Issuance value of special bonds for urban renewal in China 2018-2022
In 2021, local governments across China issued more than 440 billion yuan worth of special bonds dedicated for the reconstruction of rundown urban areas, representing an increase of around 50 billion yuan from the previous year. While standing on land with higher value, residential housing in the heart of major Chinese cities can often be found in rundown conditions. Over the last two decades, local governments across China regularly cooperated with real estate developers to demolish rundown neighborhoods before building high-rise apartments for sale. Owners of the original buildings were typically offered new units in the reconstructed properties or compensated monetarily.