中国商业经济学会副会长宋向清在接受《证券日报》记者采访时表示，土地储备专项债券的发行成为盘 活存量土地与优化资源配置的关键抓手，将"沉睡资源"转化为发展动能。 8月21日，2025年浙江省土地储备专项债券(八期)完成招标发行，发行金额为26.76亿元，发行期限为5 年。该债券的信用评级报告显示，资金用途方面，本次公开发行债券专项用于杭州市、温州市、嘉兴 市、金华市、衢州市、台州市和丽水市的21个土地储备项目。 上述债券的成功发行是土地储备专项债券发行持续落地的一个缩影。《证券日报》记者根据企业预警通 最新数据梳理发现，截至8月22日，今年土地储备专项债券发行规模已达到2732.47亿元，涉及1105个项 目，53只专项债券。 "土地储备专项债券的加速发行，调节改善了土地供求关系，有助于缓解房地产市场的库存压力，稳定 市场预期，促进房地产市场平稳健康发展。"陕西巨丰投资资讯有限责任公司高级投资顾问朱华雷告诉 《证券日报》记者。 朱华雷表示，土地储备专项债券的发行有助于盘活存量闲置土地，优化土地供应结构。政府通过专项债 券资金将闲置土地收储后，可对地块进行规划调整，进而实现土地资源的更合理利用，提高土地利用效 率 ...

Group 1 - The article discusses the revitalization of idle land in Ningxiang, Hunan, through administrative, legal, and economic measures, focusing on the successful land exchange to facilitate the construction of Hisense's new manufacturing base [1][3][6] - Hisense's new manufacturing base project covers 486 acres, aims to produce 2 million units annually, and is set to commence production in January 2026 [1][3] - The Ningxiang Economic and Technological Development Zone has been proactive in addressing land use issues, achieving a development rate of 90.19% within its planned area [6][7] Group 2 - The article highlights the challenges faced by Xinxin Real Estate Company, which has multiple parcels of undeveloped land under litigation, leading to prolonged idleness [2][4] - The Ningxiang government has proposed a land exchange strategy to resolve the land use conflict, involving negotiations with various stakeholders, including the courts and creditors [3][5] - The bankruptcy restructuring of Xinxin Real Estate Company was initiated to streamline the land exchange process, allowing for the release of previously frozen land [5][6] Group 3 - Since 2023, Ningxiang has successfully revitalized 22 parcels of low-efficiency land, totaling 1,764.9 acres, resulting in an increase of fixed asset investment by 12.087 billion yuan and an expected annual output value increase of nearly 20 billion yuan [7] - The article also mentions the proactive measures taken by the Tianjin Jinghai District to support the transformation and upgrading of enterprises, including the establishment of a new industrial park for Faraday Health Technology [8][10] - Faraday Health Technology's new project is expected to significantly enhance production capacity, with an investment of 500 million yuan and an anticipated annual output of 1.8 million water purification devices [11]

Core Viewpoint - The land market in China is experiencing a "reduction in quantity and improvement in quality," reflecting a shift in the real estate development stage, with a focus on "de-stocking" due to declining new housing sales and high levels of existing land supply [2][3][4]. Group 1: Land Market Performance - In the first half of 2025, the transaction volume of operating land in 300 cities decreased by 8% year-on-year, reaching a historical low of 2.5 billion square meters [7][11]. - Despite the reduction in land supply, the average premium rate for land auctions increased to 9.2%, up by 4.8 percentage points year-on-year, indicating a shift towards higher quality land offerings [8][10]. - Major cities like Chengdu and Hangzhou saw land auction premium rates exceeding 50%, with Chengdu reaching as high as 75% for certain plots [8]. Group 2: Role of Local Governments and Investment Entities - Local governments are controlling land supply while enhancing the quality of land offered, which is seen as a key strategy to reduce real estate inventory [4][25]. - State-owned enterprises and local investment companies are playing a significant role in land acquisition, with local government platforms frequently participating in land auctions [9][10]. - From 2021 to 2024, local investment companies maintained a land acquisition share of over 50%, peaking at 64% in 2024 [10]. Group 3: Inventory and Market Dynamics - The narrow inventory of unsold residential properties decreased to 4.63 billion square meters by the end of May 2025, reflecting a downward trend [11]. - The broad inventory, which includes unsold properties and undeveloped land, remains a concern, with many projects not progressing to construction [12][13]. - The development capabilities of local investment companies are often insufficient, leading to a slow pace of project initiation [14][15]. Group 4: Policy Measures and Future Outlook - Recent government meetings emphasized the need to optimize existing policies to stabilize the real estate market and address issues related to idle land [19][20]. - As of April 2025, 24,000 plots of idle land covering 90,800 hectares have been included in a management list for proper disposal [21]. - The use of special bonds for land recovery has been reintroduced, with over 3,700 plots identified for potential recovery, amounting to approximately 470 billion yuan [24].

Group 1 - The issuance of local government special bonds for acquiring idle land is accelerating, with a total issuance scale exceeding 100 billion yuan, reaching 108.35 billion yuan as of June 11, involving 442 projects and 24 special bonds [1] - The proportion of funds used for "land reserves" in the newly issued special bonds this year is 7.75%, indicating a significant focus on land acquisition [1] - The issuance of land reserve special bonds is seen as a crucial financial tool for local governments to revitalize idle land and mitigate land-related risks, contributing positively to the real estate market [1][2] Group 2 - The Ministry of Finance allowed the use of special bonds for land reserves to address the issue of idle undeveloped land across various regions, supporting local governments in recovering eligible idle land [2] - The issuance mechanism for land reserve special bonds has been continuously optimized, with recent notifications clarifying the requirements and processes for issuing these bonds [2] - Provinces like Hunan have successfully issued land reserve special bonds, with a scale of 94.15 billion yuan, marking a significant step in revitalizing idle assets and optimizing land resource allocation [2] Group 3 - Gansu Province has also initiated the issuance of land reserve special bonds, with a scale of 27.54 billion yuan aimed at recovering idle land and new land reserve projects [3] - Major provinces such as Beijing, Guangdong, Sichuan, and Hunan have taken the lead in reissuing land reserve special bonds, with expectations for other provinces to follow suit [3] - The anticipated increase in the issuance scale of land reserve special bonds is expected to accelerate inventory reduction in the real estate market and stabilize market expectations [3]