Recently, the Central Economic Work Conference was held in Beijing to analyze the current economic situation and deploy economic work in 2023. The meeting focused on the real estate field, and many new ideas emerged. Analysts believe that the overall pace of stabilization and recovery of the real estate market is expected to be further accelerated next year. With the word "stability" at the forefront, the analyst who first mentioned "three guarantees" said that in the communiqu é of the Central Economic Work Conference in previous years, the relevant statements of real estate were generally placed in the areas of people's livelihood security, and this time they were placed in the risk prevention part, which has a strong directional significance. Since the second half of last year, China's real estate market has begun to weaken. The "uncompleted residential buildings" incident broke out in July this year, which severely frustrated the market confidence and significantly cooled the sales side. The whole industry accelerated its decline in recent months, becoming an important risk factor affecting the economic operation. The central economic work conference started with "ensuring the stable development of the real estate market" and proposed "three guarantees": ensuring the delivery of buildings, ensuring the people's livelihood and ensuring stability. This is the first time that the Central Economic Work Conference proposed the "three guarantees", indicating the focus of the next work. "Ensuring the delivery of buildings is the basis for stabilizing the confidence of the demand side, is also an important measure to protect the people's livelihood, and is also the premise for the stability of the real estate market." 58 Zhang Bo, president of the branch of Anjuke Real Estate Research Institute, said that real estate plays an important role in restoring and expanding consumption, and is also a pillar force to promote stable economic development. In addition, the meeting proposed to "promote industry restructuring and M&A, effectively prevent and resolve high-quality head real estate enterprise risks, and improve the balance sheet". Li Chao, the chief economist of Zheshang Securities, believes that the current policy orientation is "project protection+phased protection subject". The former is still the focus of current real estate policy; The latter is mainly aimed at some core private real estate leaders or focus enterprises, with the core purpose of risk prevention. The demand side support policy is expected to increase. In recent months, the policy side has been releasing warmth. In the second half of the year, after the "rotten building tail" incident broke out, many departments introduced support measures focusing on ensuring the delivery of buildings and stabilizing people's livelihood. Since November, the policy strength has been greatly improved, such as the "16 Articles of Finance", "the third arrow", etc., which actively supports the financing of real estate enterprises. Analysts believe that in 2023, the policy will focus on guiding the real estate industry to achieve a soft landing as soon as possible, driving the sales of commercial housing, real estate investment and land market to stabilize and recover. Among them, the demand side support policy is expected to increase. Wang Qing, the chief macro analyst of Orient Jincheng, said that there was still much room for the "toolbox" of later policies to relax the conditions for house purchase, reduce the down payment percentage and lower the interest rate of residential housing loans. Among them, the key is to guide the further reduction of the LPR quotation for more than five years, and continue to reduce the residential mortgage interest rate, which may be implemented in January next year. Wen Bin, chief economist of China Minsheng Bank, said that the incremental policies involving "four limits", down payment ratio, two sets of recognition, etc. are expected to be further introduced, and the five-year LPR still has room for reduction. At the same time, for the first set of high interest rate mortgage loans in stock, the interest rate is expected to be lowered moderately to reduce the pressure of mortgage early repayment. "With the continuous release of policy effectiveness, the real estate market is expected to be in the first half of 2023 at the earliest