房地产周报：2月销售继续回稳，广东发行专项债收购存量土地

Investment Rating - The industry investment rating is "Positive" [3][29] Core Viewpoints - New home sales in February showed signs of stabilization, with a year-on-year growth rate of 11.92% for the cumulative sales area from January 1 to February 27, compared to 7.43% previously. The monthly cumulative sales area growth rate was 48.71%, a significant recovery from -5.04% in the previous month [1] - The issuance of special bonds by Guangdong Province for the acquisition of idle land is expected to accelerate land reserves nationwide, alleviating cash flow pressures for real estate companies and boosting market confidence [3] - The cumulative sales area for new and second-hand homes in 14 cities showed a year-on-year growth rate of 11.10% from January 1 to February 27, up from 4.53% previously, with a monthly growth rate of 58.21% compared to -8.92% in the previous month [2] Summary by Sections Sales Performance - The sales area of new homes in 32 cities for the week of February 21-27 was 3.369 million square meters, up from 2.727 million square meters the previous week [1] - The sales area of second-hand homes in 15 cities for the same week was 2.228 million square meters, an increase from 1.882 million square meters the previous week [1] Special Bonds and Land Acquisition - Guangdong Province issued a total of 30.71859 billion yuan in special bonds aimed at acquiring idle land, covering 86 projects across 19 cities [3] - The land acquisition initiative is expected to benefit local state-owned enterprises initially, with the potential for more low-cost incremental funds entering the market as the scale of land reserve special bonds increases [3] Market Outlook - The report anticipates that the land reserve efforts will have a positive impact on major state-owned and central enterprises, with recommendations for companies such as Poly Developments, China Merchants Shekou, China Resources Land, Greentown China, and Yuexiu Property [3]