The land market is the starting point of the real estate industry chain, and its trend changes will have a significant impact on downstream links. Overall, the land market rebounded in the first half of the year, but the phenomenon of uneven distribution of land prices still exists: the land acquisition strategies of top real estate companies coincidentally focus on core cities, with fierce competition and high premium rates for high-quality land parcels; However, the land market in most third - and fourth tier cities is relatively flat. The heat of the land market is rising, and real estate companies are confident that repairing land is the foundation and starting point of real estate development. The rising heat in the land market indicates that companies are optimistic about the future of the real estate market and their confidence continues to recover. According to data from 65 cities monitored by 58 Anjuke Research Institute, in the first half of the year, the transaction volume of residential land increased by 18.4% year-on-year, the transfer fee increased by 45%, and the floor price increased by 22.3%, indicating a restoration of market confidence and highlighting the "simultaneous increase in quantity and price". In the first half of the year, state-owned enterprises remained the main force in land acquisition, but the proportion of land acquisition amount by private enterprises has increased, and the structure of land acquisition enterprises has been continuously optimized. In January last year, the Ministry of Housing and Urban Rural Development proposed to "treat real estate enterprises of different ownerships equally and meet their reasonable financing needs". The improvement in financing was transmitted to the land acquisition end, and the vitality of private enterprises rebounded. According to data from the Zhongzhi Research Institute, in the first half of 2025 (as of June 25), private enterprises accounted for 21% of the cumulative land acquisition amount in 22 cities, an increase of 4 percentage points compared to the whole year of 2024. The transmission effect of land market restoration on the new housing market will affect the supply and demand as well as prices of the real estate market, promoting the industry's transformation towards' high-quality investment and refined operation '. ”58 Anjuke Research Institute President Zhang Bo said. Real estate companies further focus on the uneven distribution of land market in core cities, and their enthusiasm for land acquisition is influenced by multiple factors, among which location factors are often intertwined with future market prospects. Huang Yu, Executive Vice President of the Zhongzhi Research Institute, stated that in the first half of 2025, the investment strategies of top real estate companies will tend to be consistent, and land acquisition will further focus on core cities. Coupled with the increased supply of high-quality land in core cities, many land parcels in Beijing, Shanghai, Shenzhen, Hangzhou, and Chengdu will be auctioned at high premiums. Among them, Beijing, Hangzhou, and Chengdu have repeatedly broken land price records in the first quarter. In the 300 cities monitored by the Zhongzhi Research Institute, the land transfer fees in core cities generally increased year-on-year in the first half of the year, with the top 20 cities accounting for 68% of the national residential land transfer fees, indicating a high degree of concentration. In the first half of the year, while the competition for high-quality land in core cities was fierce, the land market for suburban land in core cities and most third - and fourth tier cities remained flat, and the phenomenon of differentiation continued. According to data from the Zhongzhi Research Institute, residential land sales and transaction areas in third - and fourth tier cities continued to decrease in the first half of the year, with an average premium rate at a relatively low level. In the short term, enterprises will continue to pay more attention to the safety and profit certainty of projects. Core plots in hot cities such as Beijing, Shanghai, Shenzhen, and Hangzhou are expected to continue to experience high premium transactions due to their scarce nature, becoming the focus of competition for real estate companies. ”Cao Jingjing, General Manager of the Index Research Department of Zhongzhi Research Institute, analyzed that "while most third - and fourth tier cities' land markets continue to be dominated by bottom price transactions, some cities may attract real estate companies to invest and layout through optimizing land supply structures, lowering starting prices, and other means