Finger Research Institute: Key real estate companies acquired a total of 192.31 billion yuan in land from January to April, with state-owned enterprises continuing to dominate.

The China Index Institute stated in a document that from January to April 2026, the total land acquisition amount of the top 100 enterprises was 192.31 billion yuan, a year-on-year decrease of 46.7%, with a decrease of 2.7 percentage points compared to the previous month. In April, Beijing, Shanghai, Shenzhen, and Hangzhou successively conducted land auctions, with many plots fetching high premiums. In terms of land acquisition companies, central SOEs are still the main force, with YUEXIU PROPERTY (00123), CHINA RES LAND (01109), Poly Developments and Holdings Group (600048.SH), CHINA JINMAO (00817), China Merchants Shekou Industrial Zone Holdings (001979.SZ), China Overseas Property, Jianfa Real Estate and other large central SOEs among the top in terms of land acquisition amounts. In terms of added value, YUEXIU PROPERTY, CHINA RES LAND, and Poly Developments and Holdings Group rank in the top three. In January to April 2026, YUEXIU PROPERTY ranked first with 81.9 billion yuan in added value; CHINA RES LAND had an added value of 52 billion yuan, ranking second; Poly Developments and Holdings Group had an added value of 26.9 billion yuan, ranking third. In January to April 2026, the total added value of the top 10 enterprises was 255.66 billion yuan, accounting for 40.9% of the top 100 enterprises, with a threshold of 2.6 billion yuan for added value. In January to April 2026, the land supply pace and transaction volume slowed down compared to the same period last year. In terms of the number of private enterprises acquiring land, after actively replenishing their inventory last year, the scale and participation of private enterprises in land acquisition have both declined. In January to April 2026, there was only one private enterprise in the top 10, Hangzhou Binjiang Real Estate Group; there were no private enterprises in the top 11-20, compared to one in the same period last year; there were only two private enterprises in the top 21-30, compared to three in the same period last year. In terms of land acquisition scale, in the first four months of 2026, the land acquisition scale of real estate companies in general, including private enterprises, decreased. In the first four months of 2025, the total land acquisition amount of private enterprises in the top 30 was approximately 38 billion yuan, which decreased significantly to only 6.7 billion yuan in the first four months of 2026. In terms of cities where private enterprises acquire land, the focus is mainly on cities such as Hangzhou, Kunming, Chongqing, and Rizhao, where private enterprises are generally focusing on cultivating advantageous cities. In terms of land acquisition amounts in key regions and cities, the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area are leading in terms of heat. In January to April 2026, the top 10 enterprises in the Yangtze River Delta ranked first in terms of land acquisition amounts among the four major city clusters, with Poly Developments and Holdings Group leading with 10.7 billion yuan in land acquisition amount. China Merchants Shekou Industrial Zone Holdings, CHINA RES LAND, GREENTOWN CHINA, and other leading enterprises are actively expanding, with high market activity. The land acquisition total in the Guangdong-Hong Kong-Macao Greater Bay Area followed closely, showing a "one-man show" pattern, with YUEXIU PROPERTY leading the way with a huge land acquisition amount of 23.6 billion yuan, boosting the regional total, while CHINA JINMAO, CHINA RES LAND, Poly Developments and Holdings Group, and other leading enterprises are also actively participating in the bidding. Due to land auctions in Beijing this month, the total land acquisition amount in the Beijing-Tianjin-Hebei region has significantly increased, with central SOEs acquiring the most land. In terms of the top 10 real estate enterprises in land acquisition amounts in key cities, leading real estate companies are focusing on acquiring land in multiple core cities, while private enterprises and local state-owned assets are focusing on deepening their presence in cities for development. Shanghai, as a first-tier city, has a strong appeal to leading enterprises, with Poly Developments and Holdings Group, China Merchants Shekou Industrial Zone Holdings, YUEXIU PROPERTY, and other leading enterprises strategically positioning themselves. The scarcity of land value in these cities is evident. Leading enterprises are focusing on core cities, with Poly Developments and Holdings Group leading in land acquisition amounts in Shanghai and Hangzhou, CHINA RES LAND leading in Beijing and Chengdu, and CHINA JINMAO ranking in the top three in cities like Guangzhou, Beijing, and Nanjing. Private enterprises such as Hangzhou Binjiang Real Estate Group, Agile, and Shanghai Zidu Property are focusing on developing in their regions by strategically entering cities like Hangzhou, Guangzhou, and Shanghai. Hope this helps!