<p>（第一財經）3 月 11 日——具有強大本地經驗的小型和中型房地產開發商在今年重新進入中國土地拍賣市場，成為焦點，並有助於改善整體市場情緒。</p>
<p>浙江省的小型私營開發商博策房地產集團在今年城市首次土地拍賣中經過 30 輪競標，以近 20% 的溢價贏得了杭州市的一塊地。黑龍江省的另一家小型私營開發商匯龍房地產開發在哈爾濱 2026 年首次土地拍賣中獲得了兩塊地，其中一塊經過 184 次競標以超過 60% 的溢價售出。</p>
<p>根據中國房地產信息公司發佈的最新排名，總部位於上海的私營投資巨頭紫江集團的房地產部門在 1 月和 2 月新增土地面積中排名中國第四，購買土地價值 46 億元人民幣（約合 6.4 億美元）。匯龍房地產以 24 億元人民幣排名第 18，博策房地產並列第 25。</p>
<p>一些地區的小型和中型私營開發商已經開始積極競標其核心市場中的優質地塊，競爭意願強烈，中國指數研究院企業研究總監劉水告訴第一財經。儘管如此，整體土地市場依然低迷，前 100 名開發商的土地總購買量在前兩個月同比下降 52%，私營企業的整體土地收購也大幅下滑，他指出。</p>
<p>最近加大土地收購的私營開發商大多是深耕本地市場的區域性企業，專注於他們長期運營的城市，如博策房地產和匯龍房地產，劉表示，並補充説，他們的購買策略已轉向特定城市的特定地塊，關注優質位置、低庫存和高確定性前景。</p>
<p>“私營開發商以高溢價積極競標土地表明優質土地資產仍然具有價值，有助於扭轉悲觀預期，恢復市場信心，” 劉指出。</p>
<p>這也將加速行業整合，形成以大型國有企業為主導的新市場結構，輔以不再追求全國擴張而是旨在成為區域領導者的優質私營企業，實現差異化競爭。</p>
<p>這些區域性私營開發商通常槓桿率較低，用自有資金資助項目，並遵循 “只花你擁有的” 的原則，易居中國研究與發展院研究中心總經理餘曉宇告訴第一財經。</p>
<p>在領先的開發商要麼陷入債務危機，要麼變得非常謹慎後，土地價格下跌，為了解當地需求的小型和中型私營開發商創造了增長機會，餘解釋道。</p>
<p>這些小型開發商受益於已建立的客户基礎、本地品牌認知度和供應鏈，劉表示。他指出，他們獲得的地塊均位於城市核心區域。鑑於供應稀缺，優質物業享有較短的去庫存週期和強大的價格韌性。</p>
<p>在開發高溢價地塊時，這些小型開發商通常努力提高產品質量，同時控制施工成本，以最大化利潤率，餘表示。例如，他們通常在土地收購後六到八個月內啓動項目銷售，並在 12 到 18 個月內完成銷售，儘量縮短資金週轉週期，以降低融資成本和市場風險。</p>
<p>編輯：唐詩華，Futura Costaglione</p>

三湘印象

建業地產

<p>中國中小型房地產開發商重新進入土地拍賣市場，改善了市場情緒。值得注意的例子包括博策房地產集團和匯龍房地產開發公司，它們以顯著溢價獲得了地塊。儘管整體土地市場疲軟，這些區域開發商仍積極競標優質地塊，專注於核心市場。他們的策略強調低槓桿和地方專業知識，使他們能夠在充滿挑戰的環境中抓住增長機會。這一趨勢可能導致行業整合，形成以國有企業和強大的地方私營企業為主導的市場結構</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>（第一財經）3 月 11 日——具有強大本地經驗的小型和中型房地產開發商在今年重新進入中國土地拍賣市場，成為焦點，並有助於改善整體市場情緒。</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>浙江省的小型私營開發商博策房地產集團在今年城市首次土地拍賣中經過 30 輪競標，以近 20% 的溢價贏得了杭州市的一塊地。黑龍江省的另一家小型私營開發商匯龍房地產開發在哈爾濱 2026 年首次土地拍賣中獲得了兩塊地，其中一塊經過 184 次競標以超過 60% 的溢價售出。</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>根據中國房地產信息公司發佈的最新排名，總部位於上海的私營投資巨頭紫江集團的房地產部門在 1 月和 2 月新增土地面積中排名中國第四，購買土地價值 46 億元人民幣（約合 6.4 億美元）。匯龍房地產以 24 億元人民幣排名第 18，博策房地產並列第 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>一些地區的小型和中型私營開發商已經開始積極競標其核心市場中的優質地塊，競爭意願強烈，中國指數研究院企業研究總監劉水告訴第一財經。儘管如此，整體土地市場依然低迷，前 100 名開發商的土地總購買量在前兩個月同比下降 52%，私營企業的整體土地收購也大幅下滑，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>最近加大土地收購的私營開發商大多是深耕本地市場的區域性企業，專注於他們長期運營的城市，如博策房地產和匯龍房地產，劉表示，並補充説，他們的購買策略已轉向特定城市的特定地塊，關注優質位置、低庫存和高確定性前景。</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>“私營開發商以高溢價積極競標土地表明優質土地資產仍然具有價值，有助於扭轉悲觀預期，恢復市場信心，” 劉指出。</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>這也將加速行業整合，形成以大型國有企業為主導的新市場結構，輔以不再追求全國擴張而是旨在成為區域領導者的優質私營企業，實現差異化競爭。</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>這些區域性私營開發商通常槓桿率較低，用自有資金資助項目，並遵循 “只花你擁有的” 的原則，易居中國研究與發展院研究中心總經理餘曉宇告訴第一財經。</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>在領先的開發商要麼陷入債務危機，要麼變得非常謹慎後，土地價格下跌，為了解當地需求的小型和中型私營開發商創造了增長機會，餘解釋道。</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>這些小型開發商受益於已建立的客户基礎、本地品牌認知度和供應鏈，劉表示。他指出，他們獲得的地塊均位於城市核心區域。鑑於供應稀缺，優質物業享有較短的去庫存週期和強大的價格韌性。</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>在開發高溢價地塊時，這些小型開發商通常努力提高產品質量，同時控制施工成本，以最大化利潤率，餘表示。例如，他們通常在土地收購後六到八個月內啓動項目銷售，並在 12 到 18 個月內完成銷售，儘量縮短資金週轉週期，以降低融資成本和市場風險。</p>
</div><p>Editors: Tang Shihua, Futura Costaglione</p>
<div class="lb-trans"><p>編輯：唐詩華，Futura Costaglione</p>
</div>

今年，私人區域房地產開發商在中國的土地拍賣市場中成為主角