China Index Academy: From January to October, the total land acquisition amount of the TOP 100 real estate companies increased by 26.4% year-on-year

According to the latest report from the China Index Academy titled "Top 100 National Real Estate Enterprises Land Acquisition Ranking from January to October 2025," the total land acquisition amount of the TOP 100 enterprises from January to October 2025 reached 783.8 billion yuan, a year-on-year increase of 26.4%, continuing the growth trend. However, the growth rate has significantly narrowed compared to January to September, mainly due to several large-scale land acquisitions in September, which led to a higher growth rate. In terms of newly added value, China Overseas Land & Investment, China Merchants Shekou, and Greentown China ranked in the top three.

Total Land Acquisition Amount of Key Real Estate Enterprises Increased by 26.4% Year-on-Year

From January to October 2025, the total land acquisition amount of the TOP 100 enterprises reached 783.8 billion yuan, a year-on-year increase of 26.4%, continuing the growth trend. However, the growth rate has significantly narrowed compared to January to September, mainly due to several large-scale land acquisitions in September, which led to a higher growth rate. The acquiring enterprises are still dominated by central state-owned enterprises, with 8 out of the top 10 enterprises in terms of acquisition amount being central state-owned enterprises. Some private enterprises also showed a certain level of investment intensity, with several private real estate companies in Zhejiang and Sichuan actively acquiring land.

In terms of newly added value, China Overseas Land & Investment, China Merchants Shekou, and Greentown China ranked in the top three. From January to October 2025, China Overseas Land & Investment ranked first with a newly added value of 187 billion yuan, while China Merchants Shekou ranked second with a newly added value of 180.7 billion yuan. Both companies significantly increased their value by acquiring urban renewal projects in Shanghai. Greentown China ranked third with a newly added value of 120.9 billion yuan. The total newly added value of the top 10 enterprises from January to October 2025 reached 1,044.9 billion yuan, accounting for 48.1% of the TOP 100 enterprises, with a newly added value threshold of 7.2 billion yuan.

Multiple Land Parcels Acquired in Joint Ventures to Share Risks and Benefits

In October, multiple land acquisitions were made through joint ventures. In terms of acquisition cities, they were mainly concentrated in core first- and second-tier cities, including first-tier cities like Shanghai and Beijing, as well as hot second-tier cities like Hangzhou and Chengdu. In terms of acquisition amounts, except for the high transaction prices of the underground space parcels in the C070102 unit 32-04 and 32-08 in Jing'an District, Shanghai, the transaction amounts of other parcels were not significant. Therefore, current real estate enterprises tend to acquire land jointly, mainly to cope with market uncertainties, sharing market risks such as poor sales and price fluctuations among multiple enterprises. In terms of the nature of the joint venture enterprises, they often adopt a "central enterprise + local state-owned assets" model, and there are also some "real estate enterprises + capital providers" land acquisition forms. At the same time, some projects are developed through joint land acquisition to lock in project development in advance through entrusted construction. For example, in the Suzhou land parcel No. 2025-WG-Z22, the acquiring enterprises are Hezhijiang Real Estate, Zhenwei Town Construction, and Greentown Management, with the project being entrusted to Greentown Management for construction. Currently, it is common for entrusted construction enterprises to get involved in projects early, collaborating with capital providers to hold shares or manage small stakes to acquire land, providing new expansion models for entrusted construction.

Key Areas and Cities for Real Estate Enterprises' Land Acquisition

In terms of land acquisition amounts across various city clusters, the Yangtze River Delta ranks first among the four major city clusters. From January to October 2025, the top 10 enterprises in the Yangtze River Delta had a land acquisition amount of 261.7 billion yuan, ranking first among the four major city clusters. The top 10 enterprises in the Beijing-Tianjin-Hebei region had a land acquisition amount of 102 billion yuan, ranking second; the top 10 enterprises in the central and western regions had a land acquisition amount of 58.8 billion yuan, ranking third From the perspective of the top 10 real estate companies in terms of land acquisition amounts in key cities, state-owned enterprises, national enterprises, and local state-owned assets remain the main players, while private enterprises only supplement land reserves in key deep cultivation areas. China Merchants Shekou ranked in the top ten for land acquisition amounts in Beijing, Shanghai, Nanjing, and Chengdu; Jianfa ranked in the top ten for land acquisition amounts in Hangzhou, Beijing, Suzhou, and Chengdu. Greentown and Poly both ranked in the top ten for land acquisition amounts in three cities, with leading companies focusing on core cities to increase their land reserves. Binjiang Group focused on Hangzhou, ranking first in land acquisition amounts in the city; Dahua Group increased land reserves in Shanghai; Jiahe Xing Real Estate entered the top ten for land acquisition amounts in Chengdu.

From the perspective of the top 10 total transaction prices for residential land nationwide, high total price plots in October were mainly concentrated in Shanghai and Beijing. Among the listed plots, Shanghai had four plots on the list, with a total transaction amount reaching 17 billion yuan, of which the underground space plots of the Jing'an District C070102 unit 32-04 and 32-08 ranked first with a total transaction price of 7.7 billion yuan. Beijing had two plots on the list, with a total transaction amount of 5.4 billion yuan. Xi'an, Guangzhou, Suzhou, and Dongguan each had one plot. In terms of the acquiring companies, four plots were acquired by joint ventures