In the first two months of 2022, the total land acquisition of the top 100 real estate enterprises was 144.09 billion yuan, a sharp drop of 62.7% compared with 386.6 billion yuan in the same period last year, and the threshold value was directly halved. When the land acquisition reached 500 million yuan, they became one of the top 100.
When combing the relevant data, the reporter of the daily economic news found that in the same period of 2021, the land acquisition scale of real estate enterprises increased by 9.2% year-on-year. Major development enterprises reduced the intensity of land acquisition cooperation and maintained enthusiasm for second tier and third and fourth tier cities. However, in 2022, the market was cold, and the hot spots of real estate enterprises returned to the first tier cities and the Yangtze River Delta.
List of local state-owned assets sharing food and land
The reporter saw from the “top 100 ranking list of land acquisition by national real estate enterprises from January to February 2022” of China Index Research Institute that the top 10 land acquisition amount of real estate enterprises has changed greatly. Except that Greentown China and Hangzhou Binjiang Real Estate Group Co.Ltd(002244) etc. maintained the same ranking as the same period last year, and the ranking of China shipping, Jindi and country garden increased from January to February last year, leading real estate enterprises such as China Merchants, rongchuang, China Resources and Vanke did not enter the top 20.
A large number of atypical real estate enterprises, such as Beijing Xingchuang investment, Beijing Urban Construction Investment & Development Co.Ltd(600266) , everyone real estate, Rongxiang real estate, Nantong coastal group, Ningbo Fenghua investment group, etc., ranked among the top 20.
There are traces of all this. In the past centralized land supply in Beijing, except for Xuhui, a private enterprise, the rest are all development enterprises of central enterprises and state-owned enterprises. Among them, Beijing Xingchuang investment’s Xingchuang land won two plots, namely 4.82 billion yuan for independent land acquisition and 3.57 billion yuan for joint land acquisition.
From the ranking of land acquisition area, Shaanxi construction real estate, Daye xintongdu Chengfa investment, Zhangzhou Jiulongjiang Gulei investment, Shanxi construction investment and other enterprises with obvious local characteristics are ahead.
With regard to the “transformation” of listed real estate enterprises, Liu Shui, research director of the enterprise business department of the China Index Research Institute, said in an interview with the reporter of the daily economic news, “Beijing Xingchuang investment is a state-owned enterprise platform subordinate to Beijing Yizhuang Economic Development Zone, Beijing Urban Construction Investment & Development Co.Ltd(600266) is a state-owned enterprise in Beijing. Beijing has completed the first batch of land supply, so the land acquisition is ahead; everyone’s real estate and Rongxiang real estate are regional real estate enterprises, which are mainly affected by the land promotion of the city.”
Under the special market environment in 2022, will the land acquisition pattern at the beginning of the year affect the ranking of real estate enterprises in 2022?
Liu Shui said, “the ranking in the first few months is less relevant to the whole year. At the beginning of the year, some cities pushed the land earlier and some cities didn’t push the land, which makes the ranking of enterprises in cities with earlier land higher. Usually, cities push the land in the middle of the year. At this time, the ranking of real estate enterprises is more relevant to the ranking of the whole year, so as to objectively reflect the land acquisition situation of enterprises.”
The investment amount of “big land users” has been halved
From the list, even for the real estate enterprises that maintain the original ranking, such as Greentown, Zhonghai, Binjiang, Jindi and country garden, the actual land acquisition amount of these “big land acquisition households” is only half or even lower than that of the same period last year. Why has the land acquisition scale of real estate enterprises decreased significantly?
