Recently, I accidentally flipped through the list of land acquisitions for January 2024, and my heart suddenly chuckled.
In the past, the most familiar Zhaobao Wanjin barely had two left.
Fill somebody's shoes. 
*: Middle Finger Research Institute.
Shijiazhuang Urban Development Investment Group, Guangxi Liuzhou Urban Construction Investment and Development Group, and Xi'an Urban Investment Real Estate.
In addition to the state-owned enterprises, almost all of them are urban investment companies holding up the property market on the land side.
Even in terms of sales performance.
When many 100-billion-level real estate companies retreated, urban investment companies began to buck the trend to seize the market.
In the 2023 TOP30 list of real estate enterprises in Beijing in terms of sales amount, there are 3 Beijing district-level urban investment companies.
Similarly in Shanghai, Chengtou Holdings also relies on 111The sales of 300 million yuan squeezed into the top 20 last year.
Today's real estate list really has to be made by urban investment companiesDominating the screenFinish.
And it's "tyranny" to an astonishing degree.
You may not expect that in the past three years, Chengtou has acquired nearly half of the country's land
In fact, since the centralized land supply in 2021, the popularity of land auctions has begun to go high and low.
It can also be seen from last year's batches of land-grabbing enterprises that private enterprises are almost invisible, and even the appearance opportunities of brand real estate companies are pitiful.
On the other hand, our urban investment enterprises.
Throughout 2021 to 2023, these three years.
*: CRIC as of November 10, 2023.
Proportion of the number of participating land acquisitions
The amount of land acquired by urban investment enterprises alone is close to half of the land market.
Even in 2023, when land transactions are relatively weakest, the land area acquired by urban investment companies will only be 29.08 million square meters, a year-on-year decrease of 58%, but compared with other central and private enterprises, it is also a well-deserved first.
With the increase in the amount of land acquired, it has also continued to nourish the flourishing branches of urban investment companies.
From the point of view of asset size.
As of the end of 2022, more than 124% of the real estate-related urban investment platforms are concentrated in Jiangsu Province.
There are as many as 57 companies, with a total asset size of 378 trillion.
Sichuan is in second place.
It is also the only urban investment platform in the province that has an asset scale of more than 1 trillion yuan in the sample urban investment of real estate, Chengdu Xingcheng Investment Group
Don't forget, there are also the metro companies that we are most familiar with.
*: CRIC, Shanghai E-House Real Estate Research Institute.
174 of the Guangzhou Metro1.6 billion, 139 of Shenzhen Metro3.6 billion.
You can even see that throughout 2022, Shenzhen Metro took 388% of the land, such a proportion is beyond the reach of brand real estate companies.
And when this force penetrates into various cities, it also begins the era of urban investment in the real estate market.
According to Wind, 7 of the top 10 cities with the largest amount of land acquired by urban investment in 2023 are concentrated in Jiangsu.
Changzhou, Nantong, Yancheng, Nanjing, Yangzhou, Chengdu and Wuxi have acquired more than 50 billion yuan of land.
Take Nantong, which ranks second, as an example.
*: Nantong State-owned Construction Land Use Right Online Trading System.
The statistical time is January 2, 2024.
In 2023, 143 of the 155 land parcels transacted in Nantong were delisted by local urban investment (including 5 joint land acquisitions).
It accounts for 92%, 9 percentage points more than in 2022.
In particular, Tongzhou, Hai'an and Tongzhou Bay were directly covered by urban investment.
With such a wealthy way of acquiring land, it is difficult to find a second one in the entire real estate industry.
At this moment, the urban investment company is crazy about acquiring land, which is not as simple as a bottom-up
Do you want to tell me that there is really no reason?
That's certainly not the case.
I want to spread the current real estate ** in front of any real estate company, I have to break my fingers to live, and the crazy expansion of the past has long been the arsenic of honey at that time.
I remember the third batch of land auctions in Shanghai in 2022, in which 24 parcels of land have and only one group of auctions.
and 3 plots of land located in Fengxian District.
*: Property today.
In the end, it was all taken over by the local urban investment.
Especially at the end of last year, after non-urban investment companies felt the cold of the market and reduced their land acquisition costs, the proportion of land acquisition by urban investment companies soared to 55%.
Therefore, the "madness" on the surface is more to keep the land from being auctioned.
But that's all.
Urban investment is essentially an enterprise, specific to the land market.
You will find that, actuallyThey're changing, too
Let's take a look at the current list of land acquisition in Chengtou, if it is said that winning 3 pieces of land in Fengxian is the bottom, then there are more plots, not only the risk is extremely low, but it is really good to envy.
The most obvious of these pieces.
Yangpu, Changning, and Huangpu Yu Garden are all the absolute city centers of Shanghai.
Take the Xinjing plot in Changning as an example.
