金十数据5月29日讯，重庆市巴南区政府近日发布《2025年第一批拟使用政府专项债券收回存量闲置土 地价格公示》，宣布拟使用土地储备专项债券依法收回6宗存量闲置土地。在此之前，九龙坡区、南岸 区、北碚区等20余个区县也加入了回收行动，其中九龙坡区累计回收15宗土地，面积约1218亩，收购价 款约96亿元；南岸区累计回收10宗土地，面积约599亩，收购价款38亿元；北碚区回收5宗土地，面积约 623亩，收购价款近10亿元。截至目前，重庆回收的闲置土地共涉及323宗，面积约2.27万亩，拟回购金 额超过435亿元，回收土地多为非居住用地。 重庆拟435亿元回收323宗闲置土地 ...

Core Viewpoint - The acceleration of the use of special bonds for the acquisition of idle land has been observed since April, with significant progress in various regions [1] Group 1: Special Bonds and Idle Land Acquisition - As of May 20, nearly 3,000 cases of proposed use of special bonds for the acquisition of idle land have been publicly announced, covering a total area exceeding 133 million square meters [1] - Provinces such as Guangdong, Hunan, and Fujian have completed part of the special bond issuance, with a total issuance amount close to 55 billion yuan, accounting for approximately 15% of the proposed acquisition amount [1] - The overall amount of proposed special bond usage for acquiring idle land across the country exceeds 350 billion yuan [1]

Group 1 - Major engineering projects continue construction during the "May Day" holiday across multiple regions [1] - In Xinjiang Kunyu, a land development project covering 73,800 acres has entered a critical phase with heavy machinery actively working [4][2] - In Guizhou, nearly 500 construction workers are accelerating the construction of the Anshun to Panzhou section of the Hukun National Expressway, expected to be completed by the end of 2026 [7][5] Group 2 - Over 2,300 railway builders are intensively working on the Fuzhou port railway, with 70% of the earthworks completed [10][8] - In Sichuan, the construction of the Jinsha River to Hubei UHV project is in a sprint phase, expected to be operational within the year, with a capacity to deliver 40 billion kilowatt-hours annually [13][11] - In Jiangsu, the 500 kV transmission line project related to the Guoxin Jiangyin Power Plant expansion is progressing rapidly, expected to deliver 10 billion kilowatt-hours to the grid annually [15][14]

破局"闲置土地"，激活产业新引擎。原佳贝特地块闲置多年，为支持项目落地，罗开集团完成土地熟化 112亩，成功招引投资32亿元的瑞德利超薄超强电池隔膜项目，该项目已被列入2025年"省重大"项目。 生态修复赋能，助推绿色低碳转型。原佳宝地块因土壤污染一直闲置，罗开集团组织对292亩进行土壤 污染调查，并一次性评审通过，有效支持了天环膜结构、旗悦新风、绿临电池回收和瑞德利二期等项目 落地，极大的缩短项目落地时间。 土地熟化，熟的是资源整合的"效率"，化的是高质量发展的"动能"，从"闲置锈带"到"产业走廊"，从"历 史包袱"到"发展引擎"，罗开控股以土地熟化"关键笔"，绘就罗庄振兴"新画卷"。未来，罗开集团将继 续以"攻坚者"姿态，以更高站位、更实举措，持续深化土地要素改革，为"振兴罗庄重回千亿"筑牢产业 基石，谱写高质量发展崭新篇章！国企担当土地赋能土地熟化助力"振兴罗庄重回千亿"战略 齐鲁晚报.齐鲁壹点徐昊囡 土地熟化是城市更新的"先手棋"，更是产业振兴的"关键子"。面对罗庄区产业转型与空间重构的双重挑 战，罗开集团立足国企责任，以"盘活低效用地、重塑产业动能"为核心，靶向攻坚历史遗留项目，累计 推动1519亩 ...

