The real estate market fluctuated sharply in 2021，with a rapid growth in the first half of the year to a deep drawback in the second half of the year. The growth rate of real estate investment fell month to month to 4.4%，the lowest level in recent 5 years. In the second half of the year，the financing data of real estate enterprises plummeted. Renminbi domestic bonds，oversea bonds，domestic loans，real estate trusts，and sales receipts declined monthly on a YoY basis. Various payables decreased YoY in most months，and the liquidity pressure of real estate enterprises increased rapidly with some private real estate enterprises defaulted on their debts. In 2022，under the goal of stable economic growth，the policy environment for the real estate market shall be relaxed，reasonable financing shall be supported，and the process of marketing clearing of defaulted real estate enterprises shall gradually proceed. It is expected that the scale of real estate investment and financing will remain basically stable.