Port communication800Zong "unsold land auction"，Real estate developers don’t want to play with you anymore? Could regulatory policies be counterproductive? The storm is about to come and the wind is filling the building，Dark clouds are threatening to destroy the city! 2025，This year of 1898 is destined to be extraordinary for real estate developers! ! ! Just in the first half of the year，The concept that “house prices must rise” is still deeply rooted in the hearts of the people。But after two months，The property market suddenly turned around，Pessimism spreads。 01 on the one hand，Remarks about "property market collapse" triggered heated market discussion。
8the beginning of the month，There are reports that “Land prices in Xiamen will almost halve compared to 2025.”，2025Some of the high-priced land in 2016 were afraid to open for sale.，Some can only cry and sell at a loss，Compared with the peak period in March 2025，The price per square meter on the island has dropped by 10,000 yuan to 15,000 yuan/square meter.，The price outside the island dropped by 6,000-10,000 yuan/square meter.”。 一些评论文章更是直言厦门楼市“崩盘”、"Myth" shattered。
on the other hand，Recently, news about failed land auctions has appeared frequently in the newspapers.。 A few days ago, 8 pieces of land were sold in Taiyuan，All so-called epic land auctions failed；a month ago，Hangzhou、Xuzhou、Ningbo、Several residential land parcels in Chengdu also failed to be auctioned，There are simply no real estate developers signing up for a piece of land in Suzhou.，The shoot was aborted before it even started。
First-tier cities are not much better.，In the first half of the year, 6 land parcels in Shenzhen failed to be auctioned，And before 2025，A total of 31 pieces of land have been unsold in Shenzhen。 According to statistics，first 7 months of this year，The number of failed land auctions across the country reached 796，Among them, 13 failed sales in first-tier cities，154 failed auctions in second-tier cities，A total of 629 failed auctions in third- and fourth-tier cities，Not only is it much higher than the same period last year，It also set a new high in the number of unsold auctions in recent years.。
02 So，A developer who has always believed in "making money when you get the land"，Why have you become so calm all of a sudden? "Land auction failure" refers to when the relevant state departments take out the land and put it into the market for auction.，Because the buyer's bid is too low，Or no buyer bids，The phenomenon that resulted in the land not being auctioned。 Normally，When the real estate market is good，There is no such thing as unsold land。
Only the real estate market is experiencing a shortage of funds，Land auctions will be rejected only if the developer's capital chain cannot be connected due to house mortgage! According to the financing situation of real estate companies in the first half of this year,，Funds for real estate companies are indeed a bit tight。 Since the "9·30" policy in 2025，Real estate deleveraging is the leading direction，Financial supervision situation continues to increase but not decrease，Narrowing financing channels for real estate，Financing difficulties arise、The phenomenon of expensive financing。
Bank loan，Regulatory authorities have issued repeated orders to “strictly prohibit the illegal flow of funds into the real estate market.”，Bond financing，Financial deleveraging increases debt issuance costs again，corporate bonds，Corporate debt financing is restricted，in addition，The era of disorderly expansion of off-balance sheet business ends，The real estate industry continues to squeeze out the "bubble" of inflated growth，Off-balance sheet business will accelerate “return to balance sheet”。
Don’t look at the real estate industry, where sales can easily reach hundreds of billions.，But in fact, the high debt ratio、Fund withdrawal pressure，The scale of capital demand is huge, which can easily cause the capital chain to break.。Financing for real estate companies is now entering a "severe winter"，Bosses of major real estate companies are trapped in a "cash flow" crisis，Naturally, you have to take your time when buying land.。
03 Secondly，After the profit margins were squeezed after the price limit on new homes，The local government has also set land prices quite high，And also
Require
a lot of，For example, building affordable housing, etc.。 This is one of the reasons why real estate developers give up on "land"。
Take the unsold plot of land in the center of Shenzhen as an example.，The winning bidder must not only build 5% of the construction area as affordable housing and hand it over to Yangpu District free of charge，According to the transfer period, no less than 15% of the construction area shall be held as rental housing.，Moreover, public service facilities must be built free of charge.。
no doubt，These additional terms compress real estate developers’ profit margins，In addition, the "double limit" policy will not be relaxed，Strengthen real estate market regulation，Stabilize housing prices，Under the policy of stable and low prices，Real estate developers really have no money to make。 For businessmen，Naturally, I am not willing to do a business that is losing money.，I can only reluctantly give up on good land.。 04 the last reason，It’s because house price expectations have indeed changed.。
731st of the month，The Politburo held a meeting，Express attitude towards real estate：Resolutely curb the rise in housing prices! compared to before，The central government’s stance on real estate this time is the most stringent in history。 subsequently，It can also be seen from a series of new policies on real estate regulation that exceed expectations introduced in various places.，Housing prices have been choked by policies! also，With the Fed’s steady pace of raising interest rates，Global interest rates have also begun to rise generally。
This has undoubtedly cast a heavy haze on the real estate market, whether it is just for buying a house or for investment.。 In this case，Developers will naturally have to consider whether the current land price is a bit high.。 05 The land market is equivalent to the primary market of the property market，such a situation，Does it mean that house prices will start to enter a downward trend?，Have house prices plummeted?
Although，The cold land market does reflect the expectations of developers，In other words, developers do not believe that housing prices can continue to rise.。If there were profit margins, developers would not be so enthusiastic about acquiring land.。 but，Will house prices plummet?，Hong Kong Xintong believes that：House prices are stable in the short term，But the future，If there is a large distortion in the control intensity，May cause pain to those in need，There was even an increase。
first，The central bank has now begun to release water，Generally speaking, the financing environment for developers should be better than that in the first half of the year.。 In the first half of the year, off-balance sheet financing was severely restricted due to new asset management regulations.，Developers have been hit harder，Now whether it is on-balance sheet or off-balance sheet financing，It has been changed from restricting lending to encouraging lending.，The financing environment for developers will also improve slightly。
What's more important，Land auctions occur frequently，The greatest pressure is on local governments，If this revenue is reduced, the debt repayment pressure of local governments will appear.。Local governments usually borrow a lot of money for infrastructure construction.，He also relied on the income from land sales to pay off debts.。If this pressure reaches a certain level,，It is not ruled out that local governments may secretly relax real estate controls in disguised form.。 also，An important consequence of large-scale land auctions，This will lead to a reduction in the supply of new homes in two to three years.。
therefore，The current situation is，Real estate needs to speed up inventory replenishment，Real estate developers have difficulty financing，Not active in acquiring land，A large number of land parcels were sold unsold，This will lead to a housing shortage in the future，For some people who just want to get married，Buying a house will become a problem。In the future, supply will be further scarce.，will drive up real house prices。 China’s housing market has hijacked China’s economy，Policies also require the courage to scrape the bones and cure the poison.，To untie the bell, you must tie the bell!
Real estate price limits not only deprive the market of the most important price signal，It has also laid greater hidden dangers for the subsequent supply of real estate.。I hope this real estate regulation will not be abandoned halfway!
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