"Three Arrows Launched": China's Housing Finance System Ushers in an Epoch-Making Reform

Going forward, only two types of players can remain at the table: central state-owned enterprises with sufficiently low financing costs to withstand long cycles, and specialized real estate developers that build moats in product strength, asset operations, and capitalization exits. As for the high-turnover model of rolling snowballs through "selling off-plan," it has become history.