Middle Finger Research Institute: The total amount of land acquisition for the TOP100 enterprises in January-February 2025 was 1998.6 billion yuan, an increase of 26.7% year-on-year.

In January-February 2025, the total land acquisition amount of the top 100 enterprises was 199.86 billion yuan, a year-on-year increase of 26.7%. The land market has shown signs of recovery, and the "good start" trend continues, with the total land acquisition amount of the top 100 enterprises showing a double-digit year-on-year growth. Since the end of September 2024, the transaction volume and price of second-hand houses in first-tier and strong second-tier cities have shown a bottoming out and rebounding trend, and market sentiment is gradually warming up, with real estate companies' confidence in the future market being restored. At the beginning of 2025, local governments actively released high-quality land in core areas with mature supporting facilities, further enhancing the enthusiasm of real estate companies to acquire land. At the same time, real estate companies also have a certain willingness to replenish inventory. Acquiring land at the beginning of the year can start construction and enter the sales stage in the same year, which helps real estate companies quickly recover funds and improve turnover efficiency. In terms of added value, CHINA RES LAND (01109), Poly Developments and Holdings Group (600048.SH) and CHINA JINMAO (00817) ranked top three. In January-February 2025, CHINA RES LAND ranked first on the list with an added value of 46.5 billion yuan, Poly Developments and Holdings Group ranked second with an added value of 30.5 billion yuan, and CHINA JINMAO ranked third with an added value of 28.3 billion yuan. The total added value of the top 10 enterprises in January-February 2025 was 234.28 billion yuan, accounting for 39.2% of the top 100 enterprises, with a threshold of 2 billion yuan for added value.