房地产行业报告：专项债收购存量闲置土地发行落地提速

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The resumption of land reserve special bonds is expected to provide financial support for local governments to acquire and recycle land, improve the financial situation of real - estate enterprises, and promote the stabilization of the real - estate market from the land side [72]. - More regions are expected to follow the practices of provinces that have issued special bonds, and the issuance speed of land reserve special bonds is likely to accelerate. However, the policy effects need further observation due to issues such as mortgage - debt relationships and acquisition pricing [3][72]. 3. Summary According to the Table of Contents 3.1 Local Government Special Bond Investment Areas Have Expanded - Local government bonds are classified into general bonds and special bonds based on repayment sources. In 2024, local government special bonds totaled 7.7 trillion yuan in issuance, with 4.0 trillion yuan in new special bonds and 3.7 trillion yuan in refinancing special bonds. By the end of 2024, the balance of special bonds was 30.8 trillion yuan, accounting for 65% of local government debt [12]. - The investment areas of special bonds have expanded. In 2025, four new investment areas were added, including supporting the acquisition of existing commercial housing, revitalizing idle land, developing infrastructure for emerging strategic industries, and renovating old urban areas [15]. - From 2019 - 2024, the areas with relatively high investment of new special bonds were municipal and industrial park infrastructure, shantytown renovation, and healthcare, with scale proportions of 27.4%, 13.4%, and 7.2% respectively [15]. 3.2 Historical Review of Land Reserve Special Bonds - Before 2016, land reserve institutions could borrow land reserve loans from banks. In 2016, borrowing land reserve loans from banks was suspended, and land reserve funds were raised through channels such as local government special bonds, state - owned land revenue funds, and land transfer revenues [24][26]. - Land reserve special bonds were officially launched in 2017 and suspended in September 2019. From July 2017 to September 2019, a total of 426 land reserve special bonds were issued, with a total amount of 1491.4 billion yuan [30][31]. 3.3 Relevant Policies and Background for the New Round of Resuming Land Reserve Special Bonds - Since 2024, central meetings have introduced policies to support the revitalization of idle land. In October 2024, the Ministry of Finance allowed special bonds to be used for land reserve [35]. - In November 2024, the Ministry of Natural Resources issued a notice providing specific guidance on using special bond funds to acquire idle land, aiming to reduce the scale of idle land, improve the land supply - demand relationship, and promote the stabilization of the real - estate market [36]. - In March 2025, the Ministry of Natural Resources and the Ministry of Finance jointly issued a new regulation on land reserve special bonds, clarifying requirements for bond issuance and fund use [37]. 3.4 Progress of Local Plans to Use Special Bonds to Acquire Idle Land - As of April 10, according to incomplete statistics from the China Index Academy, 848 parcels of idle land were planned to be acquired with special bonds, with a total area of over 40 million square meters and a total amount of 128.2 billion yuan. The pace of announcements has accelerated since March [46]. - Fourteen out of 31 provinces and municipalities have announced plans to use special bonds to acquire idle land. Guangdong Province leads with a planned acquisition amount close to 50 billion yuan [47]. - Among the announced parcels, residential land accounts for 63.5%, commercial and office land for 25.8%, and industrial land for 7.3%. Most of the acquired land was transferred between 2020 - 2024 [52]. 3.5 Issuance of Land Reserve Special Bonds for Acquiring Idle Land - As of April 10, Guangdong, Sichuan, and Hunan have issued special bonds for acquiring idle land, with a total amount of approximately 40.2 billion yuan, covering 166 projects [3][54]. - Since February, Beijing has issued special bonds involving 25 land reserve projects, with a total issuance of 11.687 billion yuan, mainly for primary land development [60]. - In March, Sichuan issued special bonds involving 3 land reserve projects, with 330 million yuan used to acquire 2 parcels of idle land in Chengdu and Yibin [68]. - In April, Hunan issued land reserve special bonds worth 9.415 billion yuan, accounting for 41.5% of the provincial special bond funds for project construction [71]. 3.6 Investment Suggestions - The resumption of land reserve special bonds can support local governments in land acquisition and recycling, improve the financial situation of real - estate enterprises, and promote the stabilization of the real - estate market [72]. - More regions are expected to follow the practices of provinces that have issued special bonds, and the issuance speed of land reserve special bonds is likely to accelerate. However, the policy effects need further observation, and it is recommended to pay attention to relevant local state - owned enterprises and developers [3][72].