Institutions: In March, some real estate companies showed increased willingness to replenish inventories, and in April, the release of high-quality land parcels is expected to sustain the enthusiasm.

On April 7, according to data from the China Index Academy, in the first quarter of 2026, 300 cities’ residential land transactions totaled 62.74 million square meters, down 23.5% year over year; land grant proceeds were CNY 235 billion, down 42.4% year over year. The average premium rate was 4.9%. Other than core plots in places such as Guangzhou, Shanghai, and Hangzhou being bid up at high premiums, land auction sentiment in many areas remained muted, and the differentiated pattern in land auctions continued.

Developer funding continues to concentrate on high-quality assets with stronger certainty. From the perspective of city concentration, according to China Index data, in the first quarter of 2026, the share of total residential land grant proceeds accounted for by the nation’s TOP 20 cities was 59%, up 7 percentage points compared with all of 2025.

According to China Index data, in April (4.8~4.30), in the pre-auction list of residential land for key cities, places including Beijing, Hangzhou, Shanghai, Nanjing, and Suzhou all have plots planned for sale, with Beijing and Hangzhou’s starting prices around CNY 10 billion each. In March, Poly, China Resources, and Gemdale replenished their land holdings in multiple core cities, and their land acquisition amounts increased. Given that the supply of quality plots in core cities continues to be released, it is expected that these plots in April will still attract many real estate companies to bid, and activity in the land market is likely to continue.