专项债快报｜4月房地产类共计717亿元，湖南、厦门发行大额土储债

Core Viewpoint - The article emphasizes the Chinese government's efforts to stabilize the real estate market through increased issuance of special bonds, particularly focusing on urban renewal and land reserve projects [2][6]. Group 1: Special Bonds Issuance - In April 2025, the total issuance of local government special bonds was 1,763 billion, a 49% decrease month-on-month, while special bonds directed towards real estate increased by 30% [6]. - Among the newly issued special bonds, 717 billion were allocated to real estate-related fields, accounting for 40% of the total, which is an increase of 8 percentage points compared to the previous month [6]. - The total issuance of special bonds from January to April reached 11 trillion, with 3,891 billion directed towards real estate, representing 35% of the total [6]. Group 2: Regional Contributions - Hunan, Shandong, and Xiamen contributed 74% of the real estate-related special bonds issued in April, totaling 531 billion [3][9]. - Hunan issued two large land reserve special bonds totaling 140 billion, with 38 billion allocated to Changsha [10][20]. - Shandong focused on promoting urban renewal and provided quality land supply, issuing 37 billion in special bonds for urban renewal projects [11]. Group 3: Land Reserve Bonds - Land reserve special bonds accounted for 60% of the special bonds primarily directed towards real estate in April [4][13]. - Of the 336 billion in special bonds explicitly directed towards real estate, 62% was used for land reserves, primarily from Hunan and Xiamen [15]. - The issuance of land reserve special bonds from January to April totaled 517 billion, making up 31% of the total, while urban renewal bonds accounted for 65% with 1,070 billion issued [16]. Group 4: Specific Projects and Trends - In Hunan, only three land recovery projects were identified from the special bond issuance, totaling 4.65 billion, indicating a slow pace in land recovery efforts [20]. - The article highlights that the majority of the projects listed in the special bond details are still focused on primary land development rather than recovery [20].