As of December 26, the top ten cities with total residential land sales prices in the country include Shanghai, Beijing, Hangzhou, Chengdu, Nanjing, Nantong, Wuhan, Suzhou, Guangzhou, and Xi'an. Of these, only the three cities of Shanghai, Beijing, and Hangzhou had sold over 100 billion yuan. Therefore, “who is the first city to sell land this year” depends on the statistical caliber. Looking only at public auctions, Beijing overtook in the last week of 2025, narrowly defeating Shanghai and Hangzhou; if the full caliber of the agreement and selection concessions are included, Shanghai has taken the lead by relying on another track.

As of December 26, the top ten cities with total residential land sales prices in the country include Shanghai, Beijing, Hangzhou, Chengdu, Nanjing, Nantong, Wuhan, Suzhou, Guangzhou, and Xi'an. Of these, only the three cities of Shanghai, Beijing, and Hangzhou had sold over 100 billion yuan. Therefore, “who is the first city to sell land this year” depends on the statistical caliber. Looking only at public auctions, Beijing overtook in the last week of 2025, narrowly defeating Shanghai and Hangzhou; if the full caliber of the agreement and selection concessions are included, Shanghai has taken the lead by relying on another track.