On November 17th, the People's Bank of China, the State Administration of Financial Supervision and Administration, and the China Securities Regulatory Commission jointly held a symposium on financial institutions to study recent key work in real estate finance, credit lending, and debt risk resolution on financing platforms, and proposed specific measures. The author believes that this meeting has released positive policy signals, indicating the firm attitude of financial regulatory authorities towards maintaining the healthy development of the real estate market. Increasing the implementation of the "three arrows" (credit, bonds, and equity) will bring more capital to the real estate market, help stabilize market expectations, and promote the healthy development of the real estate industry. At the same time, the next step of the "Three Arrows" is also clear in terms of how to exert force. The "first arrow" credit support continues to increase efficiency. Since the release of the "Financial 16 Articles" at the end of 2022, financial institutions have continuously increased their credit lending to real estate enterprises. Major banks have reached intensive cooperation agreements with high-quality real estate enterprises and provided credit facilities. In addition, by establishing a special loan for guaranteed delivery buildings, adjusting the down payment ratio, mortgage loan interest rates, etc., we continuously optimize and adjust real estate financial policies. This meeting proposed that financial institutions should deeply implement the deployment of the Central Financial Work Conference, adhere to the "two unwavering" principle, meet the reasonable financing needs of real estate enterprises of different ownership without discrimination, and not hesitate to lend, withdraw or cut off loans to normal operating real estate enterprises. Further emphasized the firm attitude of the "first arrow" in supporting credit financing for real estate enterprises. This also means that financial institutions will continue to increase their support for real estate enterprise credit financing in the next step. As the President of the People's Bank of China, Pan Gongsheng, stated at the 2023 Financial Street Forum Annual Meeting recently, he will actively cooperate with industry regulatory authorities and local governments to do a good job in financial support for the stable and healthy development of the real estate market, weaken the risk level of the real estate market, and prevent risk spillovers in the real estate market. Guide financial institutions to maintain the stability of key financing channels such as real estate credit and bonds, and meet the reasonable financing needs of real estate enterprises of different ownership without discrimination. The "second arrow" bond financing is expected to expand and increase capacity. The "second arrow" refers to a private enterprise bond financing support tool. Since November last year, the "Second Arrow" policy has been extended and expanded to include private housing enterprises. According to financial statistics and press conference data for the first half of 2023, since November last year (as of the end of June this year), under the framework of the "Second Arrow", it has provided credit enhancement support for approximately 26 billion yuan in bond issuance for private real estate enterprises. This meeting proposes to continue to use the "second arrow" to support private real estate enterprises in issuing bonds and financing. This is a very powerful measure for private real estate enterprises, which means that they will continue to promote the expansion and increment of the "second arrow", increase implementation efforts, and make the "second arrow" policy practical and beneficial for private real estate enterprises. The "third arrow" equity financing has great potential. Equity financing is also an important channel for real estate enterprise financing. In November last year, the China Securities Regulatory Commission adjusted and optimized five measures for equity financing of listed real estate companies, including resuming mergers and acquisitions and supporting financing of listed real estate companies, and resuming refinancing of listed real estate companies and listed real estate companies. After the implementation of the measures, there have been multiple listed real estate companies and