SHLG(SH:600848) Zheng Quan Shi Bao·2026-01-15 05:08Core Insights - The article discusses the progress of special bond issuance for the acquisition of idle land in China, with over 5,500 parcels of land and a total value exceeding 750 billion yuan expected to be acquired by 2025 [1][2]. Group 1: Special Bond Issuance - By 2025, more than 3,000 billion yuan of special bonds have been issued across various provinces, accounting for approximately 40% of the total planned acquisition scale [1]. - Guangdong leads with 486 billion yuan in bond issuance, followed by Hunan with 389 billion yuan, and both Jiangxi and Chongqing around 300 billion yuan [1]. - In major cities, first and second-tier cities have issued about 970 billion yuan, representing around 32% of the total issuance [1]. Group 2: Land Acquisition Details - Among the 31 provinces, 26 have announced plans to use special bonds for land acquisition, with Zhejiang and Guangdong at the forefront, each exceeding 890 billion yuan [2]. - Residential land constitutes the majority of the acquisition, with approximately 66% of the parcels being residential, 24% commercial, and 6% industrial [2]. - Most of the land parcels belong to local state-owned enterprises, accounting for about 85% of the total, while private enterprises only represent about 13% [2]. Group 3: Pricing and Market Expectations - Approximately 47% of the land parcels have a proposed acquisition price that is between 0.8 and 1.0 times the original transaction price, indicating a potential discount on some parcels [3]. - Regions like Ningxia, Fujian, and Guangdong have price ratios above the national average of 0.82, while Guangxi and Chongqing have ratios below 0.7, indicating larger discounts [3]. - Industry experts anticipate that more cities will continue to promote the acquisition of idle land in 2026, aiming to accelerate inventory reduction and improve market expectations [3].