CITIC Securities: Land acquisition key to quality development, market to diverge

This signals a structural shift in how developer value is assessed, moving focus from cyclical timing to asset-specific fundamentals like land quality and planning. The divergence in land market sentiment suggests a clearer separation between stronger and weaker players, likely affecting capital allocation and project viability. The open question is whether financing access will remain the decisive factor or if operational expertise in site selection will now drive outcomes.