<p>（第一财经）3 月 11 日——具有强大本地经验的小型和中型房地产开发商在今年重新进入中国土地拍卖市场，成为焦点，并有助于改善整体市场情绪。</p>
<p>浙江省的小型私营开发商博策房地产集团在今年城市首次土地拍卖中经过 30 轮竞标，以近 20% 的溢价赢得了杭州市的一块地。黑龙江省的另一家小型私营开发商汇龙房地产开发在哈尔滨 2026 年首次土地拍卖中获得了两块地，其中一块经过 184 次竞标以超过 60% 的溢价售出。</p>
<p>根据中国房地产信息公司发布的最新排名，总部位于上海的私营投资巨头紫江集团的房地产部门在 1 月和 2 月新增土地面积中排名中国第四，购买土地价值 46 亿元人民币（约合 6.4 亿美元）。汇龙房地产以 24 亿元人民币排名第 18，博策房地产并列第 25。</p>
<p>一些地区的小型和中型私营开发商已经开始积极竞标其核心市场中的优质地块，竞争意愿强烈，中国指数研究院企业研究总监刘水告诉第一财经。尽管如此，整体土地市场依然低迷，前 100 名开发商的土地总购买量在前两个月同比下降 52%，私营企业的整体土地收购也大幅下滑，他指出。</p>
<p>最近加大土地收购的私营开发商大多是深耕本地市场的区域性企业，专注于他们长期运营的城市，如博策房地产和汇龙房地产，刘表示，并补充说，他们的购买策略已转向特定城市的特定地块，关注优质位置、低库存和高确定性前景。</p>
<p>“私营开发商以高溢价积极竞标土地表明优质土地资产仍然具有价值，有助于扭转悲观预期，恢复市场信心，” 刘指出。</p>
<p>这也将加速行业整合，形成以大型国有企业为主导的新市场结构，辅以不再追求全国扩张而是旨在成为区域领导者的优质私营企业，实现差异化竞争。</p>
<p>这些区域性私营开发商通常杠杆率较低，用自有资金资助项目，并遵循 “只花你拥有的” 的原则，易居中国研究与发展院研究中心总经理余晓宇告诉第一财经。</p>
<p>在领先的开发商要么陷入债务危机，要么变得非常谨慎后，土地价格下跌，为了解当地需求的小型和中型私营开发商创造了增长机会，余解释道。</p>
<p>这些小型开发商受益于已建立的客户基础、本地品牌认知度和供应链，刘表示。他指出，他们获得的地块均位于城市核心区域。鉴于供应稀缺，优质物业享有较短的去库存周期和强大的价格韧性。</p>
<p>在开发高溢价地块时，这些小型开发商通常努力提高产品质量，同时控制施工成本，以最大化利润率，余表示。例如，他们通常在土地收购后六到八个月内启动项目销售，并在 12 到 18 个月内完成销售，尽量缩短资金周转周期，以降低融资成本和市场风险。</p>
<p>编辑：唐诗华，Futura Costaglione</p>

三湘印象

建业地产

<p>中国中小型房地产开发商重新进入土地拍卖市场，改善了市场情绪。值得注意的例子包括博策房地产集团和汇龙房地产开发公司，它们以显著溢价获得了地块。尽管整体土地市场疲软，这些区域开发商仍积极竞标优质地块，专注于核心市场。他们的策略强调低杠杆和地方专业知识，使他们能够在充满挑战的环境中抓住增长机会。这一趋势可能导致行业整合，形成以国有企业和强大的地方私营企业为主导的市场结构</p>

