Middle Finger Research Institute: the total amount of land purchased by the top 100 real estate companies in the first two months was 95.04 billion yuan, a year-on-year decrease of 52.4%.

The research institute of the index pointed out in a document that in January and February 2026, the total land acquisition amount of the TOP 100 enterprises was 95.04 billion yuan, a year-on-year decrease of 52.4%, with a decrease of almost the same as the previous month. Due to the influence of the Spring Festival holiday, land supply in February decreased, and with a high base number from the previous year, there was no significant improvement in land acquisition scale by real estate companies compared to the same period last year. In terms of land premium rate, the average premium rate for residential land in 300 cities across the country in February was 11%, which significantly increased. High-quality land plots in core cities were in high demand, as seen in the auction of the first phase of the Ma Chang land plot in Guangzhou on February 25, which was acquired by Yuexiu with a price of 23.604 billion yuan, a premium rate of 26.6%, setting a new high for residential land prices in Guangzhou; on February 10, a land plot in the Niusha Road area of the Jinjiang District in Chengdu also had a premium rate of 23.03%. In terms of land acquisition by enterprises, central state-owned enterprises are still the main players, with companies like Yuexiu Property, China Railway, China Merchants Property, and China Resources Land ranking at the top in terms of land acquisition amounts. Looking at the added value from new land acquisitions, Yuexiu Property, China Resources Land, and Shijiazhuang Chengfa Investment Group were the top three. In January and February 2026, Yuexiu Property ranked first with an added value of 77 billion yuan, China Resources Land followed with an added value of 10.8 billion yuan, and Shijiazhuang Chengfa Investment Group ranked third with an added value of 6.7 billion yuan. The total added value of the top 10 enterprises in January and February 2026 was 128.2 billion yuan, accounting for 38.9% of the total for the TOP 100 enterprises, with a minimum threshold of 1.4 billion yuan for added value. The provincial and municipal people's congresses proposed optimizing land supply to promote urban renewal The relevant statements on real estate in the government work reports of various provinces and cities generally continue the tone of the Central Economic Work Conference, with 15 provinces and cities emphasizing the stabilization of the real estate market. Each locality has arranged specific work on real estate based on its own actual conditions. In terms of "control of increment," Jiangxi and Shaanxi proposed to "establish a real estate land supply mechanism linked to the cycle of commercial housing sales," Sichuan proposed to "increase the supply of high-quality land plots," and Chongqing proposed to "scientifically arrange land supply, strengthen the matching of high-quality land, promote mixed land development and utilization in accordance with the law," which is expected to continue the trend of improving quality while reducing quantity in residential land supply across provinces and cities in 2026 to better meet the demand for improved housing for residents. For urban renewal in 2026, 30 provinces and cities emphasized urban renewal in their government work reports, with two more provinces and cities mentioning it compared to 2025. The frequency of emphasis on urban renewal was the highest among all items, with terms like vigorous promotion, high-quality progress, deep progress, and orderly progress being key. Many provinces and cities explicitly set specific goals for urban renewal, such as Beijing emphasizing "making good progress in the reinforcement work of 507 old and simple buildings, completing the renovation of 300 or more old neighborhoods, and installing more than 800 additional elevators in old buildings," and Tianjin stating "accelerating the implementation of the East and West Li areas, the West Station South area and other renewal projects, starting the construction of 15 new projects such as Chifeng Road - Central Garden," etc. Some provinces and cities also mentioned improving supporting policy tools, such as Beijing's mention of "promoting the implementation of the urban renewal regulations, improving the policy incentive toolbox, strengthening building scale indicators and financial and fiscal policy guarantees, supporting functional compound use. Strengthening the coordination mechanism of special teams, accelerating the implementation of projects, promoting group-style renewal integrating work, residence, commerce, and service." Looking at the land acquisition amounts of various urban clusters, the Guangdong-Hong Kong-Macao Greater Bay Area stands out. In January and February 2026, YueXiu Property acquired a high-quality land plot worth 23.6 billion yuan in the Tianhe district of Guangzhou, leading the Greater Bay Area ahead of the country, with the total land acquisition amount of the top 10 enterprises ranking first, becoming a highlight of the market at the beginning of the year; the Yangtze River Delta's top 10 enterprises ranked second, with central state-owned enterprises such as Yuexiu, Guangzhou Proper, and Zhongjiao City Construction focusing heavily, along with participation from local private enterprises and state-owned enterprises, showing a diverse range of market participants; the Beijing-Tianjin-Hebei urban cluster ranked third, with local state-owned enterprises and local private enterprises as the main players. Looking at the top 5 real estate companies in terms of land acquisition amounts in key cities, national top-tier real estate companies are focusing on multiple locations in core cities, whereas private enterprises and local state-owned enterprises are mainly focusing on exploring and expanding their presence in the urban area. YueXiu Property ranks among the top in Guangzhou and Shanghai, demonstrating strong cross-regional land acquisition capabilities, with YueXiu Property leading the market in Guangzhou with a land acquisition amount of 23.6 billion yuan, far exceeding other companies, reflecting its deep cultivation and financial strength in the local market; agile, Shanghai Zidu, and other private enterprises are focusing on regional exploration and expansion, ranking among the top in both Guangzhou and Shanghai. In second-tier and third- and fourth-tier cities like Fuzhou, Nantong, and Yangzhou, local state-owned enterprises are the main players in land acquisitions. Looking at the TOP 10 total transaction prices for residential land nationwide, the high total transaction prices for land plots in February show characteristics of high enthusiasm in first-tier core areas, overall rationality, and dominance by central state-owned enterprises, with significant differentiation among cities and districts. Among the listed land plots, Beijing and Guangzhou have 2 and 3 parcels of land entering the list, while the remaining land plots are mostly from second-tier and third- and fourth-tier cities. The overall transaction scale for residential land this month is relatively small, but the demand for high-quality land plots in core cities is prominent, with the Ma Chang land plot in Tianhe District, Guangzhou, ranking first with a total transaction price of 236 billion yuan and a floor price of 41,632 yuan per square meter, far higher than other land plots, highlighting the scarcity of assets in core areas; the three land plots in Beijing were sold steadily, with the floor price of the Shijingshan land plot reaching 38,001 yuan per square meter. The main land acquisition entities are still central state-owned enterprises and local state-owned enterprises, with some private real estate companies also participating.