The local government project income special bonds for shantytown renovation began to be issued in 2018，and has become an important way to finance shantytown renovation projects in various places. The repayment fund of shantytown renovation special bonds’ principal and interests are mainly based on the income from the transfer of state-owned land use rights，debt service coverage ratios were good，and relevant local government can provide strong credit support. However，under the background of stricter regulation policy of real estate industry and the declining prosperity of the land market，it is necessary to improve scientificity and rationality of land transfer price prediction and selection of pressure coefficient，focus on the judgment of solvency.