Core Insights - Since May, various regions have announced plans for special bond acquisitions of existing land, indicating a significant push towards land recovery initiatives [1][3][17] - The issuance of special bonds aimed at real estate has seen a notable increase, with over 300 billion yuan allocated in the past two months [4][5] - As of the end of May, approximately 171 cities have proposed a total land recovery scale nearing 400 billion yuan, reflecting a growing trend in land recovery through special bonds [3][11] Special Bonds in Real Estate - The issuance of special bonds primarily targeting the real estate sector has reached 318 billion yuan, maintaining a steady level over the past two months [5][8] - In the first five months of the year, special bonds related to real estate totaled 1.3 trillion yuan, with 458.6 billion yuan specifically directed towards real estate, accounting for 34% of the total [5][11] - The provinces of Fujian and Jiangxi accounted for 50% of the newly issued real estate special bonds in May, highlighting regional disparities in bond issuance [8] Land Recovery Initiatives - The cumulative issuance of land reserve special bonds has exceeded 700 billion yuan, with a significant portion allocated for land recovery [11][14] - In May alone, 61% of the special bonds aimed at real estate were designated for land reserves, totaling 193 billion yuan, with Fujian contributing 149.6 billion yuan [14][15] - The ongoing urban renewal actions are expected to enhance land use efficiency and stimulate the recovery of existing land and commercial properties [17]