Core Points - The Shenzhen Stock Exchange announced the listing of the 2025 Jilin Provincial Government Special Bonds (Tenth Issue) [1] - The bonds will be traded starting from August 25, 2025, and have a fixed interest rate for 30 years [1] - The total issuance amount of the bonds is 9.12 billion yuan, with a coupon rate of 2.35% [1]

Core Insights - Zhejiang has launched the first batch of special bonds to support the acquisition of existing residential properties, totaling 1.653 billion yuan, aimed at constructing affordable housing in eight projects across Huzhou, Wenzhou, and Jiaxing [1][2] Group 1: Special Bonds Overview - A total of 16.53 billion yuan in special bonds has been issued in Zhejiang, with eight government bonds totaling 552.67 billion yuan, all being new bonds with various maturities ranging from 3 to 30 years [1] - Three specific bonds are designated for the acquisition of existing residential properties to be converted into affordable housing, with an average financing of approximately 200 million yuan per project [1] Group 2: Innovative Policy Measures - The initiative reflects an innovative approach to using special bonds for acquiring existing properties, expanding the policy tools available for addressing real estate inventory issues [2] - The focus on third and fourth-tier cities for property acquisition highlights the strategy to tackle significant inventory challenges in these areas, where the average sales-to-inventory ratio was 30.5 as of April 2025, significantly higher than in first and second-tier cities [2] Group 3: Synergistic Effects - The introduction of special bonds for both land acquisition and housing is expected to create a synergistic effect, optimizing land allocation and housing supply [3] - The initial scale of the bond issuance is controlled to accumulate experience while mitigating potential risks, with the possibility of expanding the bond allocation in the future as project operations mature [3]