According to China Index Academy, from January to August 2025, TOP100 companies' total land acquisition reached 605.6 billion yuan, representing a year-on-year increase of 28.0%, with the growth rate narrowing by 6.3 percentage points compared to January-July. In August, although the land market remained active, it showed some decline compared to July. Land acquisition enterprises were still dominated by central and state-owned enterprises, with 8 out of the top 10 companies by land acquisition value being central and state-owned enterprises. Some private enterprises also demonstrated considerable investment intensity, such as Hangzhou Binjiang Real Estate Group Co.,Ltd. (002244.SZ) ranking among the top ten in land acquisition value, while Bangtai Group and Dahua Group also entered the top twenty in land acquisition amounts.
Chart: Cumulative land acquisition total and year-on-year growth of TOP100 real estate companies from January 2022 to August 2025
In terms of new inventory value, GREENTOWN CHINA (03900), Poly Developments And Holdings Group Co.,Ltd. (600048.SH), and China Overseas Land ranked in the top three. From January to August 2025, GREENTOWN CHINA topped the list with 114.4 billion yuan in new inventory value, Poly Developments And Holdings Group Co.,Ltd. ranked second with 99.6 billion yuan in new inventory value, and China Overseas Land ranked third with 92.3 billion yuan in new inventory value. The total new inventory value of TOP10 companies was 731.2 billion yuan from January to August 2025, accounting for 43.6% of TOP100 companies, with the threshold for new inventory value being 5.9 billion yuan.
Real Estate Companies' Land Acquisition in Key Regions and Cities
From the perspective of land acquisition amounts in various city clusters, the Yangtze River Delta ranked first among the four major city clusters. From January to August 2025, TOP10 companies in the Yangtze River Delta had land acquisition amounts of 182.4 billion yuan, ranking first among the four major city clusters. Beijing-Tianjin-Hebei TOP10 companies had land acquisition amounts of 89.6 billion yuan, ranking second; Central and Western regions TOP10 companies had land acquisition amounts of 48.6 billion yuan, ranking third.
From the TOP10 real estate companies by land acquisition amounts in key cities, central enterprises, state-owned enterprises, and local state-owned capital remained the main forces, with private enterprises only supplementing land reserves in key deep-cultivation regions. China Merchants Shekou's land acquisition amounts entered the top ten in four cities: Beijing, Shanghai, Nanjing, and Chengdu; C&D's land acquisition amounts entered the top ten in four cities: Hangzhou, Beijing, Suzhou, and Chengdu. Both Greentown and Poly ranked among the top ten in land acquisition amounts in 3 cities, with leading companies focusing on core cities to intensify their land replenishment efforts.
Hangzhou Binjiang Real Estate Group Co.,Ltd. focused on Hangzhou, ranking first in land acquisition amounts in Hangzhou; Xingyao Real Estate Group and Dahua Group increased their land reserves in Shanghai; Jiahe Xing Real Estate entered the top ten in land acquisition amounts in Chengdu.
From the TOP10 national residential land transactions by total price, high-value land plots in August were mainly concentrated in Shenzhen and the Yangtze River Delta region. Among the listed plots, Shenzhen had 3 plots on the list with a total transaction amount of 11.6 billion yuan, while Shanghai, Ningbo, Wuxi, and Nantong in the Yangtze River Delta region each had one plot on the list, with a total transaction amount of 6.9 billion yuan. Among them, the Xin'an Street plot in Shenzhen topped the list with a total transaction price of 8.6 billion yuan, with the plot's floor price setting a new record for residential land unit prices in the Bao'an Central sector.
From the perspective of land acquisition enterprises, companies acquiring high-value plots were mainly central enterprises and urban investment companies.
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