The Zhitong Finance App learned that the China Index Research Institute published an article stating that from January to August 2026, 100 housing enterprises acquired a total of 497.9 billion yuan of land, a year-on-year decrease of 17.8%, and the decline was 9.8 percentage points narrower than the previous month. In terms of land acquisition enterprises, central state-owned enterprises are still the main players in land acquisition, but there are differences in land acquisition.
In August, the national land market continued to show a situation where high local heat in core cities coexisted with the overall contraction of the national land market. Among them, the popularity of auctions for high-quality land plots in core cities continues. Many residential land in Beijing and Shanghai have entered the market. Some plots have been bid more than 100 times, and leading housing companies have actively participated in the auction. From January to August 2026, the value of new products added by 100 housing enterprises fell 22.3% year on year. The decline was narrower than in January-July. Mainly in August, the core cities were more popular. China Resources Land (01109), Poly Development (600048.SH), and Yuexiu Real Estate (00123) ranked in the top three.
Figure: Total land acquisition total of 100 housing enterprises from 2023 to 2026 and the year-on-year ratio
In August 2026, auctions for core plots were very popular, mainly affected by both supply and demand factors. On the one hand, under the guidance of “controlling growth and improving supply”, local governments are reducing total land supply and concentrating limited indicators on high-quality land plots in core areas. Recently, Beijing and Shanghai have concentrated on launching a number of plots with good location conditions and relatively clear market expectations. The supply of high-quality land has increased, driving the enthusiasm of housing enterprises to participate in the auction.
On the other hand, the real estate market is still undergoing an adjustment period, and the investment strategies of housing enterprises are more cautious. The general emphasis is on “precise investment” and “fixed investment through sales,” and limited capital is further concentrated in high-quality sectors in core cities with strong demand support and relatively clear expectations for elimination. Although the core plot is hot, the average premium rate in 300 cities across the country is only 7.5%, and the land market continues the pattern of “hot spots and continuous differentiation”.
Figure: Average premium rate for residential land in 300 cities across the country from 2023 to 2026
The number of private housing companies that have acquired land has increased, but the amount has decreased
In terms of land acquisition enterprises, central state-owned enterprises are still the main players in land acquisition, but there are differences in land acquisition. The amount of land acquired by Poly Development, China Resources Land, and Yuexiu Real Estate increased significantly over the same period last year. The land acquisition ratio was also high, and the investment and land acquisition efforts were strong.
Table: Land acquisition status of key enterprises from January to August 2026
There has been an increase in the number of private housing enterprises that have acquired land, but the amount has decreased. From January to August 2026, there was 1 private enterprise in the TOP 10, Binjiang Group; there were 3 private enterprises in TOP11-20, Bangtai Group, Dahua Group, and Weixing Real Estate, an increase of 1 over the same period last year; and 2 private enterprises in TOP21-30, an increase of 1 over the same period last year. Judging from the scale of land acquisition, from January to August 2025, the total amount of land acquired by TOP30 private enterprises was about 54.2 billion yuan. From January to August 2026, it was 31.3 billion yuan, and the scale of land acquisition decreased.
Table: Land acquisition situation of TOP30 private enterprises from 2025 to 2026 from January to August
Land acquisition by housing enterprises in key regions and cities
Judging from the amount of land acquired in various urban agglomerations, the Yangtze River Delta market is more active, and central state-owned enterprises are still the main players in land acquisition. From January to August 2026, the Yangtze River Delta urban agglomeration led the four major urban agglomerations in terms of the amount of land acquired by TOP10 companies. On the one hand, the Yangtze River Delta economy has a solid economic base. Shanghai's industrial energy level and high-net-worth people, Hangzhou's digital economy vitality combined with continuous population introduction, and Ningbo's solid manufacturing chassis made housing enterprises willing to pay for this asset.
On the other hand, local governments have taken the initiative to release low-density and scarce land plots in the main urban area — such as low-density residential land in Shanghai and unrestricted core plots in Hangzhou. High-quality supply accurately matches housing companies' demand for land acquisition, further boosting the enthusiasm of leading enterprises to compete for core land. Judging from the nature of land acquisition enterprises, central state-owned enterprises are still the main players, but private housing enterprises such as Binjiang Group, Weixing Real Estate, and Bangtai Group are also actively developing in advantageous regions. The top 10 companies in Guangdong, Hong Kong and Macau ranked second in terms of land acquisition amount. Among them, land popularity in the core area of Guangzhou is high, driving the enthusiasm of regional land acquisition enterprises.
Judging from the top 10 real estate companies that have acquired land in key cities, they are still dominated by central state-owned enterprises. China's Jinmao, Poly Development, and C&D Real Estate have acquired land in 4 cities. Some private enterprises continue to focus on cultivating the city. Binjiang Group takes the lead in Hangzhou. Weixing Real Estate, Xingyao Real Estate Group, and Jindi Joint Holding Group also rank in the top ten in Hangzhou. Private housing enterprises occupy 4 seats in the top 10 housing enterprises in Hangzhou by land acquisition amount. Dahua Group is in the top ten in Shanghai. The core city has attracted not only national housing enterprises, but also private enterprises with local advantages.
Judging from the top 10 total residential land transaction prices in the country, it is mainly concentrated in the three first-tier cities of Beijing, Shanghai, and Guangzhou. Among the listed plots, Beijing, Shanghai, and Guangzhou each had 3 parcels on the list. Among them, the HD00-1408-0034, 0049, and 0040 urban village renovation projects around Xijiao Airport in Sijiqing Town, Haidian District, Beijing (Xiran, Tiancun, Changqing area) went through 130 rounds of on-site licensing. China's Jinmao competed for 9.761 billion yuan and became the “land king” of the total price of residential land in Beijing during the year.