Core Viewpoint - The article discusses the reintroduction of special bonds for land reserves in China after a five-year suspension, highlighting the reasons for the initial halt and the current economic context that necessitates this move [1][2]. Group 1: Historical Context of Land Reserve Bonds - The land reserve system in China was established in 2001, with funding sources evolving through various phases, including the initial reliance on loans, the introduction of special bonds in 2017, and the suspension of these bonds from September 2019 to October 2024 [2][5][9]. - The special bonds for land reserves were first launched in 2017 and saw significant issuance until their suspension in 2019, which was aimed at regulating the real estate market and directing funds towards infrastructure [10][14]. Group 2: Characteristics of the Current Land Reserve Bonds - The current round of land reserve special bonds is distinct from previous issuances, focusing on acquiring idle land that has been supplied but not developed, particularly from enterprises unable or unwilling to continue development [25][36]. - The issuance of these bonds is intended to alleviate financial pressure on local governments and stabilize the real estate market by optimizing land resource allocation from "incremental expansion" to "stock optimization" [25][36]. Group 3: Issuance and Progress of Land Reserve Bonds - As of April 17, 2025, only nine bonds related to land reserves have been issued, totaling approximately 850.97 billion yuan, with 516.74 billion yuan specifically allocated for land reserves [27][30]. - The slow issuance pace is attributed to the recent establishment of detailed guidelines for the bonds and the concurrent issuance of debt to replace hidden liabilities, which has crowded out the issuance window for land reserve bonds [27][36]. Group 4: Analysis of Land Acquisition - The proposed land for acquisition primarily includes mixed-use, residential, and commercial properties, with a significant portion of the land being targeted for acquisition by state-owned enterprises and local government financing platforms [36][41]. - The average discount rate for land acquisition is approximately 12%, with state-owned enterprises receiving lower discounts compared to private enterprises, which face higher acquisition costs [46].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 公 告 收購土地 越秀地產股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈，於二○二四年十二月三 日，透過廣州樾海房地產開發有限公司（本公司實際擁有95.475%權益的附屬公司）（「廣州 樾海」），通過公開掛牌方式以人民幣1,900,790,000元成功競得廣州市海珠區東曉路東側 AH0215007地塊（「廣州市海珠區東曉路地塊」）。 廣州市海珠區東曉路地塊 本公司透過廣州樾海，通過公開掛牌方式以人民幣1,900,790,000元成功競得廣州市海珠區東 曉路地塊。 廣州市海珠區東曉路地塊總用地面積約20,851平方米，規劃總可建築面積約88,790平方米， 其中計算容積建築面積約59,035平方米。廣州市海珠區東曉路地塊性質擬為二類居住用地。 廣州市海珠區東曉路地塊所建住宅物業擬用於出售。 廣州市海珠區東曉路地塊須配建社區居委會等行政辦公場地 ...