Following the "three arrows" of credit, bonds and equity to support the financing of real estate enterprises, the bank has put the overseas financing of real estate enterprises on the agenda with "domestic guarantee and foreign loan". On December 9, the first RMB 700 million loan was withdrawn by Longhu Group. In the near future, Biguiyuan, Midea Real Estate and other real estate enterprises may "take over", and the "domestic guarantee and foreign loan" is expected to further expand in the future. "Domestic guarantee and foreign loan" refers to the guarantee provided by a domestic bank for a domestic enterprise's overseas registered affiliated enterprise or joint-stock investment enterprise, and the corresponding loan granted by an overseas bank to an overseas investment enterprise. One of the core conditions is the need for asset collateral. Even so, why did the "domestic guarantee and external loan" touch the nerves of the capital market as soon as it was implemented? Three backgrounds are worth thinking about. First, there has been no increase in overseas financing of real estate enterprises for four consecutive months, credit debt financing is frozen, and the door of "borrowing new to pay old" is basically closed; Second, default events of domestic real estate debt occur occasionally. Overseas expectations of China's real estate market are pessimistic, and the discount of stock bonds is large, with obvious negative effects; Third, in the first quarter of next year, real estate enterprises will again meet the small peak of debt repayment, of which the outstanding foreign debt from overseas will exceed 100 billion yuan. It is very important to prevent the number of real estate enterprises that are out of danger from increasing and smoothly and orderly arrange the debt repayment of private real estate enterprises in the first quarter of next year. During this period, "domestic guarantee and foreign loan" will take the lead in breaking the overseas financing impasse of real estate enterprises and take a key step to stabilize credit. First of all, the implementation of "domestic guarantee and foreign loan" is the further expansion and supplement of financial support for real estate. Under the "three arrows", compared with the relatively smooth domestic credit debt financing and the restarted equity financing and other channels, "domestic guarantee and foreign loan" has extended its focus to overseas financing. The use of domestic and foreign market resources for investment and financing is a supplementary financing channel, which can buy time and space for some uninsured real estate enterprises with temporary liquidity difficulties. Secondly, the implementation of "domestic insurance and foreign loan" is conducive to the "borrowing new and repaying old" of uninsured real estate enterprises. In the normal overseas financing rhythm in the past, the first quarter of each year is the "debt raising" period for real estate enterprises, so the pressure on US dollar debt repayment in the first quarter of next year is not small. This policy was implemented ahead of schedule, and it only took 10 days for the first loan to be completed, which means that the subsequent uninsured real estate enterprises with short-term liquidity difficulties can quickly follow suit. Therefore, stabilizing the credit system of uninsured real estate enterprises, ensuring the normal operation of their sales end and delivery end, thus ensuring that upstream and downstream suppliers do not have bad debts or accidents, and preventing the risk of debt default from continuing to expand, which is one of the important means to establish a risk isolation zone. Thirdly, the introduction of "domestic guarantee and foreign loan" is a "first taste soup" that gradually relieves the overseas financing difficulties of Chinese real estate enterprises. The credit system of domestic real estate stocks and the investment confidence of foreign investors were impacted by the default of about 40 real estate enterprises' overseas debts in the year, the withdrawal of credit ratings of some real estate enterprises, and the liquidation petition of some real estate enterprises submitted by creditors. The accelerated implementation of "domestic insurance and foreign loan" shows that the keynote of improving the capital of the real estate industry has expanded from domestic to overseas. First, help the uninsured real estate enterprises to break the ice in overseas financing, and then gradually repair the credit. At the same time, it also released a clear signal to overseas investors, that is, under the framework of the bottom line to prevent systemic risk, in order to stabilize the basic market of real estate, all responsible parties will accumulate