Financial Data and Key Metrics Changes - The company reported a net income of $60.6 million for Q1, exceeding guidance by approximately $10 million [4][23] - Total liquidity at the end of the quarter was $653.3 million, consisting of $528.3 million in cash and cash equivalents, an increase of $97.5 million from year-end [5][24] - The company received a credit rating upgrade from S&P, moving from B- to B with a stable outlook [5][22] Business Line Data and Key Metrics Changes - The Great Park Venture closed on four residential land sales, generating an aggregate purchase price of $278.9 million [5][23] - Builders in the Great Park community sold 233 homes in Q1, up from 143 homes in Q4 2024 [11] - Valencia community sales remained steady with 69 homes sold in Q1 compared to 74 in Q4 [13] Market Data and Key Metrics Changes - The Federal Reserve cut rates by 100 basis points since September, but recent tariff policies have created upward pressure on interest rates [10] - Consumer sentiment has been negatively impacted by tariff uncertainties, affecting new home sales [10] Company Strategy and Development Direction - The company is focused on optimizing homesite value within existing communities and managing fixed costs while pursuing growth opportunities [7][8] - Growth initiatives will complement existing communities and are aimed at maximizing land value and maintaining margins [6][8] - The company is exploring acquisitions and joint ventures to expand its reach and diversify its platform [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging economic environment but remains confident in meeting prior guidance for 2025 net income of close to $200 million [9][26] - The company is actively monitoring market conditions and is prepared to adjust strategies as necessary [10][26] Other Important Information - The company generated net cash flow of $97.5 million during the quarter, with significant inflows from the Great Park Venture [24] - The company plans to provide more insight on capital expenditure plans for San Francisco developments towards the end of the year [31] Q&A Session Summary Question: Will regulatory changes expedite development processes? - Management confirmed that any regulatory changes to expedite processes would be beneficial for delivering housing [29] Question: What is the status of CapEx plans for next year? - Management indicated that insights on CapEx plans would be provided towards the end of the year [31] Question: Why is the company not reducing debt with excess cash? - Management explained that the cost of paying down debt is currently not prudent due to market conditions, but they are monitoring the situation [34][35] Question: What is the expected future sales price for land? - Management stated that the blended number for recent land sales is about $11.8 million per acre, with future sales expected to be consistent with this figure [40] Question: How much commercial land is left entitled in Irvine? - Management confirmed they have 100 acres of commercial land between four sites [45] Question: Will the recent wildfires impact housing supply? - Management noted that the wildfires have created a need for housing, but the impact on government approval processes is still being assessed [56]

Investment Rating - The report indicates a general low performance in the Shanghai land market at the beginning of 2024, with a successful sale of residential land for approximately 2.052 billion yuan [2]. Core Insights - The Shanghai land market experienced a low start in January 2024, with a total transaction area dropping to 180,600 square meters and a total transaction price of only 3.12 billion yuan [2][7]. - The last batch of concentrated land supply for 2024 concluded with a residential land plot in Songjiang district sold at a premium of 28%, resulting in a transaction price of 2.94 million yuan per square meter [5]. - The industrial land market saw a decrease in transaction volume, with the average unit price for industrial land dropping significantly to 1,730 yuan per square meter [8]. Summary by Sections Overall Market Overview - In January 2024, the Shanghai land market had a total transaction price of approximately 2.052 billion yuan for residential land, with a total area of 180,600 square meters sold [2]. Concentrated Supply - The last concentrated land supply batch for 2024 included a residential plot in Songjiang district, which was sold for 2.052 billion yuan, reflecting a 28% premium over the starting price [5]. Normalized Supply - There was no supply of commercial land in January, and the industrial land supply included 8 plots, with a total area of 180,600 square meters sold for about 312 million yuan, below the average monthly transaction volume for the past year [7]. - The average unit price for industrial land decreased significantly, with research and design land prices dropping by 47% to 4,416 yuan per square meter [7][8]. Case Analysis - A specific case in the industrial land sector involved a plot in Songjiang district sold to Shanghai Biyouxin Artificial Intelligence Technology Co., Ltd. for 84.23 million yuan, covering an area of 22,000 square meters [9].