The pace of using local government special bonds to recover and acquire idle land is constantly accelerating. According to the latest data from Enterprise Early Warning, as of June 11th, the issuance scale of land reserve special bonds this year has exceeded 100 billion yuan, reaching 108.348 billion yuan, involving 442 projects and 24 special bonds. In this year's newly issued special bond funds, the proportion used for "land reserve" reached 7.75%. This year's special bonds, as an important financial tool for local governments to acquire idle land, have played a positive role in revitalizing existing land and accelerating the resolution of land risks. Various regions are actively promoting relevant work. ”Yan Yuejin, Vice President of Shanghai E-house Real Estate Research Institute, said in an interview with reporters. Zhu Hualei, Senior Investment Advisor of Shaanxi Jufeng Investment Information Co., Ltd., also believes that the issuance scale of land reserve special bonds has significantly increased in recent times. Accelerating the implementation of this policy measure not only helps stabilize the real estate market, but also optimizes the allocation of land resources. This year's Government Work Report proposes to arrange special bonds for local governments worth 4.4 trillion yuan, an increase of 500 billion yuan from the previous year, with a focus on investment and construction, land acquisition and storage, and the purchase of existing commercial housing, as well as digesting local government arrears to enterprises. At a press conference held by the State Council Information Office on October 12th last year, Vice Minister of Finance Liao Min stated that special bonds are allowed to be used for land reserves. Mainly considering the relatively large amount of idle and undeveloped land in various regions, we support local governments to use special bonds to recover eligible idle stock land. In areas where there is a real need, it can also be used for new land reserve projects. Subsequently, the issuance mechanism of land reserve special bonds has been continuously optimized. For example, in March of this year, the Ministry of Natural Resources and the Ministry of Finance jointly issued the "Notice on Doing a Good Job in Utilizing Local Government Special Bonds to Support Land Reserve", which clarified the requirements for bond issuance and the main users of funds, improved the application and review process for special bonds, and other matters to better support the use of special bonds to carry out land reserve work and effectively promote the stabilization of the real estate market. The issuance of special land reserve bonds in various regions has gradually landed. For example, on April 11th, the website of the People's Government of Hunan Province announced that Hunan has officially issued the first batch of special bonds for 2025, of which the land reserve special bond has a scale of 9.415 billion yuan, accounting for 41.5% of the special bond funds used for project construction in Hunan Province, marking Hunan as the third province in China to officially launch land reserve special bonds after Beijing and Guangdong. The issuance of land reserve bonds in Hunan this time involves 80 projects, covering 126 plots of land throughout the province, all of which are idle stock land, releasing a strong signal for Hunan Province to accelerate the revitalization of stock assets and optimize land resource allocation. For example, on June 11th, the Department of Natural Resources of Gansu Province announced that the first batch of land reserve special bond projects submitted by Lanzhou New Area this year have passed the preliminary review of the Provincial Department of Natural Resources and the Provincial Department of Finance. The scale of the special bond is 2.754 billion yuan, with a term of 5 years. The funds will be used specifically for the recovery and acquisition of idle land and the addition of land reserve projects. According to a research report released by United Credit Rating Co., Ltd., since the beginning of this year, Beijing, Guangdong, Sichuan, Hunan and other regions have taken the lead in restarting the issuance of land reserve special bonds, and other provinces will gradually promote it in the future. Among them, provinces with "self audit and spontaneous" special bonds and high land dependence may issue larger scale land reserve special bonds. Zhu Hualei predicts that the issuance scale of land reserve special bonds will significantly increase this year. He believes that this policy measure will not only help accelerate the destocking of the real estate market, stabilize market expectations, improve the supply-demand relationship of land, but also promote the stabilization of the real estate market. (New Society)