The Beijing property market is warming up, but these two real estate developers have not acquired any land plots this year.

After the 828 New Policy, Beijing's property market has presented a split pattern: one segment is hot, the other is cold.

The "hot" part refers to the residential market, where transaction volume is rising rapidly, especially in October. According to statistics from Beijing Municipal Commission of Housing and Urban-Rural Development, from October 1 to 28, the online signing volume of new commercial residential properties across the city reached about 4,200 units, a year-on-year increase of 50.8%.

Source: Internet

Boosted by the peak sales season of "Golden September and Silver October", the total transaction volume of new commercial residential properties in the city from January to October this year rose 14.5% year-on-year to 33,604 units; the transaction area reached 4.0672 million square meters, up 9.17% year-on-year, marking the best performance in the past five years.

The release of improved housing demand has driven the rapid de-stocking of new projects in urban areas this year. In new projects in the six core urban districts and the main suburban supply areas such as southern Changping and the core area of Tongzhou, there are barely any new properties that performed poorly in sales, which is the biggest difference between this year and previous years.

However, the overall market recovery is not necessarily good news for some real estate enterprises. Because several leading real estate enterprises have not acquired any land in Beijing's land market this year. After the 828 New Regulation, there will be a gap of at least one year between land acquisition and official pre-sale. Those that have not acquired land yet will face the awkward situation of having no new projects to launch next year.

At present, among the TOP 20 real estate enterprises by sales in Beijing, 6 enterprises have not acquired land to replenish their land reserves this year: China State Construction Yipin, China State Construction Jiuhe, Yuexiu, Maoyuan, Haikai, and Hopson.

Among them, Hopson and Maoyuan are two special cases. Hopson has not replenished its land reserves for many years, and has been operating relying on the large stock of land it hoarded in previous years. Maoyuan is not a real estate enterprise pursuing high turnover, and it acquired land twice last year in the Songyuli area of Chaoyang and the Tianzhu sub-district of Shunyi, with hundreds of thousands of square meters of inventory on hand that is enough to be sold for a year.

There are 4 other real estate enterprises: China State Construction Yipin, China State Construction Jiuhe, Yuexiu, and Haikai.

Haikai is a special case, which only carries out development projects in Haidian. Its current project Yunhai Yunsong was acquired at the end of last year, with a total floor area of 225,000 square meters. This project is enough to operate for two years. Haikai does not have the cash flow pressure of national real estate enterprises, so it does not need to consider replenishing land reserves all the time. Putting it aside for now, the remaining three enterprises have different urgency for land replenishment.

Source: China State Construction Jiuhe official WeChat account

China State Construction Jiuhe has the most urgent demand for land replenishment among them. The last time China State Construction Jiuhe acquired land was in June 2025, when it won the Tongzhou Canal plot with 7.491 billion yuan, which later became the China State Construction Canal Jiuyuan project.

Canal Jiuyuan has been selling very well, with 903 units signed online last year and 532 more units signed online from January to October this year. According to the plan, the plot has a total floor area of about 262,000 square meters. Up to now, the residential part of the project has obtained pre-sale permits for 6 batches, totaling about 221,000 square meters, of which about 195,000 square meters have been signed online, leaving less than 70,000 square meters of salable area, which is definitely not enough for sales next year at the previous sales speed.

China State Construction Jiuhe has another ongoing project: China State Construction Jiuyuefu, which also performed well in sales this year, with 147 units signed online from January to October, involving a transaction value of 1.015 billion yuan, and there are not many remaining housing units available for sale at present.

The successive hot sales of these two projects have established China State Construction Jiuhe's foothold in Beijing and made its brand widely known. However, after the implementation of the new regulation, the development rhythm of China State Construction Jiuhe has been completely disrupted. Even if it can acquire another plot at the end of this year, in accordance with the capped sales requirements, the next new project will not be available for sale until 2028 at the earliest.

