De-financialization of real estate will lead to credit contraction and rapid decline in real estate investment, which means that de-financialization of real estate is at the level of the property market, and the symmetrical control of supply and demand is expected to promote the steady and slow down of housing prices and land prices; At the industry level, short-term mergers and acquisitions may appear, and the real estate industry may usher in a new round of reshuffle. However, in the future, it will be more difficult for housing enterprises to rely on leverage to achieve overtaking in corners, and the industry pattern may tend to solidify;

At the macro level, due to the large proportion of real estate-related financing and GDP, credit contraction and economic pain are inevitable during the transition period, but it will help to rationally allocate financial resources and reduce the operating costs of entity enterprises; At the government level, the financial pressure of land may restrict the expenditure space; At the market level, high-yield assets will be more scarce, and insurance and bank wealth management need to adjust the direction of asset allocation.

Extended data

Real estate is a high-quality financing collateral. Rising house prices and credit expansion will help each other, and the real estate and credit cycle will have a natural synergistic relationship. However, the domestic land bidding, auction and auction system design. , not only accelerates the supply of commercial housing, but also easily leads to the accumulation of financial resources in the real estate field.

For housing enterprises, scale means the competitive advantage of land acquisition and financing, and housing enterprises have the impulse to constantly increase leverage to do large-scale projects. At the same time, in the past, the steady growth of the central government, local land finance and residents' wealth appreciation were all balanced through real estate, and the prosperity of the real estate market could not be separated from the promotion of all parties.