Beijing, Shanghai, Guangzhou Land Auctions Top RMB 30 Billion in One Day

In the last week of July 2026, major cities including Beijing, Shanghai, Guangzhou, and Hangzhou held concentrated auctions of core land parcels. On July 28 alone, prime plots in Beijing, Shanghai, and Guangzhou generated over RMB 30 billion in total proceeds. Shanghai's Yangpu Badatou plot was sold for RMB 16.12 billion after 219 rounds of bidding; Beijing's Chaoyang Jiuxianqiao plot went for RMB 4.68 billion after 248 rounds; and Guangzhou's Liwan plot achieved a premium rate of 41%. Two days later, Beijing auctioned three more plots in hundred-round sessions, collecting RMB 7.278 billion in a single day. Developers including Poly Developments, China Overseas Land, China Resources Land, China Merchants Shekou, C&D Real Estate, Greentown China, Jinmao Group, and Yuexiu Property were active participants. Among the top 10 companies by new land reserve value in the first half of 2026, the vast majority were central or local state-owned enterprises.

On July 7, Poly Developments won Hangzhou's Qianjiang Century City plot after 98 rounds for RMB 4.605 billion, with a premium rate of 26.68%. On July 21, Binjiang Group took two plots in Hangzhou, spending RMB 1.81 billion for the Gongshu Kangqiao plot (premium 39.22%) and RMB 566 million for the Shangcheng Changmu plot (premium 34.47%). On July 24, China Merchants Shekou secured Shenzhen's Guangming Street plot after 50 rounds for RMB 1.505 billion (premium 18.88%). On the same day, Poly Developments acquired Guangzhou's Baietan commercial district plot after 10 rounds for RMB 609 million (premium 17.32%).

On July 28, Shanghai's Yangpu Badatou plot, with a starting price of RMB 11.868 billion, was won by a consortium of Poly Developments and China Resources Land for RMB 16.12 billion, a premium of 35.83%, and a comprehensive floor price of RMB 102,000 per square meter, making it both the 2026 total-price land king and the district's per-square-meter price king. On the same day, Poly Developments, together with Xuhui City Investment, acquired the Xuhui Kangjian plot for RMB 7.06 billion (premium 24.51%), setting a new record for the district. Beijing's Chaoyang Jiuxianqiao plot, after 248 rounds, was won by China Overseas Land for RMB 4.6814 billion (premium 25.84%), with a floor price of RMB 81,000 per square meter. Guangzhou's Liwan plot, after 50 rounds, was won by Greentown China for RMB 1.686 billion (premium 40.97%). In Hangzhou's Yuhang District, two residential plots in the Future Science and Technology City were taken by Weixing Real Estate for a total of RMB 2.875 billion, with premiums of 11.47% and 15.79%.

On July 30, Beijing auctioned three more residential plots. The Changping Dongxiaokou plot was won by C&D Real Estate after 103 rounds for RMB 4.977 billion (premium 10.6%). The Mentougou Sidaoqiao plot was taken by Greentown China after 163 rounds for RMB 1.4706 billion (premium 16.71%). The Shunyi plot was won by private developer Cangzhou Jiuxi for RMB 830.8 million, beating state-owned Beijing Zhuzong, with a premium of 12.57%. All three plots were sold at a premium, bringing Beijing's single-day total to RMB 7.278 billion.

Developers' investment maps have contracted from 40-50 cities to about a dozen, with Beijing, Shanghai, Shenzhen, and Hangzhou as key targets. Prime land is scarce, and projects in core areas sell quickly, requiring less capital tied up. Developers increasingly prioritize project sales speed and cash flow, with core districts offering higher safety margins and stronger buyer purchasing power. After Shanghai lifted price caps, new-home prices surpassed second-hand homes, opening the price ceiling and giving city-center projects a clear advantage in land auctions.

China Resources Land posted attributable net profit of RMB 25.42 billion in 2025, down 0.6% year-on-year; China Overseas Land's attributable net profit was RMB 12.69 billion, down 18.9%; Poly Developments' attributable net profit was RMB 1.035 billion, a plunge of 79.31%; and China Merchants Shekou's attributable net profit was RMB 1.024 billion, down 74.65%. Poly Developments booked about RMB 6.9 billion in impairment provisions in 2025, while China Merchants Shekou booked about RMB 4.27 billion. In 2026, Poly Developments accelerated its offensive on core city prime plots, acquiring six parcels in Shanghai including the Changning Zhongshan Park, Hongkou Sichuan North Road, Yangpu Badatou, and Xuhui Kangjian sites. China Merchants Shekou has focused its investment on the "Core 10 Cities" strategy since 2024, and C&D Real Estate adopted a "Lighthouse Strategy" in 2025, narrowing its focus to core areas.

Competition for prime land is intense, with high premiums squeezing profit margins, but project turnover rates are higher. Two plots in Beijing's Chaoyang Jiangtai and Shunyi Houshayu have been listed, and three plots in Shanghai's Putuo "Zhenru Heart" area have been officially put up for auction.