In 2019，the central government emphasized the positioning of “real estate without speculation”，and focused on preventing financial risks in the real estate sector，which basically achieved the stability of house prices throughout the year. In 2019，the construction area in China increased positively，and the sales area increased from negative to positive；however，the regulation and control led to a shortage of funds in real estate enterprises；high inventory enterprises led to intensified market competition and a large increase in the number of bankruptcies. Looking forward to 2020，the government will continue to stabilize the market expectation through “implementing policies for the city”，encourage the city to renew and develop the leasing business. The Matthew effect of the industry will improve the market concentration. It will promote the development of REITs business by leasing and selling simultaneously. The competition between cities will intensify. Real estate enterprises will deepen the related diversified business，and strive to find new business forms.