Bank of America: Total spending on land acquisition by large high-quality developers decreased by 8% year-on-year. Developers' investment intentions are diverging.

According to the Zhitong Finance APP, in April, the total expenditure of large high-quality developers (referring to Poly Development, China Resources Land, Poly Real Estate, China Merchants Shekou, Jianfa Group C&D, and Binjiang Group) tracked by Bank of America Securities in land acquisition was 31 billion RMB, a year-on-year decrease of 8% and a month-on-month decrease of 20%. On the other hand, in the 356 cities tracked by Bank of America Securities, the total land transfer fee revenue increased by 24% year-on-year but decreased by 5% month-on-month. Faced with uncertainty in demand, different developers have shown significant differences in their willingness to invest in land. In April, China Resources Land and Poly Development were relatively conservative, while Poly Real Estate was more proactive.