If the subsequent housing units of Canal Jiuyuan are launched too quickly, China State Construction Jiuhe may face a sales vacuum period of about one year in the Beijing market. It remains unknown whether the company will hold back its properties for higher sales in the following days.

China State Construction Jiuhe's sibling company China State Construction Yipin has a slightly larger stock of land reserves, but the reserves are not sufficient either.

China State Construction Yipin has a large number of ongoing projects, including six key projects: Haichen Yuanjing and Xuefu Gongguan in Haidian, Huaxiang No.1 in Fengtai, Weilai Yuanzhu, Yuanqi and Yihe Gongguan in Daxing. Perhaps because it has a large number of projects and sufficient inventory, China State Construction Yipin did not invest any funds in Beijing's land market in 2026.

However, after the recovery of Beijing's new residential property market this year, the de-stocking speed of Haichen Yuanjing and Yuanqi has accelerated. Yuanqi even topped the ranking of Daxing District by transaction units from January to October, while Weilai Yuanzhu ranked 5th with 247 units signed online. China State Construction Yipin has gained a large amount of cash flow, but its salable inventory is gradually running out, so it also needs to make efforts in the land market.

Yuexiu is another enterprise that has not acquired land this year. Yuexiu developed rapidly in the past few years, and jointly replenished land reserves in Chaoyang and Changping with other enterprises in 2025, but disappeared from Beijing's land market in 2026.

It is probably because its funds are all concentrated in the Guangzhou Racecourse project. The land transfer fee of this plot reached 23.6 billion yuan, and the construction progress is also very fast. At the signing ceremony with SPK, Chen Qiang, Chairman of Yuexiu Group, clearly stated: "We will strive to start construction by the end of March 2026, and strive to complete the construction within 3 to 4 years."

For a project of such a huge scale and such a fast construction speed, a large amount of capital investment is a must. And when Yuexiu acquires land through urban platforms, it requires unified deployment of funds by the group, so the quota allocated to Beijing may be reduced accordingly.

Since the beginning of this year, Yuexiu Properties has performed actively in Beijing's land auctions with a strong willingness to replenish land reserves. It participated in the auctions of both the land king plot at Sijiqing, Haidian and the land king plot at Jiuxianqiao, Chaoyang, but failed to acquire any land due to the limited investment quota. All projects of Yuexiu sell very well, so land replenishment has become its most urgent issue.

However, Yuexiu has always been good at cooperation and is very flexible. After C&D acquired the plot CP02-0405-0002 in Dongxiaokou Town, Changping with 4.977 billion yuan in July this year, Yuexiu soon appeared in the shareholders of the project company, which can be regarded as a successful land replenishment.

Nevertheless, excellent real estate enterprises are usually not willing to stay idle. Operating projects and retaining excellent teams require projects led by themselves. After the implementation of the new regulation, it remains to be seen whether Yuexiu will invest substantial funds to find its own market rhythm under the new regulation.

After the 828 New Policy, Beijing's land market cooled down rapidly, but real estate enterprises have to move faster instead of slower, otherwise after the market transition gap period in 2027, they will face a more difficult situation with no projects on hand and no initiative. Therefore, the following issues, including when to acquire land, and how to grasp the rhythm during the longer pre-sales preparation period after land acquisition, will be greater tests for the operation capability and cash flow of real estate enterprises, and will also widen the gap between different enterprises and different projects.

There are not many opportunities left for real estate enterprises in the last two months of 2026 in Beijing's land market. At present, there are only 6 plots to be transferred, plus 4 plots of commercial residential land planned to be supplied in the 13th round, which are basically all the "raw materials" for the property market in the last two months of this year. Enterprises that have not acquired land yet, please prepare sufficient funds in advance, because every subsequent land auction may determine their market ranking in Beijing in the next two years.

This article is from the WeChat official account "Future Habitat", written by Xiaowu Jian Dawu, authorized for release by 36Kr.