Core Viewpoint - The policy of using local government special bonds to support the acquisition of idle land and existing commercial housing for affordable housing is seen as a new approach to address the real estate inventory issue, but progress has been slow due to challenges in pricing mechanisms and yield balance [1] Group 1: Special Bond Utilization - As of September 3, 2024, 537 special bond storage projects have been implemented nationwide, with a total scale of 146.6 billion yuan, of which only 18 projects (less than 4%) are for acquiring existing commercial housing [1] - Some cities have provided innovative practices that offer valuable experiences in addressing core challenges, such as implementing "fat and thin matching" asset combination models and establishing green channels for storage [1] Group 2: Pricing Mechanisms - Establishing a pricing mechanism that is "fiscally controllable and enterprise-recognized" is crucial for special bond storage [2] - Two main pricing mechanisms are being adopted: the "replacement cost method" and the "market comparison method," with cities like Xi'an and Fuzhou using the former, while cities like Hangzhou and Guangzhou utilize the latter [2][3] - The "replacement cost method" has faced challenges as the pricing is often too low for developers to cover their debts, while the "market comparison method" can conflict with the pricing limits for affordable housing [3] Group 3: Enhancing Yield - The balance between the low rent requirement of affordable housing and the yield requirement of special bonds is a key challenge for the sustainability of storage projects [4] - Some regions have successfully enhanced project yields through innovative models, such as combining rental income with supplementary commercial space leasing [4] - The "stock activation—land appreciation—yield feedback" model has been explored in economically developed areas, improving overall project returns [5] Group 4: Financing and Exit Optimization - Concerns about potential asset valuation losses and disposal difficulties hinder local governments from promoting special bond-supported projects [6] - Experts suggest establishing a multi-dimensional financing mechanism combining "special national bonds, special bonds, and re-loans" to support affordable housing storage projects [6][7] - The development of REITs for affordable housing projects is seen as a significant exploration direction for asset exit [6] - Suggestions include optimizing REITs issuance conditions to expand the range of eligible projects and improve local government participation [6][7]
1466亿专项债试水收储 多地创新模式破题收益瓶颈
Zheng Quan Shi Bao·2025-09-04 18:49