It has been 14 years since the first macro-control of real estate in 2003, and 12 years since the "National Eight Articles" in 2005. Among them, in order to curb overheating and prevent supercooling, real estate regulation can be roughly divided into five stages. Among them, the background of regulation is similar, most of them are stimulated when the downward pressure on the economy is great, and tightened when speculation is excessive and the economy is overheated. Among them, the control measures are mostly concentrated on controlling land supply, controlling the amount and price of funds, and controlling the supply and demand of houses. The regulation has basically achieved the expected effect, but the process is not the same. The transmission mechanism from regulation to sales to investment has gradually become passive, and the traditional lag time from sales to investment is no longer effective. Similar to the "Merrill Lynch Clock", the periodicity of real estate is getting weaker and weaker under the disturbance of policies. As the mother of domestic economic cycle, the break of its traditional cycle is bound to have a far-reaching impact on domestic asset allocation.

The demand for ferrous metal building materials and real estate steel accounts for 30% of the total demand for steel and 75% of the demand for glass terminals, while the demand for iron ore, coking coal and coke in the upper reaches of the black industry is completely affected by steel, so the impact of real estate on black goods is self-evident. Facts have proved that the disappearance of the major black market has been accompanied by the rise and fall of the real estate market, so it is necessary to analyze the impact of real estate-related policies on the black market.