday, land supply in February was reduced, and the high base from the previous year meant that the scale of land acquisition by real estate companies did not show significant improvement year-on-year.

In terms of land premium rates, the average premium rate for residential land in 300 cities nationwide in February was 11%, a significant increase. High-quality land parcels in key cities attracted strong interest. On February 25, Guangzhou Ma Chang Phase 1 land was auctioned after 9 hours and 243 rounds of bidding, with Yuexiu acquiring it for 23.604 billion yuan, a premium rate of 26.6%, setting a new record for residential land price in Guangzhou; on February 10, a land parcel in Niushaluo area, Jinjiang District, Chengdu, was sold with a premium rate of 23.03%.

Regarding the land acquisition companies, central state-owned enterprises remain the main players, with large and medium-sized central SOEs such as Yuexiu Property, China Railway, China World Trade Center, and China Resources Land leading in land acquisition amounts.

In terms of new value added, Yuexiu Property, China Resources Land, and Shijiazhuang Chengfa Investment Group rank the top three. In January-February 2026, Yuexiu Property led with 77 billion yuan in new value added, followed by China Resources Land with 10.8 billion yuan, and Shijiazhuang Chengfa Investment Group with 6.7 billion yuan. The top 10 companies collectively added 128.2 billion yuan, accounting for 38.9% of the total for the top 100 companies, with a threshold of 1.4 billion yuan for new value added.

Many provinces and cities have proposed optimizing land supply and promoting urban renewal in their two sessions. The government work reports generally follow the tone of the Central Economic Work Conference, with 15 provinces and cities explicitly emphasizing stabilizing the real estate market, deploying real estate policies based on local conditions. In terms of controlling growth, Jiangxi and Shaanxi proposed establishing a land supply mechanism linked to the inventory cycle of commercial housing; Sichuan emphasized increasing the supply of quality land parcels; Chongqing proposed scientific land supply arrangements, strengthening land use planning, and promoting mixed-use development and lawful conversion of land uses. It is expected that in 2026, land supply for residential use will continue the trend of quality improvement and volume reduction seen in 2025, better meeting residents’ needs for improved housing.

Regarding urban renewal, 30 provinces and cities highlighted this in their government work reports in 2026, an increase of two compared to 2025. Urban renewal is emphasized as a key task, with keywords such as vigorous, high-quality, in-depth, and orderly promotion. Several provinces and cities have set specific goals, such as Beijing’s plan to address over 507 dilapidated buildings, renovate more than 300 old communities, and install over 800 elevators in old buildings; Tianjin’s plan to accelerate renewal projects in the Yifeng District, East-West Lane, West Station South Area, and to start construction of 15 new projects including Chifeng Road and Central Garden. Some provinces also aim to improve supporting policies, such as Beijing’s push to implement urban renewal regulations, enhance policy incentives, strengthen financial and land use policies, and support mixed-use functions; Shanghai plans to guide the renewal of inefficient commercial and office buildings, support functional transformation, upgrade old infrastructure like gas pipelines, and improve comprehensive performance evaluation of industrial land, among other measures.

In terms of land acquisition amounts across city clusters, the Guangdong-Hong Kong-Macao Greater Bay Area stands out. In January-February 2026, Yuexiu Property acquired a high-quality land parcel worth 23.6 billion yuan in Tianhe, Guangzhou, leading the nation and making the Greater Bay Area the top region for land acquisition, with the top 10 companies’ total land purchase amount ranking first and becoming a market highlight at the start of the year. The Yangtze River Delta’s top 10 companies ranked second, with Yuexiu, China World Trade Center, China Communications Construction, and other central SOEs actively deploying in the region. Local private enterprises and local state-owned assets also participated, making the market diverse. The Beijing-Tianjin-Hebei cluster ranked third, with the top 10 mainly composed of local SOEs and domestic private firms.

Among the top 5 real estate companies by land acquisition in key cities, national leading developers focus on multi-site layouts in core cities, while private and local state-owned enterprises mainly deepen their presence in specific cities. Yuexiu Property ranked highly in Guangzhou and Shanghai, demonstrating strong cross-regional land acquisition capabilities. In Guangzhou, Yuexiu’s 23.6 billion yuan land purchase gave it an absolute advantage, far surpassing others, reflecting its deep local market presence and financial strength. Private firms like Agile and Shanghai Purple City Development focus on regional expansion and are also among the top in Guangzhou and Shanghai. In second- and third-tier cities like Fuzhou, Nantong, and Yangzhou, local state-owned enterprises dominate land acquisitions.

Looking at the top 10 residential land transaction total prices nationwide in February, high-value parcels are characterized by core city hotspots, overall rationality, and dominance by central SOEs and state-owned enterprises, with significant city and district differentiation. Among these, Beijing and Guangzhou each have three parcels on the list, while most others are from second- and third-tier cities. Although overall transaction volume was small this month, high-quality parcels in core cities remained highly active. Guangzhou’s Ma Chang land parcel sold for 23.6 billion yuan, with a floor price of 41,632 yuan per square meter, far exceeding other parcels and highlighting the scarcity of prime assets in core areas. In Beijing, three parcels sold steadily, with the Shijingshan parcel reaching a floor price of 38,001 yuan per square meter. The main buyers remain central SOEs and local state-owned enterprises, with some private developers also participating.