Soochow: Policy-driven activation of existing stock, importance of urban renewal increased.

Soochow issued a research report stating that this round of policies further strengthens the policy orientation of "strictly controlling increment and revitalizing stock", clearly linking the newly added construction land with the stock construction land revitalization, and the importance of revitalizing stock has been elevated. From the industry perspective, the importance of stock development models such as urban renewal, urban village transformation, and redevelopment of inefficient land is expected to increase further. Companies with experience in old renovations, deep cultivation in core cities, and reserves of stock projects are more competitive. Soochow's main points are as follows: Event Recently, the Ministry of Natural Resources and the State Forestry and Grassland Administration jointly issued a notice on further improving the guarantee of natural resource elements, proposing 13 measures related to the guarantee of natural resource elements for key construction projects in the "15th Five-Year Plan", including overall coordination of construction land indicators, optimization of land acquisition processes, revitalization of stock land, and guarantee of land for urban renewal. Provincial level coordination and control, constraints on new land by revitalizing stock land The notice specifies that provinces (autonomous regions, municipalities) that have achieved the networking of the "one map" should implement a total scale control mechanism for construction land planning during the "15th Five-Year Plan", with the provincial people's government coordinating the use of newly added construction land indicators. Establishing a mechanism linking newly added construction land with the revitalization of stock construction land, the annual newly added urban and rural construction land area should generally not exceed the area of revitalized stock land. This move further strengthens the total constraints at the institutional level and helps optimize the structure of land resources. The supply of new real estate development land may tighten, and the reliance on reusing stock land and urban renewal is expected to increase. Continued promotion of stock revitalization, accelerating connotation-based development Construction land approved by local people's governments but not actually used can be revoked by the original land approval authority, and the balance indicators involved remain valid. New construction land is prioritized to support the construction of major projects and the development of people's livelihood, and should not be used for commercial real estate development. According to data from China Real Estate Information Corporation, as of the end of February 2026, the total amount of special bonds to purchase unused stock land nationwide exceeded 770 billion RMB, and the actual issuance of special bonds exceeded 335 billion RMB. Against the backdrop of limited new land acquisition, the future land acquisition model is expected to gradually shift from traditional bidding and auction for increment expansion to stock models such as urban renewal, old renovations, and redevelopment of inefficient land. Optimizing land acquisition processes, urban renewal is expected to accelerate The land acquisition approval process is further optimized, and for large-scale development involving land acquisition, no separate land acquisition plan is required. For scattered land such as corner land, sandwiched land, and mix-and-match land involved in urban village transformation, as well as housing projects related to people's livelihood, new land acquisition approval and supply can be processed. This measure can shorten the land acquisition and approval period, reduce project promotion costs, and improve land integration efficiency. For real estate companies, it helps accelerate the implementation of urban village transformation and urban renewal projects, and improve the efficiency and stability of stock land development. Risk warning: Policy effects are less than expected; sales and receipts are less than expected; industry liquidity risks intensify.