Real estate is a pillar industry of national economy with strong spillover and systematic importance, which is connected with the development of people's livelihood at one end. The report of the Twentieth National Congress of the Communist Party of China proposed to accelerate the establishment of a housing system with multi-subject supply, multi-channel guarantee and rent-purchase. The Central Economic Work Conference made it clear that we should promote the smooth transition of the real estate industry to a new development model. This has pointed out the direction for improving the housing security system and realizing the steady and healthy transformation and development of the real estate market, which will better improve the people's well-being and lift up the dream of more people living in peace. Since the market-oriented reform of China's real estate in the 1990s, the real estate industry has played a very important role in supporting the economic and social development. When the market grew at a high speed, many real estate enterprises adopted the mode of "high debt, high leverage and high turnover" to rapidly expand the market share, but also buried risks and hidden dangers for future development. With the continuous improvement of China's urbanization rate and urban per capita housing area, the traditional and extensive "three high" model is increasingly unsustainable. Since the second half of 2021, under the impact of the epidemic and the increasing downward pressure of the market, some real estate enterprises have been blocked in the sales collection, new financing and problems in the capital chain, which is a warning. Whether it is to improve the living quality of the people, or to prevent and defuse financial risks, real estate enterprises are required to accelerate the pace of transformation of business models. The orderly construction of a new model for the healthy development of real estate is inseparable from the systematic and comprehensive implementation of policies, and the reform and improvement of land, finance, taxation, finance and other basic systems related to real estate. The People's Bank of China and the China Banking and Insurance Regulatory Commission recently jointly held a symposium on the credit work of major banks, and proposed to implement the plan to improve the balance sheet of high-quality real estate enterprises, focus on high-quality real estate enterprises that focus on their main business, compliant operation, good qualifications, and have certain systemic importance, carry out four actions of "asset activation", "debt continuation", "equity supplement", and "expected improvement", and comprehensively implement measures to improve the operational and financing cash flow of high-quality real estate enterprises, Guide the balance sheets of high-quality real estate enterprises to return to the safe range. A series of measures can help effectively prevent and resolve the risks of high-quality real estate enterprises. The Opinions on Accelerating the Development of Affordable Leased Housing issued by the General Office of the State Council clearly states that "further improve the land support policy" and "allow the land user to build and operate the affordable rental housing by himself or in cooperation with other market entities". Only by studying the medium - and long-term fundamental policies for the smooth transition of the real estate industry to the new development model can we promote the fundamental improvement of the real estate market order and better meet the eager expectations of the people to live. To promote the smooth transition of the real estate industry to the new development model, the key is to be stable and orderly. In order to ensure the stable and healthy development of the real estate market, we need to implement the long-term mechanism of real estate steadily, take differentiated control measures and timely, scientific and accurate control measures according to the city's policies and the city's policies. China will increase the supply of market-oriented long-term rental housing and affordable rental housing through multiple channels, which will bring new development opportunities and market space. In the future, the relationship between supply and demand in the real estate market, population change, urbanization pattern, including changes in urban agglomeration, urban renewal, and re-urbanization, will have a profound impact on the real estate market. Only based on the present and long-term, scientific