专项债发行快报｜连续两月超300亿主投房地产，半数份额来自福建省第八期

Core Viewpoint - The article discusses the recent financial policies and special bond issuance aimed at supporting urban renewal and stabilizing the real estate market in China, highlighting the increase in land recovery projects and the ongoing efforts to improve land use efficiency [2][9]. Special Bonds Issuance - In May 2025, the total issuance of special bonds remained high at approximately 200 billion, with a notable focus on real estate, where the issuance exceeded 300 billion, remaining stable month-on-month [2][7]. - The issuance of special bonds specifically targeting real estate was 318 billion, a slight decrease of 5% from the previous month, but still above 300 billion for two consecutive months [7][6]. Land Recovery Projects - The proportion of special bonds for land recovery has significantly increased, with one-third of the land reserve bonds in Fujian being allocated for the recovery of idle or existing land [3][20]. - In May, Fujian issued 150 billion in land reserve bonds, with over 50 billion specifically for land recovery projects, primarily in Longyan city [21][20]. Regional Distribution - Half of the real estate-related bonds issued in May came from Fujian and Jiangxi, with Fujian alone accounting for over 100 billion, a decrease of two provinces compared to the previous month [4][12]. - The focus on land recovery in Fujian is evident, as the province issued 196 billion in real estate-related special bonds, with a significant portion directed towards land recovery projects [12][21]. Future Expectations - The ongoing urban renewal initiatives are expected to accelerate the issuance frequency and volume of real estate-related special bonds, with an emphasis on revitalizing existing land and commercial properties [9][3]. - The total issuance of land reserve bonds in the first five months of 2025 reached 710 billion, accounting for 36.12% of the total real estate-related special bonds [16][15].