Group 1 - The real estate market in China is entering a new phase of inventory reduction, with national land transaction volume maintaining a negative growth of -20% for four consecutive years, and residential land transfer area falling below new home transaction volume [1] - Since 2025, central authorities have emphasized the importance of prioritizing the collection of idle land parcels, granting local governments autonomy in pricing and usage [2][25] - As of 2025, 313 cities have released lists of residential land inventory, aiding local authorities in clarifying potential inventory and accelerating the collection of idle land [4][5] Group 2 - The broad inventory scale remains high, with a significant amount of potential inventory including undeveloped land and projects that have not yet received sales permits [2][26] - By April 2025, the narrow inventory scale in typical cities has decreased by approximately 9% from its peak in September 2024, indicating reduced short-term de-stocking pressure [2] - The broad inventory scale has slightly increased by 0.7% due to the sale of quality land parcels, posing a challenge for the real estate industry in adjusting inventory [2][26] Group 3 - There is a significant divergence in potential inventory across cities, with cities like Chongqing and Changchun facing severe backlog issues [4][9] - In 27 typical cities, the total area of residential land inventory is 44,000 hectares, with only 43.3% of this area sold, indicating a need for accelerated land collection [5][6] - Cities such as Fuzhou and Huizhou have over 70% of their theoretical inventory unsold, highlighting the potential for revitalization in these markets [10] Group 4 - The real estate industry is at a critical turning point for inventory management, with the acceleration of special bond collection policies and deepening supply-demand reforms [25][26] - As of May 2025, 171 cities have utilized special bonds to collect and revitalize 6,565 hectares of residential land, effectively accelerating inventory reduction by 54% [25][28] - The inventory pressure is unevenly distributed, with high inventory cities needing to expedite special bond collection and explore innovative models for converting projects into affordable housing [27][28] Group 5 - The core challenge lies in the high-level divergence of broad inventory, with special bond collection being a key strategy [26][27] - Cities with high inventory pressure, such as Chongqing and Zhengzhou, face significant challenges in market expectations due to high proportions of undeveloped land [26][27] - In contrast, cities like Beijing and Hefei have manageable inventory cycles, indicating healthier supply-demand relationships [26][28]