Group 1 - The use of special bonds for acquiring idle land has played a significant role in stabilizing the real estate market this year, with 4,574 plots and over 230 million square meters of land planned for acquisition as of the end of August [1] - The total amount of special bonds proposed for land acquisition exceeds 610 billion yuan, with actual issuance around 175.2 billion yuan [1] - The implementation of a tiered review mechanism in Sichuan Province has improved the efficiency of land acquisition projects, focusing on high maturity and significant benefits [1] Group 2 - As of September 2, Sichuan Province has completed the acquisition of 53 plots covering 3,347.76 acres, with 4.844 billion yuan of special bond funds disbursed [2] - The land acquisition process has alleviated excess supply and improved the cash flow of real estate companies, enabling them to proceed with deliveries and land purchases [2] - Currently, 26 out of 31 provinces have announced plans to use special bonds for land acquisition, indicating potential for further acceleration in bond issuance [2] Group 3 - The future of land acquisition using special bonds is expected to accelerate due to high land inventory and the need for real estate market stabilization [3] - There is an increasing demand for public services and new market needs, necessitating adjustments in land functions and urban space planning [3] - Recommendations include understanding the scale of available idle land and utilizing urban renewal policies to optimize land use while ensuring market-based pricing for acquisitions [3]

Core Viewpoint - The recovery of idle land through special bonds has become a significant strategy for inventory reduction by both central and local governments in 2023, with ongoing improvements in supporting policies and new progress in the issuance of special bonds [1][2]. Group 1: Public Disclosure of Land Acquisition - As of August 18, over 4,300 cases of proposed land acquisition using special bonds have been publicly disclosed across the country, covering an area of over 22 million square meters and totaling over 550 billion yuan [2][8]. - Guangdong remains the province with the largest proposed acquisition scale, with a total proposed amount of nearly 79 billion yuan [4][9]. - Among the cities, Chongqing leads with a proposed acquisition amount of 53.38 billion yuan and an area of over 1.815 million square meters [4][9]. Group 2: Land Use Types and Ownership - Residential land continues to be the primary focus for acquisition, accounting for approximately 66% of the disclosed cases, with a notable increase in the past two months [5]. - The majority of the proposed land acquisitions belong to local state-owned enterprises, making up about 84%, while private enterprises account for only about 13% [5]. Group 3: Special Bond Issuance - As of August 18, seven provinces, including Guangdong, Hunan, and Anhui, have issued or are about to issue special bonds for land acquisition, totaling over 150 billion yuan, which is only 27% of the proposed acquisition amount [8][9]. - The total amount of special bonds issued for land acquisition is significantly lower than the proposed total, indicating a need for acceleration in the issuance process [10]. Group 4: Future Outlook - The actual issuance scale of special bonds for land acquisition remains low, primarily concentrated in "self-examination and self-issuance" pilot areas, with other provinces needing to speed up their issuance [10]. - If breakthroughs can be achieved in non-pilot areas, it is expected to further boost market expectations and improve the supply-demand relationship in the market [10].