专项债收储提速！各地拟回收闲置土地近3000宗

Core Viewpoint - The pace of using special bonds to acquire idle land has significantly accelerated across various regions since the second quarter of this year, with nearly 3,000 parcels of land totaling over 1.33 billion square meters and exceeding 350 billion yuan in total amount being publicly announced for acquisition [2][3]. Special Bonds and Idle Land Acquisition - The revival of special bonds for land acquisition was proposed in the second half of 2024, with the Politburo meeting in September emphasizing support for revitalizing idle land and the State Council mentioning the allowance of special bonds for land reserves in October [2]. - The reissuance of land reserve special bonds comes after a five-year hiatus since 2019, driven by specific challenges in the real estate sector, including a significant amount of idle land due to the dual downturn in the housing and land markets [2][3]. Government Actions and Statistics - As of May 20, 2023, 23 provinces and cities have announced plans to recover land, with Guangdong leading with a proposed total amount exceeding 650 billion yuan [3][4]. - The number of publicly announced land parcels has increased significantly, with over 1,500 parcels announced in April alone, surpassing the cumulative total from the first three months of the year [3][4]. Land Parcel Characteristics - The majority of the land parcels targeted for acquisition were sold between 2020 and 2024, with residential land accounting for approximately 65% and commercial land for about 25% of the total [4]. - Over 80% of the land parcels belong to local state-owned enterprises, while central and private enterprises account for less than 20% [5]. Market Implications - The theoretical building area of the proposed residential land acquisition exceeds 1.3 billion square meters, which could potentially reduce new housing supply and lower inventory cycles in lower-tier cities if successfully implemented [7]. - However, the actual issuance of special bonds for land acquisition remains low, with only about 15% of the proposed total amount being issued as of May 20, indicating a need for acceleration in the bond issuance process [8]. Recommendations for Improvement - It is suggested that local authorities expedite the conversion of proposed land acquisitions into actual acquisitions and refine the data on land ownership, regional distribution, and development progress to enhance the precision and operability of policies [8].