Core Viewpoint - The recovery of idle land through special bonds has become a significant strategy for inventory reduction by both central and local governments in 2023, with ongoing improvements in supporting policies and new progress in the issuance of special bonds [1][2]. Group 1: Public Disclosure of Land Acquisition - As of August 18, over 4,300 cases of proposed land acquisition using special bonds have been publicly disclosed across the country, covering an area of over 22 million square meters and totaling over 550 billion yuan [2][8]. - Guangdong remains the province with the largest proposed acquisition scale, with a total proposed amount of nearly 79 billion yuan [4][9]. - Among the cities, Chongqing leads with a proposed acquisition amount of 53.38 billion yuan and an area of over 1.815 million square meters [4][9]. Group 2: Land Use Types and Ownership - Residential land continues to be the primary focus for acquisition, accounting for approximately 66% of the disclosed cases, with a notable increase in the past two months [5]. - The majority of the proposed land acquisitions belong to local state-owned enterprises, making up about 84%, while private enterprises account for only about 13% [5]. Group 3: Special Bond Issuance - As of August 18, seven provinces, including Guangdong, Hunan, and Anhui, have issued or are about to issue special bonds for land acquisition, totaling over 150 billion yuan, which is only 27% of the proposed acquisition amount [8][9]. - The total amount of special bonds issued for land acquisition is significantly lower than the proposed total, indicating a need for acceleration in the issuance process [10]. Group 4: Future Outlook - The actual issuance scale of special bonds for land acquisition remains low, primarily concentrated in "self-examination and self-issuance" pilot areas, with other provinces needing to speed up their issuance [10]. - If breakthroughs can be achieved in non-pilot areas, it is expected to further boost market expectations and improve the supply-demand relationship in the market [10].

Core Viewpoint - The pace of public announcements regarding the use of special bonds for land acquisition has significantly accelerated across various regions in China, indicating a proactive approach to address idle land issues and stimulate economic activity [1][4]. Group 1: Special Bonds for Land Acquisition - As of May 20, nearly 3,000 parcels of idle land have been publicly announced for acquisition using special bonds, covering an area of over 133 million square meters and totaling more than 350 billion yuan [2][4]. - The number of publicly announced land parcels increased significantly in March and April, with March seeing over 830 parcels (an increase of more than 460 from February) and April exceeding 1,500 parcels, surpassing the total from January to March, with a total amount exceeding 1,700 billion yuan [3][4]. Group 2: Regional Insights - Among the 31 provinces and cities, 23 have announced plans to use special bonds for land acquisition, with Guangdong leading at over 65 billion yuan, followed by Henan and Fujian with amounts exceeding 30 billion yuan [4]. - In major cities, first and second-tier cities accounted for 476 parcels with a total amount exceeding 91 billion yuan, representing 25.6% of the total [5]. Group 3: Future Issuance of Special Bonds - The total amount of special bonds issued for the acquisition of idle land in regions like Guangdong, Hunan, and Fujian is close to 55 billion yuan, accounting for 15% of the total planned acquisition amount [6]. - Major cities such as Guangzhou have issued over 6 billion yuan in special bonds, while second-tier cities like Changsha and Ningbo have issued amounts of 3.81 billion yuan and 1.32 billion yuan, respectively [6]. Group 4: Expert Analysis - According to Chen Wenjing, a policy research director at the China Index Academy, the acceleration in public announcements for special bonds since April is notable, but the actual issuance remains relatively small, with only five provinces having issued bonds for idle land acquisition, amounting to less than one-fifth of the announced amounts [7].