Guotai Haitong: In the third quarter, the planned acquisition of new land decreased, and the issuance of special bonds accelerated.

Guotai Haitong released a research report stating that according to Zhongzhi data, as of the third quarter of 2025, various regions across the country are planning to use special bonds to acquire idle land totaling 4687 parcels, corresponding to a planned acquisition area of 250 million square meters, with a total planned acquisition amount of approximately 614.5 billion yuan. Among them, the new planned acquisition amount in the third quarter of 2025 was 131.8 billion yuan, a decrease of 58.4% compared to the previous quarter. According to Zhongzhi data, as of the third quarter of 2025, a total of 195 billion yuan of land acquisition special bonds have been issued nationwide, covering 32% of the planned acquisition amount, a 12% increase from the first half of the year (coverage rate was 20% as of the second quarter of 2025). In the fourth quarter, the focus will continue to be on the scale of promotion, especially the progress of the issuance of special bonds.