The growth rate of outstanding residential mortgage loans continued to slow in 2021，reaching 11.3% in the fourth quarter. The main reason for the slowdown in personal mortgage is that some banks’ mortgage have reached the upper limit of policy. The growth rate of development loans continues to decline，reaching a record low of 0.02% in the third quarter，mainly due to the impact of the “three red lines” policy. Since then，the central bank has stated that financial institutions misunderstood the “three red lines” and tried to reverse expectations，but the effect was not obvious. 2022 will be the year of correction of policies. We expect the growth rate of outstanding residential mortgage loans to change from the decline in 2021，and the interest rate of residential mortgage loans to further decline. Housing enterprise financing has given more policy support，but the market is not expected to see stabilization，the situation of housing enterprise financing is not optimistic，its recovery may need longer time. Real estate financial risks are mainly concentrated in real estate enterprises. Although the momentum of large-scale default will be curbed，the default events of real estate enterprises will continue to break out. Special attention should be paid to enterprises with program heavily distribution in the third and fourth tier city.