房地产：专项债收储政策有望加速落地

Investment Rating - The industry rating is "Outperform the Market" [6] Core Viewpoints - The recent announcement of three measures to resolve hidden debt is expected to alleviate liquidity risks for local governments and enhance development momentum [3] - The cancellation of the ordinary residential standard and the introduction of supportive tax policies are anticipated to stimulate market activity and lower costs for developers and homebuyers [4] - The acceleration of special bond storage policies is expected to relieve existing housing inventory pressure and promote stabilization in the real estate market [5] Summary by Sections Debt Resolution Measures - The report outlines three key measures: an annual issuance of 800 billion yuan in new special bonds for five consecutive years starting in 2024, a 6 trillion yuan debt swap for local governments over three years, and the continued repayment of 2 trillion yuan in hidden debts related to shantytown renovations as per original contracts [3] Tax Policy Changes - The report suggests that the upcoming tax policies will likely include VAT incentives related to ordinary residential properties, which could lower land acquisition costs for developers and stimulate market transactions [4] Special Bond Storage Policies - The report indicates that special bonds will support the recovery of idle land and the acquisition of existing homes for affordable housing, which is crucial for addressing the rising inventory pressure in the market [5] Investment Recommendations - The report recommends focusing on the recovery of second-hand housing prices in core cities and monitoring the details of real estate policy implementations. Specific companies to watch include those in turnaround situations like China Vanke and New Town Holdings, as well as leading firms such as China Merchants Shekou, Greentown China, Poly Developments, and Binjiang Group [5]