China Jinmao suffers seven consecutive setbacks in the first quarter, strengthening the foundation of high-quality land reserves

On March 31, the curtain fell on the land auction market for the first quarter. On that day, China Jinmao made moves in Qingdao and Chengdu, bringing the first-quarter land expansion to a successful close. Since the beginning of this year, China Jinmao has continued to focus on core cities, replenishing high-quality land reserves in a concentrated manner. It has acquired seven premium land parcels in seven core cities—including Shanghai, Xi’an, and Chengdu—among which five were secured at the reserve price. The scale of investment ranks among the forefront in the industry.

According to the January—March 2026 national real estate developers’ equity land acquisition ranking list released by the China Index Academy, China Jinmao ranked fourth by land acquisition amount with RMB 7.1 billion, and ranked sixth by land acquisition area with 460,000 square meters. With a series of precise acquisitions of high-quality land reserves, China Jinmao continues to optimize the structure of its land reserves, laying a solid foundation for its high-quality development in 2026.

Seven cities, seven “sons”—heavy investment in high-energy cities

In the first quarter, China Jinmao adhered to a precise investment logic of “core cities, core locations, and core resources,” acquiring seven high-quality land parcels in seven core cities, including Shanghai, Xi’an, and Chengdu.

On March 31, China Jinmao made two land acquisitions in Qingdao and Chengdu.

In Qingdao, China Jinmao acquired a parcel in the Laoshan District. The floor area ratio is only 1.2, making it a high-quality residential land plot with the lowest density in the region over the past five years. The plot benefits from a first-line mountain-view resource, with well-established supporting facilities nearby including subways, schools, and shopping malls. China Jinmao will build Qingdao’s second “Pu Series” product here. Its combination of low-rise villas plus townhouses (stacked villas) is a scarce format for the Laoshan core area that has been supply-constrained for more than ten years.

On the same day, China Jinmao made its first foray into Chengdu’s Qingyang District, taking a 43-mu pure residential land parcel in Wai Jinsha. The parcel has a well-formed layout, with mature surrounding supporting facilities, and offers conditions for large-scale development. This lays a key foundation for China Jinmao to open up the market in Chengdu’s core areas and deepen its Southwestern layout.

On March 29, China Jinmao simultaneously acquired land in Nanjing and Suzhou.

In Nanjing, the southern new town land parcel in the Qinhuai District enjoys top-tier supporting facilities such as Nanwai Mingyuan Primary and Secondary School and Wanda Plaza, making it a scarce core residential land parcel in the southern new town.

In Suzhou, the Panmen land parcel in the Gusu District is the first residential-related land parcel in the Panmen business district in the past three years. China Jinmao will build Suzhou’s first “Man Series” product here, filling the gap in the region’s high-end offerings.

On March 17, China Jinmao acquired a high-quality land parcel in Kaifu District, Changsha. The parcel sits on a first-line Xiangjiang River view resource, is close to major urban thoroughfares and two subway interchange hubs, and has mature supporting facilities. With a scarce location, it is a rare high-quality residential and commercial land parcel in Changsha’s urban core.

On March 6, China Jinmao secured a low-density premium land parcel in Xi’an’s Qujiang area, resetting the residential land transaction price per plot ratio in Xi’an after the past two years. This parcel integrates low-density ecological advantages and top-tier supporting resources. With a low floor area ratio of 1.2, it provides room for high-end product creation, continuing China Jinmao’s high-end strategy in Qujiang, and it is also expected to become a “lighthouse-level” work for the city.

On March 13, China Jinmao, together with other companies, won a land parcel in Shanghai’s Jiading New Town. The floor area ratio is 1.7. Taking advantage of its low-density strengths, it will build “low-rise villas + stacked villas” as an improvement-oriented product in the future. Worth noting is that since the fourth quarter of 2025, China Jinmao has acquired three premium land parcels in Shanghai, continuing its heavy investment in Jingjin (Beijing-Shanghai) and demonstrating firm confidence in its layout of high-energy cities. At the annual report performance release meeting, China Jinmao’s management stated that in 2025, the investment share in both Beijing and Shanghai for China Jinmao reached 66%.

5 parcels at the reserve price—deep cultivation by sector enables value realization

The seven high-quality land parcels China Jinmao secured in the first quarter show clear advantages in land acquisition costs. Five parcels were successfully acquired at the reserve price; the Chengdu parcel was taken with a premium of only 2.65%. China Jinmao’s land market investment in the first quarter locked in scarce resources in core cities and core locations, while also leaving ample room for product development in the next phase.

