From January to October, the total land acquisition amount of the top 100 real estate companies increased by 26.4% year-on-year.

The latest report released by the Zhongshi Institute, "TOP100 Ranking of National Real Estate Companies' Land Acquisition from January to October 2025," shows that from January to October 2025, the total amount of land acquired by the TOP100 companies was 783.8 billion yuan, a year-on-year increase of 26.4%. The growth trend continued, but the increase was significantly narrower compared to the period from January to September, mainly due to multiple large-scale land acquisitions in September, which led to a higher growth rate. In terms of added value, China Overseas Land & Investment Limited, China Merchants Shekou Industrial Zone Holdings, and GREENTOWN CHINA were the top three. Key real estate companies' land acquisition total increased by 26.4% year-on-year. From January to October 2025, the total amount of land acquired by TOP100 companies was 783.8 billion yuan, a year-on-year increase of 26.4%. The growth trend continued, but the increase was significantly narrower compared to the period from January to September, mainly due to multiple large-scale land acquisitions in September, leading to a higher growth rate. State-owned enterprises continue to dominate land acquisition, with 8 of the top ten land acquisition companies being state-owned enterprises, and some private enterprises also showing a certain level of investment intensity, such as several private real estate companies in Zhejiang and Sichuan actively acquiring land. In terms of added value, China Overseas Land & Investment Limited topped the list with 187 billion yuan in added value from January to October 2025, followed by China Merchants Shekou Industrial Zone Holdings with 180.7 billion yuan in added value, and both companies significantly increased their value through Shanghai urban renewal projects. GREENTOWN CHINA came in third with added value of 120.9 billion yuan. The total added value of the top 10 companies from January to October 2025 was 1.0449 trillion yuan, accounting for 48.1% of the TOP100 companies, with a minimum added value threshold of 7.2 billion yuan. Joint ventures to share risks and benefits in multiple land acquisitions. In October, multiple land acquisitions were made through joint ventures. In terms of land acquisition cities, the focus was mainly on the core cities of the first and second-tier cities, including first-tier cities such as Shanghai and Beijing, and hot second-tier cities such as Hangzhou and Chengdu. In terms of land acquisition amounts, except for the high total transaction prices of the Shanghai Jing'an District C070102 Unit 32-04 and 32-08 underground space land parcels, the transaction amounts of other parcels were not huge. Therefore, current real estate companies tend to acquire land jointly to deal with market uncertainties, sharing market risks such as slow sales and price fluctuations among multiple companies. In terms of the nature of joint ventures, many adopt a form of "state-owned enterprises + local state-owned enterprises," and there are also some joint land acquisitions in the form of "real estate companies + capital parties." At the same time, some projects are started through joint land acquisitions to lock in the development of the project in advance. For example, the Suolan 2025-WG-Z22 land parcel in Suzhou, acquired by Hezhi River Real Estate, Zhenwei Town Construction, and GREENTOWN MANAGEMENT, will be developed by GREENTOWN MANAGEMENT. Currently, cases of capital parties being involved in joint land acquisitions and project development through joint ventures have become increasingly common, providing a new expansion model for project development. Key regional and urban real estate land acquisitions In terms of land acquisition amounts in various city clusters, the Yangtze River Delta ranks first among the four major city clusters. From January to October 2025, the top 10 companies in the Yangtze River Delta acquired 261.7 billion yuan of land, leading the four major city clusters, while the top 10 companies in the Beijing-Tianjin-Hebei region acquired 102 billion yuan of land, ranking second, and the top 10 companies in the central and western regions acquired 58.8 billion yuan of land, ranking third. Looking at the top 10 real estate companies in key cities in terms of land acquisition amounts, state-owned enterprises, SOEs, and local state-owned enterprises are still the main players, with private enterprises only supplementing land reserves in key areas. China Merchants Shekou Industrial Zone Holdings entered the top ten in land acquisitions in Beijing, Shanghai, Nanjing, and Chengdu; Jianfa entered the top ten in land acquisitions in Hangzhou, Beijing, Suzhou, and Chengdu, while Greenland and Poly ranked in the top ten in land acquisitions in three cities, with leading companies focusing on core cities and increasing efforts to replenish their land inventory. Hangzhou Binjiang Real Estate Group leads in land acquisitions in Hangzhou; Dahua Group increases its land reserves in Shanghai; Jiahe Real Estate enters the top ten in land acquisitions in Chengdu. Looking at the total transaction prices of residential land in the TOP 10 nationwide, high-priced land parcels in October are mainly concentrated in Shanghai and Beijing. Among the listed parcels, Shanghai has 4 listed parcels, with a total transaction amount of up to 17 billion yuan, with the Jing'an District C070102 Unit 32-04 and 32-08 underground space land parcels ranking first with a total transaction price of 7.7 billion yuan. Beijing has 2 listed parcels, with a total transaction amount of 5.4 billion yuan. There is 1 listed parcel each in Xi'an, Guangzhou, Suzhou, and Dongguan. In terms of the acquiring companies, 4 parcels were acquired through joint ventures.