in 2021，deleveraging and risk reduction in the real estate industry ran through the whole year. In the first half of the year，the “three red lines” of real estate enterprise financing，the management of housing loan concentration continued to make efforts，and the financing environment was tightened. In the second half of the year，the market turned cold obviously，the capital chain of real estate enterprises was further tightened，and default events occurred in the debt risk exposure of some real estate enterprises，which frustrated market confidence. In the third quarter，the central bank’s regular meeting set the tone to maintain the steady and healthy development of the real estate market and safeguard the legitimate rights and interests of housing consumers. The Politburo meeting first mentioned promoting the virtuous circle of the real estate industry. After moderately correcting the deviation of the real estate credit policy，the real estate financing environment was relaxed. Throughout the year，the sales amount and area of the real estate market increased slightly and reached a record high，but the monthly indicators continued to fall，so it is difficult to be optimistic about the real estate market in the short term. 2021 is the first year of the implementation of the centralized land supply mode. In the first round of centralized land supply，regional deep ploughing real estate enterprises and large-scale real estate enterprises have performed more actively，while the participation of many private enterprises in the second and third batches of centralized land supply has decreased，and state-owned enterprises and local platform companies have become the main force in land acquisition.