Core Insights - The issuance of special bonds for land reserve has rapidly expanded across the country, with a total issuance scale of 1083.48 billion yuan as of June 10, 2025, covering 442 projects and 24 special bonds [1][5][6] - The special bond project in Lanzhou New Area, with a scale of 27.54 billion yuan, aims to recover idle land and optimize land resource allocation to support high-quality development [1] - The proportion of funds allocated for land reserve from newly issued special bonds is currently at 7.75%, indicating potential for future growth in this area [1][5] Group 1: Special Bond Issuance - The total planned issuance of local government special bonds for 2025 is 4.4 trillion yuan, an increase of 500 billion yuan from the previous year, focusing on investment construction and land acquisition [5] - As of May 25, 2025, 25 provinces and cities, including Guangdong and Anhui, have announced specific information on acquiring idle land, with a cumulative project coverage of 4071 plots and a funding scale of approximately 4443.48 billion yuan [6] - The issuance of special bonds for land reserve is seen as a key measure for local finances to enhance land liquidity and stabilize the real estate market [5][8] Group 2: Project Details and Funding - Specific projects in Zhejiang province have received significant financing support from special bonds, with financing amounts often constituting the majority of total project costs [7] - The majority of land being acquired through special bonds is associated with urban investment platforms, which have historically accumulated idle land due to low construction rates [8][9] - The reissuance of land reserve special bonds is expected to positively impact domestic demand and mitigate risks, promoting a stable and healthy development of the real estate market [9]