<p>(Yicai) March 11 -- Small- and medium-sized property developers with strong local experience have re-entered the Chinese land auction market this year, stepping into the spotlight and contributing to improving the overall sentiment.</p>
<div class="lb-trans"><p>（第一财经）3 月 11 日——具有强大本地经验的小型和中型房地产开发商在今年重新进入中国土地拍卖市场，成为焦点，并有助于改善整体市场情绪。</p>
</div><p>Boce Real Estate Group, a small private developer in Zhejiang province, won a plot in Hangzhou after 30 rounds of bidding at a premium of nearly 20 percent at the city’s first land auction of this year. Huilong Real Estate Development, another small private builder in Heilongjiang province, secured two plots at Harbin’s first land auction of 2026, one of which was sold after 184 bids at an over 60 percent premium.</p>
<div class="lb-trans"><p>浙江省的小型私营开发商博策房地产集团在今年城市首次土地拍卖中经过 30 轮竞标，以近 20% 的溢价赢得了杭州市的一块地。黑龙江省的另一家小型私营开发商汇龙房地产开发在哈尔滨 2026 年首次土地拍卖中获得了两块地，其中一块经过 184 次竞标以超过 60% 的溢价售出。</p>
</div><p>The real estate arm of Shanghai-based private investment giant Zijiang Group ranked fourth in China by newly added land in January and February, having purchased plots worth CNY4.6 billion (USD640 million), according to the latest ranking released by China Real Estate Information Corporation. Huilong Real Estate was 18th with CNY2.4 billion, and Boce Real Estate tied for 25th place.</p>
<div class="lb-trans"><p>根据中国房地产信息公司发布的最新排名，总部位于上海的私营投资巨头紫江集团的房地产部门在 1 月和 2 月新增土地面积中排名中国第四，购买土地价值 46 亿元人民币（约合 6.4 亿美元）。汇龙房地产以 24 亿元人民币排名第 18，博策房地产并列第 25。</p>
</div><p>Some regional small- and medium-sized private developers have started to actively bid for high-quality plots in their core markets, with strong willingness to compete, Liu Shui, director of corporate research at the China Index Academy, told Yicai. Despite that, the overall land market remains sluggish, with the total land purchases by the top 100 developers slumping 52 percent in the first two months from a year earlier, and the overall land acquisition by private firms also falling sharply, he noted.</p>
<div class="lb-trans"><p>一些地区的小型和中型私营开发商已经开始积极竞标其核心市场中的优质地块，竞争意愿强烈，中国指数研究院企业研究总监刘水告诉第一财经。尽管如此，整体土地市场依然低迷，前 100 名开发商的土地总购买量在前两个月同比下降 52%，私营企业的整体土地收购也大幅下滑，他指出。</p>
</div><p>Private developers that have recently stepped up land acquisition are mostly regional ones deeply rooted in their home markets and focusing on the cities where they have been operating for a long time, such as Boce Real Estate and Huilong Real Estate, Liu said, adding that their purchase strategy has shifted to specific plots in targeted cities, focusing on prime locations, low inventory, and high-certainty prospects.</p>
<div class="lb-trans"><p>最近加大土地收购的私营开发商大多是深耕本地市场的区域性企业，专注于他们长期运营的城市，如博策房地产和汇龙房地产，刘表示，并补充说，他们的购买策略已转向特定城市的特定地块，关注优质位置、低库存和高确定性前景。</p>
</div><p>“Private developers bidding aggressively for land at high premiums shows that high-quality land assets still hold value, helping reverse pessimistic expectations and restore market confidence,” Liu pointed out.</p>
<div class="lb-trans"><p>“私营开发商以高溢价积极竞标土地表明优质土地资产仍然具有价值，有助于扭转悲观预期，恢复市场信心，” 刘指出。</p>
</div><p>This will also accelerate industry consolidation, forming a new market structure led by large state-owned enterprises, complemented by high-quality private players who no longer pursue national expansion but aim to become regional leaders, achieving differentiated competition.</p>
<div class="lb-trans"><p>这也将加速行业整合，形成以大型国有企业为主导的新市场结构，辅以不再追求全国扩张而是旨在成为区域领导者的优质私营企业，实现差异化竞争。</p>
</div><p>These regional private developers generally have low leverage, fund projects with their own capital, and operate under the principle of ‘spend only what you have,’ Yu Xiaoyu, general manager of a research center at the E-House China Research and Development Institute, told Yicai.</p>
<div class="lb-trans"><p>这些区域性私营开发商通常杠杆率较低，用自有资金资助项目，并遵循 “只花你拥有的” 的原则，易居中国研究与发展院研究中心总经理余晓宇告诉第一财经。</p>
</div><p>After leading builders either fell into debt crises or became very cautious, land prices deflated, creating growth opportunities for small- and medium-sized private developers that understand local demand well, Yu explained.</p>
<div class="lb-trans"><p>在领先的开发商要么陷入债务危机，要么变得非常谨慎后，土地价格下跌，为了解当地需求的小型和中型私营开发商创造了增长机会，余解释道。</p>
</div><p>These small developers benefit from established customer bases, local brand awareness, and supply chains, Liu said. The plots they acquire are all in urban core areas, he noted. Given the scarce supply, high-quality properties enjoy short destocking cycles and strong price resilience.</p>
<div class="lb-trans"><p>这些小型开发商受益于已建立的客户基础、本地品牌认知度和供应链，刘表示。他指出，他们获得的地块均位于城市核心区域。鉴于供应稀缺，优质物业享有较短的去库存周期和强大的价格韧性。</p>
</div><p>When developing high-premium plots, these small builders usually strive to improve product quality while controlling construction costs to maximize profit margins, according to Yu. For instance, they usually launch projects for sale within six to eight months of land acquisition and complete sales in 12 to 18 months, minimizing capital turnover cycles to reduce funding costs and market risks.</p>
<div class="lb-trans"><p>在开发高溢价地块时，这些小型开发商通常努力提高产品质量，同时控制施工成本，以最大化利润率，余表示。例如，他们通常在土地收购后六到八个月内启动项目销售，并在 12 到 18 个月内完成销售，尽量缩短资金周转周期，以降低融资成本和市场风险。</p>
</div><p>Editors: Tang Shihua, Futura Costaglione</p>
<div class="lb-trans"><p>编辑：唐诗华，Futura Costaglione</p>
</div>

今年，私人区域房地产开发商在中国的土地拍卖市场中成为主角