In 2021，global economic growth slowed，while China’s continued economic recovery has driven investment confidence. However，the COVID-19 outbreak lasted for more than two years and the country is increasingly strict in the implementation of real estate “de-leveraging” regulation strategy. As a result，the market became more conservative，and the commercial real estate market continued to be under pressure and still had not recovered to pre-pandemic levels by the end of the year. As for the shopping mall market，the growth rate of the stock market is decreasing，and the vacancy rate is gradually approaching the pre-epidemic level. As for office buildings market，the overall demand rebounds periodically. Its intake is at a new high and its vacancy rate is down slightly and rents continue to fall. As for hotel market，the overall recovery is beginning and investment is active. Its head companies still maintain the advantage and speed，while the mid-end hotels still lead the way. As for apartment market，housing rental policies are fully standardized，and the number of rooms is increasing rapidly. With real estate brands leading the way，rents have increased，but they are still not back to pre-epidemic levels. Looking ahead to 2022，the complex international situation brought about by the Russia-Ukraine war and the uncertainty of the domestic epidemic situation will have a great impact on the commercial real estate. It is expected that the shopping center pressure will continue to rise，but the concentration degree will further increase. The absorption of office building supply increases，but the vacancy rate continues to rise. The hotel market is expected to recover slowly as before due to the impact of the epidemic. The apartment market continues to be highly active and the model will evolve to be lighter or heavier.