On February 24, the Ministry of housing and urban rural development once again set the tone for the real estate development in 2022. Under the main tone of "no speculation in real estate, housing and urban rural development", it gave the policy direction according to the time. In fact, the repeated statements of relevant departments not only reflect the phased problems in the industry that need to be solved, but also make it clear that the status of "pillar industry" of real estate remains unchanged. At this press conference, the word "stability" ran through the whole audience. In the complex information, "maintaining the stability of the property market and ensuring people's livelihood" is the main line, and promoting the steady and healthy development of the real estate market is the goal. In my opinion, the Ministry of housing and urban rural development said four "key words" when talking about real estate this time, which are also four important signals. First sentence, fine regulation. "Enhancing the accuracy and coordination of regulatory policies" is an "enhanced version" of the past two formulations of "implementing policies for cities" and "regulation linkage". Focus on three "strengthening": first, strengthen the coordination of policies such as land, finance and market supervision, second, strengthen the regulation and linkage of ministries, provinces and cities, and third, strengthen the guidance and supervision of the city's "one city, one policy". This idea is reflected in the new regulations on the supervision of commercial housing pre-sale funds recently issued. It is uniformly arranged at the national level, and all localities will supervise the funds according to the implementation of enterprise policies and "one city, one policy". Of course, in the later stage, the local government is expected to issue supporting policies with a higher degree of refinement, which does not rule out the emergence of "one policy for one district" or "one policy for one county". However, it is still necessary to emphasize the "linkage", which can be understood as that the Ministry of housing and urban rural development, the central bank, the China Banking and Insurance Regulatory Commission, the Ministry of natural resources and other ministries and commissions will work together to plan ahead under the thinking of "one game of chess" and give full play to the advantage of "combination" before "fist" in the policy "combination fist". The second sentence is to stabilize expectations. "Guarantee the demand for rigid housing and meet the reasonable demand for improved housing". This means that the demand for house purchase will continue to be activated and the fundamental "stable expectation" will be restored. With the premise of "implementing policies according to the city", all localities can flexibly adjust policies according to the operation of the real estate market. According to incomplete statistics, since the beginning of the year, more than 40 cities have issued new policies to stabilize the property market, involving reducing down payment, increasing the amount of provident fund loans, issuing house purchase subsidies and so on. In the future, from the perspective of three child families, the improvement demand dominated by two suites and large family houses may be moderately released. In fact, the restrictive policy of moderately adjusting the rigid demand and improving demand is already in progress. Third sentence, guaranteed delivery. "Take 'ensuring the delivery of buildings, people's livelihood and stability' as the primary goal". The "Three Guarantees" was officially put forward at the end of last year. This time, the "Three Guarantees" is the primary goal. It is the "sword" of the Ministry of housing and urban rural development for the risk of overdue delivery of projects caused by individual real estate enterprises due to debt default, that is, "resolute and effective disposal". As we all know, 2022 is the peak period for real estate enterprises to repay their debts, and the matured debts are nearly trillion yuan. Since this year, the launch of M & A loans and the release of inter-bank bond financing are all measures to alleviate liquidity pressure, prevent risks and help the industry cross the confidence repair period. But the core is to safeguard the legitimate rights and interests of the people buying houses. Property buyers should not pay for the bad consequences caused by the excessive financialization of real estate enterprises in the past. The three aspects of building delivery, people's livelihood and stability should be dialectically unified. They should consolidate the main responsibility of enterprises, implement the management responsibility of territorial governments and maintain social stability. The fourth sentence is to protect the market. "Strive to play a positive role in stabilizing the macro-economic market". Perhaps, this is what practitioners want to hear and the new positioning proposed by the Ministry of housing and urban rural development for the first time. In my opinion, this is a new extension of the positioning of "real estate is a pillar industry", which means that it is expected to see more policies to stabilize the market. Stabilize the real estate market, help the industry from extensive development to fine management, moderate de financialization, improve product power, and activate the stock market, which will help protect the overall economic market from the residential field. Not short-sighted, long-term, no longer rely on real estate to stimulate economic prosperity in the short term, but it is not that economic growth does not need real estate. Combined with the current situation of the industry, the adjustment trend is still deepening, but the adjustment under the continuity and stability of the regulation policy, "stability" has always been the main theme. (Xinhua News Agency)