In 2018，Shanghai property market adhered to the stability of regulatory policies.Market behavior gradually reverted to rationality，and the expectation of the main participants in the market was gradually stable.The relationship between supply and demand of land market tended to balance.New housing market gradually bounced back，stock housing market revealed buyers advantage，and the rental market developed rapidly.Since 2016，Shanghai property market has shown the effect of the new round of regulatory policies，and market has entered a relatively stable phase.Based on the expectation that policies will not change in 2019，we believed that property market will maintain regional and steady development.