Even more worth attention is that many of the premium land parcels are located in core submarkets that China Jinmao has previously deeply cultivated. With precise analysis of customer demand, strong product capabilities, and a solid brand reputation, new projects are expected to replicate the region’s hot-selling paths, achieving rapid value conversion.

In Xi’an’s Qujiang sector, in the first quarter China Jinmao acquired the 61-mu Du Ling land parcel at the reserve price, continuing its heavy investment layout in this high-value area. In 2025, China Jinmao successively built two benchmark projects in this sector—Jinmao Puyi Dongfang and Qujiang Jinmao Fu. The single-project sales revenue exceeded RMB 3 billion, accounting for about 40% of Xi’an’s residential market with total prices of more than RMB 5 million. It also accounted for about 50% of the city’s market with total prices of more than RMB 7 million, achieving a leading position with a gap. China Jinmao’s full-year sales performance in Xi’an exceeded RMB 10 billion, ranking first on the city’s record list for commodity housing. With the deep customer base and brand appeal, this newly acquired land parcel will continue to capture a larger share of the high-end market.

Xi’an Jinmao Puyi Dongfang—real project footage

In Changsha’s Xiangjiang sector, China Jinmao acquired a prime river-view land parcel at the reserve price, and it also has advantages for rapid inventory turnover. In 2025, Xiangjiang Jinmao Fu sold out 118 units on the day of its first launch, and the inventory turnover cycle was achieved in less than 30 days to clear the entire inventory. Hundreds of river-view large flat units with total prices of RMB 5–10 million attracted three high-net-worth buyers to compete for each unit on average. This not only refreshed the record for the speed of inventory turnover in Changsha’s high-end residential market, but also became a best-selling “hot listing” in Changsha’s high-end market in 2025.

Changsha Xiangjiang Jinmao Fu—real project footage

In Nanjing’s Qinhuai sector, the southern new town land parcel acquired this time is only across one road from Qinhuai Jinmao Fu. Since Qinhuai Jinmao Fu entered the market, it has continued to sell strongly. Its average monthly sales flow per project has exceeded 60 units. It was the TOP1 by transaction amount for single projects with total prices above RMB 7 million in that year’s Nanjing market, creating an “independent market” benchmark for Nanjing’s real estate market.

Nanjing Qinhuai Jinmao Fu—real project footage

The sustained strong sales of the project have laid a solid customer base for the new land parcel. Combined with the land parcel’s own advantages in core location, efficient inventory turnover can be achieved without extensive market cultivation, fully demonstrating the strategic advantage of China Jinmao’s deep cultivation in the sector.

“Jin Yu Man Tang”—building a moat for high-quality growth

In the first quarter, China Jinmao’s frequent moves in the land market are supported by a mature system of high-end residential products. In 2024, China Jinmao launched the “Jin Yu Man Tang” high-end product line, forming four major core categories: Jinmao Fu, Pu Series, Man Series, and Tang Series. This fully matches the needs of various city’s main homebuyer segments, especially demand from high-end improvement customers and top-luxury buyers.

According to data from the China Index Academy, in the first quarter China Jinmao added RMB 16.8 billion in saleable value, ranking fourth in the industry. Newly acquired land further replenished China Jinmao’s “ammunition” for the high-end improvement market

The dual support of strong product capability and a core-city core layout provides ample room for China Jinmao’s products to achieve pricing power and profit margins. According to information from last month’s annual report performance conference, China Jinmao’s contracted residential price in 2025 reached RMB 27,000 per sqm, up 24% year-on-year, demonstrating steady product premium capability. Since 2024, the average net profit margin of newly acquired projects has exceeded 10%.

During the industry bottoming-out phase, the combined strategy of “high-quality land + high-end products” effectively prevents companies from falling into low-quality competition, and also forms a solid profit moat.

Data shows that in 2025, the average cycle for China Jinmao’s new projects to reach their first launch was 5.2 months. It is expected that the seven high-quality land parcels acquired in this year’s first quarter will successively reach their first launches in the second half, providing solid support for China Jinmao to meet its predetermined annual contracted performance goals for 2026, which aim for steady improvement.

(Edited by Dong Yingjie HO013)

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