According to the "2025 January-September National Real Estate Enterprise Land Acquisition TOP100 Ranking" released by China Index Academy, the TOP100 enterprises' total land acquisition amount reached 727.8 billion yuan in the first nine months of 2025, representing a year-on-year growth of 36.7%. This growth rate expanded by 8.7 percentage points compared to the January-August period.

In September, several real estate companies obtained large-scale land through acquisition methods, leading to an expanded year-on-year growth in total land acquisition amounts. Among the top ten companies by land acquisition value, eight were central or state-owned enterprises. High-value land parcels in September were primarily concentrated in Beijing, Shanghai, and Xiamen.

**Key Real Estate Companies' Land Acquisition Total Grows 36.7% YoY**

During January-September 2025, TOP100 enterprises' total land acquisition reached 727.8 billion yuan, up 36.7% year-on-year, with the growth rate expanding 8.7 percentage points from the January-August period. In September, some real estate companies acquired large-scale land through acquisitions, causing the year-on-year growth rate in total land acquisition to expand.

Land-acquiring enterprises remained predominantly central and state-owned companies, with eight of the top ten land acquisition companies being central or state-owned enterprises. Some private enterprises also demonstrated significant investment intensity, such as Hangzhou Binjiang Real Estate Group Co.,Ltd. (002244.SZ) ranking among the top ten in land acquisition amounts, and Bangtai Group entering the top twenty.

**New Added Value Analysis**

In terms of new added value, GREENTOWN CHINA (03900), Poly Developments And Holdings Group Co.,Ltd. (600048.SH), and China Overseas Land & Investment ranked in the top three. During January-September 2025, GREENTOWN CHINA topped the list with 117.5 billion yuan in new added value, Poly Developments And Holdings Group Co.,Ltd. ranked second with 101 billion yuan in new added value scale, and China Overseas Land & Investment ranked third with 95.2 billion yuan in new added value.

The total new added value of TOP10 enterprises in January-September 2025 was 763.8 billion yuan, accounting for 42.5% of TOP100 enterprises, with the new added value threshold at 6.5 billion yuan.

**Land Acquisition Through Mergers and Acquisitions**

Since the third quarter, real estate companies have been actively acquiring land through mergers and acquisitions in addition to obtaining land through public bidding in open markets. Generally, acquired land targets are typically located in core areas of core cities with higher land values, often acquired through consortium arrangements.

For example, on August 1st, CR Land announced that its subsidiary Shanghai Hongzhe, in consortium with independent third party Shanghai Nanfang, acquired all equity and debt of four target companies, involving a total consideration of approximately 24.47 billion yuan.

In September, a consortium comprising China Overseas Land & Investment, China Merchants Shekou Industrial Zone Holdings Co.,Ltd. (001979.SZ), and China Travel Investment acquired 90% equity of a project company for a total price of 15.478 billion yuan through Shanghai United Assets and Equity Exchange, obtaining development rights for the Xuhui Dong'an urban renewal project plot.

Notably, this transaction adopted a "debt-assumption acquisition" model, where developers assume existing project debts and gradually repay bank loans after sales. Therefore, the actual total transaction amount for development rights was 43.95 billion yuan, setting a new national record for total residential land transfer prices.

Some real estate companies enhance project premium capabilities through construction management after acquisitions. In September, Dalong Real Estate acquired 60% equity of Beijing Chengzhu Real Estate Development Co., Ltd., whose core assets include land use rights for SY00-0201-093 R2 Class II residential land and SY00-0201-086 A334 childcare land in the Dongfeng Shopping Mall area of Shunyi New Town.

**Regional and City-specific Land Acquisition**

From the perspective of land acquisition amounts by city clusters, the Yangtze River Delta leads among the four major city clusters. During January-September 2025, TOP10 enterprises in the Yangtze River Delta acquired land worth 250.8 billion yuan, leading the four major city clusters. Beijing-Tianjin-Hebei TOP10 enterprises acquired land worth 95.9 billion yuan, ranking second, while Central and Western regions TOP10 enterprises acquired land worth 52.7 billion yuan, ranking third.

Looking at TOP10 real estate companies by land acquisition amounts in key cities, central enterprises, state-owned enterprises, and local state-owned capital remain the main forces, with private enterprises only supplementing land reserves in key development regions.

China Merchants Shekou Industrial Zone Holdings Co.,Ltd. ranked among the top ten in land acquisition amounts in four cities: Beijing, Shanghai, Nanjing, and Chengdu. Jianfa entered the top ten for land acquisition amounts in four cities: Hangzhou, Beijing, Suzhou, and Chengdu. Both Greentown and Poly ranked among the top ten in land acquisition amounts in three cities each, with leading enterprises focusing on core cities to intensify restocking efforts.

Hangzhou Binjiang Real Estate Group Co.,Ltd. focused on Hangzhou, ranking first in land acquisition amounts in Hangzhou. Dahua Group increased land reserves in Shanghai, while Jiahe Xing Real Estate entered the top ten for land acquisition amounts in Chengdu.

Looking at the national TOP10 residential land transactions by total price, high-value land parcels in September were primarily concentrated in Beijing, Shanghai, and Xiamen. Among the listed parcels, Beijing had 2 entries with a total transaction amount of 7.2 billion yuan. The CY00-0215-0627 Class II urban residential land plot in the Taiyanggong New District D area of Chaoyang District, Beijing, topped the list with a total transaction price of 4.3 billion yuan.

Shanghai had 3 land parcels listed with a total transaction amount of 7.9 billion yuan. Xiamen had 3 land parcels listed. From the perspective of land-acquiring enterprises, all companies acquiring high-value land parcels were central or state-owned enterprises.