Located in the western suburbs, it is surrounded by villa areas with historical heritage such as Xia Du Garden and Tan Palace.
It attracted 6 companies including Poly Development, China Enterprises, and China Merchants Shekou to participate in the auction, and finally it was Shanghai Chengtou Holdings.
It is worth noting that the linkage price of the plot is as high as 1630,000 meters, but also set a record for the highest guide price of land transfer in Shanghai since the "price limit" policy.
Wouldn't it be a good way to win these plots at a low price?
So if you say that with the strength of urban investment, the product strength of itself as a developer is not absolutely strong, can you really eat it with so many plots?
Don't worry, there's a clever trick up to it.
calledCollaborative development
The principle that men and women are not tired of working together is also suitable for real estate, but here is urban investment and other real estate companies.
First of all, in terms of the operating rate alone, the form of cooperative land acquisition has greatly increased the operating rate of urban investment enterprises that have been "criticized".
In the past three years, urban investment has participated in 2000+ land.
*：cric
In 2023, the highest rate is close to 50%, while the construction rate of urban investment independently and without finding a partner is only 21%.
In addition, cooperation with well-known brand real estate companies in the market can also bringBrand premium
The most typical example is Wuhan, which we have been to before.
Some Sunac projects that participate in urban investment **, that is, small shares**, are basically 5% shares, but the project sales stage can directly export brand and project development capabilities.
Sunac Wuhan Yin, from Wuhan Urban Investment and Sunac Development, won the "House Design Award" that year
Go deeper. In October last year, Changshu Urban Investment also entered into a strategic cooperation with Yanlord Land, and the Yanlord system will be adopted in the whole process of real estate development and management, from design, construction management to customer service, for the next two projects.
But that's not the biggest benefit for urban investment.
Remember, the best change must be self-improvement.
With the union, urban investment can also be betterLearnExcellent partners, with the ability to precipitate independent development, help the company to start specialization.
Let me tell you about two more familiar ones.
Shanghai Pudong Development Group and Lujiazui Group used to be mostly joint with Yanlord, China Resources Land and other brand real estate companies**.
Now they have begun to gradually form their own team and achieve independence**.
On top of the bottom, there is a good plot of land, and there are also good partners to play the match.
This is the main reason why urban investment enterprises are willing to go out in person.
But this is not the first time, there are actually two rounds of such a special opportunity
For the first time. Let's turn the clock back to 2008.
At that time, it was a financial crisis, probably in the first half of that year, and it was a scenario where I don't know why, the whole market was completely vacuumed.
This kind of anxiety and helplessness is actually a bit similar to the market today and then.
And that's when the market was saved.
It is the large infrastructure closely related to urban investment, which is later known as the 4 trillion plan.
From the end of 2008 to the beginning of 2009, the urban rail plans of 28 cities were approved in one go, and the floodgates of investment were immediately opened.
As an urban investment company that is a "local investment and financing platform".
Through urban investment bonds, it began to attack the land market on a large scale.
The convenience of financing and the overwhelming influx of hot money began to envelop the property market in the cold winter for a long time.
In 2009, the sales area of commercial housing in China was 93.7 billion square meters, a year-on-year increase of 51%, since then the real estate people feel that God appreciates the good food.
So we say essentially.
This time the city investment is actually itComplete the transformation of the property market to infrastructure-based development
On the surface, seeing the crazy land acquisition of the so-called urban investment is just the price that needs to be paid for the transformation of the entire industry.
So. When we witnessed the last transformation, what difference is the new round of entry?
The point here is that financing is getting tougher.
Why did enterprises dare to play high turnover in the past, because everyone knows that as long as a project is successfully untied, the land acquisition funds invested several times in the early stage can be quickly rolled up.
In the context of the vigorous 4 trillion yuan, saving real estate also advocated a bubble in the property market.
Now, it's different.
Every time you take a piece of land, you must ensure that it can be sold and profitable, and any carelessness in the early stage will cause the full sale in the later stage to lose.
So at this moment, the city investment company bowed into the game.
On the one hand, they are doing the work of the bottom, and on the other hand, they are constantly evolving themselves, from the selection of plots, from the joint development, and constantly absorb the development experience of brand real estate enterprises.
There is a background of the times, and it is also based on the survival of the current enterprise.
The biggest long-cherished wish behind it.
The resurfaced of the bottom line or cooperative development is actually to welcome the arrival of the next stage of the real estate market.
Stable
Because only stability means that there is the possibility of sustainability, the possibility of health.
Good land is auctioned by enterprises, and projects can be developed normally, or even a little further, in order to achieve the long-term development of housing and not speculation, rental and sales.
This is to solve the problem.
It is indeed determined by the special corporate nature of Chengtou and belongs to his mission.
And when these urban investment companies complete their mission, what should they do next, and what will be the next real estate list?
Let's wait and see.