Liu Shui told reporters: “On the one hand, the de commercialization of sales is poor, and enterprises are more cautious in land acquisition. At present, the real estate market is still undergoing in-depth adjustment. According to the statistics of China Index Research Institute, the sales of Top100 decreased by 34% from January to February, and the de commercialization is weak, so real estate enterprises will be more cautious in land acquisition. On the other hand, the improvement of real estate enterprises’ financing environment is limited, and enterprises will reduce land acquisition expenses to ensure cash flow safety. Recently, real estate financing has significantly improved The good areas are mainly the issuance of bonds and loans for mergers and acquisitions. More state-owned enterprises benefit, while private real estate enterprises benefit less. “
It is not just the head real estate enterprises that reduce the scale of investment. Zhang Xiaofei, senior analyst of the land business department of China Index Research Institute, pointed out that from January to February 2022, various types of land were launched, with a planned construction area of 217773900 square meters, a year-on-year decrease of 27%; The turnover was 179058600 square meters, a year-on-year decrease of 28.1%; In February, various types of land were launched in a single month, with a planned construction area of 883387 million square meters, a year-on-year decrease of 27.6%; The turnover was 71 million square meters, a year-on-year decrease of 31.0%.
From the data, the land acquisition scale of the top 100 real estate enterprises decreased by 62.7% year-on-year, which is almost the same as the year-on-year decrease of the cumulative transfer fee of 300 cities (63.2%). It is worth noting that from January to February, there were only two enterprises with a cumulative equity land acquisition amount of more than 10 billion yuan, namely Greentown China (20.8 billion yuan) and China Resources Land (12.8 billion yuan). Compared with the eight enterprises in the same period last year, the overall investment decreased greatly.
In terms of cumulative new value, green city China, Beijing Xingchuang investment and China Resources Land occupy the top three places on the list with 39.2 billion yuan, 25.4 billion yuan and 22.2 billion yuan respectively. The total new value of top 10 enterprises from January to February was 175.7 billion yuan, and the threshold of top 100 enterprises was 10 billion yuan.
This figure is significantly lower than that of the same period in 2021: the first Shanghai Pudong Development Group is 65.7 billion yuan, followed by rongchuang China and Poly Developments And Holdings Group Co.Ltd(600048) followed, with the cumulative added value of 57.1 billion yuan and 56.4 billion yuan respectively. The total newly added value of TOP10 enterprises is 407.3 billion yuan, and the threshold of Top100 enterprises is 24.4 billion yuan.
Yan Yuejin, research director of the think tank center of E-House Research Institute, told reporters: “On the whole, the willingness of real estate enterprises to acquire land is indeed not high recently, and many real estate enterprises are also in a state of weakness. If the housing sales are depressed, the capital recovery of real estate enterprises will not be very good, and even if the housing sales data pick up, it will not be immediately reflected in the improvement of the capital situation of real estate enterprises, which makes the actions of real estate enterprises to acquire land relatively few.”
Investment hotspots return to first tier cities
As Beijing launches the first shot of the first batch of centralized land supply in 2022, first tier cities have once again become an important battlefield for real estate enterprises’ investment. According to the monitoring of China Index Research Institute, 50 representative real estate enterprises accounted for 36.2% of the investment area in first tier cities from January to February 2022. From the perspective of layout area, enterprises are keen to acquire land in the Yangtze River Delta, accounting for 38.1%.
In 2022, Beijing, Ningbo and Jiaxing, Zhejiang, which have been intensively supplying land, have become the top three cities in terms of land acquisition area on behalf of real estate enterprises. Among them, Beijing ranked first with 875000 square meters and Ningbo ranked second with 522000 square meters.
According to the monthly situation in February, the land acquisition amount of top 10 enterprises in Beijing, Tianjin and Hebei was 44.9 billion yuan, ranking first among the four major urban agglomerations in China. Among them, green city China obtained 3 plots of land from Beijing’s centralized land supply, with a total amount of 9.8 billion yuan; The land acquisition amount of top 10 enterprises in the Yangtze River Delta was 23.4 billion yuan, ranking second; The amount of land acquired by the top 10 enterprises in the central and western regions was 10.7 billion yuan, ranking third.
“The follow-up centralized land supply is expected to have a new action gradually from May, which depends on the reflection of the sales data from March to April. In the regional market, some second and third tier cities with low land price cost have good economic fundamentals and controllable land price, which are often the areas where real estate enterprises actively take land.” Yan Yuejin said.
