The issuance of 146.6 billion yuan of special bonds, collection and storage in multiple places to test the water, innovative models in many places to break through the bottleneck of revenue.

Since the end of 2024, the policy of using local government special bonds to support the recycling of idle land and the acquisition of existing commercial housing for affordable housing has been seen as a new approach to solving the problem of real estate inventory. However, in terms of implementation effectiveness, progress has been slow due to difficulties such as pricing mechanisms and balancing profitability. According to data from Enterprise Early Warning, as of September 3rd, a total of 537 special bond collection and storage projects have been implemented nationwide, with a total scale of 146.6 billion yuan used to support the two areas. Among these projects, only 18 bonds were used for the acquisition of existing commercial housing, accounting for less than 4%. However, in the process of policy implementation on a small scale, some cities' innovative practices have provided valuable experience in solving core problems, such as implementing the "combination of fat and lean" asset portfolio model and establishing a green channel for collection and storage. Experts interviewed suggest that optimizing the financing and exit mechanisms of collection and storage can be achieved through measures such as supporting collection and storage with ultra-long-term special national bonds, optimizing debt and loan combinations, and improving the issuance of affordable housing REITs.