房地产行业事件点评：广东多地公布首批土地收储名单，收储进度有望加快

Investment Rating - The industry rating is "Buy" (maintained) [7] Core Viewpoints - Multiple regions have announced idle land storage plans, with Guangdong publishing the first batch of storage project lists. This initiative aims to alleviate liquidity and debt pressures for local governments and real estate companies while adjusting the supply-demand relationship in the land market [2][3] - The Ministry of Natural Resources issued a notice in November 2024 regarding the use of local government special bond funds to recover idle land, providing detailed guidelines for the acquisition process and pricing [3] - The characteristics of the storage projects indicate that most are led by local state-owned enterprises, with acquisition discount rates ranging from 10% to 20% [4] Summary by Sections Land Storage Progress - As of February 11, 2025, Guangdong Province has announced plans for 161 parcels of land covering approximately 6.85 million square meters, with a total storage amount of about 35.4 billion [3] - The city with the largest storage fund is Huizhou (12.7 billion), followed by Zhuhai (6.6 billion) [3] Project Characteristics - The announced projects primarily consist of residential (over 50%) and commercial (over 30%) land, with most parcels acquired at or below original transaction prices [4] - Approximately 70% of the parcels have acquisition prices that are 80%-100% of the original transaction price, with an average discount of about 10% for parcels sold between 2020 and 2023 [4] Investment Recommendations - The current core objective of the real estate market policy is to stabilize volume and price. The acceleration of land storage will help ease liquidity and debt pressures for local governments and real estate companies, thus adjusting market supply and demand [5] - It is recommended to focus on leading quality developers with strong financing capabilities, land acquisition abilities, and reasonable land reserve layouts, as well as top second-hand housing intermediaries benefiting from active transactions [5]