the third batch of centralized land supply in Hangzhou increased sharply, and half of them reached the top
The third batch of centralized land supply came to an end. The final transaction of 35 plots in Hangzhou was 76 billion yuan, of which 24 plots touched the upper limit of bidding and entered the lottery link, and 9 plots were closed at the base price. So far, the three rounds of centralized local auction in Hangzhou this year have ended, with a total amount of over 300 billion yuan.
From the transaction results, affected by multiple factors such as slow sales collection, high capital pressure and adjustment of local auction rules, although this round of local auction in Hangzhou has obviously “warmed up”, it is still dominated by real estate enterprises such as Binjiang, China Resources and Greentown, and private enterprises are slightly inferior.
Among them, China Resources topped the list with two plots with a total price of 12.275 billion yuan. Greentown followed closely with a total transaction price of 8.979 billion yuan, winning three plots with a lottery price of 8.322 billion yuan and plot h-r21-01, unit of Binhu New Area, Lin’an district with a reserve price of 657 million yuan.
The Hangzhou Binjiang Real Estate Group Co.Ltd(002244) deeply cultivated in Hangzhou won 4 plots with a joint bid of 7.422 billion yuan. Except that the first plot on the east side of Qingxi Second Road in dajiangdong core area was won at the base price of 925 million yuan, the other 3 plots were won by lottery.
In addition, Yuexiu lottery won the plot gs1104-r21-05 of North railway station unit, with a transaction price of RMB 2.124 billion and a premium rate of 9.83%; The consortium of China Merchants + Beijing Science and Technology Park won the plot gs1001-15 of Yunhe new town unit with a lottery of 941 million yuan, with a premium rate of 9.93%; Zhonghai lottery won the lot in Shangcheng district (plot r21-12 of Niutian unit), with a transaction price of 4.253 billion yuan and a premium rate of 9.81%.
From the perspective of bidding rules, compared with the first round of high premium “land grabbing”, the reason of the second round is bleak. In this round of land auction, Hangzhou has optimized the land acquisition strategy in order to improve the land acquisition enthusiasm of developers.
Firstly, after the release of the plot notice, the list of listed plots was officially determined according to the land application and market reaction. The new house price ceiling of some regional plates has been adjusted, involving 14 regions such as canal new town, Sandun, Shenhua and future science and technology city.
Secondly, the land capping premium rate and initial floor price were appropriately reduced to maximize the profits from buying and selling houses. At the same time, the “competitive quality” of the second batch is changed to “fixed quality”, and the “quality standard” is issued by the government.
the transaction of the second batch of centralized land supply is insufficient, and the market wait-and-see mood is severe
In the first round of local photography, except for Beijing and Shanghai, the other 20 cities appeared the phenomenon of “high in the South and low in the north”. The average premium rate of Hangzhou, Shenzhen and Xiamen exceeds 25%, while Chongqing ranks first with an average premium rate of 38.82%. Among them, China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) won the first commercial and residential plot of Xiyong group, Shapingba District with a premium rate of 129.98%.
In northern cities, although Changchun took the lead in starting centralized land supply, the premium rate is at the bottom. Among the 38 plots traded, 32 plots were traded at the base price, with an average premium rate of 3.92%.
After learning the “lessons” of the first round of land supply, 14 cities successively stopped the second round of land supply in early August and launched the “patch policy”. Set the premium rate ceiling to 15%, and it is not allowed to adjust the premium rate by raising the starting price, and strictly control the urban floor price to break through a new high. After the premium rate reaches the top, the final winner will be confirmed by means of lottery and competitive quality.
In addition to limiting the premium rate, the multi land auction rules also strengthen the review of developers’ own funds and qualifications. After raising the bidding threshold, some developers suffered from lack of funds and were directly discouraged.
Affected by this, only 14 plots were finally sold in the second batch of centralized land supply in Hangzhou, down 75% from the first batch of 57 plots; The total transaction price was 25.7 billion yuan, down 78% from 117.8 billion yuan in the first batch; The average premium rate of land transaction was 4.6%, down 21.4% from the average premium rate of the first batch.
In addition, due to the extremely limited profit margin, many plots in the first two rounds of centralized land auction in Hangzhou seek cooperation after the transaction, or appear in the form of consortium during the auction. Hangzhou Binjiang Real Estate Group Co.Ltd(002244) among the 6 plots won in the first two rounds, 4 plots were jointly acquired, accounting for 67%.
In the first round of “two centralized” land supply bidding in Hangzhou, song Du won five plots with a total price of 4.584 billion yuan, including Hangzheng ChuChu [2021] plot 8, Linzheng ChuChu [2021] plot 4, Linzheng ChuChu [2021] plot 12, Fuzheng ChuChu [2021] plot 10 and Fuzheng ChuChu [2021] plot 9.
Subsequently, song Du reached a cooperation intention with Xiangsheng on Hangzheng ChuChu [2021] plot 8. However, on May 13, 2021, the incident took a turning point. Xiangsheng informed relevant personnel of Songdu company by telephone and unilaterally said that it would no longer participate in cooperation.
Coincidentally, song Du also signed a memorandum of cooperation with Zhejiang Baolong on Linzheng ChuChu [2021] plot 12. However, Zhejiang Baolong delayed signing the formal cooperation agreement because the contract was still in the approval process, and rejected the work contact letter on promoting the cooperation of plot zx11-g-15 of Tianmu pharmaceutical port sent by song Du. On May 19, 2021, under the urging of song Du by telephone for many times, Zhejiang Baolong also made it clear to give up cooperation.
Sundy Land Investment Co.Ltd(600077) in the reply to the supervision letter of Shanghai Stock Exchange on abandoning the land use right, it said that Xiangsheng and Baolong failed to fulfill their obligations to jointly develop the plot, resulting in problems in the capital flow of Songdu in a short time, so they decided to give up the land use right. This means that there is no alternative but to seek self-protection by returning to the land.
Chen Guoxiang, chairman of Xiangsheng group, also responded on the matter, saying that “there is no dispute between the two families, but song Du makes trouble without reason”.
the policy is stable and the future is good
For the reasons for the sudden cooling of the land market in some cities, the analysts of the China Index Research Institute said: on the one hand, the real estate policy regulation was frequent in the third quarter, involving purchase restrictions, sales restrictions and the transaction reference price of second-hand houses. The superimposed bank mortgage quota was tight, the market wait-and-see mood increased, and the market activity of many cities decreased significantly.
On the other hand, the capital side of real estate enterprises continues to be under pressure. Under the tight bank mortgage line, the lending cycle is prolonged, which affects the rhythm of payment collection of real estate enterprises. Individual enterprise defaults also affect the normal financing of real estate enterprises to a certain extent. Superimposed on the second batch of centralized land supply and strict review of self owned funds for land purchase, the willingness of real estate enterprises to obtain land is restrained.
However, from the third round of centralized land auction in Shanghai, Guangzhou, Shenzhen and other cities, compared with the previous situation of “national team” falling side by side, the enthusiasm of private enterprises in this round of land auction has improved, and the market recovery speed is much faster than expected.
Hong Rongyuan, a local real estate enterprise that has not appeared in the Shenzhen local auction market for a long time, won the plot of Xin’an street in Bao’an District with 3.094 billion yuan and won wide attention in the market again.
Superimposed on the recent actions of the central bank, the tight capital situation of real estate enterprises may be improved.
(Chinanet real estate)
