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China real estate development report No.18 （2021） continues to adhere to the objective，fair，scientific and neutral purpose and principle，tracking the latest trends of China’s real estate market，deeply analyzing market hot spots，looking forward to the development trend in 2021，and actively planning coping strategies. The book is divided into general report，market，city and hot topics. The general report makes a comprehensive and comprehensive analysis of the current development trend of the real estate market，and the rest of the paper makes in-depth analysis of the development and hot issues of the real estate market from different angles.

In 2020，despite the strong impact of the epidemic，China’s real estate market shows strong resilience. At the end of the year，all the indicators returned to a good level，and some of them even exceeded the pre epidemic level. The growth rate of investment，capital and development and construction was low before and high after，and recovered to the reasonable expectation level at the end of the year. The market sales significantly exceeded the expectation. The national average sales price was stable on the whole，coexisting with the diversity of city scene. The land market was hot，but the trend of regional differentiation was obvious. At the same time，the housing rent showed negative growth for the first time since 1998，which further widened the rent sale price gap. The financial supervision of real estate is constantly strengthened，and the new supply rules of “two concentration” of land market are introduced，which will bring new challenges to the operation of real estate enterprises. With the introduction of relevant policies and measures，the transformation of old residential areas and urban renewal has become a hot spot in the real estate industry. Under the influence of COVID-19 and the uncertainty of macroeconomic environment，the city group and metropolitan area will usher in new development.

In 2021，the global economy will continue to be in the environment of low interest rates and relatively abundant liquidity，which is difficult to change in the short term. The economic growth of various countries has rebounded obviously，and the global economic recovery is still unstable. How to effectively deal with the spillover effect of global liquidity flooding is the main risk and challenge facing China. However，the real estate industry is still the ballast and stabilizer of China’s economy. Real estate financial supervision will continue to strengthen，continue to adhere to the policy control keynote of “stability”，and make the control policy more refined and complete. The development of leasing market has been further concerned by the policy. Affected by the global monetary easing and low interest rate policy，the real estate market will face greater upward pressure in 2021. The market risk is increasing，the trend of differentiation is becoming increasingly obvious，and the real estate industry is facing a reshuffle. With the tightening of policy regulation and control to curb the impulse of overheated market，real estate will still be the most valuable value-added tool in the current market.

Looking forward to the whole year，the central economic work conference pointed out that in 2021，the macro policy should maintain continuity，stability and sustainability，maintain the necessary support for economic recovery，and the policy operation should be more accurate and effective. It is expected that the domestic monetary policy will gradually return to neutral and overall liquidity in the process of economic recovery It will remain stable. The real estate industry will turn to stable leverage and even deleveraging，and firmly hold the bottom line of no systemic financial risk. The overall financing environment of real estate enterprises may continue to be tight，and the “three red lines” will continue to work. It is the general trend for real estate enterprises to deleverage and reduce liabilities. The resident sector still needs to stabilize the leverage to ensure that the leverage ratio and debt ratio will not continue to rise. The centralized land supply system further standardizes the development of the land market and maintains the price stability of the land market.