Core Insights - Hebei Province has disclosed information regarding the issuance of special bonds, with 4.738 billion yuan allocated for the acquisition of idle land [1] - This issuance marks a significant development for non-"self-examination and self-issuance" pilot regions in the issuance of special bonds for acquiring idle land [1] - According to data from the China Index Academy, as of October 19, the total amount planned for using special bonds to acquire idle land across the country exceeds 620 billion yuan, with nearly 200 billion yuan already issued, accounting for 31% [1] Summary by Categories Special Bonds Issuance - Hebei Province issued special bonds amounting to 4.738 billion yuan for the purpose of acquiring idle land [1] - This is a notable advancement for regions that are not part of the "self-examination and self-issuance" pilot program [1] National Context - The total planned amount for special bonds aimed at acquiring idle land nationwide exceeds 620 billion yuan [1] - Nearly 200 billion yuan of these special bonds have already been issued, representing 31% of the total planned amount [1]

Core Viewpoint - The recent acceleration in the use of special bonds to acquire idle land across multiple regions is aimed at reducing market land inventory, improving land supply-demand relationships, enhancing liquidity for local governments and enterprises, and stabilizing the real estate market [1][2]. Group 1: Special Bond Usage and Land Acquisition - Nearly 3,000 parcels of idle land are set to be acquired using special bonds, covering over 133 million square meters, with a total acquisition amount exceeding 350 billion yuan [2][3]. - The pace of public announcements for land acquisition using special bonds has significantly increased, with over 1,500 parcels announced in April alone, surpassing the total for the first three months of the year [2][3]. - The majority of the land parcels targeted for acquisition (over 80%) belong to local state-owned enterprises, while central and private enterprises account for less than 20% [3][4]. Group 2: Regional and City-Level Insights - 23 provincial-level regions have publicly announced plans to use special bonds for land acquisition, with Guangdong leading at over 65 billion yuan in proposed acquisitions [4][5]. - In major cities, 476 parcels have been announced for acquisition, with a total proposed amount exceeding 91 billion yuan, representing approximately 25.6% of the overall proposed acquisition amount [5]. - The actual issuance of special bonds for land acquisition remains relatively small, with only five provinces having issued bonds totaling nearly 55 billion yuan, which is less than one-fifth of the proposed acquisition amounts [5].