


Core Insights - The report from CITIC Securities indicates that by the first 111 days of 2025, the planned utilization of special bonds for land reserve has reached 209 billion yuan, showing a rapid month-on-month increase from January to April [1] - The land reserve initiative is no longer limited to specific regions but is being broadly implemented across the country [1] - The average reserve price for land that was sold after 2018 shows a discount of 12% compared to the transaction price, which strengthens the net assets of real estate companies [1] - The reserve policy is considered a core component of supply contraction policies, which, along with financial and demand support policies, forms the critical policy combination for stabilizing the Chinese real estate market [1]