超3000亿元专项债收储土地 “存量盘活”助力市场供求新平衡

Core Viewpoint - The issuance of special bonds for acquiring idle land is becoming a crucial financial tool for local governments to revitalize unused resources and optimize resource allocation, with over 300 billion yuan issued by the end of 2025, accounting for 6.7% of the total new special bond issuance for the year [1] Group 1: Special Bonds and Land Acquisition - By the end of 2025, 26 provinces and cities have announced plans to use special bonds to acquire over 5,500 plots of idle land, covering nearly 300 million square meters, potentially creating about 600 million square meters of supply [2] - Zhejiang and Guangdong lead in the scale of planned acquisitions, with announced amounts exceeding 90 billion yuan and 89 billion yuan respectively, while Chongqing ranks first in both planned acquisition amount and area [2] - Residential land constitutes approximately 66% of the planned acquisitions, indicating a strong link between land storage efforts and market inventory adjustments [2] Group 2: Ownership Structure and Pricing - Approximately 85% of the planned acquisition plots are owned by local state-owned enterprises, with private enterprises accounting for only about 13% [3] - The acquisition prices are mostly between 80% and 100% of the original transaction prices, with about 47% of plots falling within this range, indicating stable pricing trends [3] - Around 18% of the plots have acquisition prices below 70% of the original transaction price, particularly in regions like Guangxi and Chongqing, reflecting regional pricing variations [3] Group 3: Future Outlook and Policy Direction - As of the end of 2025, the actual issuance of special bonds for land acquisition has surpassed 300 billion yuan, representing about 40% of the total planned acquisition scale [4] - The issuance pace has accelerated, with an average monthly issuance of nearly 37 billion yuan in the fourth quarter of 2025, marking a 13.6% increase from the previous quarter [4] - The land acquisition initiative is seen as a means to optimize supply structure, with expectations for continued progress in 2026 as mechanisms for land storage are further refined [5][6]