According to the China Index Academy, from January to August 2026, the total land acquisition amount by 100 key property developers stood at 497.9 billion yuan, marking a year-on-year decline of 17.8%. This represents a notable improvement, with the rate of decline narrowing by 9.8 percentage points compared to the previous month. Central state-owned enterprises (SOEs) remain the dominant force in land acquisitions, although their purchasing patterns have shown increasing divergence among individual firms.
In August, the national land market exhibited a dual trend: localized high demand in core cities juxtaposed with an overall contraction in transaction volumes nationwide. Premium land parcels in major urban centers continued to attract fervent bidding, with multiple residential plots launched in Beijing and Shanghai. Several auctions exceeded one hundred bidding rounds, drawing active participation from leading developers. For the first eight months of 2026, the total new land value added by the top 100 developers fell by 22.3% year-on-year, a narrower decline than the 1-7 period. This improvement is largely attributed to the elevated auction activity in core cities during August, where CHINA RES LAND (01109), Poly Developments And Holdings Group Co.,Ltd. (600048.SH), and YUEXIU PROPERTY (00123) emerged as the top three purchasers.
The heightened competition for core land parcels in August was driven by both supply and demand factors. On the supply side, under the policy guidance of "controlling new inventory and optimizing supply," local governments have reduced overall land supply while concentrating limited quotas on high-quality parcels in core districts. Recently, Beijing and Shanghai have unveiled multiple plots with superior locations and clearer market expectations, boosting the availability of premium land and invigorating developer participation. Conversely, on the demand side, the property market remains in an adjustment phase, prompting developers to adopt more cautious investment strategies. They increasingly emphasize "precision investment" and "sales-driven land purchasing," channeling limited capital toward core urban areas with robust demand support and clearer sales prospects.
Despite the fervor surrounding core parcels, the average premium rate across 300 cities nationwide stood at just 7.5%, underscoring a market landscape characterized by "pockets of high heat amid sustained divergence." This bifurcation indicates that while select prime locations experience intense competition, the broader market continues to cool.
Regarding land acquisition entities, SOEs remain the primary purchasers, yet their behavior shows notable differentiation. Poly Developments And Holdings Group Co.,Ltd., CHINA RES LAND, and YUEXIU PROPERTY recorded significant year-on-year growth in acquisition amounts, accompanied by higher land-to-sales ratios, reflecting aggressive investment stances. Meanwhile, private developers saw a rise in the number of firms entering the market, but their total spending diminished.
From January to August 2026, the top 10 developers included one private enterprise, Binjiang Group, while the 11th to 20th tier featured three private firms—Bangtai Group, Dahua Group, and Weixing Real Estate—one more than the same period last year. The 21st to 30th tier listed two private companies, also an increase of one year-on-year. In terms of scale, private developers in the top 30 collectively spent approximately 31.3 billion yuan on land during the first eight months of 2026, a sharp decline from the 54.2 billion yuan recorded in the same span of 2025.
Breaking down regional activity, the Yangtze River Delta emerged as the most vibrant hub, with SOEs dominating acquisitions. In the January-August 2026 period, the delta region led the four major city clusters in total land spending by top 10 developers. This is attributed to the region's solid economic fundamentals—Shanghai's industrial prowess and affluent demographics, Hangzhou's digital economy vitality coupled with sustained population inflows, and Ningbo's robust manufacturing base—which collectively bolster developer confidence. Additionally, local governments have proactively released low-density, scarce parcels in core urban areas, such as Shanghai's low-density residential plots and Hangzhou's unpriced-capped central land, precisely aligning with developers' acquisition preferences and intensifying competition among leading firms. While SOEs dominate, private players like Binjiang Group, Weixing Real Estate, and Bangtai Group are also actively deepening their presence in advantageous regions.
The Guangdong-Hong Kong-Macao Greater Bay Area secured the second-highest land spending among top 10 developers, with Guangzhou's core districts witnessing elevated land prices that spurred increased participation. Among the top 10 developers ranked by land acquisition in key cities, SOEs predominantly feature. China Jinmao, Poly Developments And Holdings Group Co.,Ltd., and C&D Real Estate each acquired land in four cities. Some private firms continue to focus on deepening their home bases: Binjiang Group leads in Hangzhou, while Weixing Real Estate, Xingyao Real Estate Group, and Jindi United Holding Group also rank among the top 10 in that city, with private developers claiming four of the spots. In Shanghai, Dahua Group placed within the top 10, illustrating that core cities attract not only national developers but also local private players with regional advantages.
Examining the top 10 residential land transactions by total price nationwide, they are concentrated in the three first-tier cities of Beijing, Shanghai, and Guangzhou, each contributing three parcels to the list. Notably, a mixed-use plot in Beijing's Haidian District—the urban village redevelopment project in Sijiqing Town's Xiran, Tiancun, and Changqing areas—underwent 130 rounds of on-site bidding before being secured by China Jinmao for 9.761 billion yuan, setting a new record for the year's highest-priced residential-linked land deal in the capital.
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