Zhejiang issued the first batch of special bonds for existing housing stock, with the possibility of future expansion in scale.

Recently, Zhejiang Province successfully issued the first batch of special bonds for existing housing, attracting attention from the market. According to the "2025 Zhejiang Provincial Government Special Bond Information Disclosure Document" released by the Zhejiang Provincial Finance Department, the total issuance size of these special bonds is 55.267 billion yuan, of which 1.653 billion yuan is specifically used for the acquisition of existing commercial housing. Industry insiders say that the portion of the special bonds used for the acquisition of existing commercial housing in this issuance accounts for only 3% of the total size, but this measure is significantly innovative and plays an important policy directive role. With the continuous improvement of the operating model of related projects, the allocation ratio of special bonds in this field may be further increased in the future. Looking ahead, market institutions believe that the second quarter may become the peak period for the centralized issuance of local government bonds. It is necessary to be vigilant against the unexpected impact that may result from the acceleration of the issuance speed of local government bonds under policies such as "self-examination and self-initiation".