In 2017，Shenzhen’s investment in real estate development reached a new height. As to residential market，the “eight measures to stabilize house prices” still affected the housing market. The price of new housing was generally stable while second-hand housing rose slightly. New housing and second-hand housing transaction volume both hit new lows in recent years，second-hand housing transaction volume rose significantly at the end of the year. Housing prices in high quality school districts rise faster than average school districts. As to other properties，the vacancy of commercial housings has been improved. As to office building，the supply and demand of new housing was booming in 2016. The rents in typical areas have increased significantly. As to the areas around Shenzhen，new housing transaction volume declined drastically because of the restriction of purchase policy. Both the supply and transaction volume of land were low. It supplied only one pure residential land in 2016，which is leased land.

Looking forwardto 2018，Shenzhen’s economic fundamentals will provide strong support for real estate development. As to residential market，there may be some pressure on rising housing prices，and the regional differences have increased. The short-term response to second-hand housing transaction volume affected by policies is obvious，and it will return to normal in the long-term. As to other properties，the investment heat of commercial apartments will not be reduced. A large number of high-quality office buildings will enter the market，and the supply and demand of the office building will remain on an upward trend. The “shantytown transformation” policy is expected to enact，and it will ease the shortage of public housing land in Shenzhen. There will be a large demand for long-term rental housing in Shenzhen，and the participation mode of enterprises will be more abundant. The Shenzhen-Shantou Special Cooperation Zone has to be fully managed by Shenzhen and will effectively compensate for the shortcomings of Shenzhen’s scarcity of land. The “enclave” effect will gradually emerge.